By Daniel Hunter
Tech City UK today (Thursday) reveals the first wave of exciting, high potential growth businesses to join the Future Fifty — a fast-track programme of public and private sector support to catalyse growth, create jobs and deliver significant economic impact to the UK.
The Future Fifty was launched in April by the Chancellor George Osborne and Joanna Shields, UK Ambassador for Digital Industries and CEO of Tech City UK. The programme connects high-growth companies with expertise and tailored support to enable them to scale rapidly and lay the foundations for their next major liquidity event.
The first cohort consists of innovative technology businesses transforming industries ranging from fashion, to leisure, consumer goods to property and financial services and includes companies such as Zoopla, MADE.com, Skyscanner, One Fine Stay, and Just Eat. Such businesses are the engines of economic growth and job creation with NESTA research suggesting that a minority — just 6% — generate 54% of all new, high value jobs.
Prime Minister David Cameron said: “I am determined that we do everything we can to make Britain the best place to start, grow and do business. As well as backing the businesses of today, this Government is also backing the innovative, high-growth businesses of the future. The Future Fifty programme is action that will help these businesses to grow and achieve their potential, and help us to compete and thrive in the global race.”
Joanna Shields, CEO of Tech City UK said: “As digital innovation transforms business & society on an unprecedented scale, entrepreneurs around the UK are creating new businesses and new jobs in record numbers. The Future Fifty programme will help the most promising companies make the UK their home and solidify London as the world's digital capital — the most attractive destination for entrepreneurs, startups and their investors.”
Following a rigorous selection process conducted by a panel of industry experts, investors, advisors and successful entrepreneurs, the twenty five companies have been welcomed onto the year-long programme. The Future Fifty will provide concierge-style support to address key business needs along with a continuous programme of press and promotional backing, modular 'opt-in' business support and educational content and bespoke events.
Xavier Rolet, Chief Executive of The London Stock Exchange said: "High-growth, innovation-led companies are the lifeblood of modern economies. Supporting entrepreneurs, and keeping the companies they create in the UK, will keep Britain growing. We need to provide the right mix of finance for every stage in a company's development to make doing business and accessing capital markets in Britain as straightforward as possible. The new concierge service, Future Fifty will do exactly that, helping entrepreneurs, promoting growth and providing jobs."
The Future Fifty helps further cement the UK’s position as the world’s best destination for high-growth businesses. It builds on reforms introduced by The London Stock Exchange and the Government to create the right environment for high growth companies to succeed by increasing the attractiveness of UK equity markets. These include the creation of a new High Growth Segment with tailored eligibility criteria to improve access to the public markets for high-growth companies.
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