The technology industry continues to strengthen as an increasing number of digital start-ups are created and grown. Despite many of these being based online, getting your physical founding location is still an important contribution to success. So, where is the best spot for a tech start-up?
According to predictions made by South Mountain Economics, there’s nowhere better for a tech business right now. No, surprisingly we’re not talking about Silicon Valley as you might expect; London is the dark horse here. Over the next ten years, the digital sector of the UK capital is predicted to boost the country’s economy by over £12billion; a growth spurt that is even outstripping that of Silicon Valley. Oxford Economics has estimated that roughly 46,000 jobs will be created over the next decade, fuelling wealth and reducing unemployment.
This news comes after a number of digital companies began basing themselves in London and its surrounding areas. In fact, over 90 overseas tech businesses have done this so far, including big contenders such as social media platform, LinkedIn. The city is also proving popular for small start-up, many of which are later being bought by larger firms. TweetDeck is one such company, which began in east London before getting snapped up by Twitter itself, for the tidy sum of £25million.
Chair of Tech City UK, Joanna Shields, has spoken out about this surprising rise, saying, “London is becoming a digital powerhouse”, leading economic recovery for the UK. So far, the industry is responsible for 27 percent of new job creation and is showing no signs of slowing.
So, with such promising statistics, there’s one massive reason for you to crack on and get going!