Are you missing out on the UK Tech Market?
The UK Tech sector has experienced phenomenal growth over the past few years, with more than 1.5million people working in the digital sector today. The UK’s leading market position across the world can be demonstrated by the key findings from the 3rd annual Tech Nation report, produced by Tech City and other UK influencers in the tech community. So what should you know about the UK Tech Sector?
1. The UK secured the most amount of investment than any other country in Europe
Approximately £6.8 billion of tech investment was secured through private equity and VC firms by the UK in 2016, and £28 billion between 2012 and 2016. This equates to more than double that of any other country in Europe.
Even though venture capital and private equity backed start-up deals were lower when compared to 2015, London remains number one for investment place across the key European Tech Cities, attracting £2.2bn in 2016.
2. The UK is a leader in talent and innovation with 8 out of the top 20 universities from Europe residing in the UK.
With 8 out of the top 20 universities from Europe being in the UK, including Cambridge, Oxford, Imperial College and LSE, businesses have access to the top pool of skilled graduates. Access to talent isn’t the only benefit of these universities, but possibilities for research and collaboration demonstrate the opportunities for innovation in this sector.
However, be mindful that if you want to attract and retain talent it comes with a price tag. Did you know that the average digital salary in the UK is £51,000 – 44% higher than the non-digital salary? This figure does vary across cities in the UK, with London coming in at the top end with £62,000.
3. The UK’s digital tech sector grew 50% faster than the wider economy in 2015
In 2015, the UK digital economy turnover came in at £170 billion, with London contributing almost 33%.
Turnover isn’t the only indicator; Reading’s contribution to the digital turnover is estimated at £12.5 billion which seems considerably low when compared to London. However, there is a higher concentration of digital businesses, meaning that there may be a higher potential of identifying business partnerships, collaborative opportunities and access to potential customers.
Even though London is one of the leading tech communities, there a number of key cities across the UK which showcase access to talent, connections and industry specific opportunities. For example, Brighton boasts a design and gaming community with access to London in under an hour.
Another vital recipe to the success of the tech ecosystem is the connectivity and access to the local community. Did you know that Bristol and Bath had the greatest number of meet-ups (leading networking platform) outside London? Almost 4,000 meet- ups took place in Bristol and Bath, closely followed by Reading. However, London completely outperforms this figure with an astronomical 22,000 meet-ups taking place last year –nearly three times more than any other tech hub.
The UK’s access to funding and investment, access to skills/talent and support from local business communities is the perfect formula for a successful tech ecosystem. So what are you waiting for?
If you are interested in reading the full Tech Nation Report, please click on this link: http://technation.techcityuk.com/