Asians in Tech launches Impact Report at House of Lords

Tuesday 05th March 2024 11:50 EST

Diversity UK's ground-breaking Asians in Tech initiative released its Impact Report on 27 February 2024 at an exclusive House of Lords event, led by long-time supporter Lord Jitesh Gadhia. It marks a decade of achievements, including annually honouring the Top 100 Asian Stars in UK Tech and hosting six Tech Showcases across key cities, fostering connections in the tech community.

Acknowledging a string of accomplishments, the initiative boasts five Chairman's Award winners, recognition for 121 Asian Tech Pioneers, three Investing in Women Founders debates, two Diversity Tech Summits, and compelling content like the Asian Tech Pioneers video and AI Inclusion Podcast. This milestone reflects the profound impact of Asian talent in the UK tech sector, promising insights into the future of diversity and innovation.

Lord Gadhia, on launching the report said, "I’ve been pleased to support Asians in Tech since its inception, having been a judge, speaker, and showcase panellist over the years. The turnover of UK tech businesses has increased from $195 billion in 2015 to over $1 trillion last year. The level of venture capital funding underpinning that growth has risen from $6.9 billion to $21.3 billion during the period. But the growth has not been uniformly spread: we know that women founders attracted less than 2% of VC funding last year, and that ethnic minorities often get overlooked, which is why initiatives like Asians in Tech are so important; in showcasing, inspiring, and connecting founders and funders here in the UK and globally. I congratulate Diversity UK for hitting this 10-year milestone despite the global pandemic, economic uncertainties, and funding challenges. Their work is vital in maintaining the momentum created.”

Lopa Patel MBE, Chair of Diversity UK, who has helmed the initiative since its inception said, “Launched by Lord Vaizey in 2015, then Minister for the Digital Economy, we are delighted that this year marks the ten-year milestone. Our mission is to improve diversity and inclusion in Britain, and we were pleased to have hosted two Diversity Tech Summits in the past decade to focus the attention of policymakers and the media on the challenges faced by ethnic minority tech entrepreneurs. The sector has not only grown, making the UK the third-largest tech ecosystem in the world and first in Europe, but innovators have focused on the most pressing global challenges; from climate change and health tech to harnessing the power of Generative AI.  

“In autumn 2023, we commissioned a Cambridge Venture Project team of Executive MBA students from the University of Cambridge Judge Business School to assess the social impact created by the Asians in Tech initiative. Their findings highlighted that the Asians in Tech initiative inspires, empowers, and connects founders; helping them get funding and support. The CVP team also narrowed their research on the health tech and life sciences sector, with nominees in the sector demonstrating two important positive economic indicators. 

“Firstly, the number of years before a (health tech) start-up receives their first funding has been reducing, and secondly, health tech start-ups have been hiring employees in addition to the original founders. The CVP insights are illuminating in that they show the hard-to-measure impact and correlate it to a sector that is very important for the UK. A feature we hope to build upon for this tenth edition of the Top 100 Asian Stars in UK Tech list.”

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