Report highlights globally connected UK tech sector

By Ryan Weeks on Friday 18 May 2018

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The Tech Nation report was released yesterday, accompanied by a comment from the Prime Minister.

Report highlights globally connected UK tech sector
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Tech Nation has issued its fourth annual report, highlighting strong growth for the UK’s much-vaunted tech sector.

The report, entitled Connection and collaboration: powering UK tech and driving the economy, places great emphasis on the globally connected nature of the UK;s tech sector, which outpaced the growth of the wider UK economy by 2.6 times.

The report states that the sector is a shining light not only in Europe but ‘on a global scale’. In London, 33 per cent of tech firms’ customers are based outside of the country, compared to 30 per cent in Silicon Valley and a mere 7 per cent in Beijing.

Furthermore, 25 per cent of the world’s entrepreneurs report a ‘significant relationship’ with two or more fellow entrepreneurs based in London – a stat beaten only by Silicon Valley.

“Over the last year, the performance of the United Kingdom’s digital tech sector has been world-leading, with British firms attracting more capital than any other European country. Our great strength in technology and innovation, built on the UK’s excellence in R&D and creative thinking, is demonstrated by the breadth of tech activity right across the country, and the powerful networks being forged by the next generation of entrepreneurs,” said Prime Minister Theresa May, in a statement.

Further highlighting the connectivity of the UK’s tech sector is the ‘vibrant grassroots tech scene’ identified by the report. Its researchers discovered 3,527 tech meet-up groups, with more than 1.6 million members across 283 locations.

But it also highlighted challenges. Notably, diversity remains an issue within the sector. Just 19 per cent of the UK’s digital tech workforce is female. This adds further colour to a problem that became apparent in the various gender pay gap reports filed by leaders within the fintech sector earlier this year, including digital banks Monzo and Starling, and online lender Funding Circle.

You can download a summary of the report here.


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