London calling: local companies choose London as a global center of convergence
20-Mar-2007
Think London Opens West Coast Office in San Francisco.
For California companies in the information, communications and technology sectors (ICT), London
is calling. More than 43% of senior California-based ICT executives cite London as a global center
of convergence for the technology and creative industries, ranking London second only to San
Francisco.
This is according to a survey just released by Think London, the foreign direct investment
agency for London, which today opened an office in San Francisco.
“Global brands born in California, such as Apple and Google, have established international
operations in London because the core components of convergence and business success: access to
capital, talent, markets and infrastructure, come together here,” said Michael Charlton, Chief
Executive of Think London.
The London ICT market, worth $27 billion, and growing by more than six percent per year, is
the largest ICT city economy in Europe. More than one in eight of all global investment projects
into London originate in California, and nearly half of these are from the ICT sector.
“As California’s investment in London grows, so does our commitment to California,” said
Richard Stanaro, Vice President Business Development for Think London. “Our new West Coast office
in San Francisco provides local companies with immediate access to the most relevant resources and
information on London’s business opportunities and environment to support their drive to expand
internationally.”
San Francisco Mayor Gavin Newsom offered his support today: “The opening of Think London’s
San Francisco office is a great example of two of the world’s leading cities partnering to
strengthen business development. San Francisco is home to many of the world’s leading information
technology companies, and London is the ideal city to consider when expanding into the global
market.”
Think London, in partnership with BDO International, commissioned a survey of senior
executives from US ICT companies based in California and London, to evaluate their views on the
impact of convergence and location when developing their global expansion strategies. “In the last
18 months we have seen a surge of US companies, particularly in the tech sector, entering the UK
market, many with a desire to list on AiM, which is one area where we do provide specialist
expertise and advice.” Said Don Williams, Head of BDO Stoy Hayward’s Technology, Media and Telecoms
Division.
The research, conducted by Penn, Schoen and Berland Associates, revealed that:
- More than 80 % of U.S. ICT businesses believe convergence is occurring across ICT sectors and is already driving innovation and strategy.
- 92 % of respondents want the components of convergence to come together in one location.
- 67 % of US based ICT companies regard London as the leading location in Europe by a significant margin.
“London is the worldwide financial center, and establishing an office here was an important step in our development as a global organization,” said Andy Tsao, Senior Vice President at SVB Europe Advisors, the UK subsidiary of SVB Financial Group, the parent company of SVB Silicon Valley Bank. “ Think London was extremely helpful in directing us, which helped us become central to the technology companies and private equity investors we need to interact with. Think London’s help was invaluable.” SVB Europe Advisors opened its London office in 2004.
Along with Silicon Valley Bank, Think London has helped many California brands establish a presence in London, including Google, MobiTV, MySpace, Bebo, and Sling Media.
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