The Government has launched a new grant competition to boost the growth of innovative tech start-ups and scale-ups. The £12.09 million Digital Growth Grant will focus on opening up access to skills training and advice, and providing support services to the digital and tech sector over two years.
The successful recipient will:
- Deliver support services to the digital sector, particularly in transformative/emerging technologies These services should address key challenges faced by a wide range of companies from the seed funding stage to series A/B, their first or second round of financing;
- Grow regional support networks for tech start ups and scale ups. Activities should deliver concrete improvements in three or more areas identified in DCMS’ Regional Ecosystems report as crucial to the success of the digital economy: investment, skills, innovation, infrastructure and business growth. Support should be tailored to local needs and tech specialisms, developed in partnership with local bodies.
- Ensure founders and firms can access digital entrepreneurship and investment readiness training with tailored advice to help develop their skills to start and grow a tech business. The winner will need to clearly signpost start ups and scale ups to the digital skills initiatives in private and the public sector (DCMS’ local digital skills partnerships) and share information on the types of roles available in tech companies, the skills required to access these roles, and direction to low/no cost skills provisions to acquire those skills.
- And promote and raise awareness of the strength and competitiveness of the UK tech sector with the aim of boosting investor confidence and inspiring the next generation of tech workers and entrepreneurs.
The Government will consult the market to help refine the grant specification before applications open later in the year.
The competition will be run this summer by the Department for Digital, Culture, Media and Sport and the successful organisation will receive the funding from 1st April 2023.
Further details on the eligibility criteria and application process will be published in due course.