Welcome to Bournemouth: The top emerging hub of digital economy
Recently there’s been a huge buzz about the digital industry thriving in the UK, with countless of digital marketing agencies and tech startups such as self-storage comparison site like WhatStorage. Now is the most popular time for starting a digital agency in the country, especially in Bournemouth and Poole of Silicon South. Thinking of starting a digital business in Bournemouth? That seems to be the trend! Graftene, a Bournemouth based web design digital agency explain what they’ve learned while setting up their web development and digital marketing business. Bournemouth, a coastal British town, is home to a number of creative digital agencies that provide services and products such as website design, app development and digital marketing services. It is the top emerging cluster of the digital industry with 24 percent of the start-ups created within 2013 and 2014. The digital industry has played the most important role in the UK’s economic recovery with new sectors and businesses emerging continuously. The first Tech Nation report has provided amazing insights of the current and ongoing situation of the digital economy in the country.
“12.4pc of our GDP is attributed to technology and digital business, that’s the highest in the G20. We are the most digital nation in the world and it is important that government policy makes the most of this enormous potential.” -Baroness Joanna Shields, Chair, Tech City UK
What is Tech Nation?Tech City UK is a Government supported Cluster Alliance dedicated to helping the digital entrepreneur and accelerating digital growth thus creating the ‘Tech Nation’. “The digital sector is growing and creating jobs, economic growth, and national prestige. “ Says Baroness Joanna Shields, Chair of Tech City UK. According to Gerard Grech CEO of Tech City UK, now is the right time to shine the spotlight on this exciting network of digital clusters, and map out the prospects for professionals and investors. The Tech Nation Report analysed 47,200 digital companies in the UK and 2,000+ of them were surveyed. The results were fascinating. Even though the public had a partial idea of the flourishing digital economy in the country it wasn’t clear until now that it is the nation’s booming industry. But the research that shows how one of the top clusters of digital is Bournemouth is even more astonishing, no one was expecting that.
A closer look at numbers and factsA cluster is an economic phenomenon formed of digital companies in a region. This is why the Tech Nation Report focuses on clusters as the core focus of the research. The nations digital companies are 98 percent small businesses, 50 per cent of them were formed from 2008 and onward. The largest increase being between 2010 and 2013 where Bournemouth took the lead with a high 212 per cent of emerging start-ups. Last year 56 percent digital companies in the UK saw a rise in their revenue, whereas this year 90 per cent are expecting a blast in sales. The digital industry is outrunning traditional industries and new sectors of the digital are being born, creating a larger demand for new skill sets and more employment opportunities. It is expected to outperform the traditional industries in job creation by 2020; today, 7.5 percent of the UK workforce is employed in the sectors of this industry. In the Dorset area, 7,272 people are a part of a digital business. Currently there is a skills shortage in some of the digital sectors, which is why agencies and initiatives such as the Bournemouth Silicon Beach festival and Digital Day Bournemouth are engaging in discovering potential employees and talented students from Bournemouth University. In fact,a major part of the digital businesses that were interviewed for the Tech Nation report stated that the reason of growth of the digital cluster in Bournemouth is due to the availability of talented individuals with key skills in the top growing sectors of the region.
What makes Bournemouth so special?The most notable growth of the digital economy in Bournemouth is in the ecommerce sector. Last years revenue growth was 55 per cent, but this year this number has risen to a stunning 77 per cent. According to the Tech Nation Report, the key benefits of the Bournemouth cluster are access to social networks and access to talent.
“Bournemouth has a vibrant network of meet-ups and events, feeding off its community of creative and app development agencies.”-Matt Desmier, Founder Silicon Beach
The top three digital industry sectors in Bournemouth:
- Marketing and advertising
- Games development and production
The top five capabilities of the Bournemouth cluster:
- UI and UX design
- Mobile and tablet development
- Visual and audio design
- Content and media production
- Digital marketing
Creative start-ups of BournemouthGraftene, as well as a number of the creative emerging start-ups of Bournemouth are part of these sectors. This digital agency provides services such as web design and development, logo and graphics design, digital marketing services such as SEO and mobile app development. It is a small business of five members, but this creative team could be the next little digital star of Bournemouth. Since their establishment they’ve kept their success rate on a high level, providing their clients from local and international locations with high quality websites and mobile applications. But what makes Graftene stand out from the crowd are the affordable prices they provide in the sector of growing competition.
So you want to be the next digital start-up in Dorset?You’ve probably already thought about starting your own digital business if you haven’t maybe you should think about it. Whatever the case, now’s the right moment to go digital because the UK is blooming with the digital industry and it will continue for years to come. But before deciding to start your own digital business there’s a variety of things to consider. Read on for some great advice that will help you start off. Specialists and experienced entrepreneurs will agree that there is a series of steps that should be followed in starting your own business.
The core of these steps boil down to the following actions:
- Define your idea
- Define SMART goals
- Research the market
- Plan your business
- Find sources of funding, suppliers and possible partners
- Register and set up your company
Common mistakes and things that you should be aware of when starting a business:
- Risks and failures are a part of having your own business
- You must be ready to face all kinds of challenges and obstacles
- A major part of business failures is due to lack of planning, especially financial planning
- Hiring the wrong people can often be very harmful
- Inadequate research, especially of competition