UK is best place in the world to start and grow a tech business: Chloe Smith

And it’s fair to say that when it comes to AI, Fintech and Bio-tech, the UK is consistently punching well above its weight, having created more billion dollar ‘Unicorn’ tech start-ups than Germany, France and Sweden combined.

Our unique combination of world class talent, R&D capability, and pro-enterprise regulation means the UK is the best place anywhere in the world in which to start and grow a tech business.

It’s these businesses which are making people’s lives better, spurring growth and creating employment opportunities that will unlock the full potential of communities right across the UK.

Businesses such as Darktrace, who are using artificial intelligence to protect people against even the most sophisticated cyber-attacks…

Companies like Quantinuum, who are harnessing the immense power of quantum technologies to build machines that eclipse conventional computers.

Or semiconductor and software designers like Arm, in Cambridge. Pioneers in modern engineering and machine learning, whose CPUs are used in virtually all modern smartphones.

So, we’ve come a long way together.

But the Government is not complacent about what’s required to maintain the UK’s pole position in the global tech race.

We know that there has to be a steady pipeline of investment over the coming years and that’s exactly what we’re providing.

With £370 million of funding going towards five transformative technologies that are front and centre of the 21st century tech revolution: Quantum, AI, Bioengineering, Telecoms and Semiconductors.

Investment that will bring profound benefits to our society in converting household waste into biofuels, in developing the next generation of green, self-driving cars and enhancing road safety, in new gene editing technologies to personalise medicine and support the early detection of diseases.

Start-up businesses are being supported too through our £12 million Digital Growth Grant -run through Barclays Eagle Labs.

Funding for specialised support to accelerate the growth of at least 22,000 UK tech startups through mentoring sessions, market research and insights, and guidance for budding tech entrepreneurs.

We’re also fulfilling our commitment to spend £20 billion per annum in R&D by 2024/25 – with every £1 of public expenditure leveraging double the amount of private investment.

And we’re keeping our promise to level up all parts of our United Kingdom by increasing public investment outside the greater South East by over a third.

But investment alone, however great, is no guarantee of success.

That’s why, back in March, my department published its Science and Technology Framework - a bold 10-point plan to keep the UK at the forefront of global science and technology this decade.

It’s a framework to ensure that researchers have access to the best physical and digital infrastructure that we leverage our post-Brexit freedoms to pursue pro-business regulation.

Chloe Smith is Secretary of State for Science, Innovation and Technology. This is an edited version of a speech given to London Tech Week.