Studio Graphene has published the results of its Q4 2019 Tech Tracker survey. More than 100 C-level personnel within UK tech startups were quizzed about their outlook for the year ahead.
Confidence levels among UK tech startups have risen slightly over the past three months despite election disruption and the looming Brexit deadline, Studio Graphene’s latest Tech Tracker survey reveals.
The quarterly Tech Tracker surveys more than 100 business leaders within early stage UK-based technology companies to assess and monitor their confidence levels. In late December, the fourth iteration of the survey was carried out, building on those conducted in March, June and September.
The Q4 2019 Tech Tracker found that 74% of tech startups are ‘confident’ or ‘very confident’ they will increase their turnover in the coming 12 months. This is 1% higher than three months ago but down from 79%, recorded in Q1 2019.
Over the coming year, 77% intend to hire more staff (down 2% quarter-on-quarter); 67% hope to raise investment (up 1%); and 67% plan to expand into new territories (down 1%).
Studio Graphene’s Tech Tracker showed that hiring the right talent remains the biggest challenge facing tech startups – 73% cited this as an issue, which is up from 66% in Q3 2019 and 60% in Q1.
The majority of entrepreneurs (69%) said they are worried Brexit will make it harder for them to hire the tech talent they need to grow. The same number (69%) would support Boris Johnson’s proposed introduction of a points-based immigration system if it ensured more skilled tech workers could enter the UK.
Elsewhere, the other main challenges cited by tech startups are securing private investment (51%) and increasing sales (45%), both 2% lower than the previous survey.