Following a series of high profile acquisitions and IPOs, the creation of tens of thousands of new firms and the success of the city's inaugural Technology Week, confidence in the London technology sector is at an all-time high.
Britain's capital has firmly established itself on the global tech scene, driving forward Europe's reputation in fields such as financial tech (or fintech), datatech, and healthtech. But there remain some risks to its upward trajectory.
One of the major hurdles revolves around skills and access to talent. In every technology sector around the world, a shortage of talent needs to be addressed for the industry to fully flourish.
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Private sector to drive innovation
Why? Firstly, we rely on tech talent as a source of innovation and ground-breaking, disruptive ideas. Secondly, we need a skilled tech industry to ensure those ideas fulfil their potential, scale-up and change the world.
Ensuring London is fully equipped with talent has risen to the top of the London tech agenda; earlier this year, over 40 percent of the Tech London Advocates group of experts and professionals identified a shortage of talent as the single biggest obstacle facing London's technology sector. Given the city's position as a global leader in tech, the repercussions of this shortage will be not confined to London alone.
I am a firm believer that the private sector is best positioned to drive tech innovation, sustainability and growth. In London, initiatives and "bootcamps" such as Decoded and Maker's Academy offer excellent coding and tech courses - some teaching how to code in a day. While these courses may initially seem costly, they can develop the skills to land a £35,000 ($58,000) salary job, representing a fantastic long-term investment.
British universities also need to transform into pipelines of tech talent - in the same way Stanford and Berkeley quench Silicon Valley's thirst for skilled graduates. While some of Britain's newer universities have embraced tech and coding, too many higher-education establishments continue to place a disproportionate focus on more conventional or humanities-based subjects. Furthermore, it is vital we ensure that those universities which do teach data skills are tuned into the tech industry, so the skills they offer are relevant and applicable to the working world.
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And for those not in higher education or able to make a bootcamp, opportunities for tech mentoring and apprenticeships, which are increasingly gaining traction in the U.K., should be adopted by more tech firms. Germany's apprenticeship system, for example, has demonstrated the value of apprenticeships and how they can serve as an entry point to a career in tech.