Event recap: Delivering the Tech Scale-Up Ambition

On 17 March, techUK launched our Scale-Up Action Plan report. This launch event convened some of the key players from across the scale-up ecosystem, industry, public stakeholders and policymakers.

We are delighted to have hosted a packed audience and a stellar line up panellists addressing some of the key scale-up challenges. Topics ranged from creating an enabling environment for scale-ups to access and reach new markets, the role of Government to drive more growth capital into scaling tech firms, and the opportunity for the Government to act now ahead of the delivery of the modern industrial strategy.

A few key takeaways from the day?

Scale-ups should be thought about as ultra-growth companies - bringing unparalleled dynamism to the economy. They are reporting an average annual revenue increase of 43% over the past three years - more than double the OECD benchmark.

The UK has the foundations to support scaling tech businesses. Build on what works, including funding and tax incentives that encourage businesses to scale, and the importance of the Regulatory Innovation Office.

Ensure the UK has the right framework to attract domestic and international investment.

Get the ambition right and better support founders and entrepreneurs from diverse and under-represented backgrounds.

techUK's full Scale-Up Action Plan report, launched on this day, can be accessed here.

Highlights from the event, including the opening fireside chat with Irene Graham OBE, CEO at the ScaleUp Institute and Keynote Close from Janet Coyle CBE, Managing Director at Grow London, can be viewed below:

Fireside Chat with Irene Graham OBE

Opening the day, was the fireside chat between Irene Graham OBE, CEO and Board Director, ScaleUp Institute and Antony Walker, Deputy CEO, techUK.

Irene and Antony reflected on the UK scale-up ecosystem over the past 10 years, and the changes that have been made to drive more capital and open up talent pipelines into scaling firms.

While steps, including progress related to pensions, capital markets, procurement and evolution of the British Growth Partnership.

Irene reiterated why and how scale-ups matter for the UK economy, drawing on findings and data from the Scale-Up Institute. For instance, there are now 34,180 scale-ups in the UK – up by 27% from 2013 - and there are a further 16,450 in pipeline, spread across the country in all sectors.

Irene and Antony pointed to the upcoming Industrial Strategy and Small Business Strategy in offering excellent opportunities to double down on scaling businesses utilising data to greater effect and account management structures to join up public and private services to unleash collaboration, funding, talent and export opportunities.

The overall sense of optimism drew to a close by outlining that it is now essential to anchor clear policy into action that matches the ambitions of our dynamic UK scaling firms to enable them to continue to grow, scale and stay here.

Panel 1 - The Scale of the Opportunity: does the UK have what it takes?

This panel assessed the building blocks (access to finance, talent, markets) needed to secure tech scale-up success.

Panellists included:

(CHAIR) Jordan Sullivan, Head of Economic Policy, StartUp Coalition
Liz Ashall-Payne, CEO, ORCHA Health
Ian Connatty, Managing Partner, BBB British Patient Capital Advisory Services (British Growth Partnership)
Russ Shaw CBE, Founder, Tech London Advocates and Global Tech Advocates
The Rt Hon Baroness Stowell of Beeston MBE, previous Chair of House of Lords Communications and Digital Committee

While scaling is achievable, challenges persist. Limited access to growth capital, talent shortages, and procurement obstacles all continue to hinder business growth, with some scale-ups forced to look elsewhere to meet their potential.

But this panel drew on the building blocks we have to succeed. Including the fact that the UK has already become the ‘scale-up capital’ of Europe, ranked third globally for VC investment and home to over 150 tech unicorns created. But the UK's success must not breed complacency.

The government's top policy challenge, if it aims to maximise the economic benefits of technological advancements, is fostering the next generation of major British tech companies. Supporting on access to markets, international expansion and reducing the regulatory burden for these businesses is crucial.

Panel 2 - The Scale of the ambition: what does success look like?

This panel focused on the scale of the ambition, and how the Government can ensure that diversity is placed at the heart of scale-up activity and action.

Panellists included:

Sonia Kumar, Labour MP for Dudley
Philip Salter, Founder, The Entrepreneurs Network
Hollie Hodgson, Head of Account Management, Tussell
Tommie Edwards, Founder & CEO, Tech1M
Amy Burnett, Head of Emerging Giants, KPMG

This panel reiterated that embedding diversity (whether age, disability, gender, ethnicity) in government policy is crucial to drive innovation, sustain growth, and unlock the full economic potential of tech scale-ups. This is important for all aspects of the scale-up policy ecosystem – whether policy to support founders, investors or later stage scale-ups.

Demonstrating the scale of the problem, black startup founders face significant disparities in VC investments, receiving only 0.2% of overall funding. And the opportunity, if women started and scaled their businesses at the same rate as men, it could mean unlocking a staggering £250 billion for the UK economy.

The panel drew on topics such as; how women and diverse founders best be supported to overcome the challenge of securing funding to start and scale their business, the risk for the digital economy if diversity is not improved and how we ensure diversity efforts lead to longer-term, structural change.

Keynote Close with Janet Coyle CBE

Closing the day, Janet Coyle CBE, Managing Director, Grow London deliver a keynote speech outlining the plan for London to maintain its status as the capital of

The Plan outlines a vision to restore productivity growth to an average of two per cent a year over the next decade, making London's economy £107bn larger in 2035.

At the heart of this will be supporting London’s businesses and back them to scale-up. London has an outstanding track record of supporting scaleups through Grow London Global, delivered by London & Partners. Focus particularly on scaling frontier innovation businesses, and on growing exports in the growth sectors.

Janet outlined that, to grow London’s priority sectors, most notably the tech sector, Grow London will continue to:

Grow the skilled workforce: This is the primary task, as all our priority sectors rely on human capital. The plan for this is in the inclusive talent strategy.
Promote the sectors to win international investors and customers: We will promote London’s strengths in the key sectors and focus our inward investment activity on them. The plan for this is in investment and promotion.
Dramatically increase investment into innovative companies: This is especially relevant for frontier innovation, but is also critical to grow technology companies. The plan for this is in investment and promotion.
Support our growth sector businesses to scale internationally: Exporting is key to our ambition to grow global companies. The plan for this is in backing our businesses.
Set a City Innovation Strategy: Use the power of London’s public sector to accelerate innovation through procurement, data and testing. The plan for this is in backing our businesses.

Thank you to all of our delegates and speakers for making the event such a success.

Mia Haffety

Policy Manager - Digital Economy, techUK

techUK's Policy and Public Affairs Programme activities

techUK helps our members understand, engage and influence the development of digital and tech policy in the UK and beyond. We support our members to understand some of the most complex and thorny policy questions that confront our sector. Visit the programme page here.

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Meet the team

Antony Walker

Deputy CEO, techUK

Alice Campbell

Head of Public Affairs, techUK

Edward Emerson

Head of Digital Economy, techUK

Samiah Anderson

Head of Digital Regulation, techUK

Audre Verseckaite

Senior Policy Manager, Data & AI, techUK