Tech Nation closes – end of an era, or is it?
On Tuesday 28 March 2023 Tech Nation hosted its last Founders Reunion event having announced that it was closing at the end of the month following the withdrawal of funding support from the Government. In a packed auditorium at London’s Sea Containers nearly 500 founders, judges and ecosystem supporters had gathered to celebrate a remarkable decade of UK tech growth which has valued the country’s tech ecosystem at $1 trillion, up from $60bn in 2013 (x16 in 10 years); seen the emergence of 135 tech unicorns and 10 tech decacorns with $157 billion of investment in UK tech companies over the decade, resulting in the the creation of 4.8 million jobs.**
Gerard Grech CEO, opened the evening commenting upon the the lasting impact Tech Nation has had on the UK Tech economy; contributing £600 million GVA to the economy; a return of £15 for every £1 invested in Tech Nation by the UK Government and 13 IPOs including Zoopla, AO, Deliveroo and Monzo.**
However, in typical startup style, the evening also began with the announcement that Tech Nation is now in talks with Founders Forum Group about acquisition of the organisation, which may include many of the 48 growth programmes it has initiated and the 1300+ portfolio companies that have graduated from its programs. “Upon the successful conclusion of the talks, a new chapter will begin driving UK founders to ever-greater success,” said Gerard Grech, “Founders Forum Group, well placed to build on the legacy that Tech Nation has created over the last 10 years, given their ethos and approach to supporting entrepreneurs at every stage.” He also thanked the Tech Nation Board, including former Chair Eileen Burbidge MBE and current Chair Stephen Kelly; staff, investors, founders, partners and supporters.
** More about Tech Nation’s impact here: https://lnkd.in/g5N86UT8
