Today marks the end of Tech Nation, a nonprofit that has helped startups and growing businesses in the United Kingdom for more than a decade.
The UK’s digital environment looked drastically different in 2010 when the idea that would become Tech Nation was conceived during a government trade mission to India.
There were no well-known UK IT companies like Deliveroo or Revolut at the time. Silicon Roundabout in East London was where a lot of the action occurred for the city’s tech scene. The United Kingdom’s tech scene was worth $60 billion in 2013.
The UK’s tech ecosystem has grown rapidly in recent years, and it is now the third largest in the world behind the United States and China, with a valuation of over $1 trillion.
In its many incarnations, Tech Nation has been an instrumental force in helping companies grow into successful, worldwide enterprises.
They include Checkout.com, Darktrace, Carwow, Gousto, and Deliveroo as well as Multiverse, what3words, Depop, Tide, Atom Bank, BenevolentAI, Monzo, and Revolut.
After failing to secure £12 million in government funding, Tech Nation announced in January 2023 that it would shut down on March 31. Barclays Eagle Labs, a company that won the Digital Growth Grant, will now take over.
A concise overview of Tech Nation’s history and impact on the British tech landscape has been mapped out by UKTN.
Timeline of Tech Nation
In March of 2023, Founders Forum Group, an entrepreneur network, confirmed that it was in talks to acquire Tech Nation’s brand.
The Rising Stars winners of Tech Nation’s startup competition have been announced.
Tech Nation releases its final report and holds its final report event, predicting a $4 trillion value for the UK technology ecosystem by 2032.
Staffing issues prevent a deal between Barclays Eagle Labs and Tech Nation.
In February of 2023, the growth network started negotiations with more than 30 companies that were interested in acquiring its IP.
In January of 2023, Barclays Eagle Labs will get £12.09 million in government financing. After a few weeks, Tech Nation announces that it would be closing.
There are rumors in the media in September 2022 that claim the government has cut off financing for Tech Nation in favor of Barclays Eagle Labs.
In April of 2022, Tech Nation’s principal funding source will become available to outside organizations thanks to the Department of Culture, Media, and Sport (DCMS).
Tech Nation’s Advanced Education Initiatives will begin that year. Both the Net Zero and LawtechUK initiatives will debut that year.
Applied AI, Cyber Programs, and the Entrepreneur Engagement Network To Launch in 2019. Launch of Tech Nation’s first financial technology program, in 2018.
Tech City UK and Tech North have been renamed “Tech Nation” by the Prime Minister and the Chancellor as of 2017. Another £21 million is made available to support Tech Nation.
Upscale, Northern Stars, and Founders’ Network all launched in Silicon City in 2016.
In 2015, Tech City UK introduced the Tech Nation Visa Program and released its inaugural annual report on the state of the UK technology sector.
In 2014, a group dedicated to the region now known as Tech North was formed.
Along with the UK’s Home Office, Tech City launched an entrepreneur visa program in 2013. There will be a total of £15.5m spent on the project, with £12.5m going toward R&D.
– Applications are now being accepted for the inaugural Future Fifty program. ZPG Real Estate, Skyscanner, Made.com, Just Eat, and Zopa is just a few of the companies that came out on top.
Pivotal, a software development firm with 75 people that aims to invest £100 million in Tech City, has opened an office on Old Street. A new Samsung Innovation Center will open in London.
An investment of £50 million in the revitalization of the Old Street roundabout, sometimes known as “Silicon Roundabout,” was announced in December 2012.
As TweetDeck was being acquired by Twitter for £25m in April 2011, Prime Minister David Cameron spun Tech City Investment Organisation out of UK Trade & Investment to aid the East London tech cluster.