Visiting three cities in just one week – Chicago, Boston and New York – the Great Tech Expedition seeks to explore commercial opportunities and build relationships with key US enterprises and investors.
Funded by the Mayor of London’s Export team, European Regional Development Fund and UKTI, the trade mission, which began on 5th October, has been supported by The Education Foundation who has worked with the organisers to select and support five Best of British edtech start-ups on the trip.
The Mayor of London, Boris Johnson, said: “London’s innovative approach to the tech sector is the envy of start-ups the world over. We are a city packed with entrepreneurs who are experts in their field and my commitment to them is to provide whatever assistance I can to set them on the path towards international success. The opportunities that this whirlwind tour presents will convert into dollars for the companies and regeneration, jobs and growth back home in London.”
Edtech represents a major growth area for the UK economy and a developing priority area for the ‘Britain is Great’ campaign. BIS estimates that annual UK education sector exports (including edtech and e-learning) are worth an annual £17.5bn, set against a global edtech and e-learning market of $91bn (source Ibis Capital). In the US alone, there is close to $400m investment in edtech start-ups each quarter, which has the potential to leave the UK trailing in investment and education innovation.
Co-founder of The Education Foundation, Ian Fordham said: “This mission proves that edtech is coming of age. The development of education technology in London and in clusters across the UK has enormous potential for jobs, skills and growth. We’re delighted that the Mayor of London, European Region Development Fund and UKTI is backing this mission which is about growing our economy, but also our knowledge of what works. The Education Foundation is proud to be partners in this mission.”