Thames Valley tech scale-ups set to lead COVID-19 economic recovery.

The Thames Valley’s high growth tech sector will be a core driver of the region’s economic recovery, according to new research from consultancy Beauhurst. Its COVID-19 Business Impact report showed that nearly 20% of tech businesses (19%) have been positively impacted as a result of the COVID-19 crisis:14% cited a “surge in demand”. Meanwhile, 23% reported a “moderate” negative impact, with just 5% saying they were “critically” affected.

Tech community remains strongest part of UK economy

Partnering with tech and digital platform ConnectTVT,  Beauhurst’s report found the Thames Valley following London as the region with the highest number of positively impacted business. Tech led sectors that enable remote working – VoIP, EdTech, eHealth and digital security – are seeing a rise in demand. The country’s extremities, primarily the South West and devolved region are the most negatively impacted.
An analysis of the region’s response to the pandemic shows that 19% of the 2,000 businesses surveyed have limited their physical services. Seven per cent have had to further limit their service or product with the same figure losing a main customer group.

Investment key to future success

Elsewhere, Beauhurst’s report found that 22% of jobs (615,000) in the high-growth economy are immediately under threat. Additionally, investment capital is on shaky ground with £18.9b of equity investment at moderate to critical risk.

Louize Clarke, founder of ConnectTVT says, “These findings are reassuring only in the short-term. Looking ahead, we know the region is heavily reliant on investment – 69% of the Thames Valley’s scale-ups have used equity funding to grow since 2011. With this lifeline under threat, businesses will need support elsewhere to be able to hold onto teams, innovation and any chance of growth.”

Henry Whorwood Beauhurst’s Head of Research & Consultancy adds, “These firms will be integral to the UK’s productivity as we enter recovery, so it’s crucial interventions proposed by the Government reach these companies.”

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ConnectTVT announces the Thames Valley’s tech and digital future makers

Now in its fourth year, the 50 Game Changers the Cohort investment rises by 33%. The 2020 cohort shows that the region’s tech and digital innovators continue to attract investment into the Thames Valley, raising a total of £83m in investment in the last year. This is an increase of 33% on the previous 2018-19 Game Changers, which raised £55m.

Importantly however ConnectTVT’s 50 Game Changer selection process takes into account selection criteria other than financial performance: indicators include impact of product or service, team and talent strategies and leadership.   

Pushing new boundaries with innovation

From autonomous vehicle software, enabling barcodes to provide true full lifecycle product ownership, full immersive audio experiences and quantum security through to simple and affordable space missions and innovative ways of applying satellite data to help companies solve the world’s biggest challenges, this year’s Game Changers are pushing new boundaries in tech and digital even further. 

50 Game Changer creator, Louize Clarke comments, “50 Game Changers is about capturing the true story of the tech and digital ecosystem. We’ve always wanted to highlight the incredible founders and community builders at the heart of the startup scene here in the Thames Valley and we’re truly blown away by the talent and contribution this year’s cohort is making to the region’s tech leadership and place on the global technology stage. A huge thank you to our partners for helping to make this happen.”

Co-founder Matt Bovey adds, “The 50 Game Changers is all about celebrating the region’s true innovators, the exceptional leaders and teams shaping the Thames Valley’s future. While 2020 has the potential to be a brilliant year for many, our cohort still needs support from outside their own networks to reach their full potential, particularly developing sustainable talent pipelines, investment in innovation and ecosystem building.” 

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