British tech start-ups flourish as investors pile in
A record 10,000 tech companies were created in the UK 2017
More than 10,000 new tech firms opened for business in the UK last year – an increase of 60% on 2016. At the same time, US companies invested a record amount of money in the booming British tech sector.
According to audit firm RSM, a total of 10,016 software development and programming businesses were incorporated in the UK in 2017, compared with just 6,300 the year before.
The credit for the tech surge is partly down to academic excellence, with British universities now playing a “key role in developing and nurturing exceptional talent”, said RSM’s David Blacher.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Increased US investment, meanwhile, is enough to “knock back claims that international investors would turn their backs on the UK’s technology companies after the Brexit vote”, says The Daily Telegraph.
Silicon Valley put £1.1bn into British technology firms in 2017, according to law firm Pennington Manches, which compiled a report on the investment using the Beahurst database of tech start-ups. East Coast US firms invested a further £1.3bn, also a record.
American investors, who were behind one third of investment in UK tech start-ups last year, cited the skills they found in the UK as the biggest reason to put their money into the country.
Take our survey for your chance to win £100 John Lewis vouchers
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
The Week contest: Werewolf bill
Puzzles and Quizzes
By The Week US Published
-
'This needs to be a bigger deal'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
Magazine solutions - November 29, 2024
Puzzles and Quizzes Issue - November 29, 2024
By The Week US Published
-
How cybercriminals are hacking into the heart of the US economy
Speed Read Ransomware attacks have become a global epidemic, with more than $18.6bn paid in ransoms in 2020
By The Week Staff Last updated
-
Language-learning apps speak the right lingo for UK subscribers
Speed Read Locked-down Brits turn to online lessons as a new hobby and way to upskill
By Mike Starling Published
-
Brexit-hobbled Britain ‘still tech powerhouse of Europe’
Speed Read New research shows that UK start-ups have won more funding than France and Germany combined over past year
By Mike Starling Published
-
Playing Cupid during Covid: Tinder reveals Britain’s top chat-up lines of the year
Speed Read Prince Harry, Meghan Markle and Dominic Cummings among most talked-about celebs on the dating app
By Joe Evans Last updated
-
Brits sending one less email a day would cut carbon emissions by 16,000 tonnes
Speed Read UK research suggests unnecessary online chatter increases climate change
By Joe Evans Published
-
Reach for the Moon: Nokia and Nasa to build 4G lunar network
Speed Read Deal is part of the US space agency’s plan to establish human settlements on the lunar surface
By Mike Starling Last updated
-
iPhone 12 launch: what we learned from the Apple ‘Hi, Speed’ event
Speed Read Tech giant unveils new 5G smartphone line-up
By Mike Starling Last updated
-
Russian agency behind US election meddling ‘created fake left-wing news site’
Speed Read Facebook says real reporters were hired by fake editors to write about US corruption
By Holden Frith Published