Barclays is spearheading an initiative to drive the development of tech unicorns in the North.
Under the leadership of Greg Doran, the bank is transforming its approach to support high-growth tech companies.
Barclays’ Vision for the North
Barclays has embarked on an ambitious project to facilitate the growth of tech unicorns in the North. With a strong legacy in innovation, Barclays aims to transform the region into a hub for billion-pound businesses. This vision is driven by the newly appointed Northern head of TMT, Greg Doran, who is determined to nurture startups into successful enterprises.
Currently, the North hosts only one of the UK’s 13 unicorns, The Hut Group. Barclays wants to change this landscape by providing the necessary support and infrastructure. Greg Doran, with over 20 years of banking experience, is on a mission to change this dynamic with Barclays’ unique approach.
Greg Doran’s Strategic Plan
Greg Doran succeeded Richard Faulkner, bringing a fresh perspective to Barclays’ strategy in the North. His plan involves fostering high-growth tech companies by providing venture debt and comprehensive support. Doran’s goal is to see startups evolve into unicorns or complete successful IPOs within five years. This approach reflects his commitment to long-term growth.
Barclays distinguishes itself from conventional banks by lending to tech businesses at earlier stages. This early support is crucial, as it allows businesses to capitalise on growth opportunities and innovate faster. The bank’s target is clear: to cultivate a thriving tech ecosystem in the region.
Innovative Banking DNA
Innovation is embedded in Barclays’ core values, ensuring it stays ahead of traditional banks. The bank’s proactive strategy involves engaging with the market and staying relevant through constant adaptation and innovative solutions.
Barclays leads the market with its Northern TMT division, offering specialised services for tech companies. By recognising the changing landscape, the bank prioritises innovation and responsiveness to client needs.
The bank’s commitment to support is reflected in its portfolio’s alignment with target outcomes, showcasing success stories that set a benchmark for future growth.
Engaging with Local Tech Businesses
Barclays is actively seeking to integrate smaller, innovative companies into its supply chain. This initiative aims to enhance the bank’s offering by incorporating fresh ideas and technologies, which could potentially double its size in the next five years.
Doran’s team is focused on building relationships with local companies, especially through procurement and tech collaborations. Barclays’ global IT centre in Cheshire plays a vital role in these efforts, driving conversations and partnerships with emerging tech firms.
Manchester’s New Eagle Lab
To foster tech collaboration, Barclays is launching the Eagle Lab in Manchester’s Albert Square. This initiative aims to bring together diverse tech entities from across the city, providing a space for innovation and growth.
The North West, and particularly Manchester, is heralded as a leader outside of London in technological development. Barclays’ infrastructure in the region is designed to be market-leading, supporting a thriving entrepreneurial ecosystem.
The Eagle Lab serves as a catalyst for progress, offering resources and networking opportunities to startups and established businesses alike, thereby strengthening the region’s tech landscape.
Future Prospects and Challenges
Looking ahead, Barclays is poised to maintain its lead in the tech finance space, guided by Doran’s vision and the bank’s resilient strategy. The focus on innovation and local integration presents both opportunities and challenges that Barclays is prepared to navigate.
By staying adaptable and forward-thinking, Barclays expects continued relevance and influence in the region’s tech evolution. The bank’s strategy is to remain open to new trends, ensuring sustainable growth.
Barclays’ initiative to create a unicorn breeding ground in the North demonstrates a strategic commitment to nurturing tech innovation. The bank’s unique approach and resources set the stage for transformative growth, aiming to make the region a key player in the global tech arena.