Start-ups shun Brexit London

Start-ups shun Brexit London

London tech brexit.png

London’s popularity as a tech start-up hub has nosedived due to Brexit.  A survey of 540 technology founders finds that the UK’s attractiveness has slumped to 41%, down from 55% in 2017, says the European Startup Initiative.

And a no-deal scenario is a pretty scary prospect too.

“With Brexit looming the question is pressing, how the still-fragile network of European start-up hubs will react when an important bloodline is pinched off,” says the start-up outfit.

This year, London remains the most popular city despite the fade, ahead of Berlin on 40%. The biggest gainer is Lisbon, while Dublin and Stockholm have dropped out of the top 10 EU metros.

London also has to deal with the threat of a tech brain drain. Additional European Startup Initiative research indicates that European tech talent moves ten times more than the average EU citizen. Tech nomads say they are generally drawn to move overseas by learning opportunities and personal challenges.

Almost two-thirds of founders from London participating in the survey were born abroad, compared to just over half in Berlin. Also, 60% of start-ups have employees, investors or entities abroad.

 Image: European Startup Initiative

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