Multicultural Diversity in the London Technology Ecosystem
Academic research has long identified that diversity at senior level promotes success, both in terms of a better gender balance and more ethnic diversity. Research from McKinsey & Co quantifies this, with data showing a 5.6% higher average of earnings before interest and tax in companies that had a 10% higher ethnic, racial and gender diversity on their boards and management teams.
London is currently leading the way in terms of diversity in the technology sector, with a unique multicultural ecosystem as a key differentiator when comparing the city to virtually any other recognised tech hub in the world.
Marcel Kooter, originally from the Netherlands, has lived in London for many years and cites the incredible diversity in such a cosmopolitan city as one of the things he appreciates most. The many benefits of diversity are reflected qualitatively throughout London’s technology ecosystem. In the infographic attachment, you can see some of the top tech entrepreneurs working in London at present.
London Ahead of Silicon Valley
 |
| Ethnic Diversity in the UK Tech Sector: London’s Top Entrepreneurs |
London Ahead of Silicon Valley
In terms of gender diversity, London has been leading the way for some years now. A 2015 study showed that 29% of women surveyed working in start-ups in the UK identified as having leadership roles. In New York City, only 24% of women stated that they held leadership roles.
The same study revealed that people working for start-ups in the UK were 10 times more likely than their US counterparts to come from a non-white, non-Asian background. The short video attachment looks at ethnic diversity in London, with figures taken from the most recent census in 2011.
The same study revealed that people working for start-ups in the UK were 10 times more likely than their US counterparts to come from a non-white, non-Asian background. The short video attachment looks at ethnic diversity in London, with figures taken from the most recent census in 2011.
The clear majority of individuals who participated in the survey (78.9%) believed that diversity was a key aspect of maintaining competitiveness across the industry they were in.
Private and Government Initiatives
While London may already be ahead of the game in terms of cultural diversity, there are several private and government initiatives underway to ensure that this status is maintained and the city, along with the wider economy, can continue to benefit from multiculturalism.
The Micro Bit programme from the BBC, for example, aims to give a million students a personal computer. The ‘one_for1’ scheme from FreeFormers is introducing digital skills training for young people across London. The government is introducing coding to the national curriculum too, ensuring that all youngsters can develop key skills and an understanding of modern economic tools, regardless of their socio-economic background. The PDF attachment explains more about the BBC’s Micro Bit programme, which was rolled out in autumn 2015.
The Micro Bit programme from the BBC, for example, aims to give a million students a personal computer. The ‘one_for1’ scheme from FreeFormers is introducing digital skills training for young people across London. The government is introducing coding to the national curriculum too, ensuring that all youngsters can develop key skills and an understanding of modern economic tools, regardless of their socio-economic background. The PDF attachment explains more about the BBC’s Micro Bit programme, which was rolled out in autumn 2015.
Based on figures from 2017, London is one of the leading cities for new technology start-ups. The UK received approximately £3 billion in venture capital investment. Of this, £2.45 billion went to firms based in London. The city maintains a solid reputation for being both a champion of diversity, and a centre for excellence and innovation – two concepts that have been shown to go hand in hand. The artificial intelligence sector shows the strongest levels of ethnic diversity, with a full third of all founders in the sector in 2017 coming from a black, Asian or ethnic minority background.
Age Diversity
When talking about diversity, much is said about gender and ethnic balance, but age diversity is a rarely-mentioned facet. An MIT study debunked the myth of the young entrepreneur; while individuals such as Steve Jobs and Mark Zuckerberg do exist, the average age for tech entrepreneurs in the UK was found to be as high as 47, giving hope to the older generation still working towards their big break.
When talking about diversity, much is said about gender and ethnic balance, but age diversity is a rarely-mentioned facet. An MIT study debunked the myth of the young entrepreneur; while individuals such as Steve Jobs and Mark Zuckerberg do exist, the average age for tech entrepreneurs in the UK was found to be as high as 47, giving hope to the older generation still working towards their big break.