UK tech businesses intent on achieving “dramatic” growth by 2019
With talk of Theresa May triggering Brexit this week, 36% of tech CEOs believe Britain's exit from Europe will "help chances of winning new business"...
The UK's small and medium-sized tech businesses are backing themselves to grow in spite of upcoming challenges posed by Britain's exit from the EU (Brexit), and skills shortages.
According to findings from the fourth annual Albion Growth report – published by VC investment firm Albion Ventures – 65% of the 1,014 tech entrepreneurs surveyed said they plan to grow “dramatically” or “moderately” by 2019 with 48% targeting new hires over the next two years.
While the report found strong anti-Brexit sentiment among tech business leaders with 49% in opposition, 8% higher than the opposition average of other business sectors, 36% of tech CEOs asserted optimism about Brexit and believe it “will help their chances of winning new business”.
Despite positive findings for the future of the UK's tech industry – now valued at over £161bn – many of the tech businesses interviewed by Albion reported concerns about finding skilled staff (a challenge for 48%), accessing new markets (31%), and changes in the political climate (30%).
Ed Lascelle, partner at Albion Ventures, commented: “The tech sector continues to grow rapidly and the UK still leads in some of the most exciting areas of innovation, such as artificial intelligence.”