London has emerged the best city in the world for entrepreneurs to either set up a new business or expand existing operations due to its world-class tech and venture capital ecosystem, a recent survey by drop-shipping platform Oberlo has revealed.
The survey ranked 75 global cities based on several factors including government COVID-19 support, the strength of the tech ecosystem and access to funding and global markets. London secured top place for its tech ecosystem and access to venture capital investment, making it a firm favorite among Indian entrepreneurs when they are considering international expansion.
“We take great pride in the effort we put in to create a conducive business environment for both startups and established businesses to be able to thrive and do well in London. This number one spot worldwide is testament to London’s status as a hub of innovation and entrepreneurialism and reinforces why the UK capital a great choice for Indian startups looking at international expansion. We will continue to support Indian companies setting up in London in the best possible way in their journey to be truly global,” said Hemin Bharucha, Country Director India at London & Partners.
According to the Oberlo rankings, the top 10 cities for entrepreneurs around the world are London, New York, San Francisco, Sydney, Melbourne, Los Angeles, Singapore, Boston, Berlin and Chicago. Of the top 20 cities, around one-fourth are European, with London leading followed by Berlin, Paris, Copenhagen and Munich.
London is a top choice for Indian tech companies looking to expand into new markets, ranking as the second most popular city in the world for Indian FDI globally over the last five years based on number of projects. The recent India meets Britain tracker 2021 also shows the increasing number of Indian companies in the UK, including some of India’s largest tech firms like Tata Consultancy Services, HCL Technologies, Wipro and Infosys – many of which have recently increased their commitments to the UK capital.