Northern IT are finding voice, to Hugh Campbell of GP Bullhound

Once again, the focus was taken off the north and its vibrant ecosystem when London Tech Week was held last month.

The digital industry in Yorkshire is expanding at twice the rate of any other region in the United Kingdom, according to a recent report by the Department for Digital, Culture, Media, and Sport. That the Northern Hemisphere's tech scene is not to be taken lightly has been further reinforced. Northern countries are at the forefront of developing cutting-edge artificial intelligence (AI), health technology (tech), and metaverse (metaverse) solutions. Artificial intelligence and immersive technology are thriving in the region's northernmost states.

Northern Ireland, located across the Irish Sea, is experiencing a technology boom in the areas of health and finance. Cybersecurity and mobility as a service are two more rapidly developing industries in Scotland.

The winners of this year's Northern Tech Awards were announced last month at Manchester's Albert Hall, and we couldn't be happier about it. In its ninth year running, Northern Tech Fest has been a showcase for the region's most prominent companies that are making waves in the region's burgeoning tech industry. The awards ceremony for Yorkshire was a rousing success.

Indeed, it appears that Leeds, in particular, has earned a superb reputation. The city has fostered a tech environment known for its skilled workforce and the ability to draw the necessary capital to accelerate innovation, particularly in the health tech sector. Though the Northern Tech Awards are a great cause to honour the industry as a whole, its impact went far beyond that one night. This reinforced the idea that now is an excellent time to get involved in this sector, particularly in the north.

The time is perfect. More than 950 British technology companies raised £12.4bn in private capital as of May 31, 2022, according to the UK's Digital Economy Council, making the country second only to the US in terms of start-up investment for the first half of the year. It's obvious that we're giving much bigger opponents a run for their money.

We need to take advantage of the growth potential being nurtured up here in the north if we are to maintain our current level of success. The United Kingdom is teeming with untapped talent, and we need to recruit from every city from Manchester and Liverpool to Leeds and Newcastle. The digital industry is hiring at a rapid pace, and salaries are among the highest in the country. Nonetheless, at the moment, demand is higher than supply.

Sixty per cent of firms, according to a new Google for Startups report, fail because of "people issues," such as disagreements among co-founders or difficulty finding suitable employees. The region's growth trajectory depends on quickly addressing a severe shortage of digital skills. We must prevent the loss of talented people or we will see a slowdown of progress and opportunities that have been created here. If we want to fill open positions, we must do so in a way that is welcoming to all types of people. Northern youth need meaningful internships from IT industry experts and firm CEOs so they may immerse themselves in the field.

Our years of advising and investing in cutting-edge technology firms have taught us that the greatest and brightest minds aren't often found in the most obvious of places. Over the course of more than two decades, we have observed that some of the most prosperous innovators in the field of technology are not necessarily based in the traditional tech hubs of Silicon Valley and London.

There is no denying the fact that the economy is rough right now. The news has become dominated by talk of caution and scepticism, but it is frequently in times of crisis that true quality emerges. Going into business for yourself is a bold move, especially in today's competitive startup environment. Tech Nation, however, ranks the United States as the third-best economy in which to cultivate a unicorn, so you can rest assured that the odds are in your favour.

All of the attention does not have to be focused on the nation's capital. In these economically precarious times, it is all the more crucial that we highlight the North of the UK's thriving innovation economy. The region's continuous development and rapid growth of companies that have contributed to the Northern United States and the United Kingdom's tech industries is evidence of the sector's resilience.

Developments in technology advance at a dizzying rate. Those who feel inspired to start their own businesses in the North need to have their ideas heard. The ambitious, risk-taking, and can-do spirit of northern tech innovators is something to be celebrated.

Hugh Campbell is a managing partner at GP Bullhound, an investment bank he co-founded in Manchester.