5 Tips for London startups
London Technology Find the right talent, location, connections and investors and your tech business will fly in London says David Slater, Director of International Trade & Investment at London & Partners, London’s official promotional company, helping companies set up and grow in the capital.
According to recent research by PwC, London is ranked the number one global city for opportunity and so the best place in the world to do business. Given our competitive position, there are some basic things you need to get right at the outset to ensure success. Here are five areas for consideration.
1. Advice and set up
Get the right professional advice early in the process to avoid problems later on. You need to set up your business as a legal entity, register your business with Companies House, open a business bank account, pay the right amount of corporation tax and file an annual tax return. As a leading global centre for professional and business services, London has experts offering every type of advice meeting all budgets.
2. Find the right office
Setting up your business in London gives you access to the best ecosystem in Europe, with some of the world’s most successful accelerators and incubators and extensive collaboration between start-ups and multi-nationals.
London offers thousands of business premises: from serviced offices to prestigious new developments you can find office space, mentors and financial backing among London’s numerous incubators and accelerators. Thanks to countless co-working spaces, you can parachute straight into business clusters devoted to tech, finance, fashion, travel and more by renting ‘pay as you go’ desks.
3. Recruit talent
London offers access to the world’s best talent, both in terms of a large highly educated domestic talent pool and ability to attract diverse talent from around the world.
You can recruit staff using job sites to engage consultants, find longer-term staff with specialist agencies, or track down raw talent at London’s universities and the numerous tech events held in Shoreditch and throughout London.
4. Attract investment
Venture capital investment into London’s tech sector is booming. Entrepreneurs from across Europe are coming to London to access this influx of funding. In the first three months of this year alone, technology companies secured over $682 million in VC financing. Last year, London tech companies landed more than $1.35 billion of investment, considerably more than the previous full-year record of $756m raised during 2013. In addition to the individual funding deals, 2014 also saw new VC funds base themselves in London to invest in tech opportunities around the world. The smart money is in London.
5. Protect your intellectual property
To maximise the value of your creativity, you will need to protect your inventions, designs, goods and services. Keep detailed records of the creation, development and manufacture of products and services and apply for relevant patents, trademarks, design rights and copyright. You can find a range of expert advice from London’s world-leading financial and professional services cluster, employing 709,500 people.
Good luck and above all, enjoy the ride.
The content of this document is intended for general guidance only. Action should not be taken without seeking professional advice. No responsibility for loss by any person acting or refraining from action as a result of the material in this document can be accepted and we cannot assume legal liability for any errors or omissions this document may contain