UK named as the best place in Europe to scale a tech business
Company News, Digital Business, Country Digital Acceleration, Innovation, SMB
Report from Mind the Bridge, supported by Cisco highlights that 35% of the total capital made available to European tech scaleups was invested in the UK
London, UK, 7th December – Scaling great startups into profitable, productive global powerhouses is the ambition of many nations. A report launched by Mind the Bridge, supported by Cisco today names the UK as the tech scaleup capital of Europe. The launch of the report marks the fourth year anniversary of IDEALondon, a post-accelerator innovation centre run by Cisco, EDF Energy and UCL Engineering, which empowers tech start-ups to grow faster, stronger and further than they could alone.
The Scaleup UK 2017 SEP Monitor from Mind the Bridge, as part of the European Commission’s Startup Europe Partnership initiative and supported by Cisco, highlights that despite the current political uncertainty, the UK is the dominant player in the European scaleup scene. Collectively, UK tech scaleups have so far raised over $21.5B in funding which constitutes 35% of the total capital made available in Europe.
Describing the UK as the epicentre of tech scaleup Europe, the report highlights that while 69% of scale-ups are concentrated in London, the Northern powerhouse is rising as an upcoming hub for scaling businesses, with 8% originating from this region. In September of this year Cisco demonstrated its commitment to this region by opening Mi-IDEA in partnership with Manchester Science Partnerships. Mi-IDEA is a new post-accelerator centre in the heart of Manchester’s innovation district aimed to help digital tech start-ups in the North of England.
Consistent with common consensus, the report confirms that fintech is the prevalent industrial specialisation in the UK scaleup ecosystem. But artificial intelligence, e-commerce, mobility, fashion tech, gaming and big data are also present in the country. The fundamental role stock markets play in pushing the growth of UK scaleups is also demonstrated in the report. Crucially, UK scaleups raised four times more capital via IPO than their German equivalents, and three times the amount that scaleups in France, Spain and Italy were collectively able to raise.
“Today’s report demonstrates the formidable strength of the UK in providing the right environment for growing businesses. However, it is evident that we still have work to do. Whether it’s London cementing its position as a global scaleup capital, or other UK regions achieving greater levels of ambition, the UK has the potential and it now has the foundation and impetus to create world leading digital industry,” said Nick Chrissos, Head of Innovation, Cisco UK & Ireland.
He added “We’re a proud supporter of UK innovation. Today, we celebrate the fourth anniversary of our national innovation network and IDEALondon innovation centre; this follows the launch of Mi-IDEA in Manchester earlier this year to further support innovation in the North. We believe that the creation of these networks in industry, in regions and across the UK will be pivotal to helping develop our ability to innovate, together.”
Alberto Onetti, Chairman at Mind the Bridge, and spokesperson for Startup Europe Partnership (SEP), said “The report confirms that without a doubt, the UK is the epicentre of scaleup Europe. It’s impressive too, to see that the tech UK economy continues to grow at double digits in terms of both capital and scaleup volume. Despite the uncertain political climate, scaleup development in UK is strong and is expected to continue to grow, which is fantastic to see.”
Today’s announcement is the latest example of Cisco’s commitment to support innovation in the UK. Whether it’s solving the world’s biggest problems, becoming more productive or helping start-ups grow and be more competitive, Cisco believes the answer to these challenges lies in co-innovation, working alongside customers, partners, start-ups, universities and governments to turn bright ideas into transformative solutions.
Notes to Editor:
When supporting UK startups to scale, Cisco provides infrastructure, access to the world’s largest partner ecosystem and go-to-market capability that make co-innovation work for everyone. The IDEALondon post-accelerator centre is a prime example of this. Since its formation four years ago, the centre has worked with more than 150 startup businesses supported, £40m in investment raised and over 400 jobs created by those startups.
Find out more about IDEALondon: https://www.idea-london.co.uk/
Find out more about Mi-IDEA: https://www.mi-idea.com/
Details on report: SEP Monitor, Scaleup UK 2017, Mind the Bridge, December 2017:
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About Mind the Bridge
Mind the Bridge is a global organization that provides innovation advisory services for corporates and startups. With HQs in San Francisco (CA) and offices in London, Italy and Spain, Mind the Bridge has been working as an international bridge at the intersection between startups and corporates since 2007. Mind the Bridge scouts, filters and works with 1,500+ startups a year supporting global corporations in their innovation quest by driving open innovation initiatives that translate into curated deals with startups (namely POCs, licensing, investments, and/or acquisitions). Mind the Bridge publishes curated reports on the status of the scaleup ecosystems in different geographies, as well as M&A and innovation market trends in various verticals. Mind the Bridge has strong partnerships with entities such as the London Stock Exchange and the European Commission, for whom it runs the Startup Europe Partnership (SEP) open innovation platform.
www.mindthebridge.com | @mindthebridge
About Startup Europe Partnership (SEP)
Established by the European Commission in January 2014 at the World Economic Forum in Davos, SEP is the first pan-European open innovation platform dedicated to transforming European startups into scaleups by linking them with global corporations and stock exchanges
SEP is led by Mind the Bridge, a global organization based in Europe and Silicon Valley, in partnership with innovation foundation Nesta, the European Investment Fund/ European Investment Bank Group, London Stock Exchange Group, EBAN, the European Startup Network, and The ScaleUp Institute.
By participating in the SEP program, global companies have access to the best technologies and companies with the goal of initiating business partnerships and venture corporate investments. Scaleups are exposed to qualified sales/strategic opportunities as well as funding options either via venture capital, private placements, or IPOs.
For more info: http://startupeuropepartnership.eu | @sep_eu
(+44) 788 191 8160
Mind the Bridge
Serena Orizi – PR and Communication