Silicon Valley now thrives in parts of the UK for Technology - Opportunity for expansion?
The hub of Technology Companies
In the Technology sector, there has traditionally been a place where technology companies, entrepreneurs, VC companies, Investors and Corporate Giants go. It is Silicon Valley in California. That is where you have traditionally seen such great technology companies sprout up from almost nowhere.
So is that the only place where you will see the hub of technology companies?
Well, that is not the case any more. There are areas in the UK that are becoming as strong and appealing to technology companies and to VC Companies, Investors and other companies associated with this sector. There are concentrated hubs in the UK such as:
London, with some parts of the City of London and East end of London being given dedicated Technology Centres and heavy investment and Government funding
The M4 and M3 Corridor, with major technology companies along this corridor
Cambridge, particularly famous for the area for Innovation
And there are others…
The investment that is being ploughed in the Technology space in the UK is staggering. One such example is the investment that is being ploughed in the Fintech sector. According to a report from Accenture (The future of Fintech and banking), the level of investment in Fintech ventures tripled in 2014 to a staggering $12.21 billion, with UK and Ireland’s growth at 136% at $623 million. The UK and Ireland dominate the Europe’s Fintech investment.
The above is just one such example of the activity in the UK in the Technology sector. The opportunity in the UK is amazing for technology companies outside the UK that are looking to drive more business in the UK, and the most cost effective way of doing this is through partnering (both for creating new products/solutions, but also to drive more sales through partnerships).
Let's now put this into context in looking at macro business environment.
A 2014 PwC CEO report came out saying that 51% of CEOs wanted to drive more business through partnerships. That is up from a year ago, which sat at 44%. But what is more important is that there were 2 major and equal factors driving their rationale for partnering:
The first was that CEOs are looking to partnerships as a strategy in order to innovate
The second is that CEOs are looking at partnerships to access markets that they are not already in.
It is the second point above that is really poignant for technology companies that are looking to access the UK market. Sales Partnering provides a great strategic choice, and a fantastic opportunity to access the UK market, as the level of investment is simply staggering, and allowing the UK to be the next Silicon Valley.