UK start-ups look to Brexit Europe
February 17, 2017 in technology
With Brexit looming, start-ups are busy working out how to respond to the challenge, and one in five say they are considering establishing EU outposts, while 17% say they may well move their headquarters out of the UK, according to the UK Startup Outlook Report from Silicon Valley Bank. And in the long wake of last year’s EU exit vote, one-third of British start-ups say their major concerns are the worries of non-UK employees regarding their long-term opportunities in the country.
In addition, one-fifth of start-ups say they are apprehensive about their ability to attract VC financing in the current climate, the same proportion which is worried about the increased cost of running their businesses.
However, SVB says its view is that Brexit could create the impetus to enhance the UK’s competitiveness in the EU. “We expect there will be new focus on the factors that drive business innovation and success, including easing contractual arrangements, creating new investment opportunities and making taxation more competitive.”