How access to funding has increased the number of start-up Games Studios

TIGA recently carried out new research that shows the number of games studios has increased in the last year by 5.7%. Perhaps, as would be expected of the sector, the research also showed a large number of start-ups and closures.

The Chief Executive of TIGA, Dr Richard Wilson, commented:

“The rise in start-ups is due to a number of factors. The environment for games development is relatively favourable to start-ups. There are low barriers to entry and high perceived rewards on mobile and PC; and schemes such as Transfuzer necessitate student games teams incorporating new companies to receive their funding.

“The rise in company mortality has been driven by a variety of factors, including difficulties accessing finance.”

Our EQ Technology specialists have extensive experience of applying for grants and funding, including the much needed Research and Development (R&D) tax relief. Dougie Rae, head of EQ Technology, commented: 

“Scotland is a great place to start a business, especially in the games industry because of the creative industry tax reliefs. Some video games development companies may already be carrying out R&D work and don’t know they are eligible for tax relief. We worked with our client who was developing an app and helped them to secure tax savings of £216,231.

“There are also various grant opportunities in this area. Dundee recently received £5 million to support the video games sector which will help fund training programmes and  provide financial assistance to new start-ups.”

If you are thinking about starting up your own studio, and want to speak to someone about the structure of the business and funding opportunities, or are an established games company looking to enquire about R&D tax credits, please contact one of our EQ Technology Team via our contact us page.