London most supportive hub for developing AI according to international business leaders

WEBWIRE – Thursday, June 6, 2024

New survey shows:

• Over three-quarters (77%) say London more supportive than other leading AI hubs for the development of AI technologies
• 85% very confident in capitals ability to attract & retain talent in next 12 months
• Nearly half (45%) cited supportive government incentives & policies tailored for AI development as Londons key advantage
• Data privacy & security (51%) and infrastructure & scalability (45%) top of mind when choosing location of business

New research by London & Partners shows that over three-quarters (77%) of international business leaders in the AI sector consider London to be more supportive of AI development than other leading AI hubs. These findings come as international delegates gather in the capital for London Tech Week, Europes hottest tech event.

Nearly half (45%) of respondents cited supportive government incentives and policies tailored for AI development as Londons key advantage, while 44% highlighted access to international markets and global business opportunities as another significant benefit of being located in the capital.

Location is unsurprisingly a top consideration for international business leaders at AI companies, with nine out of ten (90%) surveyed stressing the importance of being located in a city that actively addresses factors which include the likes of data privacy and security (51%), as well as infrastructure and scalability (45%).

The good news for London is that it ranked highly in both areas, with 86% of respondents believing it will be effective in helping address data privacy and security in the next twelve months and 83% confident in the capitals infrastructure and scalability.

When asked why London will be effective in these areas in the next year, nearly half (46%) of respondents said that the capital has a well-established infrastructure and technological ecosystem conducive to AI innovation and growth, while 43% said that London has access to a diverse and highly skilled talent pool in the AI field. Additionally, 85% of decision-makers surveyed at international AI companies said that they are very confident in the capitals ability to attract and retain talent over the next twelve months.

As London Tech Week approaches, AI is attracting more global attention. This years event is set to spark important discussions with top figures from tech, business, and politics attending.

MAYOR OF LONDON, SADIQ KHAN, SAID:London is a world-leading centre for technology and talent, and fast becoming one of the most importantcentresfor AI businesses globally.

The worlds leading players in the sector are investing in international headquarters across our city. These AI hubs will bring industry experts together to innovate and collaborate and provide major opportunities for Londoners to access the jobs and opportunities of the future.

AI will play a major role in both our society and economy, and something all policy makers have to grapple with as we build a better and fairer London for all.

Also commenting on the findings, Janet Coyle CBE, Managing Director of Grow London at London & Partners, said:This research shows that London is at the forefront of supporting the responsible development of AI. As the number one tech hub in Europe and second in the world, we are already welcoming the likes of Microsoft AI, OpenAI, and Google DeepMind, all of whom have chosen London as a location for their international headquarters.

Mike Mattacola, Chief Business Officer of CoreWeave, who recently announced the companys expansion to London, said:Were incredibly excited to have launched our European headquarters in London as part of our broader expansion into the continent. London was an easy strategic decision for CoreWeave due to the citys focus on fostering AI development, immense talent pool, access to a world-leading financial sector and close proximity to AI labs, developers, and enterprise customers across the UK. Our launch in London will allow CoreWeave to capitalise on the significant demand for our AI infrastructure both in the UK and across Europe.

Jules Persaud, Chief Commercial Officer atEpidemic Sound,who also recently opened an office in the capital, said:London is one of the worlds foremost creative hubs and a cultural force across art forms including music and content creation. Its home to thousands of leading professional content creators who were excited to empower with AI-powered soundtracking as well as an abundance of music talent that we cant wait to collaborate with to offer an innovative, equitable way of working. London was one of three chosen cities for our 2024 global brand campaign, and opening an office there provides a significant opportunity to expand our presence in such an important global market.

David Monaghan, Festival Director, London Tech Week, said:AI is going to be centre stage at London Tech Week so its no surprise to see these findings. Well be celebrating the citys credentials as a base for AI-powered tech businesses, welcoming speakers from giants like Google DeepMind as well as London-based unicorns like Synthesia and Wayve. Its even more exciting to think that the next big name in AI might be among the thousands of startups and scaleups, from all over the world, who will converge in London for this event.

Russ Shaw CBE, Founder of Tech London Advocates and Global Tech Advocates, said:For the London tech sector to flourish, it is vital to maximise support for its most innovative tech verticals. This research, which showcases strong results in both private and public policy with regards to AI, will act as a signal to global tech leaders that London is a hotbed for the development of advanced tech. With London Tech Week fast approaching, this is a strong demonstration for the international delegations which will descend on the capital of the scale and ambition of the tech scene we have here.

When asked how London can maintain its attractiveness for international AI companies over the next twelve months, almost one-third (32%) of respondents highlighted the need for strong infrastructure and a robust technological ecosystem, while 29% pointed to continued investment in AI research and development.

To learn more about London Tech Week, including the agenda featuring speakers on AI from Microsoft, IBM, and GSK, please visitwww.londontechweek.com.

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