- Manchester: Europe’s fastest growing tech city
Manchester: Europe’s fastest growing tech city
Manchester: Europe’s fastest growing tech city6th January 2021 - Published by Kuits Corporate team
The people of Manchester are very proud of their home for lots of reasons. They are able to boast about a lot: Manchester’s football clubs, its music scene and its restaurants to name but a few.
However, less well known perhaps, is that Manchester is in fact Europe’s fastest growing tech city. For example, investment growth in the city was measured at a staggering 277% in 2019. Furthermore, Manchester is already home to not only 62,000 skilled technology workers, but also to start-ups that are valued at over £1 billion.
What does the future hold?
We are in tough and uncertain economic times as we face the challenges of the pandemic alongside Brexit, and the coming months may sadly see some businesses fail. It is apparent that a crucial component to the UK’s economic recovery will be the need for new businesses to fill those gaps left by companies unable to recover. The government has recognised that UK tech businesses operating in the UK and globally will be an essential part of the recovery.
Even after absorbing the sudden financial impact that COVID-19 forced upon many businesses in 2020, it is predicted that Manchester’s technology industry will remain strong. In fact, it is hoped that it will continue to provide much needed growth, which will help dampen the impact of the pandemic on the region and the UK as a whole. There is talk of the dawning of the “intellectual revolution” which the UK, as a global technology leader, is in a prime position to take a front and centre role in. The UK has a wealth of innovative entrepreneurs who will lead the way to post-COVID economic recovery in a sector that is forecasted to see exceptional growth. Within the UK, Manchester is fast becoming the home for innovative technology and entrepreneurial spirit; it is an exciting time for a Manchester tech company to develop their creative ideas, build their brand, grow their business and look for external investment.
Many point towards impressive start ups such as AutoTrader as one of the key players in the sector, powering a new generation of digital growth and creating jobs for tech professionals in the region. Indeed, what is perhaps most encouraging is that, in a period of impending mass unemployment, the Manchester tech industry saw a 36% increase in vacancies from June to August 2020.
The pandemic has shown the resilience and creativity of tech entrepreneurs. With the right support including access to resources and investment, the long term benefits to the economy will be substantial. The recent business growth has created the need for a deeper talent pool in the city, causing the government to introduce its Skills Toolkit, described as ‘an online learning platform offering access to free, high-quality courses to help people build their skills, progress in work and boost their job prospects… with over 70 courses in digital, numeracy and workplace skills’. It is hoped that working in tech will be a desirable career choice, particularly for young professionals and the next generation of Mancunians attempting to navigate a saturated jobs market.
How we can help you
Manchester, a city historically known for its industrial growth, is now making a name for itself as a tech city on the world stage and Kuits is proud to be a part of it.
Despite periods that will be filled with many highs, we understand that as a start-up business in an ever-evolving sector, your first years will be the hardest. You will face tough challenges and often will not know where to turn for the solution, for instance:
- What do you do if it comes to your attention that your new business name already has existing Trade Mark issues?
- How do you ensure that your customers pay you on time?
- How do you prepare your business for external investment?
We are experienced in advising tech businesses at every stage of their journey; and as a full service law firm, we can help with all your legal needs. Our lawyers are experts in their fields, having advised numerous established tech businesses and start-ups and are always on hand to provide clear and robust advice.