Generation of high-tech start-ups in Cornwall has seen a 3 fold increase in the past year, with start-ups created rising from 14 in 2016 to 46 in 2017.
Hear more on BBC Radio Cornwall (07:25) where we’re speaking with the BBC’s Neil Gallacher about the growth of our tech sector at our Mission to Mars tech start up experience last week in St Austell.
Neil met with mentors supporting students on the mission including, Jordan Barkway, apprentice with Bluefruit Software, and Steve Amor, Chief Engineer of our Mission to Mars rovers to talk about working in the tech sector. While Belinda Waldock, Software Cornwall and Toby Parkins, Headforwards discuss the reasons behind the significant growth of the sector here in the county.
Monday 9th April – 7.25am https://www.bbc.co.uk/programmes/p061z5nq#play
Join us on BBC1 Spotlight News this evening, (Mon 9th April) with BBC Business Correspondent Neil Gallacher to find out more about Cornwall’s tech start up community and its latest jump in growth.
See Neil, and cameraman Nigel meeting our Mars rovers and talking to our mentors and students about the growth of Cornwalls Tech sector.
Spotlight online : http://www.bbc.co.uk/programmes/b006pfr1
While Cornwall has seen a 300% jump in the creation of Tech Start ups, the South West region and wider UK has seen significant growth too as revealed in the lastest analysis by RSM
Tech company start-ups in South West jump by over 40 per cent
The number of new tech companies being set up in the South West rose by 42 per cent in 2017 according to new analysis by RSM.
In total, there were 503 software development and programming businesses incorporated in the South West region in 2017, a 42 per cent increase on the 354 companies set up in 2016.
Nationally, there were 10,016 software development and programming businesses set up in 2017, with year-on-year rises recorded in every region in the UK.
The figures validate the Chancellor’s recent claim during the Spring Statement speech that a new tech firm is set up in the UK every hour.
Commenting on the figures, Ben Bilsland, a technology specialist at RSM in Bristol said: ‘These figures show very clearly that despite the fears of a post-referendum slowdown, the region’s tech sector is incredibly vibrant and growing at a remarkable rate.
‘There are a number of reasons for this. The region’s universities are playing a key role in developing and nurturing exceptional talent and the country as a whole is continuing to attract the world’s brightest and best.
‘Entrepreneurs are able to gain good access to finance, either through traditional sources of debt at relatively cheap rates, or from venture capitalists and private equity funds.
‘The UK’s tax regime is also proving to be an incredibly powerful tool in encouraging tech businesses, who take advantage of legitimate tax saving and incentive programmes. These include the Enterprise Investment Scheme, Research & Development tax credits, video games tax relief and the Patent Box regime
‘There is undoubtedly the political will to build momentum and generate further growth as part of the government’s overall industrial strategy. However, there are some clouds on the horizon. While many in the sector will be cheered by the news that EU nationals will continue to be able to come and work in the UK during the transition period, the longer term position is as yet unclear.
‘As interest rates starts to rise, we may also see a shift away from venture capital and private equity as investors seek returns from safer investments. For now though, the funding environment is incredibly benign.
RSM is a leading audit, tax and consulting firm to the middle market with nearly 3,500 partners and staff operating from 35 locations throughout the UK. For the year ending 31 March 2017, RSM generated revenues of £319m. RSM UK is a member firm of RSM International – the sixth largest network of audit, tax and consulting firms globally. The network spans over 120 countries, 800 offices and more than 43,000 people, with a fee income of more than $5bn.