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Peer2Peer Finance News | June 20, 2018

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Lack of tech talent holding back London start-ups

Lack of tech talent holding back London start-ups
Emily Perryman

TECHNOLOGY start-ups in London are being held back by a lack of tech talent, a poll has revealed.

With the outcome of Brexit still unknown, the survey of 100 tech start-ups found 33 per cent already believe there is a shortage of skilled tech workers in the capital.

A further 30 per cent said their growth has been hampered as a result of them not being able to hire the right employees.

Finding people who fit the start-up culture was also cited as a major issue, with 39 per cent saying it is hard to find employees with the right mind-set and work ethic.

Meanwhile, 35 per cent of start-up founders suggested it is hard for start-ups to lure the best talent away from larger companies.

Read more: Competition launched for UK’s most promising fintech start-ups

The poll, conducted by Studio Graphene in partnership with City Road Communications, also found 11 per cent of London tech start-ups blamed UK immigration and visa laws for preventing them hiring the individuals they wanted.

Figures suggest there are now more than 187,000 tech companies in London that employ 1.2 million people and have a combined turnover of £285bn.

Read more: Nucleus targets start-ups with new type of loan

Dominic Pollard, director of City Road Communications, said the exponential growth in the number of tech start-ups emerging across London has made competition for talent extremely high.

“In particular, the shortage of people who have the right skills and, importantly, work ethic to join fast-growing tech businesses has become a cause for concern – it is clearly something that the public and private sectors must come together to try and address in the coming years,” he added.

Read more: BNP Paribas launches fund to support fintech start-ups