The Independent reports that the UK is at risk of becoming an “incubator economy”. Tech start-ups are increasingly being acquired by international competitors. The warning comes from Universities UK. They report that start-ups are being lured abroad due to insufficient funding for growth in the UK. The analysis by Universities UK (UUK) predicts that with adequate support, around 27,000 new start-ups could emerge by 2028, generating a turnover of approximately £10.8bn. The chief executive of UUK, said: “The growth in university supported start-ups over the last decade has been a staggering success. We can, however, do more to ensure that they can remain in the UK and grow here.” The Federation of Small Businesses also stressed the importance of universities in fostering entrepreneurship, highlighting regional disparities in support.
iBOSS Comment:
Something that we at iBOSS have been warning about for years. If you have plans to grow a ‘Tech’ business but are struggling to find the necessary support in the UK, then talk to us. Simply call Phil on 07876 503830 or e-mail phil@theiboss.co.uk for a free initial consultation on how we can help.