Tech startups have been the British economic success story of the past decade. You can measure this success by the obvious metrics, like our stunning VC investment figures, or the less obvious ones, like the fact that more and more young, ambitious people are being drawn to work in startups or to build their own. But whichever way you cut it, the trend line is clear: the UK’s tech community, just a footnote a decade ago, is now at the heart of the British economy.
That’s why Coadec and The Entrepreneurs Network are joining forces today to urge the new prime minister to turbocharge tech growth – and we’re setting out the policies that it will take to do it.
“For both the tech ecosystem and the rest of the British economy, there are storm clouds on the horizon”
Government backing for startups will matter now more than ever. For both the tech ecosystem and the rest of the British economy, there are storm clouds on the horizon. For the startups, there’s a funding crisis with investment drying up and valuations being slashed. For the UK as a whole, there’s a cost-of-living crisis and an uncertain growth path for years to come.
The next prime minister will have to face up to these challenges. By supporting the UK’s great entrepreneurs and startups, the new prime minister wouldn’t just be backing our tech ecosystem, but our country’s economic prospects too.
We need to tackle the big issues tech startups face head on: access to capital, an inability to attract the best talent, cumbersome regulations and policies that get in the way of innovation.
