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UK tech sector pulling in foreign entrepreneurs

Foreign nationals are fuelling the growth of the UK tech industry, a new report by DueDil shows.

The data intelligence company looked at all the new tech businesses created in 2014, and came to the conclusion that 20 per cent of all directors were EU nationals.

That brings the percentage of foreign directors in UK tech companies up 133 per cent since 2010.

“In total, there were 27,395 new tech businesses founded in the UK in 2014, with a total of 35,193 directors,” the company says in a press release.

“Of those directors of new companies, 7,426 – or more than 1 in 5 – were foreign nationals. In contrast, in 2010 there were 13,644 new tech businesses, with 18,822 directors - 3,185 of whom were foreign nationals.”

The conclusion the company draws from these figures is that the UK tech sector is drawing entrepreneurs from all over the world, something that might change completely if the UK decides to abandon the European Union.

“The UK's digital economy is thriving, with London the best place in Europe to launch a digital startup,” said Guy Levin, Executive Director for Coadec, the Coalition for Digital Economy.

“Brexit would put this at risk, threatening the ability of British tech companies to scale and trade across a single market of over 500 million consumers, and hire from a talented pool of workers.”

The numbers are also linked with the number of companies being created – there were double as many companies founded in the UK in 2014 as in 2010.