Brexit is a hot topic of discussion for companies in a range of different sectors lately. Around half of the technology companies associated with "scaling up" other organisations aren't worried that Brexit will have a negative impact on their brand, while another 30% suggest that they could actually benefit from the change. This information comes from a new report by the tax, investment, and accountancy group, Smith & Williamson.
The months are gradually ticking away as the UK prepares to leave the European Union, and findings suggest that high-growth companies in the technology sector are in a "bullish" mood. To translate that into plain English, people are still pushing for growth, with many tech brands taking on new staff (90%) to handle growth, and around half reporting improved financial health.
The Tech Space Stays Optimistic
Scale-up companies in the technology space are generally optimistic about government policies according to the Smith & Williamson study. One in three said that they could benefit from the upcoming Apprenticeship Levy, compared to only 10% that were critical of it. 68% of tech scale-up companies say that they feel Government policies are supportive of their business.
As an enterprise that has grown in either revenue or headcount by approximately 20% per year over the last three years, the tech scale-up sector drives a serious portion of our economic growth. That's why Smith and Williamson decided to launch their sentiment study. According to the Scale-up lead in the organisation, Fergus Caheny, it's been exciting to gain an insight into how these successful companies feel about upcoming changes in the UK business sector.
Smith & Williamson believe that policy-makers will need to do their part to accommodate the positive nature of scale-up companies. While the study findings show that the scale-up business community in the tech sector feels relatively positive about Brexit, Smith & Williamson feel that they'll only be able to see the true scope of the business opportunity when they have further clarity on the UK's trading position.
As well as looking at the overall attitude that tech scale-up companies have towards Brexit and similar policies, the study also looked at what sets scale-up organisations and their founders apart from other businesses. One suggestion that Smith & Williamson made is that the unique approach that these firms have towards technology helps to give them an edge. This could also explain why some of the younger, digitally-native entrepreneurs in the space are thriving.
