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Why collaboration must be at the heart of the UK’s unicorn ambitions

Michelle Donelan delivers a speech on scaleups and UK unicorns at Plexal.
Michelle Donelan delivering her scaleup speech at Plexal. Image credit: DSIT

Last week Michelle Donelan, the secretary of state for science, innovation and technology, shared her ambition to make the UK a “scaleup superpower” and significantly increase the proportion of unicorns – startups valued at $1bn or more – based in the country.

Speaking at our innovation centre Plexal – located on our Here East technology campus in east London – the secretary of state said that scaleups are “fuelling phenomenal results in our economy”.

As it stands, the UK’s tech sector is worth over $1tn and our startups employ more than 1.8 million people – a figure that’s tripled since 2018.

The secretary of state was correct to focus on the impact the tech sector can have, highlighting the collaborative effect that can drive national economic growth....