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UK Tech Start-Ups: Looking for Growth

Technology start ups are becoming a big part of the UK small business community. According to a recent report, the absolute majority of them are looking forward to growth in the coming year. According to the Silicon Valley Bank, 83% are anticipating positive business conditions for their start-ups in 2013. This research surveyed UK based start ups to gauge their grass perspective on local business conditions.

Many start up bosses were optimistic about the coming year, following some strong business in 2012. 66% of respondents reported that business conditions had improved in 2012, compared to 2011, and 73% met or exceeded revenue targets last year.  Of those UK start ups reporting revenue, almost half expect their company to be in the black and making profit this year – surprisingly, only 26% of their US counterparts report the same.

Joshua March, CEO of startup social media Conversocial, commented, “The tech scene in London has evolved dramatically since we started in 2009. One of the most exciting changes is how much easier it is to hire developers than just a few years ago. Undertakings like Silicon Milkroundabout and the Tech City initiative, backed by so much government and press support, have turned ‘start ups’ into a viable career path.’

However, this could all be undermined by the lack of funding options available to start ups. Despite the positive outlook, 39% of respondents say they are looking to raise funding from outside the banks – a figure which should be higher if start ups are to achieve their potential growth.

Invoice finance is one such option that could help. As soon as your start up starts to issue invoices, it’s possible to factor them to a lender to start to receive boosted cash flow and to relieve tension from a tight budget. This can free up funds to invest in growth, or else could make day to day running that much easier.    

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