According to Government research, Britain is creating more $1bn technology companies than any other company in Europe. UK-based entrepreneurs have built 72 businesses worth over $1bn in the past 20 years, including 13 in the past year, only being surpassed by US and China. Over the same period, the US and China had created 703 and 206 ‘unicorn’ – a term meaning a private company valued at more than £1bn, tech firm respectively.
Britain is home to more than a third of Europe’s fastest-growing tech companies. This is according to the study for the government-led Digital Economy Council, its members include techUK, Google, Facebook, BT and Apple.
Some examples of companies that have reached unicorn status in recent years are Deliveroo, a food delivery platform and Revolut, an online money transfer app.
The findings of this study come as global tech companies promise to invest more than £1.2bn in the UK. At the start of London Tech Week, Theresa May, announced the business pledge.
May committed the government to invest £153m in the development of quantum computing. The industry pledged a further £205m with a focus on how the technology could accelerate drug development.
The Prime Minister said: “Already we are one of the best places in the world to start and grow a tech business.
“British tech is growing over one-and-a-half times faster than the rest of the economy, adding more than £130bn to our economy every year.
“But if we are going to maintain our position as a global leader, our challenge is how we develop British tech and make it even better.
“We want this to be the place everyone thinks of – and comes to – first when they want to develop their world-changing tech ideas. This is a challenge shared between industry and government.”