The European Tech Sector has gone from strength to strength in recent years, with the UK producing a high proportion of many of the most successful high growth businesses. The fabled start-up "Unicorns", once only to be found in the stables of Silicon Valley, are now to be found in large numbers freely roaming the European plains.
The support and development of these high growth success stories is one of the most important challenges for the future of our economy. We are in the midst of the Fourth Industrial Revolution and how these businesses fair will determine our respective economic strength on the world stage for decades to come.
Some are concerned that perceived tighter regulation and controls in Europe will impede that vital growth. In the vast majority of cases, however, well thought-out regulation should be supportive of good businesses practice and will lead to greater consumer loyalty and confidence. That is not to say we should be complacent about regulation, it is incumbent on all of us to ensure it is practical, proportionate and commercially viable.
For now, international investors are continuiing to show a strong appetite for standing behind the European start-up scene. Long may that continue.
The UK’s tech start-ups drew almost £3bn of venture capital funding in 2017, twice the level of 2016