According to media reports Tech Nation, the UK startup organisation that helped to bring thousands of talented tech workers to the UK, has announced that it will cease operations in March after the UK government pulled out key funding.
Tech Nation, a UK-based startup organization that attracted thousands of tech workers to the country, will shut down in March due to the UK government’s withdrawal of funding.
With involvement in almost one-third of the nation’s 122 unicorns since 2011 and management of the UK’s global tech talent visa program, Tech Nation played a crucial role in making the UK a leading startup hub.
Despite not being a government organization, its operations were dependent on government funding, which was cut and redirected to Barclays Bank last year.
In September last year, it was reported that the UK’s Department for Digital, Culture, Media and Sport (DCMS) had decided to give £12m of grant funding, which Tech Nation had relied on, to Barclays Bank.
Without grants, the non-profit organization Tech Nation can no longer run accelerators, reports or visa programs and is forced to close.
Tech Nations contribution to the UK economy According to Tech Nations CEO.
“Tech Nation has had a very positive impact on the UK digital economy. The UK now boasts over 20 locations with at least one tech unicorn, five times what it was in 2014.” What’s happening:
Eagle Labs, Barclays’ tech incubator, will use a two-year government grant to create a new initiative to support tech companies. Since 2015 Eagle Labs has partnered with startups across the UK.
However, it will not assume responsibility for administering the UK’s global talent visa program, which was previously managed by Tech Nation.
Tech Nation has informed the UK Home Office that its visa scheme will end, but will continue until then.
Other considerations: Some stakeholders are asking the UK government to consider turning Tech Nation into a public institution so it could continue working for the UK tech ecosystem.
However, the government was unable to make a commitment.
More tech redundancy looms: Due to the UK government’s withdrawal of funding, Tech Nation has initiated redundancy procedures for its 70 full-time staff.
The company is also seeking the sale of assets including growth programs, research and databases.
What this means for Nigerian tech entrepreneurs considering working abroad: Tech Nation administers UK Global Talent Visas for entrepreneurs and tech workers to move to the UK to start and join fast-growing businesses.
More than 3,000 people have been supported through this initiative. Many Nigerian tech company founders have moved along with this initiative.
This new move could be linked to global tech layoffs and the future is certainly uncertain.
Originally published at https://businessdor.com on February 17, 2023.
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