Innovative Digital Grant Scheme

The government has launched a new Digital Growth Grant competition. The aim is to boost the growth of innovative tech start-ups and scale-ups across the country.

The UK tech sector is ahead of most countries globally. It’s only the third country in the world to have a tech sector reach a valuation which has exceeded $1 trillion.

This means the UK has created more unicorns (a start-up company valued over $1bn) than any other country in Europe. The UK government is working hard to make the UK the best place grow your tech businesses. They have a further aim to secure the UK’s status as a technology superpower and a global science hub.

What will the focus of the grants be?

The Digital Growth Grants focus will be on making skills training and advice accessible. Over the next two years, they will try and provide support services to the digital and tech sector. Furthermore, a major focus of the funding will be on improving regional support networks for start-ups. In turn, the government hopes this would spread the benefits of the country’s world-leading tech industry across the UK.

What are the objectives of the scheme?

There are a few objectives of the new Digital Grant Scheme:

  • Support services delivered to the digital sector: Fundamentally, this applies to transformative and emerging technologies. This support aims to address the fundamental challenges which many companies across the country face. This includes everything from seed stage to series A/B to their first or second round of financing.
  • Advancing the growth of regional support networks for tech start ups and scale ups: Activities should hopefully bring solid improvements against at least 3 areas. These are specified in the DCMS Regional Ecosystems Report: Investment, Skills, Innovation, Infrastructure and Business Growth/GVA. These interventions should be tailored to the needs of local people and tech specialisms, while being developed together with local bodies.
  • Provide founders and firms with access to training on digital entrepreneurship and investment readiness: This includes the specific help and advice to expand your tech business. Also, sharing information on the different roles available in tech companies and the skills required to apply for these roles, whilst providing direction to achieve the required skills at minimal to no cost. In addition to this also clearly signposting start-ups and scale-ups to the digital skills initiatives in the public and private sectors.
  • Advertising and raising awareness of the competitiveness and power of the UK tech sector: This has an aim to motivate and encourage the next generation of tech workers and entrepreneurs.

When will it launch?

The Department for Digital, Culture, Media, and Sport (DCMS) will run the competition this summer. The successful bidder will receive funding from 1 April 2023. This is designed to be spent between the two financial years of 2023-2025.

Webinars are being organised to encourage organisations to participate. They will have the opportunity to ask questions and put forward their views about the future of government-funded support for tech scale-ups and start-ups.

Want to find out more, or have any questions about the Digital Growth Grant?

Get in touch with a member of our Business Services Team here at Carpenter Box or give us a call on 01903 234094.