Technology, Events, Talent Retention...
You only have to look at the 205,325 start ups generating over £56 Billion in revenue to know London isn’t just competing in the tech space, it is dominating.
In this article, we will look at London’s potential to become the tech capital of the world. While unearthing the secrets behind London’s tech leaders’ success in accelerating growth.
Despite the unpredictable process of Brexit The UK technology sector has continued to boom to a value of more than £180 billion in 2018. This impressive acceleration has dwarfed the slightly lethargic wider economy as the technology sector is surpassing any other non-digital sector for the fourth year in a row Consultancy.uk reported.
This impressive achievement hasn’t gone unnoticed and regardless of uncertainty around the outcomes of Brexit, UK tech companies are continuing to receive more venture capital investment from Silicon Valley than any other European country.
According to the investment data released by London & Partners, over the past five years, UK technology companies have received more venture capital investment from American investors than France, Germany and Ireland combined. In fact, London tech firms have raised $2.5bn in capital, this is almost double the figure raised by Stockholm ($1.4bn), second most popular European city.
While investment from outside the UK is important to developing London as a tech hub, we welcome the British government acknowledging the lucrative sector’s protentional. They have outlined plans to invest almost £1 billion in artificial intelligence and have committed to spending 2.4% of GDP on research and development.
Moreover, Mayor of London Sadiq Khan has said “London is home to Europe’s leading tech ecosystem and some of the brightest and most innovative entrepreneurs in the world. In particular, we are establishing ourselves as world leaders in artificial intelligence”.
At Mortimer Spinks, we appreciate maintaining this thriving industry and preserving growth is high on the agenda of every tech business leader in the capital.
Therefore, we are dedicating our annual tech event #FutureTechLondon to the booming businesses across the city. Our aim is to celebrate the UK’s tech ability, while encouraging an inclusive industry, by championing diverse role models and bringing people together to share stories and practical advice.
How to get involved
The event will take place on the 21st June at the May Fair hotel. The invitee list boasts 200 of London’s leading technology businesses from start-ups to tech giants.
We are thrilled to have Bethany Koby, Founder and CEO of Tech Will Save Us, as Keynote Speaker for the evening. Koby is a designer, educator and entrepreneur, passionate about shaping a brighter future for kids by empowering them to create with, rather than be fearful of or passive to technology.
Alongside Bethany, we delighted to introduce Kari Lawler as Special Guest Speaker. At 14 Kari was accepted onto the Entrepreneurs for the Future (e4f) incubator programme where she became the youngest start-up, entrepreneur and AI consultant at the Innovation Birmingham Campus.
Now, at 15 years old, Kari is utilising her knowledge to help start-ups and SMEs understand and deploy AI within their business. More recently, Kari won a coveted prize in the UK Space Agency SatelLife Challenge 2018, for her AI proposal.
The #FutureTechLondon panel will be led by Lis Evenstad, Management Editor at Computer Weekly. It will be made up of distinguished influencers within the technology sector, each bringing knowledge on a specialised subject. At the event we will be discussing the seven elements that drive growth:
People, Behaviours & Culture
As they say, you are only ever as strong as your weakest link. Therefore, to secure the best talent, businesses must champion diversity and inclusion by building an environment where every member of the team is aligned with the company's overall values.
By investing in employees, businesses can nurture talent and create lasting relationships. This is an infallible way to eliminate talent shortages and can aid the business when the time comes to upscale.
Digital, Technology and Analytics
Information is essential to any strong business. The developments in digital analytics such as, Cloud, AI, Social Media and Analytics, are making a significant impact on the way corporations interact with their customers as well as creating new business models.
The transformation in digital analytics allows for CIO’s to increase their responsibility within their company, as well as becoming a greater influence. Organisations should harness this technology to create a strategic and competitive edge.
Operations are the difference between strategic intent and the effective delivery of said intent. Companies must therefore align both aspects to achieve market advantage.
Don’t leave anything down to chance, focus on all areas of operation. Market leaders hold every aspect of their business to account and scrutinise even the smallest of tasks to ensure maximum efficiency.
Maintaining a clear link between operations and strategic intent will facilitate growth within a business.
Businesses that place customers at the core of its business strategy, effectively gain a strong market advantage.
Companies will not only profit from customer loyalty but are likely to experience long-term growth.
Moreover, businesses that see sustained expansion, continue to explore new ways to engage with their customer base and deliver the best product or service.
Funding and Finance
How a business manages its finances will ultimately determine how well a business performs.
Market-leading companies assess all available financial funding options and determine the best solution for them. To manage risk successfully, companies can retain funding to grow initially, then later use as capital.
Organisations must utilise their CFOs and acknowledge the importance of the financial function they hold. The CFO’s function is to act strategically and look at forecasts. Larger companies may also identify the CFO as an economic advisor, leading to improved financial performance and greater risk management.
Transactions and Alliances
It would be naïve to suggest that industry leaders advance through organic growth alone. Instead, they understand the importance of partnerships and tactical alliances.
Leaders also appreciate that the perfect union isn’t obtained by luck, but by remaining alert, building detailed profiles within the marketplace and by ensuring (economically) they are in a strong position to seize an opportunity.
While it sounds simple, unforeseeable circumstances often arise. Therefore, companies should have a contingency plan that falls in line with their overall business strategy. This way, businesses can proactively address future problems.
Risk is an inevitable part of any business venture. In fact, risk creates opportunities. However, it’s vital for Senior Executives to implement a solidified business strategy, regardless of the company’s growth stage.
The strategy should cover areas of training, management and retention of talent. Having a robust plan in place, while allowing room for innovation, will help to manage risk, especially in this fast-moving climate.