Market Overview

London's Tech Sector Thinks Brexit Will Be A Disaster

London's Tech Sector Thinks Brexit Will Be A Disaster

The British people will vote next week in a national election to decide the country's fate within the European Union.

The vote, dubbed "Brexit," will ask the people if they want Britain to remain a member of the European Union or not. Recent polls suggest a vote to leave the EU is currently winning, but it's still a very close race.

According to Tech Crunch, a survey of 320 members of the Tech London Advocates, a collection of technology leaders, experts and investors, also found that 87 percent believe the country would be in better shape remaining part of the EU.

Related Link: Would Falkland/Malvinas Islands' Sovereignty Be At Risk With A Brexit?

"My concern [about Brexit] is that if people felt there was a better chance of exploiting the European market from a place like Berlin, they'll just choose that or other locations instead," Tech Crunch quoted Gary Stewart, the UK Director of WAYRA, a leading startup accelerator as saying. "Startups will always go to places where they'll have the best possibility of success."

Christian Hernandez, a managing partner at White Star Capital, a venture capital firm based in London, shared a similar sentiment. He is worried that an exit from the European Union would result in startups and tech entrepreneurs no longer choosing London as a base of operation. After all, London is widely considered to be the venture financial capital for Europe.

The reality is that life post-Brexit marks an uncharted territory, and no one knows what the landscape will look like, Tech Crunch concluded.


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