TechTalk: WiredScore’s EMEA director shares his thoughts on why London needs to stay open to Europe’s tech community.
Leading the European curve in fintech and proptech, London has long established itself as Europe’s technology capital. Its melting pot of talent, strong business heritage, and thriving community, has put it firmly on the map and led to it rivalling the capital investment of Singapore and New York.
However, its position hasn’t gone unchallenged, with Berlin leading Europe in the 2017 Startup Genome league table for fostering and sustaining a vibrant startup ecosystem – download the report here.
Last week I joined 15 London-based technology companies that made up the Mayor’s International Business Programme delegation led by Deputy Mayor of London, Rajesh Agrawal, on a trade mission to Berlin to see how the two thriving communities could mutually support and learn from each other.
At the core, London and Berlin are very different. Berlin lacks the dominance that most capital cities hold in other industries, most of which are based in cities like Frankfurt for finance and Munich for blue chip companies. Instead, in recent years it has pitched itself as the regeneration capital of Europe – and, primarily, a tech heartland.
Tech has quickly become the biggest thing going in Berlin, a vibe that you feel throughout the city with its relaxed nature and the informality of the dress code.
Property has played a key role in attracting startups to the city. Ten years ago, property prices were low and it was easy to live in Berlin even while not making money. Prices have been consistently rising (although rent is still just a third that of London), but vacancy rates are staggeringly low and the innovative community with its numerous success stories including Zalando, SoundCloud and HelloFresh, continues to maintain its appeal.
Silicon Allee, for example, is now building three sites that will act as scale up centres. Unlike co-working spaces, these will take fast growing tech companies with 20-100 people in them and are likely to fill the spaces as soon as they are built.
However, beyond the amazing opportunity to speak with both political and industry leaders, including Eugen Miropolski, European managing director of WeWork, perhaps the poignant element of this trip was that it was happening on the same day that Theresa May officially invoked Article 50.
What is clear, despite Brexit, is that both the Mayor’s Office and London’s startup community are committed to ensuring that #LondonIsOpen and want to actively engage with continental Europe.
As I discussed immediately after the referendum, the UK will need to fight for the future opportunities that Brexit has put at risk. Continuing to build relationships with startup and tech communities throughout Europe, regardless of our official relationship with the EU, will be critical to ensure that London remains a hub of innovation and can provide its businesses with the opportunities to expand and succeed beyond the British Isles.
William Newton
