The Digital Economy Council found that Britain has become home to the most amount of $1bn-worth technology companies in comparison to anywhere else throughout Europe; with 72 British-based tech companies reaching the $1bn mark throughout the past two decades, 13 of these being just from last year alone.
Whilst Britain has been found to hold the most amount of billion-worth tech companies throughout Europe, its rankings change slightly when compared to the rest of the globe, with both China and the United States (U.S.) seeing the development of 206 and 703 £1bn technology companies respectively.
To say the least, London’s technology sector is thriving, providing some serious competition for the Fintech Unicorn crown that San Francisco currently holds with 39% of the global funding for this sector. A ‘Unicorn’ company, it is worth mentioning, is that which is worth over £1bn. Two examples of UK-based companies that have recently become business unicorns and site amongst the best London startups include the delivery food service app Deliveroo and fintech company Revolut.
Those within the industry are delighted with the current upwards trajectory the Fintech, and the technology sector as a whole, appears to be moving at, with Chief Executive of Augmentum Fintech, one of the main venture capital investors in Europe, commenting on the industry’s flourishing success by stating that “Fintech has become one of the UK’s recent great success stories, while London has become the fintech centre of Europe, in both innovation and funding.”
There are several other companies who are growing as a result of the UK’s tech boom, including software and app developers, analytics companies and tech PR companies such as Wildfire, Clarity and Eskenzi PR.
During the opening to London’s 2019 Tech Week, Theresa May announced that “Already we are one of the best places in the world to start and grow a tech business.”, and further states that the UK government was set to provide £153 million for advancements in quantum computing. May claimed that “We want this to be the place everyone thinks of – and comes to – first when they want to develop their world-changing tech ideas.”
On top of government investments, the tech industry has also offered an additional £205 million for the future growth and flourishment of the tech industry, more specifically intended for the expansion of drug development from within the sector. The tech industry in Britain is advancing more than 1.5 times faster in comparison to the rest of the country’s economy, and provides our economy with over £130 billion per annum.
Technology is currently a booming industry in Britain, building a reputation for itself throughout Europe, and indeed the rest of the world, as one of the best environments for entrepreneurs to grow their tech businesses. What appears to now be imperative for the continued success and growth of this revolutionary sector to Britain is, as Chief Executive for Innovate Finance Charlotte Crosswell puts it, “to encourage overseas employees to choose London to work in the fintech sector or start a fintech business here” in addition to “encouraging more [science, tech and maths] skills at schools and universities, so we have a strong pipeline of talent from both the UK and overseas.”