Startups in London on Heet.io
London is generally considered as the largest startup scene in Europe with over 2,000 start ups, 300 accelerators and almost 50,000 workers employed in the scene. Silicon Roundabout, ‘Tech City’ in East London is the centre of the scene and it has been actively promoted by David Cameron and the British government who believe Tech City could soon rival Silicon Valley. Measures have been put in place to aid startups such as lower taxes and the introduction of an ‘entrepreneur visa’ which the four largest accelerators have permission to grant. The visa should help attract international talent to the London startup scene.
London has been crucial in attracting the attention of many key American investors including Google, Facebook and Amazon to the european startup scene. Success stories include TransferWise, Citymapper and Geckoboard.
The tech scene now takes up more office space than the finance and insurance sectors combined. The focal point of the scene is Google’s London Campus, housing two of the four biggest incubators in the city- doyen Seedcamp and home-grown Oxygen- as well as numerous co-working spaces and hosting many networking events. TechHub and Digital Shoreditch are other key centres for networking. Another huge advantage of the city is its importance as a financial centre of europe.
Of course, living costs and high cost of renting office space is a major drawback of London as a startup base. Traditional university education is also, as a rule, favoured by venture capitalists but at the same time many top graduates are looking first to the big names such as Google before looking to the startup scene for work.
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