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Gloucestershire Business News

CyNam secures Innovate UK funding

A Gloucestershire organisation has secured funding to address the cyber investment gap in the county.

Gloucestershire is home to the highest concentration of cybersecurity businesses outside London (Cheltenham Borough Council Gloucestershire cyber and digital industries economic impact study), yet the entire South West receives less than 1% of the UK's cyber investment (DSIT Sectoral Analysis 2024).

That's why Cheltenham-based CyNam, a not-for-profit organisation driving growth and collaboration in the sector, has secured Innovate UK funding to address this critical investment gap through its Cyber Local initiative, co-funded by the Department for Science, Innovation and Technology.

The Cyber Local project will lay the foundations for a specialised angel investor network, aimed at transforming the investment landscape for early-stage cybersecurity and security of emerging technology businesses in and around Gloucestershire.

Despite Gloucestershire's status as a cyber hub, funding has not kept pace with the region's potential. Many existing funds and programmes focus on making start-ups 'investment ready,' but few explore the deeper systemic reasons for the lack of local investment from the perspective of potential investors.

CyNam, with a consortium of partners, aims to address this issue by:

1. Demystifying cyber investment: Educating prospective investors from outside the sector, enabling them to make informed decisions about investing in cybersecurity start-ups.

2. Engaging cyber experts as investors: Training high-net-worth individuals with cybersecurity expertise to become angel investors, breaking down barriers to entry.

3. Laying the foundations for a specialist angel network: Seeking to establish a network of informed investors with a focus on cybersecurity and emerging technologies, ensuring start-ups have access to the right type of early-stage capital.

Hollie Wakefield, general manager of CyNam, said: "Gloucestershire has long been a cornerstone of the UK's cybersecurity sector, but the lack of investment in the region is holding us back.

"With less than 1% of the UK's cyber investment reaching the South West, scaling that down to a county level paints an even grimmer picture. Cyber Local will directly tackle this disparity by building a strong network of engaged and informed investors to unlock the potential of the incredible businesses we have here. It's also about inspiring entrepreneurially curious individuals to take the leap into creating start-ups in this sector, giving them additional support and resources to turn their ideas into reality."

Gloucestershire, as a key player in this sector, must overcome its investment shortfall to help keep pace with the sector's potential. By connecting local start-ups with knowledgeable investors, this project will ensure the region's businesses have the access to investment they need to thrive.

Rather than competing with established networks, this project aims to complement them, driving investment into a traditionally underserved but high-potential sector.

CyNam is calling on potential investors, entrepreneurs and stakeholders to support this project and help build a more connected and prosperous future for Gloucestershire's cybersecurity and emerging technology ecosystem.

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