The Sunday Times Hiscox Tech Track 100* has been published, ranking the UK’s fastest growing private tech, media and telecoms companies in 2017.
London once again shows its strength as a tech hub, with the majority of the companies listed being headquartered in the Capital. However, what is notable this year is that 43 companies, including four of the top 10, are located outside London in cities including Manchester, Cambridge and Glasgow.
No matter where they are based though, what is clear is that the sector is truly global, with the majority of this year’s companies generating revenues overseas.
Speaking to the Sunday Times, Brainlabs founder Dan Gilbert, says: “The UK is the greatest market on the planet for starting a tech business. We have phenomenal talent, advisory firms and capital. However, once a tech business has traction in the UK, it is imperative to take it global to access a larger market.”
The high number of companies that have raised external funds on this year’s table suggests Brexit has not been too much of a deterrent for investors, with 68 per cent of companies securing funding from private equity and venture capital firms, 12 per cent from business angels, and the remainder from crowdfunding and corporate investors.
Emerging technologies such as artificial intelligence, quantum computing and the internet of things are playing an increasingly important role in powering Britain’s digital economy, with the most popular industry sectors being software development (21 companies), fintech (16), online consumer services (16), and high-tech manufacturing (11).
Being centrally located within walking distance of London’s ‘silicon roundabout’, our technology business experts at Beavis Morgan work with entrepreneurial businesses across a range of industry sectors, assisting with fundraising, establishing the market for the product through research, implementing business growth plans, analysing financial requirements both now and for the future, and putting processes in place to enhance cashflow, leverage tax smart strategies, minimise risk and drive financial success and business performance.
We are also available to assist with ‘money back for research and development’ claims and our R&D** tax credit specialists are on hand to maximise the value of any potential claim and manage the often complex process on your behalf.
If you would like to find out more about how we can assist you and your tech business, contact Steve Govey or your usual Beavis Morgan Partner.
* The full Tech Track 100 2017 league table can be viewed here
** Research & Development – Tax Credits for SMEs: Money back for investing in innovation