London’s new ‘Tech City’ has begun to dominate the country’s start-up scene over the last year, with 15,720 new businesses launched in the East London hub.
The so-called ‘Silicon Roundabout’ area near London’s Old Street is home to growing companies such as Mind Candy and Hailo, as well as Google Campus, where entrepreneurs benefit from shared office space.
Accounting firm UHY Hacker Young determined the top 20 locations for start-ups, and found 17 were in the capital. As well as Silicon Roundabout, areas such as St James’s, Canary Wharf, Borough and Bermondsey have seen a surge in start-up success over the last 12 months.
Warrington (14th), Brighton (16th) and Cheshire (19th) were the only other areas which made it into the top 20 start-up areas, each with between 1,300 and 1,500 start-ups launched in the last year.
Colin Jones, partner at UHY Hacker Young, said “The example of London’s business creation hotspots shoes how influential clusters of expertise can be in attracting more businesses to set up in an area. Identifying the industries and sectors that a particular area should target for growth is clearly bearing fruit.”