The UK government has launched a competition to create a tech start up support scheme.
The Digital Growth Grant will award £12 million to one successful bidder who can put together a programme that will open up tech skills and improve regional support networks after it was found that the UK companies have attracted more investment than China with a total of £12 billion in the first five months of this year.
Chris Philp MP, the Digital Minister said: “The success of our startups and scaleups has driven the UK ahead of Europe and China to be second in the world for tech investment this year. We want every corner of the country to feel the benefits of tech success and we’re looking for an industry partner to help make this possible through the Digital Growth Grant.”
Applicants can put themselves forward as a business or as an individual to improve the delivery of support services to the digital sector, such as artificial intelligence and advanced computing. The regional support networks ought to take in mind the needs of the area. In addition, the digital entrepreneurship training must be accessible and the winner must be able to direct people to other opportunities for growth for their tech business, such as finance, talent and markets.
The Department of Digital, Culture and Media will be taking bids until 15 August at 12pm for the winner’s final launch - which will help people solve challenges in the sector - in April 2023.
