The top six tips for tech companies looking to grow in London
London is one of the world’s leading tech hubs, providing investors with unrivalled access to talent, capital and infrastructure. James Parton, former Director of Twilio and Producer of the Land and Expand series provides his top six tips on how to hit the ground running when arriving in London.
#1 Create your legal entityUnder UK law, all overseas companies setting up in the UK must register a UK entity. This is not as onerous as it may sound. The UK enjoys world class online Government services which provide clear information and online company creation. You can discover more by visiting the Gov.uk guide to setting up a UK business.
#2 Build your regional teamIf you are planning on parachuting existing employees into the UK to help set up your regional operation, a legal entity and UK bank account need to be in place before you can apply for work visas for non-EU nationals, so plan ahead of time as these steps can take a couple of months.
Visas can be complex, but typically one of two visa options apply for your initial person:
If the person is one of your founding team, then the Tier 1 entrepreneur visa could be an excellent choice. If the person is a non-founder, the sole representative visa is the one to check out. Note: before you can bring over additional non-EU nationals after your initial placement under one of the visas mentioned above, your organisation must gain a sponsor license to enable it to apply for additional Tier 2 visas.
One of the key attractions of London is its diverse and world class talent pool. Making your first local hire is a big step. If the person is going to take the leadership role, then you need a rare combination of skills. Someone that can quickly understand your business, can be trusted to work independently from HQ and across time zones, and can ‘fast start’ to gain quick traction. They also should come with a rich local network to get your company quickly ‘plugged in’ to the local ecosystem. If that sounds like the description of a unicorn, you are not too far off the mark, especially when you factor in your urgency of needing to hire quickly. You don’t have the luxury of holding out for the ideal candidate to land in your lap. If it sounds daunting, let us help.
Considering your first hire may not end up being your long-term country or regional GM. A lot goes into longer term senior hires. Sometimes, if you are lucky, you might find that unicorn that can perform both the initial fire starter role and has the experience and seniority to take on GM duties as the business grows.
Here are some suggestions for job sites:
#3 Find an officeThere are many options to match your budget and preferred time commitment. There has been an explosion in co-working and serviced office space across the UK to meet the demand for high quality flexible work space. As a guide in London, depending on location and specification, expect to pay between £250 – £1,200 per dedicated desk per month in a fully serviced space.
It typically makes sense to start in a co-working or serviced office space. This allows your team to focus on building your product and growing the business, rather than worrying about finding and running an office. It’s also wise to take a flexible lease with a provider who understands the needs of startups.
Many providers operate in multiple cities, which provides additional flexibility.
Central Working – nationwide / international
Offers a membership format that allows members to roam across their seven London locations; Manchester; Cambridge and internationally. Central Working presents an attractive proposition. Memberships covers all options for flexible working, from individual flexi desks to managed office space.
Techhub – nationwide / international
Silicon Roundabout veterans, TechHub were an early pioneer in the format set up by the fantastic Elizabeth Varley and Mike Butcher of TechCrunch fame. With space in two London locations and Swansea, plus five other European locations, Techhub also caters for all aspects, from flexi desks to private offices.
WeWork – nationwide / international
The US co-working provider has set up in the UK, with many London and UK locations. WeWork also operate on a membership system, meaning you get access to multiple locations and join their global community.
Hoxton Mix – London
Three prime sites in the heart of the London Tech Cluster. Hoxton Mix are long established and run by fellow entrepreneurs.
#4 Get involved in the community… in personMake sure your people are prepared to invest time getting involved in the local community around them, to build their network and raise awareness that your company is setting up for business. In my experience, the UK Tech Community is open and willing to network over a coffee or at an event. Always respect people’s time and understand popular people are popular for a reason, so it may take a couple of attempts to grab 30 mins in their schedules.
Also follow the golden rule of networking when building out your local relationships – give, give, give many times before you ask for anything in return. Don’t just show up to meetings looking for people to help you figure out your strategy free of charge or open their address book to you. There is a good Harvard Business Review article on networking here.
For the broader community, think thoughtfully about how your people and your company can add value to the existing community – it’s all about authenticity. You should really care about supporting the wider community, and not just approach it as a sales tactic.
It doesn’t have to cost money either – time is just as precious as cash. Many meetups and events rely on volunteers to operate. Encourage your people to get out there and help. If you do have a budget – that always helps. The community relies on sponsorships to run the hundreds of events that are happening virtually every day of the year.
Here are some suggestions:
General Tech Meetups
● Silicon Drinkabout
● London OpenCoffee Weekly Meetup -10,000 members.
● Lean Startup Circle London - 4,000 members
● London Silicon Roundabout – London Tech Meetups ~6,000 members
● Silicon Roundabout - 11,300 members
● Mini Bar - 7,500
● The Product Group - 3,000 members
● PHP London - 5,000 members
● London Software Craftsmanship Community - 3,700 members
● Hackathons and Jams UK - 4,000 members
● London Android - 4,000 members
● London Python - 3,000 members
● The London Web - 4,800 members
● HN London - 8,000 members
● Hacks Hackers - 4,300 members
#5 Get involved in the community… digitallyThe UK community operates on global digital platforms, so the good news is there is no need to rebuild your existing brand presence from scratch. Facebook, Twitter, LinkedIn, Meetup.com, Eventbrite, Lanyrd are all good choices, depending on the individuals and communities you are looking to connect with.
#6 Learn from people that have done this beforeSpend 30 minutes listening to the ‘crossing the pond’ podcast from C21 Media. The then European leads for Airbnb, oDesk, General Assembly, Tech City UK, and myself representing Twilio, join Julian Blake to share some of the lessons and the wisdom from their experience.
You can also read the previous interviews from the Land & Expand series, where you get to meet a range of companies and the leaders that are responsible for establishing their regional offices in London. These GM interviews enable you to learn more about the business, the product and their go to market strategies.