Business News Round Up (21/05/2021)
UK tech sector grows 10 fold in 10 years
The UK tech industry has expanded 10 fold in the last 10 years, enabling the creation of hundreds of fast growing tech companies that are set to challenge Silicon Valley in the coming decade, according to analysis by Dealroom.co and the Digital Economy Council.Since 2010, the UK has experienced a sustained increase in the venture capital flowing into the tech sector, which has resulted in a huge expansion in the number of start-ups that are scaling rapidly in sectors as diverse as fintech, food delivery, e-commerce and Healthtech.This week UK businesses meet to take part in Scaleup Week, which brings together companies from across the UK to discuss the challenges and opportunities of building a fast-growing business. Over the course of 10 years, the number of unicorns – private tech companies valued at $1bn or more – has increased from 8 in 2010 to 81 in 2020. Unicorns from 2010 including Betfair, Admiral Group and Ocado are now household names. Meanwhile the number of futurecorns – companies capable of growing into a unicorn – has accelerated from 10 to 126 in 2020. Over the same period, venture capital investment into the UK has increased from £1.2bn in 2010 to £11.3bn 10 years later.
Food and drink sector in line for jobs boost as £21 million hub gets green light
The north-east food and drink industry could be in line for a major jobs boost after a £21 million innovation hub was approved by councillors. SeedPod, a project led by Opportunity North East (One), will be built on the outskirts of Aberdeen at Scotland’s Rural College (SRUC) Craibstone campus. The development is regarded as key to the north-east’s economic recovery from the Covid-19 pandemic. Designed to create jobs, stimulate economic recovery, and help north-east businesses explore innovation and sustainability, the multi-million pound facility will be a “centre of excellence” for the food and drink sector. The industry already supports more than 20,000 jobs in the region, and key players believe hub could create thousands more. Bosses at One and other stakeholders including SRUC say the development – which has now been approved unanimously by Aberdeen City Council’s planning committee – will “drive green economic recovery” and help the north-east reach its net-zero targets. Patrick Machray OBE, vice-chairman of One and chairman of Food Hub (NES) Limited, described the hub as “critical”.
Start-up loans provides £14.7m to NW unemployed
Start Up Loans, part of the British Business Bank, has provided more than £14.7m to unemployed people in the North West since it was set up in 2012. Of the 80,000+ Start Up Loans recipients across the UK since in the last nine years, a third (31%) were unemployed at the time of application. Start Up Loans’ data also indicates that the scheme is particularly effective in enabling young entrepreneurs to start up a business. Managing director Richard Bearman said: “Start Up Loans is uniquely positioned to drive the nation’s investment in creative, entrepreneurial talent of any age, thanks to our extensive network of delivery partners and support services. “As well as a loan, we support individuals with the practical steps they need to take to begin their own enterprise from writing business plans, accounting, and marketing, as well as access to learning with partners such as The Open University. It is paramount that we do everything to empower the next generation of young working talent, who have an important part to play in unlocking the UK’s economic recovery, by giving them every chance to succeed, whatever their circumstances.”
https://www.insidermedia.com/news/north-west/start-up-loans-provides-14.7m-to-nw-unemployed
97% of professional services staff happy with remote working
Professional services staff have been overwhelmingly positive in response to working remotely and see a ‘hybrid’ model as the optimum working arrangement in the future, according to research of its staff by Scottish business consultancy firm French Duncan. French Duncan introduced a new flexible working strategy in August 2020 amidst the global pandemic, in terms of place of work and flexible hours. Results of the recent survey show this pioneering approach has been successful, with 97% of staff responding positively on how they have coped with remote working, and how they perceive their working lives being managed moving forward. The survey amongst French Duncan’s 200 employees revealed that only 0.5% felt full-time office working was their optimum working arrangement. A hybrid model of ‘three days at home and two in the office’ was the most desired (39%), followed by ‘two days at home and three in the office’ (20%). The most popular day of the week for home working was Friday (34%), while staff preferred working in the office on a Tuesday (28%). However, a larger proportion (50%) of staff stated they were ‘flexible’ when it came to which days were preferred to work at home or in the office.