The UK has been named as the top location in Europe to grow a business.
A new report from Cisco and Mind the Bridge found that British businesses have enjoyed significant success in growing and scaling their operations.
Overall, so-called 'scaleups' in the UK have raised over $21.5 billion in funding to date - equivalent to 35 per cent of the total capital made available across the whole of Europe.
Fintech companies were found to be the most successful in scaling up, helped in part by the UK government's favourable regulation stance, with artificial intelligence, e-commerce, mobility, fashion tech, gaming and big data all also performing well.
However although London hogs much of the limelight, (with 69 per cent of scaleups) the report found that other areas are beginning to perform well too, with the north of England was named as an upcoming hub for scaling businesses.
In order for this growth to continue, though, the report says that governments, industry bodies and businesses need to work together to create environments where creativity can flourish and companies can grow.
“Today’s report demonstrates the formidable strength of the UK in providing the right environment for growing businesses. However, it is evident that we still have work to do. Whether it’s London cementing its position as a global scaleup capital, or other UK regions achieving greater levels of ambition, the UK has the potential and it now has the foundation and impetus to create world leading digital industry,” said Nick Chrissos, head of innovation, Cisco UK & Ireland.
"We believe that the creation of these networks in industry, in regions and across the UK will be pivotal to helping develop our ability to innovate, together.”