Back in 2012, Tech City in East London lured Canadian startups with tax incentives and grants as well as access to the talent pool from nearby colleges in an attempt to sway them from the obvious choice for expansion: Silicon Valley.
Despite the potential trade agreement challenges which are likely to arise in the aftermath of Brexit, ‘unicorns’ (startups valued at around £650 million) continue to choose London’s very own Silicon Roundabout as their destination for expansion.
Vancouver startup Hootsuite Media Inc., one of the major players in the ever expanding world of social media platforms, has grown at an extraordinary rate since it was founded in 2008. The Canadian startup successfully expanded in London in 2012.
Canada and Britain: A Strong Relationship
With many organisations and schemes in place encouraging this bilateral business relationship, it is crucial that this trade relationship either be maintained or redefined in the wake of Brexit.
It will be in Canada’s interest to define the Canada-EU Comprehensive Economic and Trade Agreement in 2017; businesses with deep roots in Britain’s soil will be all ears to see the outcome. For London and Canada’s sake, let’s hope the relationship does not suffer.