Coadec is rebranding as the Startup Coalition (
@startupcltn
). We’ve got a new name, a new brand, new board members and new staff - but the same simple goal: making policy in the UK better for the tech startup ecosystem.
Goodbye Coadec, Hello Startup Coalition!
We’ve got a new name, a new brand, new board members and new hires - but the same, all-encompassing focus: making policy in the UK better for startups.
We need your help to do it - so get involved…
The Government deserves huge credit. From the very top, to HM Treasury who understood the challenge and gripped it, to the PRA, to the huge number of civil servants who have likely not slept since Friday. They have saved hundreds of the UK’s most innovative companies today.
Can’t believe we are going over this again. Yes - lots of companies in the Future Fund will fail. No - that doesn’t mean the whole thing is garbage. That’s how these investments work and these stories are foolish at best and misleading at worst.
Thanks for every last bit of support from the startup community - it's been immense and genuinely heartwarming even to an embittered cynic like me. 👏 👏 👏
Real hatchet job on the Future Fund in The Times today. Thought I’d do a quick 🧵 on why I think this is way off the mark - as someone who was deeply involved and along with others lobbied hard for its creation.
What do you do when the community that was on the cliff edge 24 hours ago is saved? You celebrate with those who helped save it including
@michelledonelan
👏👏
@Coadec
I can’t repeat this enough - the Future Fund was a pandemic support package that will actually make money for the taxpayer. Every time you see an odd hit piece like this focused on individual firms - keep that in mind…
It is a running joke that the beneficiaries of the UK’s tech success have been teachers in Ontario. This is why. Funds would make more money by allocating a small proportion to growth investments. Instead they sit on their hands. Unacceptable.
The creation of the new Department of Science, Innovation and Technology will be good for British startups - there’s long been the need for a real innovation voice in Whitehall. Bringing research and funding from BEIS with the digital policymaking from DCMS makes real sense.
Pleased to be appointed to the Tech & Telecoms Trade Advisory Group. There will be an awful lot for startups to be wrestling with in trade policy - and now a good group of techies to discuss it! 👍
We're bringing 🇬🇧 industry from farmers to car-makers closer to our trade negotiations.
This will make sure we are getting the best deals that benefit all parts of the UK.👇
Very pleased to hear that
@hmtreasury
plans to reverse changes to angel investment rules to make sure funding (in particular to female and underrepresented founders) continues to flow. 👏👏👏
Today
@StartupCltn
we're launching our new AI project with
@InstituteGC
and
@ukonward
. We all believe AI is too important to Britain's future to get bogged down in punch and judy politics - so we're coming together to build on all our existing work on Britain's AI future.
🚨 EXCITING COADEC UPDATE 🚨
It’s been a pretty crazy month for The Coalition for a Digital Economy (Coadec) team. From SVB to the Budget, the new AI white paper to our launch in Wales Fintech week - we’ve never been busier.
But we've got two more exciting announcements... 🧵
Today we're launching our Manifesto for the next Government backed by 100+ founders from across our ecosystem.
Read it here and sign our open letter backing the plans at
Britain’s startup and scaleup ecosystem is at a crossroads.
And whoever forms the next Government has some serious decisions to make.
That's why today we are launching our Startup Manifesto. Read it here:
Or find out more below 👇
Final special shoutout (I know I'll miss people) to a small number of folks in the community who I know were pushing Govt all weekend and suffered through many anxious calls.
@matthewclifford
@ccrosswell
@brenthoberman
@cape
. You're all heroes.
The scope of R&D Tax Credit will be expanded to include cloud computing and data costs.
It's great to see another one of
@TenThinkTank
and
@Coadec
's Startup Manifesto ideas become policy.
Great news the Government plans to launch a new fast-track visa for British tech. As I say in this piece - it has to address the key challenge startups face with the visa system: crippling bureaucracy.
🚨 We're hiring for a new Head of Talent & Skills Policy. Lots of opportunity to move the needle on big issues that matter to startups from visas to share options. Know anyone who might be interested? Please do share/Feel free to reach out.
British firms have received nearly a third of European venture capital tech funding so far this year, new data shows, as investors flock back to London and Cambridge bolsters its credentials as an international hub.
VC investment in the UK tech sector came in at £7.4bn for the
Really pleased to say we’ve appointed
@deCoverlyVeale
as
@Coadec
’s new Policy Director. It was a big past year of growth for our work. And there’s more to come in 2022…
For founders looking to celebrate having access to functional banking services after this weekend's madness -
@Coadec
is hosting drinks tonight. Dm me for details 👍
Obviously fuel duty, NIC changes & an income tax cut (in a couple of years time conveniently before the election...) will lead the headlines. But here's a quick thread on what's in the Spring Statement for startups...
