Region launches its first ‘Tech Prospectus’
More than one hundred London based investors and ‘tech sec players’ recently saw the incredible scale of the ‘blue and green’ economy across the region. The Tech South West team revealed the size of the industry earlier this month.
Their findings showed that the south west tech sector has 18,527 companies which, based on 2023 figures, equates to a combined turnover of £46.7 billion.
They produced a prospectus which set out key recommendations, including: pension reform to boost investment and recognising the south west as a national leader of ‘blue and green’ tech.
The report also showed that south west startups are 17% more likely to be operating after five years than if they were based in London.
It went on to show how ‘Net Zero Tech’ lead the way in its figures with more than £24.1 billion in its turnover.
‘Net Zero Tech’ focuses itself on marine, agricultural technology, biotech, clean energy and environmental sciences. The data was supplied by Beauhurst.
Many of the companies are operating globally across the marine, agricultural and climate industries. They’ve already raised tens of millions of pounds of investment from UK, overseas investors from funding from the government.
The prospectus has been developed in partnership with Future Space Bristol, Microsoft, Neighbourly and Barclays Eagle Labs. It includes key data from Beauhurst and other national and regional sources.
The London launch of Tech South West’s ‘Tech Prospectus.’ Image: Gareth Williams Photography.
Cutting edge of net zero technology emerging fast in SW
The launch was at Howden UK’s global headquarters in the City of London. Tech South West hosted investors and founders at a private dinner in the world famous Gherkin building.
‘The cutting edge of net zero technology is emerging fast across the South West peninsula, because of the talent that is attracted and embedded across the region,’ says Dan Pritchard, founder of Tech South West.
‘We have powerhouse universities, specialist tech hubs, plus UK and global environmental organisations, along with world class research centres in the region.’
‘And the growth is incredibly impressive, the opportunity immense, and the work vital if we are to tackle some of the world’s most pressing issues.’
Event organisers say that the prospectus highlights the limited funding from government into the region with the first ‘Nations and Regions’ growth funding allocated to the region going live in 2023.
They add that this is years after the first Northern Powerhouse and Midlands Engine funds. They go onto to say it’s just a fraction of the amounts pumped into those funds – and their recently launched successor funds.
‘To a packed audience we set out the case for this golden opportunity to back the net zero tech generation.’
‘London gets over 80 per cent of venture capital investment into UK tech, and yet South West tech firms have a better success rate – they are 17% more likely to be operating after 5 years than if they were based in London.’
‘Imagine what we could do together with just a fraction of that London investment redirected to the South West.’
Backing the net zero tech generation: London launch of Tech South West’s Tech Prospectus.
Image: Gareth Williams Photography.
New technologies hold promise for new innovations
Three of the key areas which were detailed in the prospectus included Net zero technology which included a focus on climate technology, clean energy, EV battery development, biotech plus agricultural and marine technology.
It also examined future economic growth, including: cyber tech, quantum technologies, AI and life sciences. The team further focused on the role of creative industries, including: immersive technology, digital media and gaming.
‘New technologies, including generative AI, hold promise for new innovations that can help address the climate crisis,’ says Sarah Fasey, Social Value Lead at Microsoft.
‘The focus on blue and green economies at the heart of the South West economic plan is something Microsoft naturally wants to support and encourage.’
The prospectus sets out opportunities for investment and collaboration. It calls for key changes in how the UK regions’ tech sectors can be supported and helped to achieve their full potential.
Those recommendations include a call to government fund to increase the south west investment fund by 20% (£400,000).
It also seeks an investment focus on blue and green innovation with renewable energy, sustainable mining and battery technology all high on the agenda.
Prospectus shows ‘strength and power of what the region is capable of.’
‘What the South West’s tech sector has achieved with comparatively little government investment is truly astounding,’ says Professor Matt Freeman, Centre Director at Future Space Bristol who coordinated the research on the prospectus.
‘Having a prospectus that clearly shows the strength and power of what the region is capable of is important for so many reasons.’
UK Bankers for Net Zero, Clean Growth Fund, Circularity, Exeter Science Park, Beauhurst, were amongst contributors to the showcase, held at Howden UK, in Creechurch Place, London.
Those involved included: Green Angel Ventures, Hambro Parks Venture, Impact X Capital, British Design Fund, EDF Energy, Maven Capital, Magenta Partners, Moscar Capital, Pilot Round, Bristol and Bath Regional Capital, ScaleUp Global, SuperSeed Ventures, Turquoise International, White Horse Capital and True Global.
