If you’re interested in joining the tech industry in the UK, now is a great time to consider running your own business. The sector is on the up, with a growing number of both start-ups and billion-pound corporations. Here’s how you can take advantage of Great Britain’s status as a tech hotspot by launching your own tech-driven business.
More than one in three of Europe’s fastest-growing technology companies are based in the UK, according to government research. And although we haven’t yet created a firm as internationally renowned as Google or Amazon, Great Britain is still the third in the runnings when it comes to billion-dollar businesses. We only follow the US and China in our number of tech ‘unicorns’, companies with a market valuation of over $1 billion. Money Super Market, Metro Bank and Monzo all enjoy ‘unicorn’ status (Dealroom on behalf of Tech Nation).
Unsurprisingly, London - with its famous ‘Silicon Roundabout’ - is leading the way. Its focus on fintech, digital media and social networks place it as a major European tech hotspot.
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Government funding for the tech industry
In 2019, the government invested £153 million into quantum computing technology to drive growth in the sector, which was complemented by a £205 million package from private sector companies. Theresa May also created 2,500 places on artificial intelligence and data conversion training courses.
British tech is growing over one and a half times faster than the rest of the economy, adding more than £130 billion to our economy every year. – Theresa May, Former Prime Minster
Tech for good
The UK isn’t just a tech hotspot; it’s also a hub for companies finding vital solutions to real-world issues. London is the most successful city in Europe for creating technology to combat environmental and social challenges, beating Amsterdam, Copenhagen and Stockholm to the top spot (Nesta).
Businesses in the UK have developed and employed innovative technologies across a diverse range of sectors, creating everything from food distribution apps to 3D-printed splints.
Given London’s role as the tech capital of Europe, it’s perhaps not surprising to see it is also the best place for digital social innovators to develop, with a high concentration of skills, research, funding and infrastructure. – Matt Stokes, senior researcher, Nesta
Brexit & Covid-19
Business leaders, employees and politicians alike have voiced their concern over the impact of Brexit on the tech industry in the UK. Back in 2018, Catherine McGuinnes, London City’s corporation’s policy chairwoman, predicted 3,500-12,000 job losses in the financial services sector when the UK left the EU.
As the UK risks losing access to EU resources, many tech companies will need to adapt in the coming months. For instance, TransferWise, a tech unicorn with Estonian founders and London headquarters intends to move its operations to mainland Europe after Brexit.
But despite all the uncertainty surrounding the UK’s split from the EU, politicians remain optimistic about the industry and our status as a tech hotspot.
Time and time again doom-mongers have predicted the demise of the city and time and time again they have been proved wrong. I am convinced that once the dust settles, the City of London will do what it always does, which is to emerge fitter, stronger and more dynamic than ever. – Liam Fox, UK Trade Minister
While a high proportion of UK firms have suffered throughout the coronavirus pandemic, many tech companies have been able to play a key part in the response. For instance, London-based AI business, Faculty has joined Amazon, Microsoft and Google to help the NHS organise data and create interactive dashboards tracking the UK’s progress.
To name just a few examples, software firm AccuRx created a video consultation platform for online appointments. Healthtech company Huma collaborated with Imperial College and John Hopkins University to develop a remote patient monitoring platform. Meanwhile, ‘e-prescribing’ business Triscribe has used its analytical tools to track medicine usage and stocks.
Over the last month, the UK’s healthtech sector has shown why it is a global leader, quickly using its expertise to develop practical solutions to help the government and the NHS with innovative products and services to respond to those in need. - Caroline Dinenage, Minister of State for Digital
Tech businesses in the franchise sector
If you’d like to take advantage of the UK’s status as a tech hotspot without going it alone and launching your own start-up, why not join a franchise? There’s lots of choice in the tech industry - and they don’t all come with a premium price tag.
ComputerXplorers is just one example of a low-cost tech franchise. You can get started for as little as £14,950 +VAT and help teach children how to use technology.
ComputerXplorers is the leading provider of tech education for children between the ages of three and 13. This exciting franchise delivers engaging, informative and fun classes to help children learn computer skills in a relaxed environment.
- Becoming a ComputerXplorers franchisee: If you’re prepared to work hard, are comfortable dealing with people and have a positive mindset, you’re just the type of investor ComputerXplorers is looking for. You’ll introduce young students to podcasting, digital photography, robotics and the internet, and teach older children about programming, video game and web design and music technology.
- How much you need to invest: The total cost of investing in a ComputerXplorers franchise is £14,950 plus VAT, and you can expect to generate a revenue of £93,000 after two years in business.
- What you get for your investment: ComputerXplorers provides a turnkey business model with a comprehensive start-up package, so you’ll gain all the skills and know-how you need once you’ve signed up.
Visit the franchise’s Point Franchise profile page to find out more about its investment opportunity.
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Find your next business venture at Point Franchise
If you’re considering running your own business, the tech industry is a great place to start your research. With its wide range of sub-sectors, there is a huge deal of variation among its investment opportunities; you’ll find tech franchises working in cleaning, gaming, marketing and education, for instance.
View our full range of IT, online and tech business opportunities to find your ideal opportunity.
Alice Tuffery, Point Franchise ©