Rejoice tech enthusiasts! The Tech City 2016 report on tech-based business in the UK has arrived, and you would be stuck to find a negative word in it.
The UK tech industry has blown up big. Showing a growth rate 33% faster than any other industry contributing to the economy, this may be partially due to their willingness to invest in advertising and specially targeted communications. The usual tech clusters around the UK (London, Manchester, Oxford, Leeds etc) have reported an 80% growth in turnover over the past 4 years and a job creation rate of 2.8x compared to any other industry.
The UK is also developing a reputation for Fintech (technology for financial application). Showing record numbers in funding, companies managed to raise over $3.6 Billion in funding to help improve financial apps and communication tools. This is something we know a thing or two about over here, having recently designed an app for a well-established investment company. Companies like transferwise and World Remit have secured funding ranging from $58m to $100m. This is encouraged by the UK’s dedication to encouraging talent and the ready availability of tech-based education such as spare time coding classes.
Eileen Burbidge, Partner at Passion Capital and Mayor of London tech ambassador had the following to say:
“Today’s record investment figures offer further proof that the UK’s tech sector continues to mature. Investors are increasingly attracted by the diversity of London’s tech ecosystem but also our strengths in certain sectors such as FinTech. With more investment coming in from overseas and greater access to London-based growth funds, there has arguably never been a greater time to start and grow a digital business in London.”
London itself is a great place to grow your business. The people you meet are some of your most valuable resources; everyone has a view on the state of tech and how we as consumers interact with it. Meanwhile, 60% of the UK’s funding being received by London based companies. London is keeping its title as the UK’s heavy weight tech champion.
William Shu, co-founder and CEO of Deliveroo, stated:
“We’re proud to be a London-based company. Not only is the city great for investors and tech talent, but it’s been an ideal launch pad for our global business.”
So pat yourself on the back tech folk. We know it’s hard explaining to your parents what we actually do, but our industry is growing and with it comes the next step of deciding where we should take it. All eyes are on the UK as a stage.