Tech Nation has announced it will cease trading from March 31 following termination of its core government grant funding.
The tech growth platform said in a statement on its website that it will it will cease operations and seek to transfer its assets after a decade as a government-backed organisation serving the UK scaleup tech ecosystem.
The organisation officially lost its key, £12.09m, Digital Growth Grant to Barclays tech incubator Eagle Labs last week although rumours had circulated of forthcoming changes as early as last September. The statement added that the decision was as “a direct result of the DCMS grant withdrawal,” and that “Tech Nation’s remaining activities are not viable on a standalone basis.”
Announcing the news on LinkedIn, Tech Nation’s client engagement director Elizabeth Scott, MBE, said: “Feeling very much like it’s the end of an era (and personally very emotional) as we announce that Tech Nation will close its doors on 31st March
“I’m sure I’ll re-emerge in the days and weeks to come with thoughtful reflections on the incredible whirlwind the last 4 years have been, but for now I’m focusing on supporting my teams and the collective pride in everything we’ve achieved together.”
Scott’s soon-to-be-former colleague, scale-up lead Mo Aldalou, added: “I’ve met so many incredible founders, investors and stakeholders along the way, worked with some brilliant colleagues and partners and was privileged enough to be involved with supporting the Exchange Enterprise City programme in Manchester.
“I’m so incredibly proud of all the work that we’ve done over the years and I hope that the UK tech ecosystem continues to go from strength to strength. I’ll always be extremely grateful for the role that I played in supporting it.”
The statement concluded: “We are regretfully commencing a redundancy consultation process as of today for all of our permanent employees. For those whose primary role is DCMS delivery work, we initiated TUPE discussions with Barclays Bank and have informed DCMS.
“Meanwhile, we have a portfolio of Tech Nation assets and an internationally acclaimed brand, and we have already started discussions with mission-based organisations to take these forward for the next decade. We are inviting Expressions of Interest from interested parties. The deadline for EOIs is 14th February 2023, and they can be submitted to: rogerlovegrove@technation.io.”
During its decade in operation, Tech Nation delivered an ROI for the taxpayer of £15 on every £1 funded by the UK Government.
