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New programme launch to boost new tech firms

Category: Scotland Business News — Paul Morgan on November 28, 2012

A UK wide programme to provide support to new technology companies is being launched next year, by the second largest cloud hosting firm in the world.

Rackspace, which runs a similar programme in the US, is to push into the UK with £12,000 worth of hosting and mentoring going to qualifying companies.

Taylor Rhodes, Managing Director of the international division at Rackspace said:

“Since launching in the US two years ago, we’ve helped over 850 start-ups through the programme. We are thrilled to launch the UK start-up programme.”

With many new tech companies working out of Scotland, it could provide a welcome boost.

Companies are also finding it easier to find commercial finance in Scotland as the profile of the industry rises. Westminster has recognised this too, providing generous incentives and creating new schemes. Its latest effort concentrates on encouraging start-ups to float on the stock market. Announced in the autumn of 2012, plans are moving ahead to make it easier to launch an initial public offering (IPO).

The plans have already received the backing of a number of high profile investment and factoring companies. It would essentially see the creation of a new way to launch an IPO. However, US blogger, Robert Scroble said the timing would be important for any flotation success:

“…it is about being at the right market window at the right time. Right now it’s a really tough market window.”

The Rackspace programme is due to launch in early 2013.

'Disclaimer: The information contained in these articles is of a general nature and no assurance of accuracy can be given. It is not a substitute for specific professional advice in your own circumstances. No action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a consequence of the material can be accepted by the authors or the firm.

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