Follow Us

We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message

Silicon Valley Bank survey highlights optimism among UK tech firms

Also raises talent shortage concerns

Article comments

The vast majority of UK tech companies are more optimistic than they have been in five years, according to a report out today from Silicon Valley Bank.

The bank’s Innovation Outlook report, designed to gage the perception of the global innovation sector, was taken by over 1,200 executives from software, hardware, cleantech and healthcare companies in start-up and growth stages of business in the US, the UK and other global innovation hubs. 

It found business optimism to be highest in the UK with 84 percent of executives in the innovation sector planning to grow their workforce this year, compared to 80 percent in Europe and 76 percent in North America.

Of the UK respondents, 79 percent said they believe business conditions will be better this year than last, which is the highest in five years. 

However, the study also revealed that UK businesses are struggling to obtain capital and find highly-skilled staff, with 94 percent saying it is extremely or somewhat challenging to find the right talent they need to grow.

Greg Becker, president and CEO of Silicon Valley Bank, said: “Innovation is happening globally, and it is driving a rapid pace of new company formation, an international exchange of ideas and alternative sources of capital.

“We believe that the regions that build talent pools of motivated workers with relevant skills through education and appropriate policies have the chance to become destinations of choice for rapidly growing companies and high-quality, well-paying jobs.”

The shortage of talented tech workers in London was acknowledged as the biggest barrier to the growth of the capital's technology sector by many of those in the Tech London Advocates lobbying group last week.

The group, made up of more than 500 advocates working in government, technology and business, believes that UK immigration laws should be relaxed in order to help overcome the issue. 

Gerald Brady, head of relationship banking at Silicon Valley Bank UK previously told Techworld that the San Francisco Bay area is the world capital of innovation, largely because it has a hyperconcentration of talented IT professionals. 

"The biggest difference [between London and San Francisco] isn’t about lawyers, capital, universities or the ecosystem," he said. "It’s cultural attitude to risk."

The Innovation Outlook survey, now in its fifth year, asked executives about their business’ health, the market, industry and public policy affecting their business. 

Silicon Valley Bank is a financial partner to technology, life science and cleantech companies and their investors worldwide.


More from Techworld

More relevant IT news


Send to a friend

Email this article to a friend or colleague:

PLEASE NOTE: Your name is used only to let the recipient know who sent the story, and in case of transmission error. Both your name and the recipient's name and address will not be used for any other purpose.

Techworld White Papers

Choose – and Choose Wisely – the Right MSP for Your SMB

End users need a technology partner that provides transparency, enables productivity, delivers...

Download Whitepaper

10 Effective Habits of Indispensable IT Departments

It’s no secret that responsibilities are growing while budgets continue to shrink. Download this...

Download Whitepaper

Gartner Magic Quadrant for Enterprise Information Archiving

Enterprise information archiving is contributing to organisational needs for e-discovery and...

Download Whitepaper

Advancing the state of virtualised backups

Dell Software’s vRanger is a veteran of the virtualisation specific backup market. It was the...

Download Whitepaper

Techworld UK - Technology - Business

Innovation, productivity, agility and profit

Watch this on demand webinar which explores IT innovation, managed print services and business agility.

Techworld Mobile Site

Access Techworld's content on the move

Get the latest news, product reviews and downloads on your mobile device with Techworld's mobile site.

Find out more...

From Wow to How : Making mobile and cloud work for you

On demand Biztech Briefing - Learn how to effectively deliver mobile work styles and cloud services together.

Watch now...

Site Map

* *