As the article “How does the government fund and support UK tech start ups” illustrates, there are several funding options for UK start ups. Nick Ismail demonstrates how start-ups can benefit from these by giving different CEO’s a platform to share their experience. One of them is the CEO of Smrtology Mark Bembridge. The following is based on the Ismail’s article, which has been recently been published on the “Information Age”.
Between 2017 and 2018 the high growth digital tech firm in the United Kingdom grew by 61 percent . Additionally the tech scale up in the UK’s fintech sector is ranked number one in the world and has generated a total venture capital of 6 billion pounds, more than any other European country.
At the launch of the TechNation Report 2019 Jeremy Wright, the Secretary of State for the department Digital, announced new founding for the Social Tech Trust with the words “If we want mission-driven tech businesses to have a positive impact on society, then we need to help them flourish and scale up, through giving them the right support and funding!”.
There are already many possibilities for UK startups to get financial support from the government. One example is Innovate UK which is a non-departmental public body, funded by a grant-in-aid from the UK government. Additionally to the funing costumers, investors and partners are here connected with the start-ups to provide the best possible support in order to help businesses succeed. So far, Innovate has invested £2.5 billion into 8,500 organisations and created around 70,000 jobs.
Mark Bembridge CEO of Smartology knows by experience that the right support can be a key game changer.
“In last year’s New York trip the Department for International Trade (DIT) lined us up with some top contacts and they also arranged for us to speak to business experts about how to go about setting up an American company. If you find these guys yourself, you’re never too sure if you’re getting the best advice, but we know we could trust the people we were put on to by the DIT.”
Smartology is a contextual Adtech and AI firm, which has recently been shortlisted for “The 2019 Effective Digital Marketing Awards” and has secured £3 million additional funding at the beginning of 2019. Bembridge states that “Government networking events have put us in front of exactly the people we need to grow our user base internationally,”.