Britain has one of the most exciting startup scenes in the world. But the impact of COVID-19 is already being felt by our country’s startups, and many of them are in crisis mode.
The government has introduced a number of welcome measures to support startups but Plexal, along with a number of leaders from across the startup ecosystem, has identified some gaps. We’re a supporting partner for the Save our Startups petition, which you can sign online. Sign it. Share it. Save our startups.
You can also read the letter in full below:
Britain has a proud history of innovation, enterprise and entrepreneurship. However, today’s entrepreneurs are being forgotten during the COVID-19 crisis, which threatens their existence. We all want a swift end to this health crisis but we also desperately need to protect the future of our economy during these challenging times.
Today, there are almost 30,000 startup and high-growth businesses in the UK who employ 3.3 million people*. These businesses are making a huge contribution to the economy but are often yet to make a profit because they are investing in their people, technology and bringing innovative products and services to market. They are highly unlikely to qualify for the Coronavirus Business Interruption Loan Scheme (CBILS), which was introduced to provide financial support for SMEs during this pandemic.
The French and German Governments have already worked to craft support that can help their startup ecosystems through the crisis. This three point plan outlines what needs to be done to protect Britain’s startup and high growth businesses:
The UK Government must act now to protect Britain’s entrepreneurial future so we do not lose a generation of startups and high growth businesses to COVID-19.