Technology start-up companies: the way to go

By Agi Szabadi

Manchester Metropolitan University Masters student Agi Szabadi has written a post for the Admiral blog talking about  tech start-up companies and how they encourage local economies to thrive.

Today’s start-up companies are definitely the future of the UK economy. It might have been difficult to launch a new company in the past, but it is getting easier by the day.

In following the initiative of its London forerunner, Manchester’s new TechHub (opened in 2012) serves as a starting point for new technology companies. The aim of the hub is to provide innovative start-ups with office space, be it temporary or permanent, infrastructure and support as they grow.

Startup Hacks is a platform offered by the development to encourage young developers, designers, and entrepreneurs to cultivate their talent and, with the help of mentors, develop their ideas into business plans. This event attracts gifted youth from all over the country, some of whom would love to stay and work in Manchester should their business plan win the weekend workshop.

Building a community where technology start-ups can support each other is indeed a good idea. A hub is also much needed outside London if the UK, and more specifically Manchester, wants to attract investors and keep the local talent local. At the same time keeping up with other European tech destinations, such as Berlin, Stockholm and Dublin, is a relevant criterion.

The hub in Manchester carries huge potentials, as not everybody is very happy with how things turned out for the Tech City in London.

Having a good idea isn’t enough in itself, one must think about how to finance the plan to spring it into action. The government announced a £30 million boost for Start-up Loans, giving a chance to thousands more people to apply. In the North West applications are considered and loans are given out by the also Manchester based Business Finance Solutions, thus further encouraging regional business transactions.

Another option is The North West Fund, which offers a wider range of capitals such as digital and creative, biomedical, and energy and environment start-ups.

Manchester and the region can benefit greatly from the above mentioned and similar events and opportunities. Bringing businesses with outstanding vision could rebrand the city as the centre for innovative solutions and the technological and digital hub for all companies.