UK technology is growing rapidly across regional borders, with the sector in high growth across the country. Talented, ambitious entrepreneurs are now emerging from all over the UK as a community around the East London Silicon Roundabout, with technological ‘unicorns’ in every region.
seo growth exciting, but to stay competitive on the world stage, we must look to market UK technology leadership internationally – and not just on our shores.
There are many reasons why scales look global; to reach more consumers, create global partnerships, create scalability, or open up access to international VCs. From all perspectives, international expansion is very powerful for UK technology. It strengthens the economy, accelerates the growth of technology businesses and consolidates our nation as a world leader in science and technology.
However, international expansion does not come without its challenges. The top three issues for technology companies looking to grow globally are hiring talent overseas, acquiring new capital and closing that first move.
These barriers have historically made it difficult for technology companies to enter new markets – and our company has over 1,000 recently registered technology companies. Growth Platform together recognizing international expansion as a key scaling challenge.
OVERCOMING GLOBAL GROWTH CHALLENGES
But there is much we can do to help overcome the mystery and difficulty of embracing international expansion – and by doing so de-risk and accelerate their entry into new markets.
The most valuable thing for technology companies scaling internationally is access to networks, which help companies make informed decisions about their market entry strategy. Peer-to-peer learning is crucial, as companies support each other to overcome common growth challenges and share experiences and networks.
Networks on the ground are also critical to the success of companies internationally, and companies emphasize the usefulness of gaining the support of another established entrepreneur in that market who already has a network to help them.
For example, we recently launched GBxAsia in Singapore; a brand new network of British technology entrepreneurs (supported by the UK government’s Digital Trade Network), which will bring together UK-connected entrepreneurs and investors to make the most of Asia-Pacific opportunities.
As part of the wider GBx global network, this is the first of its kind to connect British technology across the world’s leading technology hubs – the UK, US and Asia.
Above all, the most important thing we can do is encourage companies to adopt a growth mindset from day one. International expansion is not just for big tech companies, and UK start – ups and scaling are considering scaling internationally at an earlier stage than ever before.
Cambridge-based Versed AI and Cardiff-based Yoello are examples of companies that Tech Nation is supporting in its expansion into international markets. Despite still being young, they have built their solutions from the beginning, with international clients in mind.
Scaling overseas can be intimidating. But because the benefits are so great, we need to nurture a strong global growth ambition, where international expansion is seen as an exciting and necessary challenge for technology start – ups and large – scale businesses – across the UK.
That is where we will ensure the future success of UK technology on the world stage.
Sam Evans is an international director at Tech Nation.
For UK start-ups, a global growth mindset is crucial from day one.
