A new service to support British entrepreneurs and investors has been welcomed by Chancellor George Osborne at an event celebrating UK entrepreneurship in London’s Tech City.
Entrepreneurs and workers in Tech City were the first to hear about the programme - named Future Fifty - at a speech the Chancellor gave at an event run by the London Stock Exchange and Tech City UK on Thursday 25 April.
Five new companies will move into Tech City and East London, the Chancellor also announced.
The concierge-style service will support 50 fast-growing businesses with help from experts in a range of ways including a mentoring scheme, a programme of events, and tailored support on issues such as immigration, exports and international trade.
Delivered by a mixture of government and private sector experts, Future Fifty will equip businesses to accelerate their growth and help reduce the expense of investing in smaller fast-growing companies.
“We need to back the insurgent businesses that create the majority of new jobs and innovations in the economy”, the Chancellor explained when he unveiled the plans.
“We are making progress on the necessary task of rebalancing the economy towards new industries and high-value activities.
This rebalancing can’t take place overnight, but it is absolutely the right thing to do for the long-term strength of the UK economy.
These five new investments are a clear demonstration that the world’s most innovative companies are choosing to invest in the UK.”
Applications for the Future Fifty programme open today and are available to 50 high-growth companies from the UK and EU, as well as UK-controlled foreign companies.
Selected companies will be drawn from high-tech sectors, as well as retail, finance, fashion, food and design.
The Tech City initiative was launched by the Prime Minister in 2010 after requests from local entrepreneurs. It has since attracted companies such as Cisco, Microsoft and Intel - creating new jobs in East London.