Investment summit reveals more tech funding needed in the North

James Bedford, head of investment at tech hub Tech North, told attendees that while technology is the fastest growing sector in the UK and has created the most jobs, the investment ecosystem was failing companies.

He proposed: “There is a co-ordination failure as companies find it hard to find investment. And there is an information failure as businesses don’t know where to find investment and investors don’t know where companies are to invest in.”

Tech North’s remit is to accelerate the rate of growth of the Northern digital economy, and has set out its investment development programme which “has started a discussion with government”.

The organisation co-ordinates digital technology expertise of Manchester, Leeds, Sheffield, Liverpool and the North East tech cluster (Newcastle, Sunderland and the Tees Valley)

Bedford added: “We are working with the UK Business Angels Association to find new investors and developing ‘lead angels’.”

The Northern Investment Summit, organised by the UK Business Angels Association, took place in Manchester.

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Simon Calver, a partner with BGF Ventures and chair of the UK Business Angels Association, added his voice to the call for more investment in the tech sector in the North.

Calver said: “People are saying there are clear opportunities here in the North. Investors need to find the right partners and need to make sure there speaking to the right companies and make the right connections.

“We need to make sure companies are supported properly. Tech is such an enabler and should be supported sufficiently.”

Hugh Campbell, MD of technology investment bank GP Bullhound, spoke about the need to inspire the next generation of tech businesses through a community of experienced private investors in the North. He said: “There is dynamic talent here in the North. In ten years’ time I can see there being more than 20 tech unicorns here in the North.

“We have come a long way but we still have a long way to go. There is still plenty of work to do.”