Since 2006, the number of digital technology businesses in the UK has increased 44 per cent, compared to a 23 per cent lift across all industry sectors.
The figures, published by London & Partners, the Mayor of London’s promotional company, show that in London alone the number of digital tech businesses has almost doubled, and the number of jobs created by tech startups in the capital has increased by a dramatic 77 per cent in the past ten years.
Commenting on the findings, the deputy mayor for business Rajesh Agrawal said: “With our unrivalled mix of investors, talent and creativity it is hardly surprising that tech businesses and entrepreneurs are clamouring to be part of London’s tech story.
“These latest figures underline that London is the best place to invest in tech and how important this sector is as a driver for the economy.”
In other news, 'Silicon Valley Comes to the UK' has invited 50 of the hottest startups from across the UK to join the 2016 ‘Scale Up Club’. Digital tech businesses Adzuna and Pavegen are among the new list of businesses chosen to join the scale-up club which is made up of some of the UK’s fastest growing tech businesses from across a range of sectors, with an average growth rate of 47 per cent.
Beavis Morgan, your specialist advisers to the tech sector
Being centrally located within walking distance of ‘silicon roundabout’, our technology business experts at Beavis Morgan work with many entrepreneurial businesses in the tech sector, 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.
Having helped many businesses across a variety of sectors make significant ‘money back for research and development’ claims, when some were previously unaware they could, we know first hand how important the R&D tax credit scheme is in encouraging innovation and increased spending on research and development (R&D) activities by companies operating in the UK. Our R&D tax credit specialists are therefore on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
If you would like to know more about how we can help you and your business, please contact Steve Govey or your usual Beavis Morgan Partner.