The UK has 1.8m new businesses registered in last five years, making it Europe’s leading tech start-up scene, according to new data from Paymentsense.
Using available data between 2013-2017, Paymentsense analysed 30 European countries and also ranked them based on how many new businesses in tech have been registered in that 5-year period. They also created a list with the fastest growing tech firms in the UK.
The research reveals that the UK tops growth chart with 5% five-year start-up growth. 20% of all start-ups in the UK fall under the Professional, Scientific and Tech category.
2017 marked the most successful year for start-ups in the UK with nearly 80k new companies registered within the tech sector and Chancellor of the Exchequer Philip Hammond claiming that a new technology firm is set up at a rate of one per hour in the UK in this year’s Spring Statement.
“The UK ranks among the top five countries with the highest number of registered new businesses and has seen the biggest growth overall within the last five years. It shows that the country offers great foundations for entrepreneurs, especially within the tech sector,” said Guy Moreve, CEO at Paymentsense.
“Further afield, it’s fascinating to see how Europe has changed in recent times. A number of countries are now placing more emphasis on technology which has helped create a ‘golden era’ for tech start-ups.
“Within your respective country, it’s important to ensure you fully analyse the market you’re addressing – what has worked well for recent start-ups and what hasn’t; It’s also worth looking at the legal and environmental conditions in order to make sure your business idea is a success.”