Explore the ScaleUp Annual Review 2023

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The impact of the global pandemic, global economic headwinds (including supply chain disruptions) and geopolitical uncertainty is strikingly evident in these numbers. Certain sectors were particularly hard hit. Yet, despite the fall in the number of UK scaleups, the strength and resilience of those who continued to scale is remarkable and encouraging.

We have identified the place-based drivers of scaleup growth: the sharing and spreading of knowledge, active engagement with and by universities, and strong local ambition with support and goodwill from the wider group of local stakeholders. We know that three main factors drive scaleup growth – access to equity finance, access to skills and sectoral clustering. This understanding is crucial to enable local areas and the whole economy to fully realise the scaleup and scaling pipeline potential and maximise their contribution to the UK economy.

We can see the ferocity of the economic storm that the UK’s scaleups have had to weather. Fostering and enabling scaleups – locally, regionally and nationally – is vital in helping the UK return to strong growth.