The government will launch a Digital Growth Grant of “up to” £12.09m to “boost the growth” of technology startups in the UK.
The Digital Growth Grant will focus on skills training and advice, as well as providing support services to the digital and tech sectors over the next two years.
The competition will run this summer, with the government currently consulting with industry stakeholders to refine the grant specifications.
Entrants must submit bids that show they are accelerating the growth of UK technology startups. The winner will receive the funding from 1 April 2023 and will be spread over two years.
Previous winners of the grant include Tech Nation, an entrepreneur network that provides services such as growth programmes and visa advice.
“Startups and scaleups are hugely important to our thriving tech sector,” said Digital Minister Chris Philip. “This funding is dedicated to growing these innovative businesses wherever they are in the country, providing the support and skills they need to succeed and create good jobs and generate wealth.”
The grant, which is being run by the Department for Digital, Culture, Media and Sport (DCMS), is looking to build on the recent success of the UK’s tech industry.
Earlier this year, the UK tech industry reached a $1tn (£764bn) valuation, a milestone that has previously only been reached by the US and China.
The recipient of the grant will need to deliver support services to the digital sector, grow regional support networks, make sure startups can access entrepreneurship and investment training and promote UK tech.
“The successful applicant will play a vital role in making the UK the best place in the world to start and scale a tech business,” added Philp.