Often dubbed the ‘Silicon Valley of the South’, Croydon is now one of the UK’s top business hubs for tech companies.
According to recent research by the accountants UHY Hacker Young, Croydon has emerged as the UK’s fastest growing economy as it increasingly becomes a leading business hub for technology companies. The report found Croydon to be the fastest growing area of 173 UK regions, indicating that Croydon is now home to more than 1,000 digital, creative and tech businesses.
Croydon topped the list as the fastest growing UK region with an annual growth rate of 9.3% in Gross Value Added (GVA), rising to £19,800 in the last year from £18,120 the previous year. This rate is nearly three times the UK average increase of 3.4% over the same period, rising to £24,960 from £24,130.
From affordable Grade A office space to a wealth of co-working spaces, Croydon makes a persuasive case for any tech business or start-up alarmed by exorbitant central London rents and keen to spend any spare money on attracting the best employees rather than the roof over their heads.
Established in 2012, Croydon Tech City is a dynamic, volunteer-led collective of venture capitalists, software developers and entrepreneurs that have combined to create London’s fastest-growing tech ecosystem.
By setting out to not only grow and nurture start-ups and scale-ups, but to ensure that ordinary Croydon people and businesses can take part in the opportunity too, Croydon Tech City has sustained year on year growth of tech across the borough.
Alongside a busy programme of networking events, Croydon has paved the way for local tech businesses to receive free city-quality legal, financial, and technical one-to-one advice and services. It is also planning ahead, through its Future Tech City scheme, which aims to support every local school in delivering tech and STEM opportunities to local children.