Originally based in Shoreditch and the Silicon Roundabout, London’s tech start-up revolution has since spread across the whole city. Tech start-ups have fostered a dynamic, entrepreneurial ecosystem, in which creativity and innovation are at the centre. London’s fast-paced and vibrant culture has nurtured these values and now leading tech companies, from ASOS to Transferwise, are thriving in Europe’s start-up capital. It’s an exciting time to be living and working in London.
Let’s take a closer look at the impact this has had.
More jobs for Londoners. London’s tech startup scene has created 251,590 jobs in the digital industry. And as up-and-coming entrepreneurs are constantly building new jobs for themselves and others, this figure is expected to grow substantially in the next ten years. After a period of concern about jobs and the economy, the tech industry is proving that there are plenty of jobs to be found. And they don’t necessarily have to be tech roles either, as start-ups need non-technical employees to keep the business ticking over. Indeed, smaller start-ups employ around 73% of their workforce in non-tech positions, from marketing to account management.
Co-working spaces have exploded. There are currently more than 70 co-working spaces in London, offering flexibility, community, and structure for founders and employees of tech start-ups. These spaces are a hub of ideas, innovation and collaboration: values at the heart of the tech start-up scene. Now there’s even an app called Hubble that helps entrepreneurs to find co-working spaces in their area.
Networking is increasingly important. Although networking with industry professionals isn’t new, the start-up scene is nurturing this culture of connection, learning, and sharing. For young entrepreneurs, networking is a vital part of their personal development and the tech industry recognises and encourages this. The lines between socialisation and working have also become blurred, liberating people from the constraints of the 9-5 work schedule and turning leisure time into productivity. And the community is thriving, with regular techie networking events such as the Silicon Drinkabout and Girls in Tech UK being held in London.
There are more opportunities for young people. Start-up companies are enabling young people and new graduates to rise through the ranks faster. Whilst joining a large company holds a whole host of benefits, it can be difficult to stand out from the crowd and gain new opportunities and promotions. In a start-up, individuals have room to grow, learn directly from their managers and are often encouraged to dip their toes into different areas of the business. This allows even inexperienced, new employees to learn quickly, gain a range of skills and grow their careers.
Start-up incubators have taken off. There are at least 36 major start-up incubators in London right now, making it easier than ever to found your own tech start-up. With the support and resources of incubators such as FinTech Innovation Lab, The Bakery and Pi Labs, new start-ups can increase their chances of not only surviving but thriving and developing into sustainable businesses. By joining an incubator, attending networking events, and making contacts in the industry, aspiring entrepreneurs are able to learn from the best and get their tech start-up off the ground.
The UK economy is being revitalised. London currently leads the European Market in terms of digital tech companies. After the great recession, the tech scene is a blessing for the UK economy.
London’s digital industry is growing. The tech revolution is here to stay. In fact, the digital industry is growing at an incredible rate. Europe’s start-up capital may still be adjusting to emerging technologies, but the tech industry will adapt to these changes and grow, due to the knowledge, hard work, and sheer passion of the entrepreneurs leading this movement.
There has never been a better time to break into London’s tech start-up scene.
Freya Jeffries works with Making Moves, commercial property finders who source, manage and negotiate their clients’ office moves. Being independent, they provide their clients with unbiased, transparent advice that takes into account the entire office market and finds them the perfect location.
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