Over half of UK entrepreneurs anticipate spending over 25% of their total business investment in technology rather than staff or infrastructure, according to a new survey by entrepreneurs’ network, E2Exchange.
One quarter of those surveyed anticipated spending between 50 and 75% of their investment on tech over the next year.
Three quarters of those surveyed agreed that their spend on technology assets was a higher proportion of their business investment than this time last year.
All of these statistics suggest that the digital revolution is the current driving force behind startup growth in the UK economy.
However, nearly 80% of entrepreneurs said that the government and private sector should better support tech clusters across the UK to help the technology community flourish.
“The UK is the most entrepreneurial it has ever been but we still need to do more to support growth companies.
“Technology has fundamentally transformed the way that SMEs and startups do business and it is deeply encouraging to see that entrepreneurs have recognised and are responding to this digital revolution shift and are adapting their business models accordingly.”
60% of respondents believed that early exits were another factor limiting the success of the UK startup economy.
Mrs Khemka added:
“This fear of failure, endemic to the UK, is discouraging businesses to take the risks which could ultimately result in their success. We need a culture change in the UK, with both the government and private sector offering greater support for enterprise and entrepreneurship.”
Image by Stuart Anthony