Here's a brief overview of who/what Silicon Valley Bank are and why I'm taking the time to write this blog about their Startup Outlook Report:
Silicon Valley Bank describes themselves as the bank of the innovation economy, why? because they are a bank committed to supporting disruptive technology and life science businesses within the UK’s vibrant innovation sector. In short, Silicon Valley Bank is recognised as a leading financial institution in the global technology and VC/PE industry.
About the Start Up Outlook Report
The following information can be found here: SVB Outlook Report 2017
Here is my summary of what the Startup Outlook report is about in one awesome sentence.
Technology and healthcare executives providing an insight into innovation companies in the UK and how the external environment impact on business growth.
To make this blog post look pretty (and of course more informative), here is the infographic from the Outlook report detailing the data collected for the report.
Now let's get back to business, what exactly did I learn from this?
1.Despite uncertainty, UK startups are hiring
This is good news for Graduates or anyone who fancies working in a startup, according to the report a staggering 87% of startups in the UK will expand their workforce. Time to brush up your CVs ladies and gents...
2. Access to talent is an issue
For technology businesses, access to talent is a number one issue. I guess if you're a tech startup competing against tech giants for talent, with a specific set of skills for the job, access to talent can become difficult. I think the whole idea of working in a startup needs to become more appealing so more people are encouraged to work in a startup.
I know you were expecting this topic to appear in this blog post. Even though we haven't officially left the EU, there is still uncertainty of how Brexit will impact on businesses. Which is why "My non-British employees are worried about their long-term opportunities in the UK" is the main Brexit issue for startup, until we have answers - we just don't know.
4. Women are under represented in C-level positions
I hope to one day be a part of this change.
I do salute organisations such as Silicon Valley Bank who are working to change this through their support in Women in Tech.
However at the moment this doesn't seem to be changing...
5. People need to be more optimistic
The optimism for startups is in decline following previous years. I generally think Brexit threw a spanner in the works which might have been a contributing factor to this level of uncertainty. Hopefully when we all have a better understanding of Brexit, businesses can look to put a plan in place and being to think positive. This all seems to be down to the fear of the unknown.