Carolyn Dawson, CEO of the Founders Discussion board says that “we needed to do extra for early stage firms.”
Having championed and nurtured the UK’s startup and scale-up ecosystem for nearly a decade, Tech Nation nearly disappeared from view earlier this 12 months when authorities funding was withdrawn. Now the group has re-emerged beneath new possession and with a promise to channel £10bn of personal funding into high startups. Many within the startup sector will welcome its return, however with public cash not on the desk, what position will the reconstituted privately owned tech nation play within the innovation economic system? I spoke with Carolyn Dawson, govt director of the New Proprietor Founders Discussion board, to search out out.
Tech Nation was based in 2014 with a quick to foster the expansion of founder-led expertise firms. It did this by offering mentoring applications and accelerators whereas additionally offering a way for entrepreneurs to attach and share insights. Throughout its ten-year lifespan, round a 3rd of Britain’s unicorns have handed by its programmes. He has additionally been a cheerleader for the sector, publishing a sequence of experiences that highlighted the UK’s rising success in creating firms and attracting VC traders. Most just lately, he was accountable for managing the Expertise Visa program for the tech sector, an initiative designed – a minimum of partially – to make sure that tech startups proceed to rent from overseas when Britain’s departure from the European Union introduced freedom of motion to an finish.
Nonetheless, with out authorities help, the group determined it couldn’t proceed. Tech Nation pulled the shutters in April 2023, although the model was acquired by Founders Discussion board.
So what was the considering behind the deal? As Dawson explains, Founders Discussion board – co-founded by Brent Hoberman – already offers a variety of companies for entrepreneurs, together with common occasions that convey collectively founders of enormous firms, rising stars, thought leaders and traders. The group also can assist founders join with service suppliers akin to attorneys, model builders, recruiters and traders. As such, its actions are a minimum of adjoining to these of the previous Tech Nation.
However, as Dawson factors out, they do not utterly overlap. “Founders Discussion board occasions have a tendency to draw late-stage firms,” she says. “We needed to do extra for early-stage firms.
A much bigger position
On this regard, the acquisition of the Tech Nation model will allow Founders Discussion board to play a higher position within the UK startup and scaling ecosystem. However what is going to this imply in apply? Did Founders Discussion board merely purchase the model or is it absolutely dedicated to persevering with the work of Tech Nation?
Dawson says the intention was to take over as a lot of Tech Nation’s capabilities as potential. “We needed to purchase every little thing,” she says. “There have been individuals who needed to purchase items of it. Nevertheless it was clear for those who fragmented it, it might cut back the influence on the UK.”
Nonetheless, a steadiness wanted to be struck. With out authorities funding, there was solely a lot a non-public enterprise may do, so the Founders Discussion board group mentioned what was potential with their colleagues at Tech Nation. Going ahead, the reconstituted Tech Nation will proceed to supply content material, analysis and insights, whereas additionally operating progress applications and a “Rising Stars” competitors. The group may also handle the Expertise Visa scheme on behalf of the UK authorities. Range can also be a theme and in an initiative supported by Motability Operations, a community is being established for founders with disabilities.
The course of the journey was introduced this week at Birmingham Tech Week, a becoming occasion to focus on that Tech Nation is dedicated to working with founders throughout the nation, fairly than specializing in London. Half of the startup community can be situated exterior of London.
Extra Mentors
Dawson sees room for crossover between Founders Discussion board and Tech Nation, not simply round teaching and mentoring. “Many attendees who come to Founders Discussion board occasions need to assist,” she says. “That method we’ll have entry to extra mentors.”
As a non-public group, Founders Discussion board has developed a community of company companions who may also play a task in offering companies to Tech Nation firms. One of many key gamers on this regard is HSBC Innovation Banking (previously Silicon Valley Financial institution UK), which has signed up as a founding accomplice.
We must see the way it all seems in apply. When the federal government pulled funding from Tech Nation, the cash was redirected to Barclays Eagle Labs, which developed its personal method to supporting the startup ecosystem. Presumably this could present founders with extra sources of help. The query going ahead is how this rearrangement of deckchairs will have an effect on the UK’s momentum as a magnet for funding expertise and traders.