{"id":622750,"date":"2023-03-28T09:49:10","date_gmt":"2023-03-28T14:49:10","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/03\/28\/cbi-launches-campaign-to-boost-uk-tech-unicorns\/"},"modified":"2023-03-28T09:49:10","modified_gmt":"2023-03-28T14:49:10","slug":"cbi-launches-campaign-to-boost-uk-tech-unicorns","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/03\/28\/cbi-launches-campaign-to-boost-uk-tech-unicorns\/","title":{"rendered":"CBI launches campaign to boost UK tech unicorns"},"content":{"rendered":"<div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.computerweekly.com\/visuals\/ComputerWeekly\/Hero Images\/flower-nature-growth-2-adobe_searchsitetablet_520X173.jpg\" data-credit=\"Delphotostock - stock.adobe.com\"  width=\"520\" height=\"173\" alt><\/p>\n<p>Delphotostock &#8211; stock.adobe.com<\/p>\n<\/p><\/div>\n<div id=\"content-header\">\n<h2>The CBI has launched a campaign to transform the UK\u2019s technology unicorns into decacorns valued at $10bn, with specific policy recommendation due to be published later in 2023<\/h2>\n<\/div>\n<div id=\"content-center\">\n<ul>\n<li><i data-icon=\"1\"><\/i><\/li>\n<li><i data-icon=\"2\"><\/i><\/li>\n<\/ul>\n<div id=\"contributors-block\">\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Sebastian-Klovig-Skelton-CW-contributor.jpg\" alt=\"Sebastian Klovig Skelton\">\n\t\t\t\t\t<\/p>\n<p><span>By<\/span><\/p>\n<ul>\n<li>\n\t\t\t\t\t<a href=\"https:\/\/www.techtarget.com\/contributor\/Sebastian-Klovig-Skelton\">Sebastian Klovig Skelton,<\/a><br \/>\n\t\t\t\t\t\t<span>Senior reporter<\/span>\n\t\t\t\t\t\t<\/li>\n<\/ul>\n<p>\n\tPublished: <span>27 Mar 2023 13:30<\/span>\n<\/p>\n<\/div>\n<section id=\"content-body\">\n<p>The Confederation of British Industry (CBI) has launched a campaign to bolster support for the UK\u2019s most innovative high-growth tech companies so they can transform from $1bn unicorns to $10bn \u201cdecacorns\u201d.<\/p>\n<p>The campaign, known as Project Decacorn, was announced by CBI president Brian McBride on the evening of 27 March to an audience of tech business leaders and entrepreneurs at Mansion House in the City of London.<\/p>\n<p>\u201cThe UK is one of only three countries around the world with more than 100 unicorn companies \u2013 those valued at $1bn.\u00a0I\u2019m spearheading a programme to transform the UK\u2019s great $1bn unicorn companies into \u2018decacorns\u2019 $10bn companies this decade, that can unleash growth \u2013 and jobs \u2013 right across the country,\u201d he said.<\/p>\n<p>\u201cI\u2019m certain that in the UK, if we pull together \u2013 government and business, business and business \u2013 we\u2019ve got what it takes to create not just a UK Silicon Valley, but a global growth powerhouse.\u201d<\/p>\n<p>He added that the UK is the only country besides the US and China to have a <a href=\"https:\/\/www.computerweekly.com\/news\/252515237\/UK-tech-ecosystem-reaches-1tn-valuation\">tech sector worth $1tn<\/a>, and that its fintech sector alone is worth $11bn, or 10% of the global market share: \u201cIt\u2019s our secret weapon \u2013 the spark plug to set off the full power of the City of London and the financial services sector in the global race for growth.\u201d<\/p>\n<p>While CBI has not shared any details on what it sees as blockers to further growth for unicorns and how to overcome them, it confirmed that there will be a separate announcement on policy recommendations sometime later this year, and that for now the CBI is set to assess which regulations are holding back the UK tech sector.<\/p>\n<p>The campaign launch follows the <a href=\"https:\/\/www.computerweekly.com\/blog\/Computer-Weekly-Editors-Blog\/UK-governments-tech-superpower-ambitions-must-be-matched-by-realism-and-collaboration\">UK Spring Budget announcements<\/a> in mid-March, in which the government outlined its plan to transform the country into a \u201cscience and technology superpower\u201d.