Big win for
@Coadec
& startups - Govt announces plans to loosen pension charge cap from October 2021 by smoothing performance fees over 5 years. It removes one of the key hurdles to pension funds investing more in venture capital and startups. 👍
🚨 We’re excited to say we're hosting Chancellor
@RishiSunak
this Thursday 25th March at 4.30pm to chat about all things UK tech and what the UK Government is doing to support startups with some very special guests… details here:
Whether it's current Government policy or not Patrick Vallance is absolutely right that visa fees need to be looked at more closely. The cost of visas remain a clear issue across the innovation economy.
🚨Slapdown for Labour minister Patrick Vallance, who calls for lower visa fees to ease immigration of scientific talent from EU
Home Office spox says this is "not Government policy"
Great to chat with AI Safety Institute Chair (and stalwart of the UK’s startup ecosystem)
@soundboy
about where next on AI, his experiences of working in Govt and how we shape a sensible conversation on AI.
I’m never a fan of ‘Top X’ lists, unless of course one has me on it in which case they’re of course wholly accurate and well researched. Therefore a delight to read I’m lucky number 13 in
@POLITICOEurope
’s London Power 40 this morning.
EXC: Rishi Sunak has given the go-ahead for officials to finalize a deal to allow the UK to re-join the European Union’s €95.5 billion Horizon science program
Story to follow with top colleagues
@AlbertoNardelli
and
@EllenAMilligan
For startups wondering, my understanding is the implications of changes today *DO NOT* impact on the Government's planned increases to SEIS and long term commitments made to EIS/VCTs at the mini-budget.
Today
@RachelReevesMP
is launching the
@UKLabour
startup review. It's a great document and there's lots in it for startups to be excited about. Here's a quick thread... 🧵
My tech startup budget takes. Lots to be pleased with. From new visas, incentives for SMEs to spend money on software and funding - to consultations on reforms to the R&D tax credit, EMI share options scheme and pension fund rules to allow more investment in VC.
This has taken a long time coming but is really important and I would encourage as many startups as possible to apply (you don’t need to be on an existing InnovateUK programme to apply)👍👍👍
@innovateuk
is pleased to announce our Sustainable Innovation Fund, opening on Monday 29 June. This will support the recovery, growth & future development of the economy, including new green innovations and sustainable industries-
@beisgovuk
@hmtreasury
🚨 An update on the
@TechNation
visa. The Home Office has issued guidance for startups making clear that:
1) you can still use the Tech Nation application process now
2) A new endorsing body will then take over as soon as possible.
More here:
In a random segway from tech policy - I'm in the Guardian today as part of
@peterwalker99
's great piece on London's lost motorway showing him round our flat in Brixton. I would highly recommend both the piece and the flat 😂
Amazing to see this. There was rightly plenty of debate about this but hard to see the demand as anything other than vindication. £1bn invested. The
#FutureFund
has worked.
Very pleased to hear that
@hmtreasury
plans to reverse changes to angel investment rules to make sure funding (in particular to female and underrepresented founders) continues to flow. 👏👏👏
This would be a huge mistake. Not only would this not 'Save the High Street', it would unfairly punish small businesses pivoting to online sales in this pandemic. We need to celebrate Britain's eCommerce champions not punish them.
Ministers keep repeating that the online world should be regulated like the offline world. Love to hear about this offline world where a restaurant owners are personally liable for a dispute between two customers...
Great to hear from the Shadow Chancellor on this. We’ve had encouraging conversations with Government today. Encouraging to see cross party support for startups at risk.
This will be really worrying for many firms, including startups, across our country.
The Chancellor should urgently assess the scale of risks to UK firms posed by SVB's collapse, and must work with firms to manage those risks.
Today in dumb regulation... Ofqual requires students taking exams like GCSEs to do it at the registered address of the provider - so currently remote learning still requires students to hike across the country to the office of the online provider they are learning with.
Let's be clear about who this would hit hardest - startups & local businesses pivoting to online sales. The solution to our ill-fitting business rates system isn't to hold back those less burdened by it. We need to support our British online champions selling around the world.
Chancellor Philip Hammond has told Sky News he is considering introducing a special retail tax on online businesses saying he wants a level-playing field for online and high street retailers
I can’t repeat this enough - the Future Fund was a pandemic support package that will actually make money for the taxpayer. Every time you see an odd hit piece like this focused on individual firms - keep that in mind…
We’re excited to say we’re hiring! Should be a great opportunity for someone interested in making sure tech regulation from data to competition is startup friendly in the years to come. More info here👇
Delighted to have Jordan Sullivan joining as our Head of Economic Policy today, alongside Cameron Scott as a Policy Fellow, and
@Abigailamykaren
as a Senior Adviser!
Today's pod episode finds out what it's like spending the weekend holed up with government top brass coming up with a plan to save the startup sector...
Fun listen!
@Dom_Hallas
I spoke to
@Siftedeu
about immigration in the UK election - we’re really clear at the
@StartupCltn
that anything that prevents the world’s best and brightest building companies in the UK will stifle growth.
Startups need help through this crisis. That’s why
@Coadec
is working with
@brenthoberman
@capenterprise
and a whole host of investors on a financial plan to help startups navigate this crisis.
