British Tech Innovation Rises to the Challenge in 2020

The recent Tech Nation Report 2021 has revealed the great strides being made in the UK tech sector during what has been a turbulent time in our history.

2020 has been a time like no other with the world reacting and attempting to adapt to the COVID-19 pandemic and the uncertainty surrounding Brexit. However, Britain has demonstrated its remarkable resilience through adversity once again as it has experienced growth in the tech sector in spite of these unprecedented challenges. The strong and growing tech ecosystem within the UK is not only surviving, it’s thriving!

Key statistics from the Tech Nation Report 2021 reveal a number of successes the UK can celebrate:

  • UK tech VC investment is third in the world, hitting a record high of $15bn in 2020 in the face of challenging conditions
  • UK deep tech investment rose by 17% in 2020, the highest rate of growth globally
  • The UK is more attractive to international investors than ever; 63% of investment into UK tech came from overseas in 2020, up from 50% in 2016
  • The UK is third in the world for investment into impact tech, which has increased 160% since 2018 while in the US it rose by 15% over the same period
  • London is fourth for tech VC investment globally behind San Francisco, Beijing and New York at $10.6bn
  • The UK tech startup and scaleup ecosystem is valued at $585bn – 120% more than in 2017, and more than double the next most valuable ecosystem, Germany, at $291bn
  • Tech is becoming more important for the UK economy. The rate of tech GVA contribution to the UK economy has grown on average by 7% per year since 2016

Digital Secretary Oliver Dowden had this to say about the report:

“With record levels of investment secured and UK listings gaining momentum, this report shows Britain’s tech sector continues to go from strength to strength, solidifying our position as one of the world’s top tech hubs.

“We want to bring about a golden age of UK tech through a raft of supportive measures and funding to help businesses thrive. This will help fuel a booming tech sector – creating jobs and improving services so that we can build back better from the pandemic.”

Covid-19 has escalated the importance of tech of all kinds, all with the aim of bringing life back to some normality and improving quality of life. In terms of the standout technology that has emerges as a reaction to the pandemic health tech, ed-tech, deep tech and impact technology have all shown significant growth throughout this period.

You can read the full Tech Nation Report 2021 here – https://technation.io/report2021


 

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