Issue #225: (Another) festive ponder?
Today we look ahead to 2024 and ponder what's next for North East tech?
Morning all. Brace yourselves, it’s the last Digest of the year. As I fight back the tears (of joy, I’m having next Friday off) you find me feeling pretty pensive this morning.
Two months ago I shared worries regarding the challenges our ecosystem faces, especially when it comes to accessing vital growth capital to fuel our startups. I signed that week off promising to share findings and, at least try, to solutionise. Over the last 8 or 9 weeks I have spoken to first-time founders, serial entrepreneurs, angel investors, VCs and many people committed to ensuring the region can support founders and companies trying to get by. Make no mistake, the future of the North East tech ecosystem is in danger.
It won’t surprise any regular readers to hear that, UK-wide, the availability of VC funding is falling. This is particularly pertinent in our region where, let’s face it, there ain’t much cash about. Accessing the vital capital startups need to grow has always been a challenge for us, we’re at the bottom of the pile as a region when it comes to the number of VC/PE deals. And now with our European funding stream coming to a close, as of next month there will be no early stage equity investment available in the region for new companies. And yet it’s pretty astonishing how little this is talked about.
I appreciate you may have expected a ‘ten tech successes of 2023’ type-piece from me this morning; I like writing those pieces and it’s important to champion (as I try) the positives of our ecosystem as we look to grow it. However, it’s important to draw attention to the realities of our situation. Next year is going to be a difficult one for our tech sector, especially in bringing new ideas, products and business to market.
Therefore I want to share a commitment. While I’m buoyed by efforts to bring a new angel community to life and will support that, I’m also to keen to bring new VCs to the region and help support the startup community. Moreover, it’s clear early-stage businesses will need help more than ever. If this is something you’re also interested in, please reach out. Perhaps, through a combination of micro and macro efforts, we can help create the conditions that make life a little easier for those pioneering technology in North East England. I’d like to support that.
Anyway folks, here’s your headlines for the week. Merry Christmas readers, thank you for your continued interest in The Tech Digest. Warm wishes, Jamie
This week’s news
US drone delivery firm Zipline to launch Northumberland base and create new jobs
North East firm's breakthrough tech will help lead a new EV revolution
Tech consultancy to create 100 jobs with fund backing
TechNExt 2024: North East's technology event set for return
Features
North East leaders feature in Prolific North’s 2024 predictions
Couple of North East deals flagged in Business Cloud’s 2024 deals roundup
Health Update
I am incredibly thankful that people not only continue to be interested in this newsletter but support me as I continue my rehab since breaking my back last year. It really does mean a lot.
Recently I was discharged by the Regional Disability Team in Walkergate, Newcastle. I first started working with Natasha and the team there in September last year. Approaching six months as a completely dependent wheelchair user, our initial goals were to try and get me standing by Christmas. Somehow those wonderful people have helped me to stand, walk, step, cycle and be able to live an independent life. Upon achieving goals, I this week parted ways with the team. And yes it was, totes emosh.
I have less than four months remaining on my 24 month rehab programme and I will be seeing a private physio every fortnight for the remainder. I deeply appreciate the support I continue to receive from the North East tech community, thank you. I hope everyone has a chilled, wholesome Christmas with family and friends.
I’ll be back with more fucking nonsense about a bunch of nerds messing around with computers inspirational tech content from exceptional North East people on Friday January 5th, 2024. Merry Christmas, Jamie