A poll during London Tech Week indicated that a majority of tech entrepreneurs find the UK appealing for tech ventures. The UK’s ecosystem, capital concentration, and diverse talent pool were praised by 83% of respondents.
A third of participants rated the UK’s appeal particularly high, indicating its status as a prime location for technology innovation and business growth.
Concerns Of Tech Entrepreneurs
Entrepreneurs in the tech sector expressed some uncertainties. A third of those surveyed expressed worries about the UK’s stability as a base for accessing investors, both locally and internationally.
A fifth felt that the UK might not effectively support all business exit strategies, such as pursuing public listings abroad. This indicates a mix of confidence and caution among international tech entrepreneurs considering the UK.
Suggested Changes To Maintain UK Tech Appeal
Respondents to the survey also offered practical suggestions to make the UK more attractive:
- Expanding the number of visas available for tech professionals would address talent shortages.
- Easing salary threshold requirements for visas would help attract more tech professionals.
- Reducing visa fees could lower barriers for international talent.
What Are Experts Saying?
David Davies, partner in the Corporate, Commercial & Finance team at Kingsley Napley, comments: “Our survey shows that the UK, especially London, remains attractive as a destination for establishing tech businesses.
“The access to funding available, regulatory environment, and general ecosystem supporting business growth are important factors.
“However, frustrations with the visa system and listing options are once again areas where our survey shows improvements would be welcome if the UK is to maintain its reputation as a global tech hub.”
Ilda de Sousa, partner in the Immigration team at Kingsley Napley, comments: “We hear time and again that our visa system is failing to address the needs of the tech sector.
“This is something the next Government needs to grapple with urgently as the current system is in danger of becoming a negative for tech entrepreneurs and business owners.”
David Webster from Global Tech Connect says: “The UK offers many strengths and opportunities for foreign tech entrepreneurs looking to grow their business.
“Some look simply to have a sales presence here, whereas others set up their HQ here and have founders UK based. Any incoming Government needs to ensure continued support for the sector and to demonstrate its contribution to the UK economy is valued.”
Which Other Countries Do Tech Investors Look At?
Singapore: for its business-friendly policies and excellent infrastructure as well as quality of the workforce and strategic location.
The US: a popular hub for tech investments, particularly in AI, and they have funding and a culture of innovation. The well-established tech ecosystem provides fertile ground for tech growth.
China: their tech sector is expanding quickly, with large investments in AI and other advanced technologies with the big market and support for tech innovation.
India: a growing market for tech investments. The expanding tech infrastructure and large pool of tech talent and their focus on digital transformation and innovation make it ideal.
Germany and France: leaders in the EU tech scene. Both countries offer strong support for tech startups and innovation. Germany’s engineering expertise and France’s focus on AI and digital innovation make them attractive destinations for tech investments. They also have especially supportive government policies.
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