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UK Startup Outlook 2019 Key insights from the Silicon Valley Bank Startup Outlook SurveyLETTER FROM SVB CEO Startups are focused on innovating despite uncertainty For the 10th year, Silicon Valley Bank is proud to present our Startup Outlook Report. The innovation economy has expanded greatly in the US and abroad in the past decade, and so has Startup Outlook. In our first report, we surveyed 300 people, most of them in California. The 2019 report includes the perspectives of nearly 1,400 technology and healthcare founders and executives primarily in major innovation hubs across the US, the UK, China and, for the first time, Canada. In their responses this year, many startups tell us they expect business conditions to improve in 2019, and they are making plans to hire employees and raise capital. I love the fact that entrepreneurs are optimistic thinkers after all, where would we be if they didnt have a positive outlook? At the same time, they are realistic about the challenges they may face, whether hiring top talent, planning exits during volatile markets or navigating geopolitical uncertainty (read: US-China trade tensions and Brexit). Looking at the first report from 10 years ago, I noted that hiring top talent was a concern then even with high unemployment rates coming out of the Great Recession. Today, we hear how hiring challenges affect businesses in every major innovation hub, whether due to unprepared workforces, immigration policies or competition with tech giants. Entrepreneurs seldom speak with one voice, but this report underscores the unified need to find solutions or risk a slowdown in innovation. A small but interesting measure highlights the speed of innovation: The report of 10 years ago did not mention, for example, AI, autonomous cars or blockchain now pioneering technologies. This year, we asked respondents to predict what the most promising technologies will be a decade from now. Check out the reports to see what each country chose. One more shift: Today, the innovation economy, with its size and complexity, is a key barometer of the overall economy in many places and is subject to macroeconomic tailwinds and headwinds. Whether 2019 will be a turning point for global economies is hard to know. But we do know that innovators are adept at uncovering opportunities and overcoming challenges. That is one constant I dont expect will change. We hope you find useful takeaways in this report to help your company succeed. Thank you for your interest. Let us know what you think. Greg Becker CEO, Silicon Valley Bank UK STARTUP OUTLOOK 2019 2ABOUT THE STARTUP OUTLOOK SURVEY About the Startup Outlook Survey Our annual survey of startup executives offers insights into what is on the minds of technology and healthcare leaders. For the 2019 report, we received responses from startup executives in innovation hubs primarily in the US, the UK, Canada and China. Total respondents Primary place of business Ownership Founder gender Revenue stage (USD) Companies with at least one founder born outside their primary country Industry sector Size Company age Profitable 1,377 95% Private 59% US 18% Pre-revenue 28% At least one female founder 57% 025 employees 52% Yes 5% Public 8% UK 67%5 years old 48% No 17% China 15% $25 million in revenue 18% 100 employees 66% Technology (net) 16% Healthcare (net) 18% Other UK STARTUP OUTLOOK 2019 3UK startups are realistic despite uncertainty While generally optimistic before the 2016 Brexit vote, fewer entrepreneurs expect business conditions to improve than in previous years. The percentage saying conditions will grow worse stands at 22 percent, while 41 percent say they will improve. Describe your outlook on business conditions for your company this year compared with 2018. BUSINESS CONDITIONS Will be better Will stay the same Will be worse 2018 2016 2019 2017* 49% 48% 58% 42% 36% 41% 9% 16% 1% 41% 37% 22% *First survey results after the June 2016 Brexit vote UK STARTUP OUTLOOK 2019 4Startups predict Brexit impact would be negative We asked UK entrepreneurs to gauge the general impact of a post-Brexit era on the innovation economy, not tied to any specific exit plan. In no uncertain terms, they say it would be negative. Post Brexit, the impact on the UK innovation economy will be: PUBLIC POLICY “ Not only has Brexit delayed investment decisions but it has also wasted a huge amount of time and effort on plan Bs.” CFO, software company 75% Negative 14% No impact 11% Positive UK STARTUP OUTLOOK 2019 5More UK startups plan a European outpost With access to European markets a concern, 28 percent of startups say they plan to open a mainland European outpost. Still, the UK appears set to remain a vibrant centre of global innovation: Eight in 10 startups say they have no thought of moving their headquarters outside the UK. As a result of the 2016 Brexit vote, I am: PUBLIC POLICY “ Recruiting has gone from painful to almost impossible, and we are opening offices in the EU.” CEO, semiconductor company Remaining in the UK and not opening a European outpost Remaining in the UK but opening a European outpost Thinking about moving my HQ to Europe Moving my HQ elsewhere (outside the UK or Europe) Definitely moving my HQ to Europe 2018 2019 10% 14% 5% 2% 2% 6% 28% 25% 55% 53% UK STARTUP OUTLOOK 2019 6PUBLIC POLICY Access to talent remains the top public policy issue The unpredictable outcome of Brexit is prompting concerns over hiring, should immigration rules tighten and international trade grow more complicated. Amid new EU privacy standards notably the General Data Protection Regulation (GDPR) that took effect in May 2018 UK startups also cite consumer privacy as an important public policy concern. What are the most important public policy issues affecting companies like yours? Note: Respondents could choose up to three responses. 2017 2018 2019 Access to talent International trade Consumer privacy 82% 46% “ Protectionist policies are unhelpful for tech companies that dont see international borders the way traditional companies may have. Simplification of tax regimes for cross-border trade would be beneficial.” Treasurer, software company 31% 81% 45% 42% 76% 30% 26% UK STARTUP OUTLOOK 2019 7UK startups are hiring Challenges finding talent may be increasing, but hiring forecasts are strong. Eight in 10 UK startups plan to expand their workforces in 2019, down slightly since the 2016 Brexit vote. Startups are most in need of filling sales, product development/R authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.
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