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World

Britain's start-up scene gets set for 'techxit'

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World

Britain's start-up scene gets set for 'techxit'

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COMING UP:Britain's start-up scene gets set for 'techxit'

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Transcript

00:00:00
>> Britain's tech startup scene was having a bumpy year, new companies, fresh funding, and global acquisitions all contributing. I'm Reuters' reporter Mia Reakes, on London's South Bank. This is just one pocket in the capital where tech startups have flourished, looking to do business in the EU and compete with web giants in Asia and the US.
00:00:19
One week on from the Brexit vote, I'm off to meet a group of entrepreneurs to see if things have changed. Oleg Fomenko has a desk at We Work, a vibrant co-working office space. He's developed Sweat Coin, a fitness app that rewards activity with redeemable tokens.>> We are a project with global ambition, I wanna make sure that this is a great base for me to kind of launch global project from.
00:00:42
Because of this situation, Brexit, I think it remains a great base, but there are a lot more questions that people will be asking us, that I would need to spend time, energy and potentially money to answer for them.>> Half the founders of London's top tech startups come from outside Britain, some threatening to pull out or slow down plans to enter the UK market.
00:01:06
Concerns of immigration laws and EU funding, the lifeblood of young tech firms now widespread. But others argue sovereignty could mean changes in tax structures to further support startups, and that the weaker currency could help exports.>> I can't see big decisions being shifted away from here, it's still a very, very strong proposition.
00:01:26
There's a lot of talent here, there's a lot of interesting entrepreneurs, the ecosystem is pretty big. It's not suddenly gone overnight just because there's been a Brexit vote.>> The tech industry's predominantly made up of young companies with the smallest roots. So despite the uncertainty, perhaps they are the best place to weather the storm.
00:01:44
>> If anybody can navigate these choppy waters, I think an entrepreneur is probably in a better place just even psychologically, to kinda go, all right, gee, we just jumped out of a plane without a parachute, let's figure out where next one is.