Reuters - Video

Edition: US | UK | IN | CN | JP

video Finance Videos

Britain's start-up scene gets set for 'techxit'

Friday, July 01, 2016 - 01:45

Britain's tech start-up scene was having a bumper year. And then voters decided to leave the European Union. Now fears over immigration laws, funding and a brain drain abound. But there could also be some positives, as Reuters' Mia Reakes reports

▲ Hide Transcript

View Transcript

Britain's tech start-up scene was having a bumper year. New companies, fresh funding and global acquisitions all contributing. Oleg Fomenko has a desk at Wework, a vibrant co-working office space. He's developed Sweatcoin, a fitness app that rewards activity with redeemable tokens. (SOUNDBITE) (English) SWEATCOIN, FOUNDER, OLEG FOMENKO, SAYING: "We are a project with global ambition, we launched in UK on 5th may, going to be taking to us and europe, I want to make sure it is a great base for me to launch a global project from. Because of this situation Brexit, I think it remains a great base but there are a lot more questions that people will be asking us." Half the founders of London's top tech start-ups come from outside Britain. Some threatening to pull out or slow down plans to enter the UK market. Concerns over immigration laws and EU funding - the lifeblood of young tech firms now widespread. But others argue sovereignty could mean changes in tax structures to further support start-ups... And that the weaker currency could help exports. SOT "The UK is still a very strong proposition, I can't see big decisions being shifted away from here, it is still a very strong proposition, lots of talent, lots of interesting entrepreneurs. The ecosystem is still very big. It's not just suddenly gone overnight because there's been a Brexit vote" The tech industry is predominantly made up of young companies with the smallest roots. So despite the uncertainty, perhaps they are the best placed to weather the storm. (SOUNDBITE) (English) SWEATCOIN, FOUNDER, OLEG FOMENKO, SAYING: "If anyone can navigate these choppy waters, entrepreneurs are in a better place, even psychologically to say oh right gee, we just jumped out of a plane with out a parachute, let's figure out where the next one is." ///

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Britain's start-up scene gets set for 'techxit'

Friday, July 01, 2016 - 01:45