Posted by John North, Partner
On 1 September 2016 Withy King LLP merged with Royds LLP. The trading name for the merged firm is Royds Withy King. All content produced prior to this date will remain in the name of the firms pre-merger.
Tech City Future
The Tech City Futures report was published earlier this month. The report which is produced by GfK for TechCityInsider and partners is said to be the the most significant survey into attitudes within Tech City.
So what did the report find in a nutshell?
Shortage of skilled workers
The biggest single challenge identified by the business leaders who took part in the survey was the shortage of skilled workers in the job market. The skills they are referring to here are specialised digital and technology skills with coders and developers (programmers); marketing and PR; business development; web designers and usability specialists pin pointed as being the five most skills in demand. This shortage was also was seen to have a negative growth on businesses with 77% of the business leaders stating that they could grow quicker if they had access to these skills.
Lack of funding and confidence in the economy
Unfortunately only 1 in 7 London tech city businesses stated that they had any confidence in the UK’s current economic situation. This lack of confidence seems to stem from the current tough economic climate which is making sourcing funding a big challenge for these businesses. 33% of the business leaders said that their businesses were hindered by a lack of capital. 78% of the businesses said that they had used some kind of investment and financing in the past. With angel investors, venture capital and borrowing against personal assets being the most popular and traditional bank lending accounting for only 14% of financing.
Government need to take more action
Only 43% of the business leaders thought that the government had been quite or very supportive of tech business. The general feeling seems to be that the government need to do more than just PR and shining a light on the tech cluster.
The report raises important concerns which will need to be addressed in order for Tech City to grow and eventually rival the likes of Silicon Valley. Key players have been identified who will be instrumental in addressing these concerns and ensuring the successful future of Tech City including the government, investors and banks, universities, tech city mentors and large tech firms.