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Surge in start-ups in region’s ‘vibrant’ tech sector

The number of new technology companies set up in the East of England jumped by almost a half last year as entrepreneurs took advantage of a helpful funding environment and the region’s good universities. In total, there were 660 software development and programming businesses incorporated in the East in 2017, a 46 per cent increase on the 452 companies set up in 2016, according to RSM. Laragh Jeanroy, office managing partner at RSM East Anglia, said: ‘These figures show very clearly that despite the fears of a post-referendum slowdown, the region’s tech sector is incredibly vibrant and growing at a remarkable rate.”
She said the region’s universities are playing a key role in developing and nurturing exceptional talent and entrepreneurs were able to gain good access to finance, through debt at relatively cheap rates, or from venture capitalists and private equity funds.
"The UK’s tax regime is also proving to be an incredibly powerful tool in encouraging tech businesses, who take advantage of legitimate tax saving and incentive programmes. These include the Enterprise Investment Scheme, R& D tax credits, video games tax relief and the Patent Box regime." However she added:”While many in the sector will be cheered by the news that EU nationals will continue to be able to come and work in the UK during the transition period, the longer term position is as yet unclear.” Nationally, there were 10,016 tech businesses set up in 2017, with rises in every UK region.
 

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