Dubbed the Silicon Roundabout as the second best place in the world for technology-related start-ups, its popularity is still increasing despite political situation here in the UK.
Tech companies in London received more investment last year than the rest of Europe combined it’s the centre of the tech revolution that has begun.
Most investments happen in London, which attracts investors and innovators into one place. Most cities have one or two specialisations, but London tech is booming in cyber, software-as-a-service, AI, deep learning tech, fin-tech, robotics, VR and other emerging sectors. A lot of technologies converge here, resulting in some fascinating breakthroughs.
It’s easy to see why London is so famous. International flights to anywhere, rail services to the North, English speaking nation, world renowned universities with fresh talent and continuous innovation. A fantastically diverse community and great opportunities everywhere. London must remain open to stay in the lead.
UK Prime Minister Theresa May MP said: ‘‘The UK is a global tech powerhouse. I am immensely proud of our country’s ambitious tech scale-ups. These companies are delivering significant economic value to the nation through the investment they raise, the jobs they create and the innovative products and services they deliver.
Since 2016 the London tech industry grown over 17 per cent compared to just 5.5 per cent of overall UK economy. The digital sector was worth nearly £170 billion in 2016 and in 2017, tech companies raised £4.5 billion in venture capital investment, almost double the previous year.
Compared to other European cities, Berlin, Paris, Zurich and Amsterdam are a bit behind. Amsterdam packs only about half of the number of developers and Paris leads the way in Europe with 268 thousand. London has estimated 400 thousand developers.
London is a larger, more connected, offering everything in a single place which provides a lot of potential for investors, start-ups, inventors and skilled workforce, but there is a looming cloud. In 2018 London saw a 29% drop in venture capital funding but still managed to raise more than any other EU city. London companies attracted £1.8 billion ($2.3 billion) last year — roughly 90 per cent more than the £936.53 million ($1.2 billion) garnered by Berlin companies, which grabbed the number two spot. Paris, meanwhile, drew in £797 million ($1,017 billion) to nab third place, followed by Stockholm (£224.23 million/$286 million) and Barcelona (£182.74 million/$232 million).
London is popular among celebrities too. Rihanna just recently dropped the news to Londoners that she is now living among them, joining Madonna, Richard Branson, Johnny Depp, Kylie Minogue and many others.
Facebook’s new WhatsApp payment feature will be made in London. A relatively small team of 400 will soon grow more significant, according to FT. The majority of the WhatsApp software engineers will be hired in London. WhatsApp will no doubt be looking to tap into the availability of talent that exists in the city.
Tech industry is quickly spreading out of London too into digital suburbs. Digital Diamonds as they are called now are clusters of tech start-ups clustered together from Scotland to the South.
Empire Elements is helping London start-ups to build their ideas. Just recently we launched My Hippo Space start-up right here in London.
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