1、Techin the UK 2023Innovation NationMarch 2024 Executive summary The UKs tech sector has demonstrated significant growth and resilience from 2019 to 2023,with substantial equity investments and the development of tech hubs across the country.The UK stands strong as a hub for technology innovation,mar

2、ked by the continuous growth in new company formations since 2013.Whilst London has significant concentration of existing high-growth tech companies,the innovation landscape extends nationwide,with several clusters contributing notably to the dynamic ecosystem.Leeds,Oxford,and Cambridge stand out,el

3、evated by the close partnerships between business and academia.These world-leading institutions are instrumental in cultivating fertile ground for technological advancements on a national and global scale.The widespread locations of tech hubs beyond London provides an opportunity for clustering and

4、regional specialisation.Edinburghs high-growth companies lead in fields such as biotech and artificial intelligence.Bristol is another burgeoning tech hub,particularly in robotics and aerospace technology.In 2023,the UKs tech sector demonstrated resilience when navigating a challenging funding envir

5、onment.Despite a collective 27.2%drop in total equity investment for private UK firms between 2022 and 2023,some regions resisted the trend.Yorkshire and the Humber and Wales were among the regions that registered an upward trend in funding activities between 2022 and 2023,with a 19.9%and 8.74%growt

6、h respectively.Moreover,there was a significant increase in grant funding across half of the 12 constituent countries and regions of the UK.It is important to note that the investment trends observed across 2020 and 2022 were unusual.Government support plays a vital role in supporting the UK tech ec