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Building a Thriving Tech Economy in UK: London’s Lord Mayor’s Vision

Building a Thriving Tech Economy in the UK: Lord Mayor of the City of London Shares His Vision

Vincent Keaveny, Lord Mayor of the City of London, shares his vision to further accelerate the tech economy in the UK.

In 2022, it’s become clear that the UK’s tech ecosystem is expanding quickly and companies like Salesforce are playing a key role in this growth.

Just over a year ago, a report revealed that the UK was at risk of losing its trailblazing position in the FinTech world. Now, almost a year later, a new report by KPMG revealed that prediction is no longer true: investment in UK FinTech was seven times higher in 2021 than in the previous year, solidifying its spot as one of Europe’s fastest-growing and most resilient tech hubs.

For Salesforce, the UK is a key market and an important growth driver. In June 2018, we announced plans to invest $2.5bn in the UK over the next five years to support our growing customer base here and drive their digital transformation.

As Vincent Keaveny, Lord Mayor of the City of London, looks to further accelerate the tech economy in the UK, he visited Salesforce Tower in San Francisco to discuss how Salesforce can have an impact and power that growth.

Collaboration between two tech hubs

Lord Mayor Keaveny felt that San Francisco, one of the world’s main tech hubs and home to the largest concentration of high-tech companies in the United States, was a natural first stop on his tour.

“London and San Francisco have one thing in common which is that they’re both real hubs for innovation and technology,” he said. “It makes total sense to be here talking to the community in San Francisco about the opportunities that the UK presents with our own ecosystem…I think there is a fantastic opportunity for collaboration between two great cities.”

Bringing expertise to the next generation of entrepreneurs

Since 2009, Salesforce Ventures has invested in over 400 leading companies globally, with many of these organizations founded in the UK. Keaveny highlighted how a hands-on approach from investors and partners can breed success.

He commented, “The support that [Salesforce] give[s] to innovative, growing companies that are starting their journey in the tech world is truly inspiring, and it’s something that we want to continue supporting you in.”

Creating a powerful ecosystem across the UK

A successful ecosystem requires more than just businesses – it needs talent. Salesforce and its partners and customers are expected to enable the creation of 143,000 new jobs within the Salesforce ecosystem between 2018 and 2024. This will drive $71 billion in new business revenues to the UK economy according to IDC.

And in a work-from-anywhere world, this growth impacts geographies far beyond tech cities. “This isn’t just about London, this is a UK-wide story. We can see in 2020/2021 about $37-$38 billion of investment in the UK FinTech space, which is more than the entire European, Middle Eastern and African areas combined,” said Keaveny.

In fact, according to a new report published by the UK Government’s Department of Digital, Culture, Media and Sport, Cambridge is the leading regional tech city in the UK with Manchester and Oxford close behind. This regional growth took place against the backdrop of an incredible year for the UK tech industry, driven forward by innovation and investment.

“We’ve got an ecosystem, we’ve got the talent, and we have people from all over the world who want to build successful businesses in the UK, and that’s really the attraction that we have to offer,” shared Keaveny, “But we need good partners along the way, and Salesforce is a great partner in this story.”

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