The Confederation of British Industry (CBI) has announced the launch of Project Decacorns in a bid to scale the UK’s unicorns into £10 billion decacorns.

CBI President Brian McBride made the announcement in a Speech at Mansion House, with intentions to support the UK’s most innovative and high-growth companies to create a more productive and dynamic economy.

“The UK is one of only three countries around the world with more than 100 unicorn companies – those valued at $1 billion. I’m spearheading a programme to transform the UK’s great $1bn unicorn companies into ‘decacorns’ $10bn companies this decade, that can unleash growth – and jobs – right across the country,” McBride said.

”I’m certain that in the UK, if we pull together – Government and business, business and business – we’ve got what it takes to create not just a UK Silicon Valley, but a global growth powerhouse.“

McBride reflected on what he referred to as the UK’s unique advantages in created and attracting the best tech talent in the world, highlighting the success of the sector by saying “We’re the only country in the world besides the US and China with a tech sector worth over $1 trillion.”

He also gave special attention the UK Fintech, celebrating the sector, which is worth over £11bn – “which is 10% of global market share,” he said.

“It’s our secret weapon – the spark plug to set off the full power of the City of London and the financial services sector in the global race for growth.”

The announcement follows intentions set out by the UK government in the Spring Budget, as well as the push to turn the UK into a science and technology superpower.

Further, tech expansion and growth is already expected under the right conditions, with TechNation predicting the industry’s value to quadruple by 2032.

The same report saw a decline in the creation of Unicorns in 2022 – but future unicorns, those on the road to a $1bn evaluation, are still growing.

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CBI Deputy Director for Digital & Decacorns project lead, Susannah Odell said: “The Prime Minister and Chancellor announced ambitious plans to turn the UK into the next Silicon Valley. We are fully behind their goal in creating a more innovative and prosperous economy and are ready to work with government in turning this dream into a reality.

“In the US, they are already creating a new generation of decacorns – businesses that scale to $10 billion in value. We at the CBI believe the UK can step up and match that. We want to knock down the blockers holding them back and find smart solutions to boost their success in partnership with government. That’s what our project is all about.”