The London Startup Scene: An American’s Perspective

By Bethany Hill

A few weeks ago, I took a train from London to York to indulge my inner medieval nerd. I’d lived for three years in New York before finally visiting its quaint namesake. One of the common themes throughout the weekend was that the city had such an abundance of history, it didn’t actually need to be discovered. Our pubs and ghost walks and B&Bs were above medieval manors and Viking compounds and Roman garrisons, but the archaeological attitude towards digging was nonchalance.

Who knows what’s under this field. Literally.

Having written my thesis on medieval English history, it was baffling to me that researchers would simply decline to excavate this treasure trove of primary evidence. Their view: these millennia of objects weren’t going anywhere, what was the rush? Instead, there was value in the knowledge that entire societies were built over ruins and relics, which literally support a cosmopolitan city today.

At a time when another ages-old city is undergoing a technology startup boom, it is precisely this approach that makes London so different from New York. Both cities incubate thriving tech communities, one bolstered by bagels and Dunkin, the other by digestive biscuits and Costa. Yet London presents a larger context to the boom of gadgets and apps: unlike the eager capitalism exemplified by New York and currently propelling San Francisco, London’s been here. (Not to mention, Karl’s got nothing on London fog.)

And what makes these two cities’ tech industries similar, compared to the atmosphere of Silicon Valley SaaSies, is that New York and London have both seamlessly integrated startups into the plethora of other fields that call these metropolises home: banking, fashion, advertising, the arts. These industries thrive because of their diversity, and these cities thrive because of their internationalization.

Where in the world can you walk from SoHo to Little Italy to Chinatown in a few blocks? There are two correct answers.

Time Out London, the week after Brexit (click on image to read).

Time Out London, the week after Brexit (click to read).

What London lends to its residents is a sense of sangfroid, of composure under pressure. New York fast is New York fast. There’s nothing like it. “I couldn’t live in New York, it’s too busy,” is a common refrain I hear from out-of-town friends. London is certainly busy, but it’s a meticulous sort of busy: the loud tick of a clock’s second hand instead of the scream of an alarm. When Brexit happened, there was disbelief and outrage and anger, but not violence or hate. Instead, Time Out London said, “thank you for making YOUR city your home.”

Along with this, Londoners possess the sort of rituals that help us keep calm and carry on. Why doesn’t New York have an evening paper? (My immediate gut response: “Well, I’d be too busy to read it.”) But now, reading the Evening Standard on the way home — and then parking myself at the kitchen table to finish it — has become a daily habit. During what has been one of the most stressful news months of recent memory, physically holding a prudent summary of the day’s events provides a way to process and reflect on our world.

What else is quintessentially London? Even after many trips to the UK, and a semester here in college, little cultural quirks continue to surprise me. For example:

  • Drinking outside in public is OK, but uncommon.
  • Apparently gym buddies are much more of a thing here.
  • Phones and data are much more competitively priced than in the US. A decent UK plan costs a fraction of its American equivalent.
  • It’s difficult to shake the paranoia that I am tipping incorrectly. As someone who’s worked in the service industry (thank you, Tripps Steakhouse!) I’m sensitive to stiffing someone, but don’t want to embarrass with a grossly disproportionate tip.
  • I never knew what “American food” was before coming here, but there’s a whole case of it at the supermarket.

America: giving the world cheese and chorizo macaroni, chicken burritos and Chilli Philly Steak Bake since 1776.

In the UK, I was prepared for my favorite Netflix shows not to work, for the bacon to be thick-cut and for the salmon to be much more affordable. But what’s surprised me is how much these cities have in common. New York tech is rushing ahead, but London moves with alacrity despite the weight of her history. In other words, New York may set the pace of the non-Valley tech grind, but London will match this pace with a steady stride. No matter what happens in the coming months, London will remain a crucial access point between European and American tech markets.

As we enter into a more uncertain time of this city’s history, I encourage entrepreneurs and startups not to take the wealth of international resources they have for granted. Be mindful of what we’ve created, but focus on the people and backgrounds that continue to make this city a progressive place to live and work. Digging up the past can wait. It’s time to keep moving forward.

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The London Startup Scene: An American’s Perspective
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How to stand out in the growing NYC tech scene

In 2014, Endeavor Insight worked alongside the Partnership for New York City to publish a report called “The Power of Entrepreneur Networks: How New York City Became the Role Model for Other Urban Tech Hubs.” The study conducted was an in-depth look at the rapid expansion of New York City’s tech sector, and more specifically, as a growing entrepreneurial ecosystem.

The results of the study demonstrated the influx of tech startups to Silicon Alley, and the potential power the urban hub has for creating economic growth. Over the course of a decade, the study proved that New York City’s tech sector grew twice as fast as Silicon Valley, and saw a 240% increase in venture capital funding from 2003 to 2013.  In 2013 alone, the tech hub saw more than $3.1 billion in funding invested into the tech community.  So, what impact does this rapid expansion of the NY tech sector mean for other startups and trades in the industry? 

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How to stand out in the growing NYC tech scene