Growing tech sector is of vital importance to regional economy

By  Amir Ziton, Managing Associate at Womble Bond Dickinson.

The Leeds City region has one of the fastest-growing tech sectors in the UK; a sector reportedly worth nearly £183bn to the UK economy.

At Womble Bond Dickinson, we recognise the importance of this thriving sector to the region, with the technology sector worth over £1bn in Leeds alone.  This is reflected in the growing number of start-ups in the city – over 170 since the start of 2016 – marking Leeds as the region with the most scale-up digital companies outside the South East.  These new emerging companies are in need of support on a wide range of matters that are unique to start ups, particularly in the technology industry.

We understand that there are a whole range of challenges to be met in growing and scaling up a successful business and that legal considerations are only part of that puzzle.  However, making sure that the ‘legals’ are right from an early stage tends to pay dividends in saving time and reducing risk in the longer term.  It’s inevitably also a key part of securing investment, so can help stop potential issues – which often arise at just the wrong moment – from becoming unexpected barriers to growth.

As such, we developed WBD Accelerate with these issues in mind – providing a package of streamlined services, access to a range of legal experts experienced in advising businesses at a similar stage, and a nominated legal ‘mentor’ to serve as a first point of contact.  There is also access to a growing number of commonly needed and focused legal documents that can be produced on a self-service basis through the firm’s platforms.

As part of the service, we can provide guidance on common areas of concern such as the different investment options available, the ownership and protection of key IP rights, contracts with customers and suppliers, arrangements between shareholders, the terms on which the company does business, questions around the collection of data, and how to manage employment considerations.

WBD’s technology team advises businesses that lead the way in innovation including some of the world’s largest privately held software companies as well as challenger brands and regional start-ups, perfectly positioning us to support growing start-ups and scale-ups on the fast-track to success.

We’re a forward-thinking practice with the energy, drive, and determination to keep pace with the ever-changing needs of our clients – challenging current models and delivering solutions in an innovative way.  We recognise the continuing rapid growth in the technology sector, and as an invested member of the Yorkshire business community committed to developing the technology sector, we are proud to be supporting the regional technology economy through initiatives such as Yorkshire’s largest digital sector event:  The Leeds Digital Festival, which will take place between 23 April – 3 May.

As a law firm with a core strength in technology, we see great potential in the region and continue to strive to support the region’s tech businesses in their quest to find new solutions to the world’s problems , from improving healthcare techniques and patient record keeping, to managing the ever-increasing regulation of digital content.