Edinburgh is UK’s second-largest hub for tech startups
Edinburgh is the UK’s second-largest hub for tech startups, according to Scottish Development International. Edinburgh was found to be the most active city in Scotland for startups, with 44 university startups and spin-outs being created last year. This makes it the largest hub for tech start-ups outside of London.
Research from FTI Consulting showed that Scotland’s tech sector raised over £85 billion in risk capital in 2014 and also produced its first “unicorns” (companies with a valuation that exceeds $1 billion) in 2015.
Flight comparison website Skyscanner, which is based in Edinburgh, became the first company in the city to achieve unicorn status in January last year, followed by web-based fantasy sports game FanDuel in July 2015.
Scotland’s tech sector is continuing to thrive, with the city creating several initiatives to help startups and individuals to boost their skills. Last year, the country launched its first ever software skills academy, CodeClan.
The city also has several technology incubators, including CodeBase, which provides help for tech startups looking to build and grow.
Scottish Development International Director of International Operations Neil Francis stated that the country’s innovative technology sector has gone from “strength to strength”, adding that it is benefitting from “not only a very active risk capital market, but a unique set of science and innovation assets clustered around its capital, Edinburgh.”
Francis said: “It is now widely recognised as one of the UK's most successful technology startup communities and thanks to the strength of the region's higher education sector and business environment for startups, continues to produce, nurture fast growing digital companies with true global potential.”
He added that the SDI has been working close with the sector in Scotland to support it “across a wide range of areas including access to finance, commercialisation and internationalisation”.