Summer 2018 Update

The UK’s technology sector is larger than the rest of Europe combined; it has been one of the fastest growing sectors in the UK over the last decade. The UK Government recognises the importance of the start-up ecosystem and has established several initiatives to support the sector including Tech City, £200 million funding for a network of Technology and Innovation Centres supporting the commercialisation of new technologies, Innovate UK, the UK’s innovation support agency and Nesta, the UK innovation foundation.

In line with the UK’s emphasis on ensuring its global competitiveness through digital solutions, the government released a Digital Strategy earlier this year. Part of the strategy includes widening procurement in order to lower barriers for digital and technology suppliers and increase the proportion of total sales to SMEs in the Digital Marketplace.

Opportunities for Victoria:

  • The UK government’s accelerated efforts to ensure its digital preparedness presents opportunities for Victorian SMEs and start-ups to respond to this demand as part of the UK’s digital marketplace.
  • The Victorian Government’s trade mission to London Tech Week from 11-17 June 2018 will enable Victorian Digitech, Fintech, Edtech, and Regtech to explore business and investment opportunities. Around 55,000 tech specialists from over 90 countries attend the festival each year.

Trade Victoria has worked with the UK’s Department of International Trade to organise a "Doing Business in the UK" workshop for Victorian technology companies to be held in Melbourne in February 2018.

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