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Brexit is not shaking start-ups’ belief in London
Release on :2018-07-18
A survey of over 100 founders of London-based start-ups found that less than one third (28%), have considered relocating following the Brexit vote, with 72% “happy to stay put regardless of this development”.
Nearly a quarter (24%) felt the government should do more to educate start-ups on how Brexit policies will affect their business. [Although this does rely on the Brexit policies being confirmed in the first place and start-ups having the business acumen to analyse these when finalised.]
A third reported a shortage of tech talent in London and 29% of business said being unable to hire the right personnel is a major barrier, preventing growth. 11% said that the pre-Brexit visa and immigration laws had preventing them from hiring the staff they needed.
The optimism of youth prevailed, as 62% of London’s start-up founders believe they are better placed than their larger competitors to turn the challenges of Brexit into opportunities, through agility and the ability to adapt
The survey was conducted by Studio Graphne in partnership with City Road Communications. Ritam Gandhi, director of Studio Graphene, commented: “While there are concerns and issues to be addressed, it’s positive to see that the majority of founders are planning on staying put, showing they still consider the capital as a great place to start and grow a business.
“What’s more, it’s encouraging that most London start-ups view Brexit as an opportunity for them to steal a march on their larger competitors if they are more agile and responsive – this is the mind-set they must adopt.”
Dominic Pollard, director of City Road Communications, added: “Two years on . . . the picture of what Brexit will mean for start-ups remains unclear. Evidently, there is a clear need for the Government to review the challenges facing start-ups and ensure they receive the support through this process.
“Nevertheless, it’s vital that entrepreneurs don’t simply tread water until we leave the EU – it’s business as usual and those who press ahead with their growth strategy will be best placed to cope with Brexit’s positive or negative outcomes.”
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