Silicon Valley Bank: British startups back to pre-Brexit bullishness

By Daniel Lanyon on 12th February 2020

Fintech

In its survey of 1,100 founders of technology and healthcare startups across the UK, North America and China, the bank found UK firms in chirpy spirits.

Silicon Valley Bank: British startups back to pre-Brexit bullishness
Image source: Photo by Canva Studio from Pexels

Startup confidence in broader UK business conditions is now back to the level it was before the June 2016 Brexit vote, according to a survey by Silicon Valley Bank. 

Silicon Valley Bank's 11th annual Startup Outlook Report polls 1,100 founders of technology and healthcare startups across the UK, North America and China.

Not surprisingly, owing to uncertainty from Brexit over the past three and half years many founders have faced tension over the future. Now 57 per cent of the respondents to the bank's survey of 1100 founders believe that business conditions will improve in the coming year, compared to 47 per cent in 2019.  A further 86 per cent of UK startups surveyed plan to hire in 2020. 

Greg Becker, CEO of Silicon Valley Bank said: “We know economic and political events are hard to predict, especially how they may affect access to capital and the skilled talent needed to fuel growth. Still, startup founders and innovators are resilient. Survey results of the last three years generally describe a steady level of confidence, even in the face of continuous market shifts.”

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