Tech Talk with Omar - January 2020 update
February 6, 2020
2019 showed there’s no signs of slowing down for new and growing Tech companies here at OTG.
So what happened in the World of Tech StartUps this month:
- The UK Tech sector has accelerated even further according to the Government’s Digital Economy Council, with VC investment increasing by 44% and reaching a record £10.1bn, surpassing that of China and the USA. This is undoubtedly a testament to the great innovators we have here in London and the UK, but will Boris be able to snag us a trade deal to ensure we remain leaders in the Tech industry for years to come? Read More Here
- Retail currency dealer Travelex was hacked just after New Year’s Day with the hackers reportedly demanding $6 million for not only the decryption key but also to prevent 5GB’s worth of customer data being exposed.
- Whilst the validity of this is yet to be determined, it certainly reminds us of the need to review your current cyber risk exposure periodically. For peace of mind you may also want to consider cybersecurity insurance.
- Visa announced it would be buying the API Startup Plaid for a cool $5.3 billion in a move to simplify the process of sharing banking and financial information. That’s 2x that of its final private valuation, a big win for its shareholders and investors!
- Crunchbase has reported the proportion of female founded, or co-founded- Start-up businesses has doubled since 2009 from 10% to 20% - an incredible increase in 10 years but still shockingly low. This coincides with RBS’ new boss, Alison Rose – the bank’s first female boss – announcing that they would be setting aside £1bn to help support female entrepreneurs in the UK and overcome the challenges that face them. Read More Here
- Amidst tentative trade talks with the US, Sajid Javid continues to skate on thin ice as he pushes on with his plans for digital service taxation on Tech giants. The Guardian quotes the US Treasury Secretary’s threatening response “If people want to just arbitrarily put taxes on our digital companies we will consider arbitrarily putting taxes on car companies.” Now that the UK has officially closed its doors to the EU, Mr Javid may want to reconsider biting the hand that feeds us!
I can’t believe all of this happened in 31 days… I’ve only just taken down the Christmas tree! If you’ve come across any interesting Tech stories this month, get in touch.
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