One in every five UK startups intends to open a European office due to Brexit, according to survey results published Tuesday by Silicon Valley Bank.
The technology bank’s annual “Startup Outlook Survey” — based on responses from 940 startup executives — aims to gauge startup perceptions on business conditions and Brexit, as well as fundraising, hiring, and policy issues.
It found that 21% of UK startups are planning to open up a new office in cities such as Berlin, Paris, and Stockholm, which are all trying to take on London’s Tech City.
At least five UK startups have moved to Berlin as a result of Brexit, according to an article in The Financial Times last November, which said 39 more were seriously considering the move.
The survey also found that around one in 10 (11%) UK startups are thinking of moving their headquarters away from the UK to another European country after the EU referendum.
André Beukes is an EU Management Consultant to international companies doing business in Europe. He provides clients with practical business support that makes a real difference doing business in the EU. “Put simply, I am here to help you meet your challenges. I believe in the importance of doing things correctly, meaning risks are reduced and problems are avoided.”