A new report has called for a series of targeted efforts from policymakers to encourage greater investment in the North East tech sector to ensure its growth.
The ‘Now and Next – The Finance Needs of the North East Tech Sector’ report by Dynamo North East C.I.C. noted that while the region is home to a high number of ambitious tech firms, there remain many barriers for businesses seeking to secure the right type of funding.
It recommended the creation of bespoke funding mechanisms, which could include debt bridges and equity co-investment schemes anchored locally.
It also suggested the development of a “one-stop” regional finance portal that could improve signposting and awareness of available funding sources and encouraged emphasising the importance of investor-founder connectivity with the establishment of a dedicated network of North East tech investors.
“We are fortunate as a region to boast a fantastic community of fast-growing tech businesses, however what the leadership forum highlighted is the critical importance of ensuring those businesses can access the finance required to continue realising their potential,” said Dynamo chief executive Dr David Dunn.
“By condensing the findings into three key recommendations, all of which have been shaped by those with experience of the often-arduous process of securing funding, hopefully it acts as a framework which can help translate opportunity into sustained economic growth.”