techUK report - UK Tech SMEs: Driving Economic Growth and Innovation

Tracking

Improve public data leads on UK companies and publish data on a regular basis to improve policy making and interventions for SME support. 

Finance and Funding 

Unlock more investment for SMEs looking to grow by continuing the delivery of Mansion House Reforms, including a range of reforms to private pensions to ensure they are as effective as possible in unlocking institutional investment.

Drive greater diversity into the scale-up ecosystem through targeted initiatives, including the Venture Capital Fellowship programme. 

Restore confidence in the UK’s flagship R&D tax relief scheme, prioritising longer-term policy stability, effective administration from HMRC and better support for SMEs. 

Simplify the process for securing public grants, such as Innovate UK, and explore options to provide more grant funding and support for the commercialisation of innovative technologies.
 

Generating sales opportunities

Establish a commercialisation Tech Taskforce comprised of regulators, businesses and government to identify markets within the UK where tech innovation could drive significant change.  

Establish the new Technology Procurement Delivery Body (TPDB) that includes Ministers and high-ranking civil servants to improve procurement processes and tackle existing barriers to procurement that levels playing field for SMEs.   

Engage with tech SMEs to identify what information and support they need to expand and export internationally to inform how to improve and update government insight and support on expansion in foreign markets. 

Talent 

Deliver the new Growth and Skills Levy and work with the tech sector to create a Digital Skills Toolkit. This will increase digital skills provision across the UK and encourage a more diverse and inclusive tech sector. 

Develop practical ideas to connect scale-ups to pools of talent, for example by facilitating partnerships with universities, allowing greater certainty over when visas will be granted by the Home Office and connecting SMEs to national and devolved government skills initiatives.

Accelerating regional ecosystems

Deliver on the recommendations of the Harrington Review to create a more joined up investment offer with the support of metro mayors and devolved governments. 

Review different SME support initiatives across the UK’s nations and regions to identify how to better facilitate joined up thinking and reflecting on best practice.