The majority of Britain’s tech start-ups are confident of growth, in spite of challenges facing the sector.
A report published this month canvassed the views of more than 1,000 entrepreneurs in the technology sector.
Almost two thirds of respondents said they were targeting either dramatic or moderate growth by 2019. And nearly half were hoping to take on new staff over the course of the next two years.
Only seven per cent of those to take part in the research had concerns that their business may be forced to shrink or wind down over the same period.
Generally speaking the report found a willingness among tech companies to raise venture capital, with the appetite in this regard apparently eclipsing all other sectors.
More than three quarters (76 per cent) of small and medium-sized tech firms would be open to investment from venture capital, private equity firms or business angels.
The UK’s tech sector is presently estimated to be worth £161billion, although the report noted that the industry is still confronted with a number of key challenges, including finding skilled staff and ongoing political uncertainty, most notably arising from Britain’s departure from the European Union.
London in particular has a reputation as a hub for the industry, with figures suggesting that around a fifth of UK firms are headquartered in the capital.
Latest posts by Warren Baker (see all)
- Undeniable positivity among the UK’s tech start-ups - March 20, 2017
- Contentious Stamp Duty surcharge raises almost £1.5billion - March 16, 2017
- Young British businesses are hungrier for growth, study suggests - March 13, 2017