Tech Nation to close as Government pulls funding
Tech Nation, the growth platform for tech companies and leaders, is set to cease trading after its Government grant was withdrawn and it lost a key contract to Barclays.
The organisation, which is a decade old, says it will look to offload its assets to another operation before its closes its doors on March 31.
Tech Nation says it is “regretfully” starting a redundancy consultation process for all its permanent employees, although for those whose primary role is Department for Digital, Culture, Media and Sport (DCMS) delivery work, it has initiated TUPE discussions with Barclays Bank.
A statement from Tech Nation said: “As a direct result of the DCMS grant withdrawal, Tech Nation will be ceasing all existing operations through a carefully planned wind-down. Tech Nation is also actively seeking interested parties to acquire its portfolio of assets to take forward in a new guise.
“We end this impactful chapter with pride in everything it has accomplished, in awe of the incredible individuals and businesses we have been privileged to champion, and in gratitude to everyone who has been part of our journey.”
Tech Nation was formed by the Coalition Government and has specialised in growth programs, digital academy, networking conferences, international expansion programs, sandboxes, panels and sector research, analysis and reports. It claims to have delivered a £15 return on every £1 funded by the UK Government.
Gerard Grech, 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.”