<\/p>\n<p>It includes <a href=\"https:\/\/www.computerweekly.com\/news\/365532635\/UK-government-commits-25bn-to-boost-quantum\">investing \u00a32.5bn in quantum computing<\/a>; creating <a href=\"https:\/\/www.computerweekly.com\/news\/365532528\/Budget-2023-startups-extra-funding-via-RD-relief-and-pensions\">new funding avenues for research and development (R&#038;D) intensive businesses<\/a> through, for example, updated tax relief measures and opening up pension funds for use in tech investments; and introducing a <a href=\"https:\/\/www.computerweekly.com\/news\/365532715\/Budget-2023-Chancellor-affirms-tax-relief-for-IT-investment\">\u00a31m annual award for the best British AI research<\/a>, known as the Manchester Prize.<\/p>\n<p>The previous Autumn 2022 Budget \u2013 <a href=\"https:\/\/www.computerweekly.com\/news\/252527386\/Brexit-deregulation-will-make-UK-next-Silicon-Valley-vows-Hunt\">which Hunt vowed will help to make the UK the next Silicon Valley<\/a>\u00a0\u2013 also saw the government commit to increasing overall R&#038;D spend to \u00a320bn a year by 2025.<\/p>\n<p>While the UK is investing $7.2bn into AI \u2013 making it the third highest investor globally, and fourth if the European Union is counted as a bloc \u2013\u00a0<a href=\"https:\/\/www.romaniajournal.ro\/business\/which-countries-are-investing-most-in-digital-technologies\/\">the US and China are investing $71bn and \u00a334bn respectively<\/a>.<\/p>\n<p>\u201cThe prime minister and chancellor announced ambitious plans to turn the UK into the next Silicon Valley. We are fully behind their goal in creating a more innovative and prosperous economy and are ready to work with government in turning this dream into a reality,\u201d said CBI\u2019s deputy director for digital and the Project Decacorn lead, Susannah Odell.<\/p>\n<p>\u201cIn the US, they are already creating a new generation of decacorns \u2013 businesses that scale to $10bn in value. We at the CBI believe the UK can step up and match that. We want to knock down the blockers holding them back and find smart solutions to boost their success in partnership with government. That\u2019s what our project is all about.\u201d<\/p>\n<p>In support of its \u2018technology superpower\u2019 plans, the government also announced an <a href=\"https:\/\/www.computerweekly.com\/news\/365533474\/UK-government-launches-international-tech-strategy-as-tool-of-diplomacy\">international tech strategy<\/a> in March 2023 to promote the UK abroad by, for example, deepening technical cooperation with allies and including technology measures in any new trade deals.<\/p>\n<p>In its last report <a href=\"https:\/\/www.computerweekly.com\/news\/365529739\/Tech-Nation-to-shutter-after-more-than-a-decade\">before shuttering<\/a>, Tech Nation said that UK technology scaleups have already generated $583bn in value since 2014, and <a href=\"https:\/\/www.computerweekly.com\/news\/365533792\/Tech-Nation-says-UK-needs-roadmap-to-help-tech-sector-reach-4tn\">could further quadruple in value by 2032 under the right conditions<\/a>.<\/p>\n<p>To achieve a whole-sector valuation of around $4tn, Tech Nation recommended plugging patient capital into all stages of company growth, rather than just the early stages; rethinking talent gaps, particularly by placing an emphasis on opening up access tech sector opportunities to all people interested; and prioritising \u201cvalue realisation\u201d.<\/p>\n<p>\u201cTech leaders in the UK must develop a Silicon Valley-like sense of exit intentionality, capital and talent must continue to be efficiently recycled through the ecosystem to create additional value, and\u00a0knowledge must be deepened and shared around late-stage growth,\u201d it said.