London is undisputedly the technical capital of Europe, and it has the figures to back it up. It’s possibly even the most technologically lucrative place on the planet, too.
Brexit…No Problem:
Despite Brexit, the UK is still the most popular destination for tech financiers. A study done by London and Partners in June found that the UK managed to round up over 5 billion pounds in venture capital funding – around three times as much as any other European nation. Almost 900 million pounds has been raised in 2018 alone. Since 2016, 80% of all venture capital money invested in the UK came from London’s technology firms.
2012 and Beyond:
Since 2012, France, Germany, and Sweden are much behind in venture capital funding, gathering 1.22 billion pounds, 2.15 billion pounds, and 644 million pounds. London’s tech centre is an important source of jobs and growth in the city, and is crucial to the state of their economy.
Much of the funding is due to the future potential seen in the UK’s newest bunch of tech companies. Artificial intelligence and cyber security are at the forefront of the UKs leading edge technologies. Global investors, entrepreneurs and tech leaders across the world see London as a viable place to invest in the future.
Most of the funding comes from the United States, which accounts for over 3 billion pounds since 2016 – more than double that of any other country.
London, the Home of the Technically Competent:
London is home to the major tech players, continuing to grow as a hub of innovation. Amazon, Google, Microsoft, Intel and Cisco have made investments in this area. London seems to be a melting pot of tech talent, pointing to long-term committments made by these big giants.
It’s also home to more tech developers than any other city outside the US. Additionally, it doesn’t hurt that London is home to the world’s leading instituions that are rich in research and innocation, serving as a magnet for more external talent.
Networking to Bring More Technical Prowess:
Networking has been a crucial reason for London’s success, as interpersonal networking is crucial to startup success. According to the website Meetup, London has hosted 22,000 tech related meetup events in 2017 – three times as many as Amsterdam, Paris, and Berlin.
According to Tech City UK, a new tech business forms every hour in London. This means that the economy is powered by startups, entreprenurs, and small businesses. London is the perfect storm for the tech world. It has the enthusiastic policy makers, capital, infrustructure, educationa instituions, and talent to back up limitless endeavours and innovation.
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