South Yorkshire's technology sector was boosted by record levels of home-grown start-up activity and attracted more relocations than ever before last year, according to a new report.
The report, by South Yorkshire Combined Mayoral Authority, and titled South Yorkshire: Investment & Innovation in an Emerging Tech Ecosystem, was published to mark the inaugural UK Tech Week.
A record 617 tech startups were formed in South Yorkshire in 2023, more than ever before and an increase of a fifth (18 per cent) from 2022.
Combined with a reduction in tech failures, which declined for the second year running, South Yorkshire recorded a net gain of 88 home-grown tech companies last year.
Tech Welcome Grants totalling £130,000 helped 29 companies specialising in areas such as robotics, data analytics, and cyber security establish their first facilities in South Yorkshire and supported the creation of more than 140 jobs worth a combined £6.1m a year.
Data from analyst Beauhurst shows South Yorkshire's tech startups secured funding totalling £209m between 2019 and 2023. Although tech investment in South Yorkshire declined by 38 per cent between 2022 and 2023, this was a less profound decline than the 54 per cent reduction in overall UK tech funding reported by Atomico last year.
Tracey Johnson, project director at TECH SY, said: "South Yorkshire's tech sector is growing in significance and success, expanding despite headwinds and challenges in the global economy, and outperforming many other ambitious locations in attracting the talent and investment needed to turn great ideas into even better businesses.
"This report underscores South Yorkshire's emergence as a dynamic tech hub, fueled by innovation, talent, and a supportive community."
We are witnessing important structural changes in the economy for the City of Doncaster. One of the most exciting advances is the growth of the creative, cultural and digital sector. Emerging alongside our long-established sectors such as rail and engineering, digital technology clusters are growing and the creative and cultural scene is being transformed.
This dynamic change is putting the building blocks in place to help facilitate rapid economic growth.
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