London continues to be Europe’s tech investment capital – raising £1.8bn in Venture Capital (VC) and public funding in 2018, with more IPOs than anywhere else in Europe. We must continue to take on the challenge of diversifying the industry, with a full commitment to inclusive innovation.
Diversity in London’s tech sector
According to a 2018 report, only 14.6% senior UK tech leaders are women and 70.5% senior executive teams have no BAME members at all.
It’s important that the tech sector reflects the diversity of the capital and so it’s really encouraging to see this emerge as a major theme of this year’s London Tech Week – it’s right that we lead by example in a city as progressive as London.
London is Europe’s leading tech hub and our tech sector is a vital source of jobs and growth for the economy. From FinTech to Artificial Intelligence, London companies are leading the way in developing ideas and technologies to change the world.The Mayor of London, Sadiq Khan
London supports startups
The capital continues to be a hub for innovation, with more than three times as many AI start-ups in London as any other city in Europe. We were home to 745 AI companies in 2018. AI was the UK’s fastest growing sector in 2018, achieving a 47% year on year increase in investment as it attracted £736m.
Brexit will undoubtedly be on the minds of business people this year, as the industry sizes up the impact of our exit from the European Union. However, the capital remains a leading tech player, with London tech firms having attracted more than £4bn in VC funding since 2016, almost double its nearest European rivals – Paris, Berlin and Stockholm – combined.
Carolyn Dawson, Managing Director of London Tech Week said: “The 4th Industrial Revolution is well underway, transforming business, society and the way we live. The UK continues to innovate as a worldwide cutting-edge tech hub and, as one of the world’s most open and welcoming markets, can lead the global conversation in designing and scaling tech business.
London Tech Week 2019 launches on 10th June 2019, committing not only to lead the way in tech innovation, but to tackling head-on the issue of diversity in the industry.