Infographic: How To Start Your Startup In London

Published on:

London's startup ecosystem is probably best known for its connection to FinTech. But whether you want to found your startup in this or a different industry, check out this infographic first!

Read the full London Startup City Guide!

So you’re thinking about founding your startup in Europe’s biggest hub, London? Or maybe you just want to see what the local community looks like? Well, you’ve come to the right place! While the UK’s capital is strongly tied to FinTech it’s also “has New York’s urban diversity, LA’s concentration of media, film, TV and creative industries and Washington DC’s proximity of government, all in one place” according to Joanna Shields, CEO of the government’s Tech City initiative.

It comes as no surprise that major multinational corporations and an entire generation of promising new startups are located in this mature ecosystem. London is also home to a massive concentration of angel investors, seed and VC funds as well as international accelerators. This creates a “perfect storm” when it comes to starting a new venture.

Heading Over The Pond: London

Although some competitors have arisen since the referendum to leave the EU, London is often referred to as the startup capital of Europe. Surely, this title contributes towards numerous advantages for founders to start in this city – still.

There are numerous government support initiatives (grants and investment funds), fiscal advantages of up to 72% tax relief for startup investors & a very predictable and stable legal system. The incorporation of a startup is fairly easy & inexpensibe to do yourself (24h/15GBP/onl) – alternatively you can also hire someone to it for you, just choose one of the dozens of online services. An extended support system is provided by universities, law firms, etc. along with mentors and investment opportunities.

However you’ll also have to keep in mind that you’re in London – not Narnia. Office space is expensive (around 300GBP/month in a coworking space) plus most places are overbooked. The competition for talent is very high, which drives up salaries: expect to pay more than  35k/year for an average developer. Another point to consider, especially if you’re moving to London to found, is the high cost-of-living compared to the rest of Europe: expect to pay around 1k/month for rent.

But before we write all of this down let’s have a look at the startup community, its biggest players and opportunities:

Infographic: How To Start Your Startup In London

___________

Sharing is caring!