2 AI roundtables in 2 days!
Progress on how the UK treats AI should come from everyone in the market - not just the big guys.
Thanks to every startup that joined - its really helpful to hear from you as we formulate recommendations that the Government needs to hear.
🚨 The Startup Coalition is hiring 🚨
Excited to say that we're hiring for a new ClimateTech Policy Lead at the
@StartupCltn
.
We've been building out our climate work over the past two years (led by
@charlie_mercer
) and now we're hiring for a new role to help double down.
Very flattered to be on
@POLITICOEurope
'20 People who matter in UK tech' alongside people far more important than me. Obviously, the ones who really matter are startups building stuff - but it's a joy to complain about why they can't do it easier.
These changes are very positive. The UK is a tricky place to list for growth companies but there’s now real impetus to fix it. Getting the rules right is a big step - but the giant leap will be changing the culture of the city’s institutional money.
Great for
@Coadec
to host
@jreynoldsMP
, Lord Jim O’Neill & the
@UKLabour
team to talk access to capital with a great group of tech investors - lots of optimism about the Labour Startup Review but lots to fix too!
🚨 COADEC NEWS 🚨
We’re hiring for a new Head of Economic Policy to lead our work on Access to Finance, Investment and VC policy, tax, and lots more on funding for startups and scaleups in the UK. The job ad is here:
Lots of great policy flying around today from
@hmtreasury
- spinouts, more chunky funding for scaling firms, and lots more expected tomorrow. But if you ask tech startup founders what they need most they have one simple message: WE NEED THE CHANCELLOR TO FIX R&D TAX CREDITS.
The
#FutureFund
has shown there is huge demand for support in a way that can benefit the taxpayers. With numbers from the BBB on Tuesday likely showing £250m has been spent - it’s great to hear
@hmtreasury
is now looking to expand the scheme 👍👍👍
CMA has decided Mistral-MSFT doesn't qualify for review after opening one. Worth saying that this should never have been considered and was a month of pointless uncertainty and effort for everyone concerned over a tiny tiny cheque. It's a lesson in why merger powers shouldn't be
The truth is that whilst state aid is one barrier, it's by no means the only barrier. And I'm not sure I could name many startups who would put state aid tweaks at the top of their wishlist. The impact of (for example) no deal over data flows is a much larger risk.
Today
@Coadec
we're launching a Tech Startup Manifesto for the new PM with our friends
@TenThinkTank
. There's lots the UK is doing right on tech - but there's so much further we can go on attracting talent, helping startups raise capital and getting regulation right. Read more👇
Today Coadec and
@TenThinkTank
are publishing a plan to enable tech startups to turbocharge the UK’s economy.
Our new manifesto 👇 sets out the levers the new Prime Minister can pull to make this happen...🧵🧵🧵
Labour is planning to override local councils to build data centres on the green belt, as Sir Keir Starmer’s Opposition seeks to boost Britain’s artificial intelligence industry
Today we're launching an open letter to the Chancellor with a boatload of our startup ecosystem friends to protect angel investment in the UK.
But we need your help and your signatures - so you can sign it below 👇
📣 Today we have launched an open letter to the Chancellor calling on damaging changes to rules for angel investors to be reversed.
Read the full letter here ➡️
Or read more below 👇
🚨It's Budget Day! 🚨
Almost certainly the last one before the next General Election. Amid headline tax cuts and electioneering, here's a quick
@StartupCltn
roundup of what was in it for UK startups...
As is often the case,
@azeem
is on the money here: “Regulation is an irritant to a trillion-dollar firm, it’s a pre-existential issue for a founder thinking about her new startup.” Couldn’t agree more...
Exciting few months for Coadec board members as one raises at a $200m valuation and another is elevated to the House of Lords. Get involved and good things happen folks...
The Chancellor’s Great Leap Forward on pensions is the start of a city revolution and tells us a story: small c conservatism won’t work for the city in the era of tech. It’s time for change. Me for
@CityAM
Open Banking is a great British success story. We've taken a broken retail banking market and turned it into a £4bn boost to British fintech and even more importantly, British consumers. Now we need to know what's next...
Today, we launched our report on Open Banking, as the folks at the FCA, PSR and HMT enter the final sprint before the long awaited JROC report.
The Open Banking sector is a £4bn asset, supercharged by regulation, delighting 7m UK users, and employing over 4,800 people.
I have just joined an industry roundtable to discuss the Silicon Valley Bank UK situation.
We recognise that the tech sector is often not cashflow positive as they grow and I am determined to stand with them as we do everything we can to minimise impact on the sector.
The number of first time seed-stage investments is down 18% in the UK from 2018 to 2021.That needs fixing if we're going to continue to grow bigger and better tech startups in the future. To do that, we'll need to reform SEIS.
Whatever you think of them, good or bad, the death of Tech Nation is the end of an era for the startup ecosystem in the UK. The idea of Government as a provider of startup advice to founders backed by Tier 1 VCs is now finished.