Yoko Spirig, co-founder and CEO of Ledgy, recently shared her views on Tech Nation’s latest report (and last before it closes next month) which looks at how the nation and industry can “turn the U.K. tech sector into a $4 trillion industry.”
The report states that the U.K. tech industry will “almost triple in value over the next decade,” but could quadruple with “better conditions” and “tangible support.”
It also found:
- The UK hit a five-year low in terms of the number of funding rounds as the headline figure plunged over 1,200 from the frothy peaks reached in 2021.
- The growth rate of unicorns – firms worth more than $1bn – slowed to four per cent in 2022 , plummeting from a 41 per cent growth rate the previous year,
- The creation of so-called tech unicorns in the UK slowed by more than ten times last year
As noted in the update, Tech Nation predicted that the UK’s tech sector “will be worth $2.6trillion by 2032, up from $1trillion in 2022.”
Yoko believes that while the UK is “still the number one European tech hub by some margin, others are catching up quickly and that the UK can’t afford to rest on its laurels.”
Yoko Spirig, co-founder and CEO of Ledgy, commented:
“Despite recent blows such as the closing of Tech Nation, the UK is still the number one tech hub in Europe by some margin, and number three in the world, boasting a tech sector with a combined market value of $1 trillion. The work to date has been incredible. But other tech hubs like Berlin and Paris are building talent and investment capacity all the time, rapidly closing the gap, so it can’t afford to rest on its laurels. For the UK to maintain this position and continue to attract tech firms, it needs to continue creating and fostering the optimal environment for companies to come and operate here.
“It’s also essential that the organisation which carries Tech Nation’s work forward continues to take advantage of the incredible research that happens in British universities and produce exceptional tech companies to ensure the UK stays out in front as a positive example for other European markets.”