London tech talent heading to the States to win international business
A group of ambitious London tech firms have arrived on American soil this morning (6 October) on a week-long mission to showcase their digital and technology expertise and win new investment in the capital. Their visit begins on the day it was revealed that technology firms in the capital have attracted more than one billion dollars of investment already in 2014.
Nineteen of the capital’s fastest growing technology start-ups have joined ‘The Great Enterprise Tech Expedition’ for a mission that will see them explore commercial opportunities and build relationships with key U.S. enterprises in New York, Boston and Chicago. While in the United States they will network across financial & business services, life sciences, retail, media and education brands. Firms were chosen to take part in the trip based on their dynamism, traction in local and international markets, readiness to do business in the US, and ability to gain interest in the highly competitive US tech and investor landscape.
The Great Enterprise Tech Expedition is one of the trade missions organised as part of the Mayor’s Export Programme, delivered in partnership with UK Trade & Investment, with the aim of providing the capital’s businesses with practical information and help to trade overseas. The Export Programme is funded by the London Enterprise Panel, which supports the creation of jobs and growth in the capital.
Today London & Partners, the Mayor’s Promotional Campaign for London, released new quarterly figures that show technology firms in the capital have attracted more than $1 billion of investment in 2014. The $1.021 billion raised by tech firms during the first three quarters of this year is almost 30 per cent more than the previous full year record of $719 million raised during 2013. It is also more than 10 times the amount raised in the full year 2010, highlighting the success of initiatives such as Tech City and London Technology Week.
The Mayor of London, Boris Johnson, said: “London’s innovative approach to the tech sector is the envy of start-ups the world over. We are a city packed with entrepreneurs who are experts in their field and my commitment to them is to provide whatever assistance I can to set them on the path towards international success. The opportunities that this whirlwind tour presents will convert into dollars for the companies and regeneration, jobs and growth back home in London.
“The figures released by London & Partners today show, without any question, that this is an incredible period for technology firms in our city. Tech is blossoming and our reputation for innovation and discovery, allied with outstanding talent, is attracting record breaking levels of investment from around the globe.”
The United States remains the largest market for technology in the world and the US cloud computing industry has grown from an estimated $46bn in 2008 to $150bn in 2014 with nearly 50 per cent of worldwide cloud computing revenue coming from the USA. New York has significant strength in financial services, real estate, advertising, fashion, media, culture and education, which offers opportunities for expansion and collaboration with UK start-ups. Boston has a strong research base, especially in life sciences and medical technologies. Chicago’s broad based economy spans business and financial services, manufacturing, healthcare, transportation, distribution and IT. All three of the cities visited will yield high quality opportunities to the delegates taking part in the expedition.
Businesses attending the trade mission will hear the experiences of several companies and individuals who are already operating successfully in the United States. Highlights include a question and answer session with UK ex-pats, tax and accountancy advice, presentations on the local economy and networking events.