A new tech network that includes the cofounders of Skype and LoveFilm is going to support UK startups
Tech City UKTech City UK CEO Gerard Grech launched the programme at Noah conference in London today.Fast-growing UK technology companies could soon receive an extra boost from a new government-backed programme that was announced today.
Upscale is a six-month pilot programme designed to accelerate the growth of 25 early stage high-growth digital businesses. It aims to pair up some of the UK's most promising entrepeneurs with a powerful network of individuals that have a proven track record, including Skype cofounder Niklas Zennström and the founder of movie streaming service LoveFilm, Saul Klein.
Digital businesses aiming to become the UK's next billion dollar organisations, or "unicorns" as they're now known, will be eligible to join "Upscale" if they are growing their users, sales, or subscriptions at 40% a month. They must also have revenues of at least £500,000, or a Series A round in the bank.
The programme, open for applications now, is being led by Tech City UK, a publicly-funded organisation that was set up in 2010 by Prime Minister David Cameron and Internet Safety and Security Minister Joanna Shields, who used to work as a European managing director at Google and Facebook before moving into UK politics. Silicon Valley Bank and Cooley law firm will sponsor the programme.
Speaking at the Noah tech conference in London today, Gerard Grech, CEO, Tech City UK said Upscale will "facilitate the sharing of experience and ideas". He explained that the peer network will provide strategic advice and expertise on the critical challenges of scaling domestically and internationally.
Tech City UK also has a programme called Future Fifty which aims to help digital businesses that are later on in their lifecycle, where revenues are over £3 million a year.
However, this programme has received mix reviews, with one Future Fifty member, Huddle cofounder Alistair Mitchell, telling Techworld it doesn't offer a lot for his enterprise collaboration software company.
Other "Scale Coaches" include:
- Brad Feld, Techstars, Foundry Group
- Alex Chesterman, Zoopla
- Sarah Wood, Unruly
- Greg Marsh, One Fine Stay
- Simon Calver, LoveFilm, Moo
- Jerry Colonna, Reboot.io
- Alexandra Depledge, Hassle.com
- Tracy Doree, Llustre, Spring Ventures
- Doug Monro, Adzuna
- Anthony Fletcher, Graze