The number of tech startups being formed in the East Midlands has risen by a fifth from the previous year, according to new analysis.

In 2023 1,627 technologies companies were formed in the region, compared to 1,358 in 2022, tax and consulting firm RSM UK has found.

The latest figures show the highest number of technology businesses being incorporated in the East Midlands for at least three years.

The area’s growth in these types of ventures was the fifth highest in the UK, slightly behind the East of England (31), London (26%), West Midlands (25%) and Scotland (21%).

Sheetal Sanghvi, office managing partner, RSM Nottingham said:

“It is great to see the continued growth of tech incorporations in the East Midlands. From cyber security and artificial intelligence to data analytics and fintech, businesses in the region are pushing boundaries, helping the UK lead the way in the global tech market.

“With a rich ecosystem of start-ups, established tech giants, and pioneering academic research from its universities, the region continues to be a beacon for technological innovation and entrepreneurial spirit. Many of the groundbreaking technologies and digital solutions that businesses across the UK benefit from originate from the East Midlands and this is attractive to tech entrepreneurs wanting to set up on their own.”

Nationally there has been a jump also, with a 22% jump in tech startups.

Key sub-sectors that saw significant growth included software developers, data businesses and IT consultancies.

For more visit here.