<\/p>\n<\/section>\n<section id=\"DigDeeperSplash\">\n<h4>\n\t\t\t<i data-icon=\"m\"><\/i>Read more on Technology startups<\/h4>\n<ul>\n<li><a id=\"DigDeeperItem-1\" href=\"https:\/\/www.computerweekly.com\/news\/365532294\/HSBC-buys-Silicon-Valley-Bank-UK-arm-for-1-following-collapse\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/HeroImages\/HSBC-UK-HQ-PR_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/HeroImages\/HSBC-UK-HQ-PR_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/HSBC-UK-HQ-PR.jpg 1280w\" alt ><\/p>\n<h5>HSBC buys Silicon Valley Bank UK arm for \u00a31 following collapse<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Sebastian-Klovig-Skelton-CW-contributor.jpg\" alt=\"SebastianKlovig Skelton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Sebastian\u00a0Klovig Skelton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-2\" href=\"https:\/\/www.computerweekly.com\/news\/252528403\/Top-10-technology-startup-stories-of-2022\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/startup-new-business-fotolia_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/startup-new-business-fotolia_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/German\/startup-new-business-fotolia.jpg 1280w\" alt ><\/p>\n<h5>Top 10 technology startup stories of 2022<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Sebastian-Klovig-Skelton-CW-contributor.jpg\" alt=\"SebastianKlovig Skelton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Sebastian\u00a0Klovig Skelton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-3\" href=\"https:\/\/www.computerweekly.com\/news\/252527556\/Businesses-must-embrace-digital-skills-and-innovate-says-CBI-president\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/business-innovation-1-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/business-innovation-1-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/German\/article\/business-innovation-1-adobe.jpg 1280w\" alt ><\/p>\n<h5>Businesses must embrace digital skills and innovate, says CBI president<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/lis pic.jpeg\" alt=\"LisEvenstad\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Lis\u00a0Evenstad<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<li><a id=\"DigDeeperItem-4\" href=\"https:\/\/www.computerweekly.com\/news\/252516471\/More-than-38000-UK-tech-firms-incorporated-in-2021\"><br \/>\n\t\t\t\t\t<img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero Images\/banking-finance-growth-1-adobe_searchsitetablet_520X173.jpg\" srcset=\"https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-1-adobe_searchsitetablet_520X173.jpg 960w,https:\/\/cdn.ttgtmedia.com\/visuals\/ComputerWeekly\/Hero%20Images\/banking-finance-growth-1-adobe.jpeg 1280w\" alt ><\/p>\n<h5>More than 38,000 UK tech firms incorporated in 2021<\/h5>\n<div>\n<p><img decoding=\"async\" src=\"https:\/\/cdn.ttgtmedia.com\/rms\/computerweekly\/Sebastian-Klovig-Skelton-CW-contributor.jpg\" alt=\"SebastianKlovig Skelton\">\n\t\t\t\t\t\t\t\t\t<\/p>\n<p><span>By: <span>Sebastian\u00a0Klovig Skelton<\/span><\/span>\n\t\t\t\t\t\t\t<\/p>\n<\/div>\n<p>\t\t\t\t<\/a><\/li>\n<\/ul>\n<\/section>\n<\/div>\n<p><a href=\"https:\/\/www.computerweekly.com\/news\/365534115\/CBI-launches-campaign-to-boost-UK-tech-unicorns\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><br \/>\n Gaylene Wrona<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Delphotostock &#8211; stock.adobe.com The CBI has launched a campaign to transform the UK\u2019s technology unicorns into decacorns valued at $10bn, with specific policy recommendation due to be published later in 2023 By Sebastian Klovig Skelton, Senior reporter Published: 27 Mar 2023 13:30 The Confederation of British Industry (CBI) has launched a campaign to bolster support<\/p>\n","protected":false},"author":1,"featured_media":622751,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1189,2432,46],"tags":[],"class_list":["post-622750","post","type-post","status-publish","format-standard","has-post-thumbnail","category-campaign","category-launches","category-technology"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/622750","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=622750"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/622750\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/622751"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=622750"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=622750"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=622750"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}