According to Business and Energy Secretary, Greg Clark, entrepreneurs across the country have been given £250m worth of startup loans. The loans, funded by the British Business Bank, generate a return on investment to the economy of £3 for every £1 spent.
With the Capital, which received £66m through the funding programme, leading the way as the entrepreneurial centre, here are some interesting London startup facts:
- London has seen a surge in the number of advisory boutiques being set up, with an increased number of young bankers defecting from Wall Street banks to create their own finance boutiques ~ The Times’ Future of the City series.
- Top entrepreneurs and investors in Europe have named 10 London startups amongst the hottest in Europe. The list names a dinner delivery startup and an artificial intelligence company acquired by Twitter as being among the hottest startups in Europe to emerge from London ~ The annual Wired 100 list is due to be published in the October edition of the magazine.
- London not only continues to create startups at a faster rate than other UK region or city, but it has also secured the biggest share (60%) of the £2.46bn invested in the tech sector in 2015 ~ Figures published London and Partners.
- Croydon is the UK’s fastest growing economy, due to its flourishing reputation as a tech hub. Home to over a thousand digital, creative, and technology startup companies and dubbed the ‘Silicon Valley of South London’, Croydon stands out as the UK economic success story, having topped the list of 173 areas as the fastest growing UK region with an annual growth rate of 9.3 per cent in gross value added. Department for Culture, Media and Sport, Matthew Hancock, described Croydon Tech City as a “blueprint for the future”.
At Beavis Morgan, we specialise in working with entrepreneurial people across a wide range of sectors, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
We also understand that whether you’re a start up or a well-established business, cash is king and managing its flow is crucial to your immediate and long-term success. That’s why our independent finance brokerage, BM Structured Finance, is readily available to assist startups source the right funding for their individual needs.