The UK has one of the most advanced public and private infrastructures in the world and has a unique advantage in the business and startup landscape.
As one of the pioneers of the technologies transforming the global economy, the UK is extremely well positioned to seize the opportunities emerging in newest markets.
In fact, 78% of businesses globally believe that the UK is the better place to begin a new business startup.
And, despite the decision to leave the EU, the UK still a location choice that is thriving and growing.
The UK is looking to remain at the forefront of small business success.
Overall, with its rapid growth, scalability, and low demand for physical infrastructure, UK startups are a natural outgrowth of the digital age.
But the UK has much competition now with emerging innovative startups growing worldwide.
In fact, there are a handful of cities around the world that have become crucial hubs for the startup community and remain a competition for the UK.
Startup Cities Competing with the UK
The San Francisco Bay area, for instance, now boasts some 25,000 registered startups.
As the home of both Silicon Valley and several world-famous universities, the Bay Area is rich in young talent.
Across the United States, New York City is another economic powerhouse in the US.
NYC boasts 15,000 startups and over 100 coworking spaces.
Startups in both cities, however, face a considerable obstacle in paying the eye-watering high rents that plague these economic hubs.
Berlin, on the other hand, has an impressively low cost of living, even despite being a thriving cultural and economic centre.
There are nearly two thousand registered startups in the German capital city and a wealth of government incentives for business.
In Asia, Singapore has also established itself as a dominant player in the international startup scene.
With remarkably low corporate tax rates, low rents, an impressive government-funded startup scheme, and phenomenal public infrastructure, Singapore is a mecca for entrepreneurs.
When it comes to the entrepreneurial incentive, few cities can hold a candle to London.
As the home of wildly successful startups like Zoopla, ASOS, CityMapper, and TransferWise, London has a long history of producing top startups.
Also, London has hosted more than 8500 registered startups today.
Furthermore, the city of London has over 100 coworking spaces and corporate tax rates of a relatively small 20%.
Though startups thrive all throughout London, Shoreditch is the undisputed capital of the city’s startup scene.
London’s business-friendly government is also a major boon to entrepreneurs.
With incentives like the Grant For Business Development Scheme providing great support, there is much help at hand.
The Birth of Bournemouth Silicon Beach
It will likely be a few more years before any other British city can compete with the likes of London.
There has however been a buzz in recent years about Bournemouth.
If you have not heard, Bournemouth is being dubbed ‘Silicon Beach’ for its wealth of tech startups.
If Bournemouth does become ‘Silicon Beach’ you can expect a lower cost of living and cheaper rents than London.
Every entrepreneur might want to consider this beautiful startup-friendly city by the sea for a better work-life balance.
In any case, however, no matter where you do locate, it is an excellent time to be an entrepreneur in the UK.
To understand more about how startup cities are developing explore the Towergate Insurance Best Start-up Cities guide.
In the data, you can explore the top eight cities for startups and how rapid advancements are supporting them.