Today I attended the UK Startup Conference 2022 along with Svea Fredriksson. The event was held via zoom, therefore we decided to attend together to enable a discussion in order to gain a deeper understanding.
The funding has increased for startups and there are million startups in the UK at the moment. They started off by talking a bit about why the UK is such a good place for startups. According to the speakers the UK offers a benign environment that supports startups with good networks that give support to startups. They have a good regulating framework especially around data and so on, which guide the startups. It is also very easy to open bank accounts. I wanted to compare this to Sweden where it is apparently (according to Serdar) quite hard for foreigners to open bank accounts. The process of actually registering a business on the other hand is, according to Drivhuset, relatively simple.
Lastly it is also a very ”mixed” or diverse country where many different perspectives meet and mix. This is a very important point, as different perspectives, I belive, can find different hidden possibilities.
When asked about interesting sectors to look out for is fintech as well as lawtech. They referred to the excellent and world-class Universities which help strengthen that platform in the UK. This is really interesting, showing how the whole society acts as the basis for how the startup market will look like and how important it is to not only work with investment opportunities, but also have a well functioning society.
Next, Valeria Vahorovska talked a bit about one of the challenges about startups. She talked about priorities and balancing the group. This I believe resonates very well with the challenges we are facing in class. Our group works very well, but everyone has quite a big workload and trying to prioritize can always be difficult.
Some other founders also talked about scalability. They talk about very early understanding the customers in order to attain the reach they want through the optimal value proposition. They also talked about always iterating and always improving. My main takeaways from this is that you are never done, you constantly have to convince your customers
All in all, the conference was very insightful and there were an abundance of speakers who all shared their views. I’m happy I attended!