Government funnels support to small, innovative cyber businesses

Small businesses and startups in the cyber security sector are set to get a boost from a new scheme to help launch and grow inventive enterprises in IT, computing and tech innovation.

Called Cyber Runway, the new program will provide businesses and entrepreneurs with access to masterclasses, mentoring, product development support, networking events and assistance in trading internationally and securing investments.

Funded by the Department for Digital, Culture, Media and Sport (DCMS), the scheme will be delivered by co-working space Plexal in partnership with CyLon, Deloitte and the Centre for Secure Information Technologies (CSIT) 

Over the next six months, the government estimated the program will have the capacity to support at least 160 organisations.

Minister for Digital Infrastructure Matt Warman noted that the industry was thriving, and that his department wanted to ensure the advantages extended to firms working at every level.

“The UK’s cyber sector is booming and we’re working tirelessly to ensure the benefits are felt by businesses and individuals right across the country,” Mr Warman said.

The cyber security sector in the UK has grown 7 per cent in the last financial year, while the number of companies has increased by 21 per cent. The sector is now estimated to be worth £8.9 billion.

“Our new Cyber Runway programme will help tackle barriers to growth, increase investment and give firms vital support to take their businesses to the next level,” Mr Warman said.

The program will particularly target applicants from underrepresented groups in the UK’s cyber sector such as women and those from minority ethnic backgrounds, according to Mr Warman.

Saj Huq, director of innovation at Plexal, noted that the events of the last 18 months had brought the need for rigorous cyber security measures into sharper focus.

“COVID-19 has catalysed the need for effective cyber security across industries, and a record level of capital is being invested into the sector,” Mr Huq said.

“But there is still a need for support for businesses at the earliest stages of their development and innovators and entrepreneurs from underrepresented communities still face barriers when entering the ecosystem.

“These are challenges we look forward to addressing with Cyber Runway by supporting the best innovators, regardless of their background or geography, to thrive and grow.”