HOW BRISTOL IS DRIVING TECH GROWTH IN THE UK

In recent years, Bristol has become a tech hub in the UK, with many tech companies and startups establishing themselves here. In 2021, the city was named the UK’s fastest-growing tech hub, with a 500% rise in job opportunities in this sector. In addition, the salaries offered in Bristol tech jobs are some of the highest found outside of London.

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With so much growth in the Bristol tech industry, the city has seen a massive amount of investment. 2021 saw Bristol firms secure more than £100 million in venture capital funding, and the number of unicorn companies (those with a valuation of $1 billion) is expected to double over the coming years. Ovo Energy and Graphcore are two of the biggest and most important tech unicorns in Bristol right now.

What is OVO Energy?
OVO, a tech-enabled energy provider, was launched in 2009 and stands out from other unicorns both in Bristol and around the UK. Unlike most other big tech companies, it hasn’t relied on venture capitalists or private equity funding to grow to unicorn status.

Its turnover has increased significantly in recent years after surpassing the £311 million mark. When Mitsubishi, a Japanese automaker, paid £202 million for a 20% share in the business in 2020, it helped the company finally achieve unicorn status. Despite poor market conditions, energy caps and regulatory difficulties, the company has become a major success story of the Bristol tech scene.

The company has won multiple awards over the years and continues to deliver a high level of customer service while also focusing on clean energies. Putting technology first, OVO has ensured it’s well-positioned to make the most of the market, despite the recent disruptions to the global energy supply. This has also included implementing smart data capabilities.

What is Graphcore?
Machine learning and artificial intelligence (AI) applications are Graphcore’s areas of expertise. Despite only being founded three years ago, the Bristol-based company has seen incredible market growth. The business develops semiconductors and microprocessors with cutting-edge machine-learning capabilities. Companies like Microsoft, BMW, Samsung, and Dell have already invested hundreds of millions of pounds into the firm and helped it achieve unicorn status in record time.

They recently announced a new $200 million funding round, which resulted in a total value of $1.7 billion. Machine learning has a huge range of applications in the business world, helping companies reach more accurate conclusions from their data. In a world where competition is always increasing, companies such as Graphcore can help other organisations achieve results with their software tools.

Why Bristol is a Great Destination for Tech Companies
It’s no surprise that Bristol has become the fastest-growing tech hubs in the UK. The city and surrounding areas have a lot to offer both in terms of business development and quality of life. The great access to transport links shouldn’t be overlooked either when looking at the suitability of the city for tech startups.

In order to provide businesses with one of the fastest broadband connections available, Bristol is making significant investments in its broadband and internet infrastructure with the goal of becoming one of the nation’s first smart cities. The average broadband speed is significantly faster than the national average, helping modern companies do business. Work done by a Link Building Services company such as AWISEE suggests that a number of Bristol-based tech companies are also now looking to offer remote work, which requires high broadband speeds.

Inexpensive office space is another factor, with many tech companies now migrating from London to other areas of the UK. Compared to London, Bristol is a lot cheaper to live and work in. Offices are 50% cheaper to rent on average, helping growing startups keep their costs down.

Although it’s not the same size as London, Bristol still has an excellent talent pool. Bristol University is a great source of new talent, helping startups grow. In addition to this, the city attracts talent from all over the world thanks to its great standard of living.