Wired UK - 11.2019

WIRED PARTNERSHIP | J.P. MORGAN

ILLUSTRATION: MICHAŁ BEDNARSKI

Ten years ago, the financial crisis

cut a swathe through London, sparking

company closures and job losses; as

many as 50 small businesses were

closing each day during the economic

downturn, according to the Federation

of Small Businesses. But the chaos

made room for tech startups to step

in, and a decade on, London’s Silicon

Roundabout is second only to Silicon

How London’s startups

can reach the next level

J.P. Morgan Private Bank isn’t just funding the tech

scene – its expertise is building impactful businesses

Valley. In the past few years, UK tech

companies have attracted a substantial

amount of funding, with more than £5bn

in VC funding this year from US and

Asian investors – with 80 per cent of

that in London alone, it’s fair to say the

capital’s tech scene is a behemoth.

“It’s in the region of £60 billion annual

turnover, with 300,000 jobs at 8,000

startups,” says Oliver Gregson, head of

UK & Ireland at J.P. Morgan Private Bank.

However, after five years, only four

out of ten small businesses continue

to trade, says Gregson. “Building from

startup to SME to mid-market – that

life cycle is a difficult one, and resil-

iency is definitely a problem,” he says.

What’s the solution? Expert help. Your

business may not have been through

that cycle before, but banks such as J.P.

Morgan have. “We try to deliver access

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