Wrecked by Brexit
Brexit is not popular with the technology crowd. “Compared to 12 months ago, I have actually got less excited about European tech and the European tech scene, Wikipedia‘s Jimmy Wales tells Atomico for its State of European Tech report. “’Less excited’ is maybe not right the word... ‘more pessimistic’. I am deeply concerned about - frankly - the train wreck of Brexit. I am afraid of it spiralling out of control.”
And more than any other event, the Brexit process is singled out in the report for its impact on the European tech ecosystem, with 52% of Europe’s tech community citing the UK’s triggering of Article 50 EU withdrawal clause as the most material event to have affected the tech industry in the past 12 months.
One-quarter of UK respondents say Brexit has impacted their talent and hiring activities, while over 20% report that it has affected investment and fundraising (compared to 17% on non-UK respondents).
Will the talent quit the UK? Jutta Steiner, CEO of Parity Technologies, is convinced this is already happening.
“A lot of smart people I know in tech are moving from London to Berlin after Brexit - they are really open to trying to go elsewhere,” she says.