The UK’s decision to leave the EU on 23rd June 2016, astonished the market, creating shockwaves of uncertainty that have been felt across the tech sector and beyond. Large enterprises have made their voices heard – but what about the SMEs?
In October 2016, 33 UK tech SMEs completed a self-selective TechMarketView questionnaire as part of the application process to join our Little British Battler programme. We saw this as a great opportunity to ask them about their company’s experience following the Brexit vote and how they see the future outside the EU.
The respondents varied by revenue, number of employees, how long the business had been established, focus area and vertical coverage, but they were all UK-headquartered SMEs operating in the tech sector.
So, what did we discover? Overall it was very reassuring to see a bullish attitude amongst SMEs who see change as an opportunity, and are showing a determination to make Brexit work favorably for them. 55% reported that there had been no impact on their business since the vote, with over half reporting that they expected no impact in the future. 12% reported that their business had been negatively affected by the vote, whilst 15% predicted that leaving the EU will deliver a positive opportunity for their business in the future.
In this report, we drill down behind the headline figures to discuss the big areas of concern for tech SMEs, both now and after the UK leaves the EU. We consider the impact for SMEs comparing levels of revenue generated outside the UK, and the knock on this may have to their future geographical focus. We also analyse the responses based on the primary revenue source of the companies.
This is essential reading for those in the process of drawing up their own Brexit battle plans! TechMarketView research clients can download a copy here. If you are not an existing research client but would like to find out more, please contact Deb Seth in our Client Services team.
Posted by Rebecca Johnson at '16:30'
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