As a new tech start-up ourselves, we are really excited to see what the 2019 Tech Nation Report has to say about tech and business in the UK.
As mentioned in the report’s introduction, looking at UK Tech on a global scale is of huge importance, especially now with Brexit uncertainty looming. What can this report tell us about our role in the global tech scene?
“Leeds is distinctively ambitious, powered by innovators, entrepreneurs and social pioneers. There is real momentum across the city with the arrival this year of a Barclays Eagle Lab in the AvenueHQ coworking space, NEXUS (the University of Leeds Innovation Centre) and Co>Space North, a space for people passionate about digitally enabled health and care to connect, collaborate and co-create.”
Here are the most recent key stats when it comes to tech in Yorkshire:
Digital tech turnover (£bn)
Digital tech business count
Employment in digital tech
Digital tech productivity per worker (£000s)
Leeds didn’t make it onto any leaderboards (this year!) but it’s really great to see Newcastle representing the North by being in the Top 5 for Ecommerce growth and in the Top 5 (3rd globally) in AI Growth.
London also made it into the Top 5 for SaaS growth, globally!
This year’s ket stat headline:
“UK tech is punching above its weight.”
Now that is a bold statement from Tech Nation. What does it mean?
Investment for UK scaleup digital tech firms grew 61% between 2017 and 2018.
Total venture capital investment in UK tech in 2018 topped £6bn, more than any other European country.
With £5bn of scaleup investment, the UK ranks fourth in the world, after the US, China and India.
Scaleup tech investment was 2.5x higher than expected based on the relative size of the UK economy.
The report focuses in on high value scaleups as deals in these companies make up 80% of all tech investment in the whole of the UK, stating:
“UK tech scaleup investment makes up 80% of total tech investment in the UK. This put the UK in a strong international position to continue creating tech unicorns, and driving job creation up through high growth company activity.”
It then goes onto the importance of the UK when it comes to the AI sector (see above, Newcastle in Top 5 globally for AI growth), with AI startups from the UK raising almost double that of France and Germany combined.
“This report presents UK tech on the global stage.
It shows that the UK is a critical hub in the global tech ecosystem, and a strong economic performer. An exploration of companies, communities and technologies uncovers the pioneers in this era of global tech.”
The report covers emerging trends, employment, productivity, and more. If you’re at all interested in tech and business, we would recommend you give it a read. It’s so much more than what we’ve mentioned here!
What do you think about the report? Let us know your thoughts on Twitter!