In a bid to turn the UK's fastest-growing startups into scaleups, the new scheme will give companies invaluable access to entrepreneurs including Doug Monro and Sarah Wood
When it comes to securing the UK's position as a global tech leader, the fate of a small number of digital startups will be key. That's why Tech City UK has today launched Upscale, a new programme that will help high-growth tech startups scale successfully.
Developed as a feeder into the Future Fifty programme, which targets the next level of UK-based digital businesses preparing for exit or IPO, the government-backed scheme is designed to accelerate the growth of 25 early-stage high-growth digital businesses. It will provide expertise and advice from a network of 'scale coaches' made up of high-profile entrepreneurs and seasoned tech investors. These include the likes of Sarah Wood, co-founder and co-CEO of Unruly; Alex Chesterman, founder and CEO of Zoopla; and Doug Monro, co-founder of Adzuna.
To be considered for the Upscale programme, businesses will need to be headquartered in the UK; be growing at 40% month-on-month over the last three months on their key business metric; and either be funded up to Series A (or equivalent) or with £500k of their own revenues.
Ed Vaizey, minister of state for culture and the digital economy, said: “The UK is one of the fastest-growing digital economies in the G20 and we must embrace new models like Upscale in providing effective targeted support for fast-growth insurgent businesses that back the new jobs in our economy. Building on the government’s commitment to turn the UK into a nation of business builders, Tech City UK’s Upscale is focused on equipping the next generation of digital entrepreneurs with the knowledge, skills and confidence [to turn] their startup business into a scaleup success via mentorship by world class experts who have successfully scaled their own businesses internationally, which will further strengthen the UK’s digital economy."
Gerard Grech, CEO of Tech City UK, added: “Upscale facilitates the sharing of experience and ideas at the precise moment ambitious entrepreneurs need it most. The digital business ecosystem is known for its desire to fail fast, learn and succeed. Upscale aims to bring together a powerful peer network, connecting aspiring founders with proven business leaders who went all the way and now want to give back to the next generation of leaders, strengthening the long term future of the UK digital industry, providing direct benefit to the British economy and ultimately increasing its productivity.”
So if you think you qualify for the Upscale programme, apply here before it's too late.