Funding is being made available to help tackle challenges facing small UK tech firms and grow regional support networks to level up investment and innovations around the country.
The proposed Digital Growth Grant is intended to boost the growth of innovative tech start-ups and scale-ups across the UK. It will focus on opening up access to skills training and advice, and providing support services to the digital and tech sector.
Improving regional support networks for new and expanding businesses is a key focus for the funding, which the Government believes will help spread the benefits of the UK’s tech industry.
Bids will be invited to address identified market failures and accelerate the growth of tech start-up and scale-up ecosystems across the regions and nations of the UK.
The successful bidder will be awarded up to £12.09 million to be spent over two financial years; 2023/24 and 2024/25.
All eligible UK-based organisations will be able to apply. Applications from eligible consortia will also be welcomed. Further details of the grant objectives, eligibility and application process will be published in summer 2022 when the competition opens.
Digital Minister Chris Philp said:
'Start-ups and scale ups are hugely important to our thriving tech sector. This funding is dedicated to growing these innovative businesses wherever they are in the country, providing the support and skills they need to succeed and create good jobs and generate wealth.
'The successful applicant will play a vital role in making the UK the best place in the world to start and scale a tech business.'
Applications are expected to open in June 2022, with a deadline in August 2022. (These dates are merely indicative at this stage.)