The New Dotcom Boom
Sunday 30th Mar 2008
Oliver Bennett, The Sunday Times
Oliver Bennett finds out how broadband is turning Britain into a nation of entrepreneurs...
...“There has been spectacular growth,” says James Brocket of Calibre One, a head-hunter in the internet sector. “Funding in the UK has gone up considerably. In the first quarter of last year, $24m of VC funding to internet companies was disclosed. In the second quarter, it had risen to $75m.” He adds that this figure is conservative – much more will have gone undisclosed.
The number of British-based start-ups is also hard to gauge: it includes everything from minor-league bloggers hoping to attract a few ads to web applications for bricks-and-mortar companies. But Brocket says that, again, there has been a significant rise in serious start-ups: “In the second quarter of 2007, 58 were started, with 63 in the third quarter. I’m talking about motivated businesses with over $2m behind each of them.”
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