UK startups continue to “flourish”, report reveals

The world’s 100 most disruptive startups have been revealed and it seems that UK continues to top the innovation rankings.

The DISRUPT 100 is an annual index championing those businesses who are truly innovating, “rethinking today’s products, services, technologies and business models to open new markets and create new demand”.

Despite uncertainty ahead of Brexit, Britain features heavily on this year’s list with almost a third (32 per cent) being startups based in the UK. That’s compared to 12 per cent from the rest of Europe, 26 per cent from Asia, and 16 per cent from North America.

In second place on the Top 100 report, which tracks the world’s most disruptive businesses, compiled and curated by leading entrepreneurs, investors and business people, is British business, Graphcore, a London-based artificial intelligence (AI) developer. The business was beaten to the top spot by Israeli firm Storedot, which claims to be developing technology to charge a battery in 30 seconds.

Other UK-based disruptors on the list include Signal Media, a London-based new media company using AI to quickly identify fake news, Bristol-based Ultrahaptics, a tech business offering the opportunity to “touch virtual objects in mid-air”, and Aid:Tech, a London-based business using blockchain to help distribute aid more transparently.

40 per cent of the firms listed in the DISTRUPT 100 report are in the healthcare, finance, and business industries, with nearly a quarter using some form of AI.

Commenting on the report, Matt Connolly, founder of Disrupt 100, said he was happy to see the “UK leading Europe in innovation”.

He did however warn that “Britain must remain an attractive option for startups if the UK is to maintain this status.

“Governments, policy makers and industry influencers must not lose sight of the ingredients for successful start and scaleup; and they need to actively encourage the implementation of these.”

Beavis Morgan – Advisers to UK tech startups

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.

What’s more, the government’s Research & Development (R&D) tax credit scheme is essential in encouraging innovation and increased spending on research and development activities by companies operating in the UK.

If you would like to know more about how we can help you and your business, or to find out how we can assist in maximising the value of any potential R&D claim and manage the often-complex process on your behalf, contact Steve Govey or your usual Beavis Morgan Partner.

Read more: Research & Development Tax Credits for SMEs: Money back for investing in innovation