West Midlands named the year’s fastest-growing tech hub in the UK
The UK has one of the most substantial leads in the tech sector. Amidst ever-growing opportunities, new hope arises of having 52,000 more vacant spots for digital entrepreneurs over the next four years. It is quite promising according to the current market state. The Covid-19 hit our economy and financial stability so harshly that it took a lot of effort to come this far. With the helping hand of the tech sector, businesses again flourished, people stayed connected and achieved more than they possibly imagined to happen in the glimpse of just two years.
Birmingham Tech Week (BTW), a digital, technology and innovation festival, took place from October 11th to 15th, recognizing West Midlands as the new leader in the UK tech hub. Government hubs also appreciated venture capital naming the West Midlands as the UK’s fastest-growing tech sector. Paper reports and statics conducted through research say the threshold for jobs will be much more significant within the next five years, and the tech sector will cover a large percentage of that.
We took a deeper dive into the Birmingham Tech Week. Without a surprise, we saw big names on the sponsor list such as Goldman Sachs, HSBC, WM Combined Authority, Aston University, British Business Bank, University of Birmingham, NatWest, etc. Venture funding investment from 2016- present in England, we saw Cambridge on the lead, followed very closely by Oxford, later came Bristol and Manchester. Leeds, Newcastle’s and others have a significantly similar percentage in increased investment over the period.
The UK recognised many states as per their performance based on contribution in the job sector, investment in tech, financial motives, revenue margin, and the growth rate.
Birmingham was considered the top performer for digital growth. Department for Digital, Culture, Media and sports (DCMS) performed a well-thought analysis and reported back for the program hosted by the tech week. If estimations are correct, within 2025, they are supposed to bring £2.7 billion to the local economy to support various companies, including West Midlands £434 million venture capital funding.
On October 14th 2021, the TechUK podcast mentioned the importance of data in the public sector qualitatively. It blossomed a clear idea of data evaluation, and a comprehensive study to quantify the economic value at National Highways was discussed in a pretty interesting manner.
CEO of TechUK, Julian David, in 2020, said, “Diversity. You have an opportunity with such a diverse community to be different.” Midlands Director at BT David Jordan said, “There is such a diverse set of industries, such a potential energy, and vibrancy.” The follow up came in the 2021 Tech Week segment to be very accurate. Startup Nourished, famous for 3D-printed vitamin alone, raised £2.1 million in a seed round, raised by talented women founder in the UK. Among 10,948 job roles in Birmingham, 1,519 are tech companies, 14% of the total value.
According to Adzuna, Birmingham city currently averages a salary of £51,177 in the tech sector. Technical architect and Python developers averagely get up to £74,043 and £63,480 respectively, which is on point considering the current market. Though the salary scale is more significant than other states, the cost of living is higher, making a sustainable environment for the tech industry’s 22% employees. Since 2018, the industry has grown 17% and has brewed many startups in the digital tech sector.
Birmingham Tech Week’s mission is to raise the West Midlands profile higher on the map and set it up as an interventional tech hub. “Our belief is this will result in a stronger, more resilient economic future for the region throe through the creation of more digital jobs.”
“Exciting and scalable innovating and stronger relationships with other tech hubs around the world.”