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September 2024
There is a strong sense of optimism among the tech communities of Oxford and Cambridge regarding future prosperity in the region. The cities are already recognised as vital elements of Europe’s largest tech industry. And while the challenges highlighted above are hurdles to progress, the potential to become even bigger and better is there.
Technological breakthroughs will likely continue to stem from the cities given the strong basis for research and engineering present, however, to encourage real internal growth, the trend of building groundbreaking IP-intensive companies only to be sold off internationally must be addressed.
This is not a trend limited to the region, though the SoftBank takeover of Cambridge-based Arm and subsequent public listing in New York serves as a prominent example. The UK government is already aware of the allure of overseas markets and has sought to address it via reforms to the public listing requirements. It remains to be seen how effective these reforms are, but it alone certainly won’t be enough.
There is a healthy support network for tech companies in the region, but there is a clear sense that more attention must come from central government, whether that’s in the form of public-private partnerships, state funding, or other incentives to scale locally.
The longstanding leadership role in life sciences may not be going away anytime soon, however, supporting success in diverse tech areas outside of the region’s traditional strengths may be key in scaling it.
One such area that could see rapid growth in the coming years is climate tech. Though it has already been cited as a regional strength by local stakeholders, it was far less regarded than life sciences and AI. The potential for climate tech is vast, however, particularly as increasing environmental emergencies highlight the need for innovative solutions from new generations of tech talent.
“There is a once-in-a-generation opportunity for Cambridge to become a global leader in climate and planet-positive technology,” said Sam Goodall, CEO of Cambridge Cleantech.
“A generation of growth around life sciences and tech with the potential also to lead in climate tech as part of the wider economic growth and expansion of the city.”
Though the cities contain among the best funded tech sectors in the UK, those in the industry are calling for funding at a global scale to meet the region’s global ambitions.
Research provided to UKTN by Beauhurst has shown that while funding in the region skyrocketed in 2021, there has been a steady decline since. This is in line with global funding trends, however, if it continues the region may struggle to compete on the world stage.
Flying the flag of Oxford and Cambridge tech through internationally recognised industry events and conferences would go a long way in achieving this and is something respondents to UKTN’s survey have called for.
Dominic Vergine, CEO of Monumo said: “We should promote more strongly and confidently. Why isn’t there a global tech conference here every year?”
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Supporting with day-to-day business needs, offering tailored financial solutions and helping to protect businesses from the growing threat of financial fraud, are just some of the ways where we can support. We understand the unique position of tech businesses when it comes to access to finance.
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Supporting British businesses and the UK economy is central to what we do. Whether you are an entrepreneur starting out, or an established business, we can help.
Supporting with day-to-day business needs, offering tailored financial solutions and helping to protect businesses from the growing threat of financial fraud, are just some of the ways where we can support. We understand the unique position of tech businesses when it comes to access to finance.
Our knowledge of the sector allows us to provide banking to manage your money from the get-go. Our local relationship managers in Oxford and Cambridge and beyond are experienced in the sector and keen to support further UK tech growth. We have a range of different products and services designed to meet your banking needs so that you can focus on growing your business in this fast-paced industry.
As you begin to scale up, you need a bank that supports your growth needs. Whether it’s managing FX, deposit options or access to third party support, we can connect you to the right people to maintain your trajectory.
