London’s booming tech scene

on July 31, 2018

In the last couple of years the industry has grown at a rate of 4.5% which is double that of the wider UK economy. Since 2009 London based high-tech companies have increased their gross value-added by 16.4% and now contribute £56 Billion in revenue per year.

While political uncertainty continues around the world the UK tech scene, and in particular London, is booming. As the UK’s technology core London has recently been named one of the world’s best tech hubs. Including almost 187,500 companies, 180 start-up accelerators and around 200 co-working spaces London continues to be a global leader in the technology sector. In the last couple of years the industry has grown at a rate of 4.5% which is double that of the wider UK economy. Since 2009 London based high-tech companies have increased their gross value-added by 16.4% and now contribute £56 Billion in revenue per year.

Globally, London is ranked the 3rd best ecosystem for tech in the world based on 5 core factors: performance, funding, market reach, talent and startup experience. The city sits below only Silicon Valley in first and narrowly behind New York City in 2nd.

In Europe, London is home to 14 out of 47 of the continents ‘unicorns’, twice as many as the next country, let alone city, on the list. Unicorns are privately held start-up companies valued at over $1 billion. Financially in 2017 venture capital investment in England reached its peak of £2.99 billion, of which £2.45 billion went to London, an amount higher than the total investment in Germany, France, Spain and Ireland put together and almost double the previous year. The amount invested in London was five times greater than that of Berlin, known to be the Tech hub of Germany.

Access to global connections, both inbound and outbound, are driving innovation and strengthen London’s international market reach with 33% of London tech company’s customers coming from outside the UK. This compares with 30% in Silicon Valley and 7% in Beijing ranking London the 2nd best connected technology ecosystem.

Being in London has played a large part in helping Hanhaa to grow

Events such as London Tech Week along with hundreds of other events, conferences, meet-ups and summits ensure that start-ups always have access to the latest trends and industry leaders. With all of this on their doorstep, London has become a clear global leader for those looking for the best launch pad for their technology company. One of the fastest growing sectors in tech is the Internet of Things which is now beginning to be implemented across many industries such as safety, data-driven decision making or infrastructure & supply chain.

For Hanhaa London has provided creative office spaces and access to a diverse and talented workforce. Excellent transport connections ensure direct flights and trains to most global locations with much of Europe less than a two-hour flight away giving ease of access to customers and suppliers. The company’s central London location has excellent access to national and international rail lines as well as London’s international Airports with sprawling views across the city. The company has also benefitted from the endless list of technology events across the city enabling for sharing and collaboration with other rapidly expanding companies. To find out more about life at Hanhaa and the current opportunities available click the link below:

Article by Ana Bila

Stephen HartnettLondon’s booming tech scene

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