The 3rd annual GREAT Tech Awards is kicking off once again, but 2015 marks the first time that Boston startups (and those from all over New England) will be included. The goal of the competition? In part, of course, to help high-potential startups achieve business growth. But ultimately, the awards aim to encourage those promising companies to grow their business globally in Great Britain.
Hosted by U.K. Trade & Investment and the British Consulates General, The Great Tech Awards has seen a greater number of applicants every year—many of whom are repeats. The goal, British Consulate Spokeswoman Shannon Felton tells me, is to have 50 applications from New England this year.
“We really felt like it was a no brainer to bring the competition here,” she added.
Applying for the awards
From now until July 31, tech companies headquartered in the Northeast can apply for one of six sector categories: CleanTech, EdTech, FinTech, Health, Lifestyle and Media. The winners from each category will be chosen by a panel of industry leaders based on various criteria—including past growth, potential for future growth and level of innovation—and will be announced at a gala awards ceremony in October. On the panel of judges selecting the winners are Pete Cashmore, CEO & Founder of Mashable; Glenda Bailey OBE, Editor-in-Chief of Harper’s Bazaar; Ignacio Isa Martin, Sales Director at British Airways Americas; and Thomas R. Burton III, Chair of the Energy Technology Practice at Mintz Levin, to name a few.
Winners are awarded a customized business development package that includes a roundtrip flight to London, accountancy services from BDO, legal services from Fieldfisher, recruitment services from Propel Executive, real estate services from Knight Frank; meetings with mentors and government officials; other business development services from sector specialists and attendance at the unBound Digital conference in London.
Britain's flourishing startup scene
Still, while the perks are certainly enticing, one question remains: why should New England startups choose Britain to scale their businesses?
As it turns out, more and more companies are either staying or moving there to do so. In fact, Britain recently hit a record number of startups just as the Government's StartUp Britain campaign kicks off its fourth national tour. The campaign was introduced in March 2011 to inspire and support budding entrepreneurs, as well as to fuel economic growth post-recession. And since 2011, annual startup rates have surged from 440,600 to a 581,173 in 2014.
Britain recently hit a record number of startups, and investments in U.K. startups increased last year by a whopping 140 percent year-over-year.
Kirsten Chambers-Taylor, Consul and Head of Trade & Investment at British Consulate General, says that one of the reasons why this competition is such a natural fit for New England is that their strongest markets match up. EdTech, FinTech, health tech and media are all thriving in both regions. Chambers-Taylor admitted that the size of the VC market in Britain is considerably smaller than it is in New England, but still says the style has changed for the better over the last several years.
“The government’s initiative called Tech Cities really grew the entrepreneurial spirit and showed people the volume of entrepreneurs,” she told BostInno in a phone interview. “Before, they were all spread out. There’s something like 40 or 50 incubators in that area of London now. So VCs are starting to taking notice of that talent. Now, a lot of new companies are getting funded regularly — but the amount of money they’re getting is not quite as much as you’d get here. And that’s a challenge — that scale up.”
Things seem to be turning around, though: Investments in U.K. startups increased last year by a whopping 140 percent year-over-year. That means that investment in the tech scene there was nearly three times higher in 2014 in comparison to 2009. Driving this trend are the extensions of the Enterprise Investment Scheme and the Seed Enterprise Investment Scheme, according to Investopedia. Unsurprisingly, London has proven to be the best location for tech startups to succeed, especially FinTech. Felton pointed out that for Boston-area companies, England is bound to feel incredibly familiar—between the cobblestone streets, architecture and the weather. Of course, we're continually looking for strategies to hold onto the best and most promising startups in The Hub—not encourage them to leave. But for those planning to expand on a global scale, Britain certainly isn't a bad choice to set up shop.
Logo courtesy of the Great Tech Awards. Inset photo of Prince William presenting an award at the Innovation is GREAT Reception in NYC, Dec. 2014.
