DCMS: Digital Growth Grant
Overview
Early in 2022, the value of the UK’s tech sector passed $1 trillion. The UK is only the third country in the world to have a tech sector reach this valuation. The UK has created more unicorns than any other country in Europe. The government is committed to making the UK the best place to found and grow a tech business and securing the UK’s status as a global science and technology superpower.
The Department for Digital, Culture, Media and Sport (DCMS) will run a Digital Growth Grant competition over Summer 2022. Bids will be invited to address identified market failures and accelerate the growth of tech start-up and scale-up ecosystems across the regions and nations of the UK. The successful bidder will be awarded up to £12.09 million to be spent over two financial years 2023/24 and 2024/25.
Objectives
The objectives of the Digital Growth Grant will be based around:
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Deliver support services to the digital sector, particularly in transformative/emerging technologies. These services should address key challenges faced by a wide range of tech companies from the seed funding stage to series A/B, their first or second round of financing.
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Grow regional support networks for tech startups and scaleups. Activities should deliver concrete improvements in three of the areas that were identified in DCMS’ Regional Ecosystems report as crucial to the success of the digital economy. These are: investment, innovation and business growth. Support should be tailored to local needs and tech specialisms, and should be developed in partnership with local bodies and existing tech groups.
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Ensure founders and firms can access digital entrepreneurship and investment readiness training, with tailored advice to help develop their skills to start and grow a tech business.
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Clearly signpost startups and scaleups to existing initiatives in the private and the public sector across the UK that can help them access finance, talent and markets.
Who can apply
This competition is open to applicants and consortia with funding available for activity taking place in the UK.
Applicants may take the form of sole legal entities or may wish to combine to form consortia, joint ventures (JVs), unincorporated associations or partnerships. Consortia will need to specify their lead applicant. Individual organisations are not permitted to apply as part of more than one consortium.
Applicant(s) must also be registered corporate entities and have a significant UK presence and deep knowledge of the UK tech sector.