Tech Innovation and Entrepreneurship Boom in the UK: Post-Pandemic Future Possibilities
While the COVID-19 pandemic has devastating impacts on millions of businesses and industries worldwide, the UK technology sector has a different story to tell: one of solid growth.
Over the last decade, the UK technology industry has grown tenfold as London strives to narrow the gap on Silicon Valley. Moreover, following an influx of £13.5 billion in venture capital, the UK is spawning almost $1 billion “unicorn” technology businesses each week. At the same time, the number of companies nearing unicorn status also grew tenfold(City A.M.). The UK’s technology sector comeback from the pandemic has been one of the quickest global economies.
Propelled by this enormous boost in the UK Tech Sector, many metropolises such as Oxford, Manchester, Birmingham, Bristol, etc., are moving to the forefront of cutting-edge technology and investment besides London, creating more technology hubs in the UK. Furthermore, by promoting innovation in several sectors, the UK plans to bring several significant changes in the next decade.
Tech Innovation in the UK
Now that the United Kingdom has left the European Union, the government responds fast to developments and global possibilities, consolidating the UK’s status as a world leader in innovation. The number of artificial intelligence companies has rocketed by 600 per cent over the past ten years, fuelling UK’s progress towards becoming a global AI superpower.
Looking forward, the UK intends to develop a plethora of innovative products and introduce reforms geared toward the international market, as well as solutions to the world’s primary concerns and promotion of British principles. For example:
- By harvesting the crude power of technology, the UK aims to bring all greenhouse gas emissions to Net-Zero by 2050. In this regard, Britain strikes a green investment partnership with Bill Gates to invest and bring down the cost of new Greener Technologies to help countries hit net-zero emissions targets by 2050.
- Investment in R&D for technologies generated a significant potential for global talent acquisition, allowing the UK to dominate the market and stay a worldwide leader by employing top tech workers.
- To attract high-skilled innovation talent, new high potential individual, Scale-up visa, and Innovator Visa routes are being introduced, as well as revitalised as we speak.
Innovation is at the heart of entrepreneurial spirit in the UK. The need to respond to the changing consumer habits due to COVID-19 gave rise to many new start-ups in the UK. Embracing. Click to read the full article.
Originally published at Technologist Confidant.