Tech Nation is trailing in second place in the race to remain the UK’s government-backed ‘startup champion’ after the latter put the £12 million contract out to tender, according to TechCrunch’s sources. First in line at this point in time – in a decision which is due in December – is banking giant Barclays. Tech Nation’s existing government funding runs until March 2023.
But the prospect of a profitable, global bank taking over the contract has been branded “insane” and “mad” by some key UK industry players.
On the weekend, The Sunday Times reported that government officials have been concerned that Tech Nation was “breaching state aid rules because it had failed to become self-sufficient” which led officials to put the contract out to tender earlier this year.
However, …
