However, a wander around the bustling tech hub of Shoreditch in EastLondonreveals business as usual.
There are no boarded-up accelerators, tumbleweeds rolling past WeWork, or abandoned cold brew coffee stands.
On the contrary, it seems that the local tech scene is booming and as diverse as ever.
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I spoke to a number of foreignfoundersand key ecosystem players inLondonto put together this startup guide for foreignentrepreneurs.
Support networks
There are more than 100 co-working options inLondon.
InLondon, coworking spaces with multiple locations includeMindspace,LABS,Runway East,Huckletree,Workspace, andWork.Life.
Talking ofTechstars London, it would be unwise for foreignfoundersto overlook the established accelerator programs based in the city.
There are also a number of foreign government-backed support organizations in London.
The Irish government also offers a hub for incomingfoundersand runs programs likeCity Insightsto connect Irish companies to theLondonecosystem.
Events
Events are a great starting point forfounderswho have recently arrived in the city.
To make connections that drive business growth, niche groups linked to astartups vertical is the best approach.
However, hiring is also very competitive in London, and more expensive than other European hubs.
As mentioned before, a number of local colleges run entrepreneurship and accelerator programs.
TheK-20 Acceleratorat Kings College is particularly esteemed.
Oxford University and Cambridge University also boast impressive entrepreneurship programs near toLondon.
But just remember, there are coding boot camps dotted all over the UK too.
There are a number of public organizations that can help out foreignfounderswith soft-launching in the city.
TheGlobal Entrepreneurship Programby the Department of International Tradeis very supportive in connecting important ecosystem players and investors.
It has helped 340 businesses relocate to the UK and raised over 1 billion of private investment for companies.
In terms of regulations, the UK government has been quite forward-thinking especially in terms of financial regulations.
After all, all of the fintech unicornfoundersinLondonto date have been foreign.
However, getting your slice of the funding pie requires a lot of work.
One founder told me that she went to upwards of 80 first meetings before securing her seed round.
Across the board,founderstold me introductions and pitches toLondoninvestors need to be well researched and highly personalized.
Warm introductions are essential in theLondonecosystem.
Another good resource that comes highly recommended byfoundersis theSeedLegals mailinglist.
Regardless of the hardships to come, there is unlikely to be a tech exodus out of the UK.
Story byConrad Egusa
Conrad lives in Medellin & NYC and profiles startup ecosystems during his travels.
