The report urged the government to support new tech ‘unicorns’.
A new study called for initiatives seeking to unlock the potential of the growing tech sector.
The ‘Herding Unicorns’ research paper, published by the Centre for Policy Studies and supported by UK tech firm Deliveroo, said that the UK government must foster conditions to create and promote unicorn companies if it wants the country to play a leading role in the digital economy.
Written by a team led by former Government Special advisor Nick King, the report was informed by extensive interviews with tech investors, entrepreneurs and staff at existing start-ups and scale-ups.
It identifies that high-growth companies in the UK struggle to access talent with key digital skills, and that the ‘financing gap’ between British and American companies grows wider with successive rounds of fundraising.
The report calls on the Government to introduce a number of changes, including new tax incentives and a specific visa scheme to help high-growth companies address their skills problem, allowing the UK to grow its herd of unicorns further.
Nick King, Head of Business at the Centre for Policy Studies said: “Britain's record to date has been impressive, but we need to do more to create an environment which will allow the next generation of unicorn businesses to emerge and thrive in the UK.”
Will Shu, CEO and Founder at Deliveroo, added: “The UK is a fantastic place to start and build a company, but in the coming years the Government has an opportunity to help more companies realise their full potential. These proposals will help boost growth and innovation, cementing the UK's place as a global tech leader.”
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