London entrepreneurs influenced by Brexit uncertainty, study shows

Research from tech firm Studio Graphene carried out in partnership with marketing and communications agency City Road Communications has shown that the uncertainty surrounding Brexit is influencing entrepreneurs in London, with the majority of early-stage companies choosing to remain in the city rather than relocating.

The study surveyed more than 100 founders of London’s start-up businesses to find out how Brexit has impacted them.

Loyal

The research found that despite the vote for the UK to exit the EU, the majority of London start-ups are remaining loyal to the city, with 72% of respondents being happy to remain there. Just 28% of London start-up founders said that they have thought about relocating as a result of Brexit.

The city’s start-up founders also spoke out about what issues they would like to see addressed, with 24% wanting the government to provide early-stage businesses with more information on how Brexit policies will affect their company.

More than 30% cited a tech talent shortage in the city as their top concern, while 29% said that the inability to recruit the right personnel is preventing them from growing their business.

Despite these concerns, London’s start-ups continue to be positive, with more than 60% believing that their ability to adapt is putting them in a better position than their larger competitors to turn the challenges caused by Brexit into opportunities.

Positive

Commenting on the research, Studio Graphene’s Director Ritam Gandhi said: “This timely new research shows how Brexit uncertainty is actually influencing London’s entrepreneurs. While there are concerns and issues to be addressed, it’s positive to see that the majority of founders are planning on staying put, showing they still consider the capital as a great place to start and grow a business.”