A new report from the government-backed, U.K. network for entrepreneurs emphasises just how important the tech-for-social-good sector is but also raises concerns about its capacity to deliver the solutions society needs without further investment.
The report, which analysed companies that self-identify as tech for good on their own website, calculates that there are 490 tech-for-social-good companies in the U.K. valued at £2.3 billion which have a joint turnover of £732 million and have raised £1.09 billion from V.C.s.The number of incorporations of tech-for-social-good startups reached up to 60 per year between 2012 and 2015 before declining precipitously to a handful in the following two years.
Consumers in healthcare, education, sustainability and democracy are expecting products and services to match what they receive in the private sector. Technology is the key to delivering those solutions, is scalable and declines in cost after the initial outlay. “There is little doubt that the notion of the purpose-and-profit economy will increasingly become common parlance in business in ten years’ time, as harnessing tech for scalable change becomes the expected norm,” as Gerard Grech, CEO, Tech Nation, puts it.
There are funders, including Bethnal Green Ventures, Big Society Capital, Big Issue and Mustard Seed, making market-rate returns. There’s just not enough. Tech Nation’s list of “ones to watch”, along with its report into the sector, is intended to change that.
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