Building a tech business in a city driven by technology is paramount, so why is London becoming the new Silicon Valley? Read on to find out…
Ever since Silicon Valley in California became the US’ technological hub, we’ve been hard-pressed to find a location to compete. After all, the area is filled with wealthy investors and funding institutions which make it the ideal place for tech, and other, start-ups.
That said, recent articles within the past couple of years have hinted at London’s rise to become a rival to this tech superpower. This is keeping the immigration lawyer London market extremely fertile.
The question is, why is London the place to be for those in the technology sector? What’s more, are people actually moving here to become part of the hype? Read on to find out more…
The Stats Behind Tech Entrepreneurs Moving to London
According to Tech Nation, the UK is cementing itself as one of the leading countries in the digital tech industry. London, alongside Guildford, Aldershot, Heathrow, and Slough, are mainly responsible for the increasingly high levels of employment within the sector.
Even throughout 2020 – the hardest year for many businesses – the tech industry in the UK still thrived. Specifically, “the data for the last year shows that the tech sector is making positive steps towards recovery from the impact of Covid-19, with job vacancies climbing 50% since the year’s lowest point in July. Since then, job opportunities have increased at a rate of 2.6% a month, reaching 75,353 open job advertisements in November.”
It’s not just UK citizens who are seeking these roles, but those from outside of the country immigrating to the big city too. Relocate demonstrated this by sharing Mahdi’s relocation story – a man whose 15+ years in tech led him to move from Iran to London to seek more opportunities.
In fact, according to this annual study, 10 percent of the UK’s job vacancies are for tech jobs. This demonstrates the increasing importance of tech roles for the economic health of the country. With London at the centre of these developments, it’s no surprise that London rivals even Silicon Valley for the top spot.
8 Reasons Why Tech Entrepreneurs Are Immigrating to London
The real question is, why are people moving to London specifically to find jobs in tech? Let’s take a look at some of the main reasons here…
1. Many Foreign People Speak English
Moving to a new country is hard enough as it is without having to learn a whole new language. This is especially true if you’re moving somewhere for a job; it would be practically impossible to obtain and keep a job without being able to communicate properly with co-workers.
English is the most-spoken language in the world, with 1,348 million people speaking the language worldwide. So, for those looking to relocate, it makes complete sense to travel somewhere where they can communicate with the locals.
2. A Well-Connected City
According to the Tech Nation study we saw earlier, “digital tech companies in London are the most connected in Europe, second only to Silicon Valley for international connections”. In fact, 25 percent of entrepreneurs report to have significant relationships with two or more London business owners.
The tech industry requires collaboration to work and, with London’s global connections, it’s no surprise that people want a piece of the pie.
3. Changes in Entrepreneurial Spirit
Prior to the economic crash in 2007 and 2008, the UK was known for their lack of risk-taking, making entrepreneurs hard to come by. However, over the last decade, job security has gone out the window, meaning risking everything to set up a tech business doesn’t seem so crazy anymore. This is opening jobs left, right and centre in an ever-developing industry.
4. More Enthusiasm in London
With these changes in entrepreneurial spirit has come a greater enthusiasm for start-ups. Considering London is such a young player in this field, the city has a lot to prove. So, for budding entrepreneurs, it’s the best place to head to to show what you’re made of, whilst joining a supportive network along the way.
5. Investment in London is High
Technology is, no doubt, a growing sector, considering our increasing reliance on tech to survive. From smart homes to mobile phones, to banking apps and takeaway delivery services, every sector can cash in on technology.
Because of this, there’s plenty of room for investment. With the capital having plenty of financial backing and plenty of investors, investment into this sector is fast-growing.
6. High Demand
As discussed previously, 10 percent of the UK’s open jobs are within the tech industry. This makes London a relatively low-risk area to move to if you want a secure job. After all, the number of people required to fill these jobs is actually relatively low compared to the demand, so immigrants would be wise to make the most of this gap in the market.
7. Reaching the European Market
As we’ve seen, Silicon Valley is, of course, the tech hub in the US, but what about Europe? US tech entrepreneurs are looking for an in into the European market, and London is simply the best jumping off point for it. This is leading to a rise in tech jobs available, encouraging more and more people to join the ever-growing force.
8. Silicon Valley too Competitive
Considering the fact that California is touted as being the world’s tech hub, it comes as no surprise that it is incredibly competitive. In fact, desk space is apparently becoming more hard to come by in Silicon Valley, meaning it may not be the smartest place to set up a new tech business.
For a company who still wants to compete, but prefers a more collaborative approach, London is the place to be.
Ready to Immigrate to London?
As you can see, London is the up-and-coming place if you’re a tech start-up or expert looking to flourish. Although Silicon Valley is still up there, the competitive nature of this Californian hub makes it almost too difficult to get your foot in the door. London offers the entrepreneurial spirit, with a little more support and enthusiasm along the way.
Are you thinking of moving to London to pursue a career in the technology sector? Or, perhaps you’ve already done so and have a word of wisdom to share. Be sure to leave your thoughts and experiences in the comments down below.
Image Credits:
1 – Marcin Nowak, https://unsplash.com/photos/iXqTqC-f6jI
2 – Jack Finnigan, https://unsplash.com/photos/Mxqvo8hhY1s
3 – Giammarco, https://unsplash.com/photos/q140lHKzXZY
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