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Tech Nation’s Closure and Acquisition
In a significant development for the UK’s tech industry, the Founders Forum Group has announced plans to relaunch Tech Nation, a renowned startup and scaleup support organization. Tech Nation, which had been providing vital assistance to startups for over a decade, ceased operations in March after losing its primary source of income – a £12 million government grant – to Barclays Eagle Labs.
Revival of Tech Nation
Sources have revealed that the Founders Forum Group is eyeing a relaunch of Tech Nation in September or October, following its acquisition of the brand in April. The revived Tech Nation will continue several of its previous successful programs while also focusing on providing valuable research insights into the UK’s tech industry.
Reinstated Programs
Founders Forum is currently deliberating which programs from Tech Nation’s previous portfolio it will revive. Among the programs being considered are Libra, a dedicated initiative for ethnic minority founders; Rising Stars, a competition designed for early-stage startups; Net Zero X, a program catering to climate tech companies; and Future Fifty, an initiative for late-stage founders.
A New Commercial Model
The relaunched Tech Nation will operate as a commercially-run entity, though specific details about the business model have not been disclosed yet. This fresh approach aims to maintain the organization’s sustainability and effectiveness in supporting the burgeoning tech ecosystem.
Key Personnel and Collaboration
Gerard Grech, the founding CEO of Tech Nation, will play a pivotal role as an advisor to the new Tech Nation. While the involvement of other senior ex-Tech Nation employees remains undisclosed, the new team is expected to consist of a blend of new hires, existing Founders Forum staff, and former Tech Nation employees.
Future Outlook and Competing with Barclays Eagle Labs
The revamped Tech Nation aspires to become the authoritative “voice of founders,” offering valuable guidance and resources to the startup and scaleup community. It will face competition from Barclays Eagle Labs, which has launched its own startup support programs since Tech Nation’s closure. Both organizations aim to foster entrepreneurship across the UK, with Tech Nation emphasizing support for underrepresented founders and startups beyond London’s borders. The new Tech Nation’s vision also includes assisting startups with international growth strategies, elevating the nation’s tech industry to new heights.