Race, Ethnicity And Cultural Heritage (REACH) mission will see North America welcome some of the most innovative B2B tech companies from London and Greater Manchester. Mayor of London, Sadiq Khan and Mayor of Greater Manchester, Andy Burnham will get behind the trade mission to help companies from both regions explore opportunities in North America. Black, Asian and mixed background tech entrepreneurs from London and Greater Manchester will join a five-day virtual trade mission starting today (7 to 11 June). The mission will see fifteen companies ‘touch-down’ in North America to meet with corporates and startups to explore new investment and export opportunities and accelerate their expansion plans in the US market.
One of the major challenges facing Black, Asian and mixed background founders is access to venture capital funding, an essential ingredient for business growth. According to Extend Ventures, only 1.7% of venture capital investment in the UK between 2009 and 2019 went to founders from Black, East Asian, South Asian and Middle Eastern backgrounds, while Black female entrepreneurs received 0.02% of funding overall.3
Mayor of London, Sadiq Khan, said: “London’s diversity is one of its greatest strengths and this trade mission reflects my wider commitment to support entrepreneurs from underrepresented backgrounds, providing equal opportunities for all and breaking down the challenges faced when growing their business. I am delighted that the Mayor’s International Business Programme is partnering with The Growth Company to launch this mission.
“It is important for UK cities like London and Manchester to work together to support our innovative UK tech companies, strengthen relationships between our tech ecosystems and provide opportunities for our tech businesses to accelerate their global expansion plans.”
