If you’ve been on LinkedIn recently you’ll have seen them. Posts from British tech founders citing their intention to move to the US. A land of bigger, bolder ambition which, they believe, provides more fertile ground for tech companies looking to scale. But in recent weeks, the tide seems to be turning. And the US’ new political hue could be the cause.
Amongst the bevvy of headline grabbing policy pronouncements made since the inauguration, President Trump and his coterie’s rapid dismantling of all things DEI has attracted particular attention in tech circles. And whilst many VC firms and leading tech figures are working hard to stay close to the President and mirror the vibe shift he’s introduced (Google and Meta have already announced plans to roll back diversity initiatives), others may not be so keen to align themselves with the new status quo. For diverse founders, funders and innovators, those from overlooked or underrepresented backgrounds, and those who continue to champion DEI, the US may suddenly be looking less attractive.
The numbers seem to bear this out. Figures just released show that the number of US citizens applying for UK residency hit record levels in 2024 – seeing a 26% year-on-year rise in applications as well as a ‘spike’ in enquiries immediately after November’s election. Even celebrity figures like America Ferrara, Ellen Degeneres and Ryan Gosling are reportedly upping sticks and putting down roots in Britain.
And whilst not all of these visa and citizenship applications will be attributable to the new Trumpian era (nor do all those who choose to make the US their home agree with such positions), the vastly reshaped political climate is clearly prompting some to re-assess where they want to live and work. All of a sudden, transatlantic talent migration looks like it’s becoming a two-way street.
This could be a golden opportunity for the UK – and specifically for our tech industry. For too long we’ve watched top tech talent head West. Now I believe our status as a liberal, diverse nation will help pull top talent in this direction.
The UK hasn’t (yet) succumbed quite so readily to the US’s anti-DEI energy. Channel 5, McDonald’s UK arm, Deloitte UK and Liberty Global (owner of Virgin Media O2) are just some of the major companies that have publicly committed to retaining their DEI policies. And whilst we could still see a slow backslide into a post-DEI era, many remain willing to champion it.
Moral arguments aside, positioning ourselves as a country that welcomes innovators from all backgrounds also makes economic sense. We know the diverse firms outperform competitors commercially. And immigrants have built 62% of US and UK unicorns to date. By continuing to honour our commitments to diversity, we can attract the talent who will build the next generation of unicorns right here on UK shores.
The US still outranks the UK in many respects when it comes to fostering innovation. They have a vastly more mature venture capital ecosystem, a strong legacy of founder-operators developing their second, third and fourth ventures as well as feeding back investment capital into the system, and a culture much more comfortable with (and celebrating of) entrepreneurial risk taking. And it of course remains home to a huge number of brilliant, welcoming and inclusive minds and organisations. Their global tech dominance is unlikely to abate anytime soon. And founders will continue to be pulled towards what is the world’s biggest market.
But even a slight tipping of the scales in the UK’s favour is an opportunity too significant to overlook. For too long we’ve been seen as an incubator nation, not a scale-up one. There are structural changes many would argue are needed before scale-up Britain can be realised (see the well documented debates on entrepreneur and investor tax policies), but we shouldn’t overlook the “soft power” being pro-diversity and pro-inclusion could bring us.
Because beyond our status as a tolerant society (despite many headlines to the contrary, UK citizens rank as one some of the most relaxed in the world when it comes to living next to a range of people) we have so many benefits to offer founders and funders who make Britain their home.
We have elite universities, world-leading science clusters and cutting-edge research institutions. We have London – Europe’s leading tech city – which teams with talent and fizzes with ideas, as well as a bevvy of increasingly vibrant regional tech hubs. Our capital also boasts one of the most diverse engineering workforces in Europe – ranking significantly above European averages when it comes to women and minority ethnic engineers. And we have a deep legacy of developing paradigm shifting innovators: Ada Lovelace, Alan Turing, Mike Burness-Lee, Demis Hassabis.
We want the next generation of game-changing founders to remain in Britain as they scale. And we want game-changing innovators living elsewhere to see the UK as an aspirational destination in which to build their businesses. As America turns its back on diversity, we should commit to embracing it.
Eleanor Kaye is the managing director of Newton Venture Program, the U.K.’s most prestigious VC training initiative. The brainchild of LocalGlobe and London Business School, Newton works with a diverse cohort of aspiring and advancing VC professionals, helping them unlock their career aspirations and ensuring the next generation of venture leaders reflects the world we live in.
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