Britain’s fintech, artificial intelligence, and genetics startups have been going great guns recently, but Brexit has killed their momentum, according to a London startup CEO who is now considering whether he should open up additional offices outside the UK.
Damian Kimmelman, CEO and founder of business information platform DueDil, told Business Insider: “I think the UK has three massive centres of excellence. One in fintech, one in artificial intelligence, and one in gene manipulation.
“Those aren’t going to go away very quickly but the wind has been knocked out of their sails.”
Companies like TransferWise, DeepMind, and Sophia Genetics have helped the UK to build a reputation as one of Europe’s leading technology hubs.
Kimmelman added: “In order to do something that really stimulates the tech economy, we have to look at this [Brexit] as an opportunity.”
The entrepreneur believes the UK should “be bold” and rip out the old financial services infrastructure before introducing a new one. “Use technologies such as blockchain and make that more pervasive,” he said. “Other countries won’t have the goal to take such audacious measures. In times of great upheaval you should take that opportunity to redesign things and do things that other countries won’t have the nerve to.”
While Kimmelman sees an opportunity for the UK post-Brexit, he’s also got his eye on other cities where he could continue building his company, which is on a run rate of $10 million (£7.5 million) for 2016. Dublin is a potential destination for setting up a sales operation, and Berlin could make for a good engineering hub, he said.
“London is more suited for what we do but there are great companies being built in Berlin,” added Kimmelman.
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