Local authorities may hold the key to unlocking the potential of tech ecosystems around the UK, according to report by Shoosmiths and Coadec
Leading UK law firm Shoosmiths and tech start-up and scale-up policy group Coadec (The Coalition for a Digital Economy) have partnered to produce Coadec’s latest insight piece - Regional and National Ecosystems: Untapped Potential.
The thought leadership collaboration examines the potential for building successful start-up ecosystems across all parts of the UK and concludes there is untapped potential to grow these and other regional tech hubs.
Notwithstanding the draw of London and the South East, the UK tech sector flourishes in other regions, often in clusters of specialist talent – for example, cyber-security in Glasgow, gaming in Brighton, agri-tech in Aberdeen and virtual reality in the North East of England. The technology (tech) sector is one of the fastest growing areas of the UK economy, with investment growing 2.3 times in 2021. The joint Shoosmiths and Coadec research aims to aid local policymakers in providing the right climatic conditions for the formation of tech clusters - areas of specialism consisting of a critical mass of tech companies, individuals and institutions within a connected geographic area.
The report outlines the tools available for policymakers to boost the development of tech clusters in their area. The report launch will be followed by in person and virtual events held by Shoosmiths and Coadec, aiming to support local leaders who want to build a startup-friendly environment within their region.
Steve Barnett, partner in the venture capital team at Shoosmiths, said: “Many businesses in the UK’s technology sector still encounter barriers to scaling up – but location shouldn’t be one of them. Partnering with Coadec to provide insight into the much-needed development of regional tech clusters is an area Shoosmiths feels strongly about. Given our national footprint across the UK, including Northern Ireland and Scotland, we see first-hand the exceptional talent across emerging tech businesses and want to ensure that it isn’t just those based in London or the larger hubs that have access to the funds and talent required to succeed.”
Shoosmiths’ dedicated technology sector team are active supporters and sponsors of Silicon Valley Comes to the UK and The Coalition for a Digital Economy. Its team of experts work with incubators, early-stage and growth companies and investors to help the next generation of disrupters scale their businesses.
Find more about the report here.