After a decade as a government-backed organisation serving the UK scaleup tech ecosystem, Tech Nation has announced that it will be closing its doors from 31st March 2023.

Tech Nation’s core grant funding from DCMS is being awarded to Barclays Bank. With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis.

As a direct result of the DCMS grant withdrawal, Tech Nation will be ceasing all existing operations through a carefully planned wind-down and has commenced a redundancy consultation process.

Tech Nation is also actively seeking interested parties to acquire its portfolio of assets to take forward in a new guise.

Tech Nation’s growth programs, digital academy, networking conferences, international expansion programs, sandboxes, panels and in-depth sector research, analysis and reports have helped shape the trajectory and success of UK tech over the last decade; the no.1 digital economy in Europe and no.3 globally, valued at $1trn (16x in 10 years), employing 5m people (from 2m in the decade) across the country, with over 20 places in the UK home to one tech unicorn or more (5x in 10 years).

Within the UK tech ecosystem, Tech Nation has been focussed on accelerating scaleup growth. Scaleups create over 90% of all UK tech jobs and are what drive investment, productivity improvements, export and regional success.

The market for startup support has matured, however there continues to be no single organisation which focuses on tech scaleups as Tech Nation does. The scaleups Tech Nation has supported over the decade have disproportionately thrived.

While 80% of startups fail within their first 2-5 years, over 95% of startups on Tech Nation’s accelerator programs have gone on to scale.

More than a third of all tech unicorns and decacorns created in the UK have graduated from a Tech Nation program, collectively raising over £28bn so far in venture capital and capital markets. Our alumni includes the biggest names in UK tech – Monzo, Revolut, Depop, Bloom & Wild, Zilch, Just Eat, Darktrace, Marshmallow, Ocado, Skyscanner, Peak AI and Deliveroo, to name just a few of the 5,000+ businesses they’ve supported.

Why Tech Nation is ceasing operations from 31st March 2023

In a statement given through a press release, Tech Nation said:

‘Tech Nation will cease operations on 31st March 2023, when its DCMS contract concludes.

‘We have exhaustively explored whether Tech Nation could continue without core government grant funding, but have concluded after extensive consultation that this is not an option.

‘Firstly, because it is not viable for critical mass and impact. The work we do with our accelerator programs, insights and research reports, the Growth Platform, visa processing for the Home Office, and so much more, has all been built on the foundation of our core grant funding from DCMS. With this foundation removed, Tech Nation’s remaining activities are not viable on a standalone basis and the unique Tech Nation model that we have built upon this foundation can no longer be supported.

‘Furthermore, continuing without core funding would compromise our status as a Public Interest company. We are a non-profit, with an obligation to act in the best interest of the public and the scaleup community we serve. We cannot continue to deliver for scaleups impactfully and impartially without core public funding underpinning everything we do, and with commercial funding alone.’

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Gerard Grech (pictured), Founding CEO, Tech Nation: “Tech Nation is a purpose-led organisation, with a mission to serve the UK’s tech ecosystem. By delivering services and insights impartially across Britain, Tech Nation has made a huge and positive impact on the UK’s digital economy. The UK now boasts over 20 places with one tech unicorn or more, five times what it was in 2014.

“Many of Britain’s most successful tech companies, from Monzo to Deliveroo, and from Skyscanner to Darktrace, have passed through one or more of Tech Nation’s growth programs. We have helped champion and support innovators in everything from AI to FinTech to Climate tech and more. In doing so, we have helped spread digital growth and jobs nation-wide. For every pound invested in Tech Nation, we have returned £15.

“I want to express my sincere thanks and gratitude to the Tech Nation team, to our ecosystem partners and all the inspirational innovators and entrepreneurs we have worked with along the way. I am grateful to the government’s support over nine years, and feel proud of all we achieved. It has been an incredible journey. Together we have made the UK tech economy a global powerhouse for tech talent and now third in the world for tech investment, after the US and China.”

Stephen Kelly, Chair, Tech Nation: “Having been at the controls in the cockpit growing startups and scaleups to multi-billion dollar, global market leaders from both Silicon Valley and the UK, I have personally witnessed the power of Tech Nation’s impact and community in shaping this golden decade for UK Tech. Tech Nation has become the masterclass and finishing school for UK scaleup founders to build future global market leaders and is the envy of governments around the world.”

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