One of the most unexpected, yet positive, consequences of the pandemic has been the rise in start-up businesses.
Entrepreneurs have founded over 400,000 new businesses in the UK since 2020, despite the challenges presented by the pandemic – this is the biggest start-up boom in Britain in over 10 years. This rise in start-up businesses isn’t only being seen in the UK, throughout Europe creative concepts are accruing investment and growing into profitable enterprises.
Across Europe and the UK, London has been the epicentre for this boom in start-up businesses and no sector has seen more growth than in tech. In 2021, London tech start-ups raised a record-breaking £18.55bn in venture capital investment. Ranking 4th for global investment in tech start-ups, London only sat behind San Francisco, New York, and Greater Boston.
England’s capital is home to several ‘Unicorn’ start-up businesses (popular terminology for privately held start-up enterprises valued over $1bn). No other European city has as many; across London, there are 71 unicorn start-ups. Paris currently only hosts 21 ‘Unicorns’ which is the 2nd highest.
IT Services in London have been scrambling to keep up with the ever-growing demand from innovative, expanding tech start-up businesses. Whether it’s to establish a comprehensive IT infrastructure, improve cybersecurity, or transition data to the cloud, many new enterprises are investing in managed IT services in London. Often, to cope with the rapid growth recent successful tech start-up businesses are seeing, IT support services are essential.