Over the last decade, London has been the protagonist of a dizzying rise that has distinguished numerous sectors of the world economy, from the financial sector to the fashion and restaurant sectors; the most unexpected and at the same time most evident growth, according to the numbers collected by a study published by Accenture, is that concerning the digital industry, software houses and fintech.
According to a study carried out by Accenture , London, after having achieved the fame of European capital in the sector, is now increasingly undermining the record held by the United States.
According to the proposed study, globally, investments in financial technology initiatives tripled from 928 million dollars in 2008 to 2.97 billion in 2013, with a growth rate of over four times higher than other venture capital investments; in the same period the value of investments in fintech in Great Britain increased eightfold , reaching 265 million dollars last year.
The annual growth rate was 51%, almost double the global average of 26% and well over 23% recorded in the same period by the Silicon Valley. Thanks to this rapid growth now Great Britain and Ireland (two very integrated companies that depend on London for funding, work and customers) account for over half (53%) of all fintech businesses in Europe and over two thirds (69%) of all the continent’s funding [1] [2] .
The numbers reached in the last decade by the London branch of Shoreditch, the neighborhood on the edge of the City that starts from the famous Silicon Roundabout , are actually remarkable, to the point that the digital industry is now expanding in many other areas of the city; if in 2010 around the Silicon Roundabout there were only 85 start-ups, in 2015 the situation has changed significantly, having now reached the threshold of 35 thousand start-ups , which give work to over 200 thousand people [3] .
The causes of the sensational development of the digital industry in London are linked to many factors: first of all, the importance of human resources available in the territory; a crucial role for the attraction of the most important human resources in the London territory is obviously played by the high standards of life offered by the city, able to attract the most promising students and developers.
Another point that has played and still plays a decisive role in favor of the development of the sector is represented by the greater ease of access to capital for new businesses, due not only to the presence of almost all the major banks or financial institutions of the world, but also to the numerous incentives aimed at favoring the development of the sector proposed by the local government; as an example, just think of the recent development of the Tech City production district , a cluster founded by local authorities (Department of Business, Innovations and Skills, ie Ministry of Development, and United Kingdom Trade and Investment) with the aim of attracting the most important companies in the sector and strengthen their position as the industry leader in Europe [4] .
For all stakeholders, the most important opportunity to get a broader overview of the evolution of the industry in the British capital is certainly represented by the London Technology Week , event that will be held from 20 June to 26 June in different locations of the capital and which represents an opportunity to present the most important innovations in this field by the major tech and software house firms, as well as to draw up a report on the performance of the sector to establish business relationships with new partners.
[1] Accenture, The boom in global investment fintech: new growth opportunity for London, 2014;
[2] Il Sole 24 Ore, London, capital of the fin-tech, 14 May 2014;
[3] Il Sole 24 Ore, The irresistible rise of Silicon London, 17 June 2015;
[4] Investing in the United Kingdom, Stefano Caprani, p. 30, 2015;