Tech start-ups have captured the public’s – and business media’s – imagination like little else over recent years. After all, many of the world’s biggest and most successful companies – Google, Facebook, Apple – started life as tech start-ups. The typical image of such a start-up is agile and innovative – the classic ‘move fast and break things’ mantra which Mark Zuckerberg was said to live by. Tech start-ups are said to already contribute over £5 billion to the UK economy with initiatives in place such as the Northern Powerhouse to support their growth further.

However, just as fortunes have been made through tech start-ups, they have also been lost. More than half – 60 per cent – of start-ups across all sectors fail within their first three years, and 20 per cent are said to close their doors within their first 12 months. Those in the technology sector may also be more likely to have shelled out substantial resource on research and development, or expensive hardware or software, which is then wasted capital.

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