On April 24, 2023, a statement by Tech Nation confirmed that Founders Forum Group (FF Group), a global community and group of businesses supporting entrepreneurs, has stepped in to acquire Tech Nation, thereby reviving the organisation's goal to bolster UK's tech ecosystem by providing resources, funding, and support to entrepreneurs and startups.
As a result of the acquisition, FF Group will relaunch some of Tech Nation's initiatives including Global Talent Visa endorsement, becoming the new endorsing body for the program. Consequently, applicants can continue to apply for the visa program through Tech Nation.
Although the visa program was initially scheduled for discontinuation on March 31, 2023, Tech Nation continued to accept new Global Talent Visa endorsement applications while anticipating the arrival of a new endorsing body.
Recall that in January, Tech Nation announced an imminent shutdown due to a lack of funding, after the UK government redirected its main financial support to Barclays Bank. The organisation subsequently called for the acquisition of its assets and received dozens of expressions of interest, ultimately entering talks with FF Group in late March.
Following the acquisition, Tech Nation's leadership would change with founding CEO Gerard Grech and Board Director Sarah Wood transitioning to the Advisory Board to facilitate the handover, further solidifying the bond between FF Group and Tech Nation.
Founded in 2006, FF Group shares a similar mission with Tech Nation, nurturing startups and entrepreneurs through various initiatives, events, and partnerships. The group is funded through external investment, partnerships, and revenue from events and programs.
Its popular investment vehicle, Founders Factory, has invested in over 300 startups globally, including 41 African startups such as RxAll, Schoolable, Wellahealth, FoodLocker, Lipalater, TIBU Health, and KudiGo.
This acquisition appears well-suited to further benefit UK tech startups, given FF Group's track record of supporting entrepreneurs and the quality of its strategic partnerships. The partnership between FF Group and Tech Nation has the potential to unlock additional funding sources and tailored programs to address the emerging needs of entrepreneurs.
While the full impact of this acquisition remains to be seen, the partnership promises to unlock new opportunities and resources for UK tech startups, fostering innovation and growth in the sector.