Confederation of British Industry (CBI) President Brian McBride launches campaign to turn UK unicorns into decacorns

In a speech tonight at Mansion House in London, CBI President Brian McBride will kickstart the organisation’s new campaign, Project Decacorns.

The aim of this is to “bolster support for the UK’s most innovative, high growth companies, so we can scale our $1 billion unicorns into $10 billion decacorns and create a more productive and dynamic economy”.

In front of an audience of tech business leaders and entrepreneurs, McBride will say: “The UK is one of only three countries around the world with more than 100 unicorn companies – those valued at $1 billion.”

“I’m spearheading a programme to transform the UK’s great $1 billion unicorn companies into ‘decacorns’ $10 billion companies this decade, that can unleash growth – and jobs – right across the country.”

”I’m certain that in the UK, if we pull together – government and business, business and business – we’ve got what it takes to create not just a UK Silicon Valley, but a global growth powerhouse.“

McBride will flag up the UK’s unique advantages in creating and attracting the best tech talent in the world.

He will highlight the success the sector has already had in the country by saying “We’re the only country in the world besides the US and China with a tech sector worth over $1 trillion.”

McBride will also celebrate UK FinTech, telling guests, the sector is worth over £11bn; “which is 10% of global market share. It’s our secret weapon – the spark plug to set off the full power of the City of London and the financial services sector in the global race for growth.”

CBI Deputy Director for Digital & Decacorns Project Lead, Susannah Odell says: “The Prime Minister and Chancellor announced ambitious plans to turn the UK into the next Silicon Valley.”

“We are fully behind their goal in creating a more innovative and prosperous economy and are ready to work with government in turning this dream into a reality.”

“In the US, they are already creating a new generation of decacorns – businesses that scale to $10 billion in value. We at the CBI believe the UK can step up and match that.”

“We want to knock down the blockers holding them back and find smart solutions to boost their success in partnership with government. That’s what our project is all about.”