London-based company Studio Graphene’s inaugural UK Tech Tracker Survey is a quarterly initiative that monitors the confidence levels of Britain’s tech startups and assesses the challenges they face. More than 100 C-level personnel within early stage, UK-based technology companies took part in the research throughout March 2019.
The Q1 2019 results of the UK Tech Tracker show that 79% of businesses in this sector are either ‘very confident’ (39%) or ‘confident’ (40%) they will increase their turnover over the coming 12 months.
Looking to the year ahead, 91% of the tech firms quizzed said they plan to hire more staff, 67% intend to expand into new overseas territories, and 66% will seek investment.
In terms of the challenges they foresee over the coming 12 months, hiring the right talent was the most commonly cited issue – 60% predict this will be an obstacle to their future growth. This was followed by increasing sales (58%), securing investment (44%) and enhancing their product or service (25%).
Turning to Brexit, Studio Graphene’s Q1 2019 UK Tech Tracker Survey found that just over half (53%) of early stage businesses in the country’s digital sectors believe Brexit will have a negative impact on their growth opportunities in the months ahead. This compares to just 12% who feel it will have a positive effect.
Moreover, the research showed that 88% of UK tech startups feel the Government’s handling of Brexit has been ‘awful’ (65%) or ‘poor’ (23%).
Ritam Gandhi, Founder and Director of Studio Graphene, commented: “It is vital both the Government and private sector work together to ensure these obstacles are addressed and, ultimately, that Britain’s exciting early stage businesses get the support they need.”