Barclays Eagle Labs, a subsidiary of Barclays Bank, has been awarded a £12.09 million Digital Growth Grant to boost small and scaling tech businesses in all corners of the UK.
The grant, which is set to begin in April 2023, builds on more than £42.2 million invested by the government to support tech start-ups and scale-ups since 2016. The grant aims to support more than 22,000 businesses, with at least 80% of them based outside London.
Barclays Eagle Labs has been delivering growth programmes, business mentoring, and events to start-ups and scale-ups since 2015. Their growing network currently supports businesses from Aberdeen to Cumbria through 38 physical sites, as well as virtually across the country. The grant will fund the creation of effective local networks to help tech businesses wherever they are in the country.
Eagle Labs and industry partners will provide specialist support, funded by the Digital Growth Grant, for founders from underserved communities. The grant will also provide training resources and opportunities for entrepreneurs, including a Learning Management System that will provide virtual training to over 10,000 businesses and training modules created for young people to inspire the next generation of UK entrepreneurs.
The grant will also enable Eagle Labs to launch new programmes to grow tech businesses as well as increasing access to Eagle Labs’ existing services. The funding will double the number of mentoring sessions offered to tech firms to 1,500 a year.
Minister for Tech and the Digital Economy, Paul Scully, said: "We want to unlock the potential of the next generation of start-ups and scale-ups and boost tech businesses in all corners of the country. Barclays Eagle Labs are digital industry experts and will help tens of thousands of tech firms and founders to achieve their dreams and create jobs and economic growth."
Amanda Allan, Director of Barclays Eagle Labs, said: "Eagle Labs’ vision is to make the UK tech sector an engine for growth and for the UK to be the best place in the world to start and grow a tech business. Through the Digital Growth Grant, we’re excited to double down to reach more businesses across the country with our best-in-class business growth programmes and bespoke regional support."
The grant was awarded following an open competition and rigorous assessment process. The Barclays Eagle Labs bid was chosen as the best value for taxpayers' money as the full grant will be allocated to supporting the UK tech ecosystem, with Eagle Labs absorbing all operational and people costs associated with delivering the programme of activity.
The independent panel assessing applications concluded that Eagle Labs was uniquely positioned to deliver targeted support across the country. A bespoke regional partnership programme will ensure funding and training reflects the challenges digital businesses are facing in their area. Tech Nation will continue to deliver remaining DCMS grant funding until March 2023. The Digital Growth Grant will be awarded to Barclays Eagle Labs from April 2023 and will fund activity until March 2025.
Photo by Annie Spratt on Unsplash
