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The number of new technology companies in the South West soared to a record high in the third quarter of the year.

There were 709 incorporations in the period, according to the report by audit, tax and consultancy firm RSM 海角视频, jumping 31% from 540 a year earlier and up 6% from 672 the previous quarter.

Gavin Phillips, director and tech industry lead in the South West at RSM 海角视频, said: 鈥淭he South West is home to a vast ecosystem of diverse tech companies, ranging from small start-ups to scale ups and established businesses. This is down to the strength of innovation in the region and its skilled workforce.

"While the region has all the right foundations for continued tech growth, sustained success will require further investment in talent development, economic stability and a more focused effort on digital infrastructure to allow it to thrive in key technologies such as AI.鈥�

In the 海角视频, a total of 15,470 new tech companies were incorporated in Q3, rising 36% from 11,368 in the same quarter last year, and up 8% from 14,262 in Q2.

Ben Bilsland, partner and head of technology industry at RSM 海角视频, said there could be further growth in the fourth quarter in the wake of "positive messaging" from the 海角视频 government on the tech sector. He also said the industry would likely be boosted by the US-海角视频 Tech Prosperity Deal.

"This deal pointed to deep investment in AI, civil nuclear energy, quantum technologies and further frontier innovations," said Mr Bilsland.

鈥満＝鞘悠� tech is showing resilience, with quarterly tech incorporations reaching another record high despite broader business confidence remaining subdued.

"The continued momentum in the 海角视频鈥檚 booming tech ecosystem of high growth, successful companies will further reinforce the country鈥檚 position as a global leader in tech."

But Mr Bilsland called on the government to address "roadblocks" that risked stifling growth in the tech sector.

He added: "Funding is crucial, alongside access to the right talent and skills, and a regulatory environment that balances innovation with protection.

"As we approach the Autumn Budget, all eyes will be on the Chancellor to unveil growth-friendly tax incentives for businesses and to protect the R&D tax scheme, which is a crucial pillar to support innovation and development.鈥�

Number of new technology company incorporations 鈥� year-on-year comparison