Camden takes tech crown as it leads UK for new business creation – City A.M.

Camden has topped the UK rankings for new business creations as Londons booming tech scene continues to drive growth in the capital.

A total of 2,110 net new businesses were created in Camden in 2018, according to figures published today by private equity investment firm Growthdeck.

Read more: British tech startups retain crown as European fintech capital

This was closely followed by Westminster with 2,100, while Hackney ranked fourth with 1,410. This is compared to a UK average of just 115 new companies per local authority.

The figures mark the continued success of the capitals tech and fintech sectors, with areas such as Silicon Roundabout and East London Tech City in Hackney now well established as startup incubators.

Tech unicorns Transferwise and Monzo both valued at more than $1bn have recently set up their first offices in the area.

Kings Cross in Camden has also emerged as a thriving tech hub and is now home to fast growing fintech firms such as Monese and Google-owned AI company Deep Mind.

Gaining access to vital investment to fuel growth is a big attraction for tech startups in Camden and Hackney, said Ian Zant-Boer, chief executive of Growthdeck.

The presence of big private equity and venture capital investors in the area means entrepreneurs there are part of a broader network, not just purely a tech cluster.

While the top 10 was dominated by London boroughs, Liverpool came in third place with 1,495 new businesses. Birmingham, Brighton and Manchester also made it onto the leader board.

Read more: Tech jobs advertised in the UK plunged by half in 2019

By contrast, Aberdeen was the worst performing area in the UK, with a net loss of 3,195 businesses in 2018. The North Sea oil industry transformed the citys fortunes, but a gradual decline in oil prices since 2014 has taken its toll on the economy.

Zant-Boer added: The government should also consider following the Silicon Roundabout model to create tech hubs in other areas of the country, to ensure tech business creation is more evenly distributed rather than being concentrated in the south east.

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Camden takes tech crown as it leads UK for new business creation - City A.M.

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