London, Wednesday 28th March 2018
Post Brexit survey from French Tech entrepreneurs based in London
Whilst Article 50 was triggered in March 2017 and Brexit negotiations are underway between Theresa May’s government and the European Union, there is still little progress on the status of European nationals living and working in the United Kingdom, leaving millions in doubt.
To date there are approximately 300,000 French people based in London and 400,000 in the country, and an estimated 4,000 of these work within the Tech industry in Greater London.
French Tech London, which brings together French Tech actors including entrepreneurs, investors, directors, private associations and public powers, conducted a first survey amongst its database in January 2017, to better understand the consequences of Brexit and the impact it was having on them and their business. We went back to them this January to find out how the trends are evolving as negotiations continue. Over 150 responses were gathered.
The results of this survey allow us to highlight some of the trends linked to Brexit:
WHAT ENTREPRENEURS THINK
Albin Serviant, entrepreneur & business angel, President of French Tech London:
Brexit has not happened yet, hence the need to read the results of the survey cautiously; Level of stress is going down as demonstrated by the survey, however Tech Entrepreneurs speak more and more about going back to France but we cannot see a massive pattern here; some others still arrive in the UK to start scaling their business abroad. So wait & see.”
Xavier Louis, Co-Founder of Peak Labs (source Mondissimo):
“Brexit brings a lot of incertitude, even though London remains pro-business and international. In the past 18 months we’ve noticed concern that has impacted applications. We currently have 10 open positions but a very limited number of candidates. The figures are similar throughout the Tech industry in London, which makes it harder for start-ups as we are also competing against GAFAs. London does however remain very competitive in terms of tax regulations and a cosmopolitan city. Companies still have a strong interest in coming to London.”
Sylvain Pignet, Founder and CEO of Ditto Bank (source Mondissimo):
“Brexit puts an economic break that is not clear but that is felt in everyday life, mainly through the depreciation of house prices. Lots of financial companies and Fintechs are beginning to look at options in the EU to continue to access that market.”
In this context, France positions itself as a refuge for foreign entrepreneurs.
Two publics initiatives were launched to help entrepreneurs and international Tech talent to come to France, the French Tech Ticket (http://www.frenchtechticket.com/) and the French Tech Visa (http://visa.lafrenchtech.com/).
In 2016, over 2,700 start-ups and 90 countries applied to the French Tech Ticket with the objective of setting up in France to setup their start up. The interest from foreign entrepreneurs to setup in France is in response to the dynamic movement called “French Tech”.
About French Tech London
Launched in April 2016, French Tech London ‘s mission is to bring together the community of French people working in Tech in Greater London, to coordinate different local initiatives, to accompany French companies wishing to set up in London and help shine the light on French technology industry. The hub was launched by 6 founding members, private and public: FrogValley, French Digital, FrenchConnect London, French Chamber of Commerce in Great Britain, Business France and the economic services of the French Embassy.
More information here http://london.lafrenchtech.com/
Fouding membres of the hub
Contact: Loïc Dumas - email@example.com
Contact: Hakim Mendjeli - firstname.lastname@example.org
Contact: Albin Serviant - email@example.com
Contact: Patrick Manon - Patrick.MANON@businessfrance.fr
Contact: Florence Gomez - firstname.lastname@example.org
Contact: Victoria Johnston - email@example.com
Albin Serviant, entrepreneur, investor, co-founder of FrenchConnect London and coordinator at French Tech London firstname.lastname@example.org
Harriet Pickering, Communication Lead at French Tech London & Communications Manager at Business France Harriet.email@example.com
First results from the BREXIT survey, on a sample of 150 people from French Tech London (population estimated at 4,000 people).
Period: January 2018
First effects of BREXIT:
Level of worry with regards to the turn of events BREXIT:
The subjects of concern
Effects on professional life: None at 60%.
Effects on personal life: None at 54%.
If you had to leave London, which country would be your destination of choice?
With regards to France, the percentage evolves with:
Still no panic effect but a higher level of people has made arrangements.
Only 33% of respondents have made arrangements.
For those who have made arrangements: