NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, April 26, 2019

By Hannah Westwater

Disruptive technology with social impact is on track to become a key player in the UK economy, with tech for good companies found to be worth £2.3bn.

In a first of its kind report, entrepreneurs’ network Tech Nation said that the combined turnover of UK companies was £723m in 2018 – more than the amount generated by consumer electronics (£634 million).

Analysts reported that tech for social good companies use technology to “tackle some of the world’s toughest challenges”. The Depop app, for example, reduces disposable fast fashion by making upcycling more accessible. It has 11 million users, three quarters of which are under 25.

Nearly half of the 490 companies have just launched, demonstrating the crucial role startups and “young, dynamic businesses” play in tech for good’s growth.

Photo courtesy of Highways England.