The UK authorities has been urged to overtake the startup accelerator trade by establishing clear requirements and classifications for assist schemes.
In a brand new report from The Entrepreneurs Community, the group referred to as for the requirement for programmes resembling accelerators and incubators to have minimal requirements and outlined options, enforced by an accreditation scheme.
Britain hosts over 500 accelerator programmes, in line with the report, nonetheless, with out clear requirements and shared definitions, it has claimed there’s a threat that entrepreneurs will battle to navigate the assist ecosystem and establish what programmes will likely be of real assist.
“The UK has loads of startup assist programmes, however we don’t at all times know if they really work,” mentioned Philip Salter, founding father of The Entrepreneurs Community.
“Founders can’t even be certain these programmes will nonetheless exist earlier than they end. We’d like reforms that make programme outcomes clear and reward schemes that create lasting affect.”
In line with the report, citing knowledge from Beauhurst, solely 57% of listed incubators or accelerators are literally lively, whereas a 3rd have closed, and 10% are in a “state of limbo”.
It additionally notes a definite regional disparity within the assist ecosystem, which is broadly according to the broader inequality of the UK’s financial geography.
Commenting on the report, Steve Rigby, co-chief govt of tech investor Rigby Group, mentioned: “We dedicate huge effort to serving to new ventures take their first breath, however far much less to making sure they develop, export and endure.
“This well timed and insightful report lays the groundwork for a better, extra strategic strategy. If we would like the UK to generate the subsequent technology of worldwide companies, we should act now and with function.”
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