UK TECH ECOSYSTEM UPDATE
London Tech Week 2022
As we enter London Tech Week 2022 the stage is set for the strongest UK tech growth ever recorded.
New data included in the report shows that the UK ranks 2nd globally for startup funding in 2022, after record Q1. This record places the UK above India and China, behind only the US on the global stage. Record levels of first quarter funding for the UK contributed to the surge, though changing market conditions could cause global volatility in H2 2022.
The UK has built an extensive unicorn pipeline; our ambition must now be set on encouraging the next wave of decacorns, those tech companies valued on or over $10bn+.
The UK has produced 122 billion dollar companies, and is home to a further 258 startups on potential future unicorn track, more than double any European neighbour. Despite Londonʼs leading position, a further three UK cities rank among the European top 20 future unicorns cities.
Demand for tech talent to fuel future growth is stronger than ever in the UK
Demand for talent in UK tech has been more acute, and pervasive than ever in 2022 so far, and with over 2mn open vacancies in the last year, tech companies are entering a new era of talent competition, which must necessitate innovative methods for encouraging more people into the tech fold . London ranks second globally for tech salaries vs. cost of living behind only New York, while Edinburgh, Birmingham, Glasgow and Leeds perform strongly in the UK rankings.