London Daily News

Sailing the tech seas from the Nordics to the UK in true Viking style

Picture this: 1200 years ago, fierce Vikings sailed across the North Sea to explore a new land full of riches, resources, and opportunities. They brought with them a wealth of new ideas and cultures, forever changing the landscape of language and society in what would eventually become the United Kingdom.

Come to the present day and the UK has big ambitions – it wants to become a tech and science superpower by 2030, rivalling the likes of Silicon Valley and China. UK’s tech industry hit a $1 trillion valuation for the first time last year, making it the third-largest tech hub in the world. 

BrightBid, a Swedish AI-driven tech firm, has achieved remarkable growth following its expansion into London. With £4m in annual revenue in just two years, a 450+ customer base, and a staggering 151% year-on-year growth, it is placed among the top fastest-growing SaaS companies worldwide. A great success story for a startup looking beyond the borders and across the seas to new opportunities. 

Setting off on a new journey

Expanding into a new country can be a daunting task, but with a strategic approach, it can be accomplished successfully. Achieving wider market expansion requires careful planning, seamless execution, and a profound understanding of the target market. Any company seeking to make a name for itself in the UK tech scene should bear these key points in mind.

Other important tech hubs in Europe are also booming, including Berlin and Paris. In the last two years, investment in Berlin has increased by nearly 150%, with a startup investment of roughly €4.5 billion. With a 50% rise in tech businesses since 2014, Paris now boasts three unicorns among its current 27 tech startups. Budapest, Bulgaria, and Prague are also making progress.

Boots on the ground

Having a local team with a deep understanding of the market is crucial for building any successful company in the UK, most especially a tech company. It enables you to tailor your approach to meet the specific needs of your target audience, monitor potential investment opportunities, establish trust with potential customers, and navigate cultural nuances. 

Take a look at Spotify. They set up their UK operations in London in 2009 with a small team of employees who understood the local market, which helped them to dominate the Audio Subscription Market with 62% of UK Subscribers holding a Spotify account by 2020. BrightBid leveraged its existing relationships in the Scandinavian tech ecosystem to bring new ideas and perspectives to the UK market. By embracing a diverse workforce and connecting with other tech hubs in Europe, they were able to unlock new pathways to develop growth.

Developing Tech and talent 

The UK government recognises AI as one of the “technologies of tomorrow” and contributed £3.7bn ($5.6bn) to the UK economy in 2022. This year, to further develop cutting-edge AI solutions in crucial areas such as cybersecurity, healthcare, and beyond, the government announced plans to invest £900m of funding for an exascale supercomputer and also award a £1m prize every year for the next 10 years to the most groundbreaking AI research.

For the UK Government to continue to drive innovation and inclusivity, it should take a proactive approach to close the talent gap, particularly for short-term needs and supporting work permits for talented immigrants. Long-term expansion of the availability of digital credentials in schools, colleges, and universities will also support the development of a talent pool of IT professionals and further stimulate innovation in the UK.

Silicon Valley is a well-oiled machine, with efficient laws, policies, and regulations that protect the interests of tech businesses and startups. China, with its massive workforce and hyper-adoption of new technology, moves faster than anywhere else in the world, allowing its innovators to compete on a global level. With the UK’s shores showing promise, the government needs to act at a similar pace in terms of regulations and give tech companies the confidence to achieve the greatest potential. With AI still in its infancy, the UK has the opportunity to act swiftly and become a major tech and science superpower.

Featured Photo by Tucker Monticelli on Unsplash

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