InnovateUK funding secured for Cheltenham's cyber sector
CyNam, the Gloucestershire-focused not-for-profit organisation driving growth and collaboration in the sector, has secured Innovate UK funding to address a critical investment gap through its Cyber Local initiative, co-funded by Department for Science, Innovation and Technology.
Gloucestershire is home to the highest concentration of cybersecurity businesses outside London, yet the entire South West receives less than one per cent of the UK’s cyber investment.
The Cyber Local project will lay the foundations for a specialised Angel Investor Network aimed at transforming the investment landscape for early-stage cybersecurity and security of emerging technology businesses in and around Gloucestershire.
Many existing funds and programmes focus on making startups ‘investment ready,’ but few explore the deeper reasons for the lack of local investment from the perspective of potential investors. CyNam, with a consortium of partners, aims to address this issue by seeking to establish a network of informed investors with a focus on cybersecurity and emerging technologies, ensuring startups have access to the right type of early-stage capital.
It will also aim to demystify cyber investment: Educating prospective investors from outside the sector, enabling them to make informed decisions about investing in cybersecurity startups.
Hollie Wakefield, General Manager of CyNam, said: “Gloucestershire has long been a cornerstone of the UK’s cybersecurity sector, but the lack of investment in the region is holding us back,
“With less than one per cent of the UK’s cyber investment reaching the South West, scaling that down to a county level paints an even grimmer picture. Cyber Local will directly tackle this disparity by building a strong network of engaged and informed investors to unlock the potential of the incredible businesses we have here. It’s also about inspiring entrepreneurially curious individuals to take the leap into creating startups in this sector, giving them additional support and resources to turn their ideas into reality.”
CyNam is calling on potential investors, entrepreneurs, and stakeholders to support this project and help build a more connected and prosperous future for Gloucestershire’s cybersecurity and emerging technology ecosystem.
