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It's official - London is Europe's tech capital

London Tech Week: UK capital is more popular with start-ups than Paris and Madrid

London

London is the tech capital of Europe, with many more start-ups choosing the city as their home over Paris, Dublin or Madrid, according to research.

More than 1,000 "tech investment projects" started between 2005 and 2014 are based in London, with only 281 in Paris, the next most popular city in Europe, the data from professional services firm EY2 reveals.

Below Paris were Dublin with 162, Madrid with 139 and Amsterdam with 126 start-ups.

According to a report by Oxford Economics, London's digital technology sector has grown by 46 per cent since the Tech City UK programme was launched, with tech companies based in the capital now employing almost 200,000 people.

Mayor of London Boris Johnson said: "With our unrivalled mix of investors, talent and creativity it is hardly surprising that tech businesses and entrepreneurs are clamouring to be part of the incredible London tech story.

"This sector has flourished beyond recognition in the last five years, creating thousands of jobs and outpacing the rest of the economy."

Meanwhile, women residing in London are three times more likely to be working at a start-up than those living in Silicon Valley, research from Wayra, Telefonica's digital start-up accelerator, also revealed.

However, it has provided no numbers on the women in tech in London or California, and the research comes at a time when the tech sector is struggling to boost the ratio of women to men in the industry.

Intel pledged $300 million to improve the diversity of its workforce in January, after its diversity report showed that just 24 per cent of employees were women.

A total 70 per cent of Google's employees were male, its own report revealed, but the search giant is launching a pilot programme in London called foundersover50, to support entrepreneurs over the age of 50. The programme will run from London's Google Campus.

Speaking at the launch of London Tech Week, Google UK & Ireland's managing director, Eileen Naughton, said: "Diversity has always been part of Google's mission. Since we opened Campus London in 2012, we've supported a growing community of 42,000 entrepreneurs and developers.

"We strongly believe that online products will only get better and more useful is we invite all segments of society to influence and create technology."

London Technology Week runs from 15-21 June with over 200 events taking place across the city.

"Over the last decade more international tech investment projects have come to London than Paris, Dublin, Madrid, Amsterdam and Munich combined," added Gordon Innes, chief executive of London & Partners.

"It's a testament to London's visionary tech entrepreneurs and international investors who have made London the most exciting place in the world for tech."

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