Many of the most successful global corporations began as start-ups, fuelled by entrepreneurs hoping to catch their big break. Every business owner needs to start somewhere, and if the right investment comes along, a start-up can go from being unknown to a household name in no time at all.
London is rife with new start-up businesses seeking to fill gaps in lucrative markets – so much so that we now refer to it as the start-up ecosystem. Find out more about these trends below.
Strong Focus on Tech
In 2020, everyone is using cutting edge tech in their day to day lives. Whether they are snapping a photo on their smartphone, using a computer at work or simply listening to music on the commute, tech is intertwined with our daily lives. For this reason, another trend that we are seeing in London start-ups is a strong focus on technology. Take tech entrepreneur Tej Kohli, for example, who has poured £100m into these businesses – and he isn’t alone. Other tech giants such as Google and Amazon are doing the same.
In London, competition between industry leaders is rife, and the start-up ecosystem offers many opportunities to grow. In an attempt to get a slice of the start-up action, corporate companies in the capital city are starting programs that involve them taking new business owners under their wing. These programmes are known as corporate accelerators, and are is being spearheaded by some big companies such as Accenture Digital and Microsoft Ventures.
Services Offered by Innovation Agencies
Another trend that we are seeing in the start-up ecosystem in London is an increase in the number of services that are being offered by innovation agencies. These agencies need to be able to provide all of the digital services that a business needs in 2020, otherwise their clients will go elsewhere. The digital landscape is constantly evolving and, in response, start-ups are trying to do a bit of everything.
From Start-Ups to Scaleups
Finally, you’ll find that there is a shift in focus from start-ups to scaleups in the London ecosystem. This is due to an increased number of businesses who are offering to develop the MVP early on. There are many agencies who can help with this and they are scaling up businesses everywhere you look. While this isn’t always successful, it certainly has the potential to become more common.
The vast number of successful businesses and start-ups in London prove that this is the city to get started in. There will always be trends in the ecosystem as more businesses learn from the mistakes of others. Who knows what the ecosystem might look like in ten years as it evolves and changes over time? For now, these are the trends that you should be aware of.