The UK startup company Tech Nation, which assisted in bringing thousands of bright tech professionals to the country, reportedly stated that it would shut down operations in March after the UK government withdrew crucial financing.
Due to the UK government’s withdrawal of financing, Tech Nation, a UK-based startup group that brought thousands of tech employees to the nation, will close its doors in March. Since 2011, Tech Nation has been involved with nearly one-third of the country’s 122 unicorns and oversees the UK’s global digital talent visa program. This has helped the UK become one of the world’s top startup hubs.
Although it was not a government agency, it was nonetheless reliant on government financing, which was cut and sent to Barclays Bank last year.
It was revealed in September of last year that the UK’s Department for Digital, Culture, Media and Sport (DCMS) had chosen to award Barclays Bank £12 million in grant funds, on which Tech Nation had depended.
Without the grant money, Tech Nation, a nonprofit, will have to shut down its accelerators, publications, and visa programs.
The UK’s Global Talent Visa is administered by Tech Nation to assist founders and IT professionals in moving to the UK to launch and join high-growth firms.
With the program, more than 3,000 people have received endorsements. Via this program, a significant number of Nigerian tech entrepreneurs relocated.
The global tech layoffs may not be unrelated to this new move, and the future is undoubtedly unpredictable.
Since its inception in 2011, Tech Nation has run a number of accelerator programs to help UK entrepreneurs and scaleups grow and go international.
Successful UK businesses like Monzo, Revolut, Depop, Darktrace, Ocado, Skyscanner, and Deliveroo are among its alumni. Also, the company introduced programs targeted at entrepreneurs from ethnic minority groups and individuals working in the climate technology
