The UK government’s international communications program, GREAT, has unveiled a 3D-hologram statue in New York City to highlight the UK’s position as the third largest destination for tech investment globally. The statue, created by British company HYPERVSN, features leading founders and CEOs of UK’s unicorn companies.
The UK has generated more unicorns than France and Germany combined, with strengths in artificial intelligence, fintech, health, quantum, and biotech. In 2023, UK Prime Minister Rishi Sunak announced a plan to make the UK a global science and technology superpower by 2030, investing over £370 million in key growth technologies.
The U.K.’s Tech Economy: A Global Powerhouse
The United Kingdom, known for its robust tech economy, has recently been recognized as the third largest destination for tech investment globally. The country is home to over 160 unicorn companies, some of which are valued as high as $18 billion. To celebrate this achievement, the U.K. government’s international communications program, GREAT Britain and Northern Ireland Campaign (GREAT), unveiled The Ever-Changing Statue in New York City. This unique 3D-hologram installation showcases the U.K.’s leading unicorn and futurecorn founders and CEOs, symbolizing the country’s dynamic and innovative spirit.
The Ever-Changing Statue, created by British company HYPERVSN, is a testament to the U.K.’s thriving tech ecosystem. The statue features startups at the forefront of significant disruption and growth, such as Quantexa, Blockchain, Octopus Energy Group, Oxford Quantum Circuits and Proximie. Visitors can learn more about these companies and their founders while viewing the installation.
The U.K.’s Tech Sector: A Trillion-Dollar Valuation
The U.K.’s tech sector is valued at over $1 trillion, making it the third country in the world to achieve this milestone, alongside the United States and China. The country has produced more unicorn companies than France and Germany combined, with particular strengths in artificial intelligence, fintech, health, and biotech. In 2023, U.K. Prime Minister Rishi Sunak unveiled a plan to solidify the U.K.’s position as a global science and technology superpower by 2030, investing over £370 million in government funding to boost infrastructure, investment, and skills for key growth technologies, including quantum, supercomputing, and AI.
The U.K. government has fostered a system that facilitates access to capital, reduces unnecessary bureaucracy, and funds innovation. In 2021 alone, the U.K. government spent £14 billion on research and development.
U.K. Startups: A Magnet for Investors
U.K. startups have consistently attracted investors due to the country’s impressive talent pool, world-renowned universities with top research and development capabilities, proximity to Europe’s financial capital in London, and a progressive, agile regulatory environment. London alone attracted over $20 billion in venture capital investment in 2022. The U.K. is also home to 12 decacorns and remains in the top three in the world for unicorns across every key tech sector, despite being geographically 40 times smaller than the US and China.
The U.K.’s tech ecosystem has produced notable companies such as DeepMind, Wise, and Monzo. To continue this success, the U.K. needs specialist knowledge and scalable capital to support the next generation of impactful founders.
The Unicorn Phenomenon
The term “unicorn” was first coined 10 years ago by Cowboy Ventures’ Aileen Lee, when 39 companies were identified as unicorns, or companies valued at $1 billion or more. Today, the number of unicorns worldwide has increased to over 1,000, although unicorns still represent less than 1% of all venture-backed startups.
Fintech continues to be a strong sector for U.K. startups, ranking second in the world for the number of unicorns in the industry, including Wise, Revolut, and Starling Bank. The country’s leading fintech unicorns have gone on to spawn nearly 100 additional startups from current or former employees, creating a cycle of innovation and tech leadership.
The Ever-Changing Statue: A Symbol of U.K.’s Tech Success
The Ever-Changing Statue is on display at Rise, created by Barclays, located at 43 W 23rd St, from March 27 through April 4, 2024. Visitors can access the statue on the second floor of the building, between the hours of 9:30 am and 4:30 pm Monday to Friday, after signing into reception on the ground floor.
The GREAT Britain & Northern Ireland Campaign is a program designed to enhance the U.K.’s reputation and drive economic growth through the intensely competitive markets of international trade, investment, tourism, education, and talent. Established in 2011, the campaign now operates in 160+ countries across the globe, uniting the U.K. Government, private sector, and many high-profile individuals in promoting the very best of the U.K.
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