By Kaitlin Milliken, Staff Writer
With additional research by Caitlin Harper and Scott Kirsner
Even with clouds of economic uncertainty surrounding the UK’s plan to leave the European Union, London remains one of the world’s thriving financial centers. According to Reuters, $5.1 trillion of global currencies still pass through London daily.
Financial services companies, both in the UK and from around the globe, have taken note. The FinTech Innovation Lab runs a three-month-long accelerator program. Accenture, AXA, Citi, Goldman Sachs, and Santander are among corporate partners looking to discover and network with potential disruptors. At Barclays Rise, 40 carefully-curated startups work in close proximity to bank employees focused on emerging tech. In 2018, Citi announced its London Innovation Lab, a location that will house venture efforts and internal growth initiatives.
Outside of finance, companies are setting up new innovation centers and collaborations to develop solutions to thorny business challenges. The venerable British Broadcasting Corporation has a labs group, founded in 2012, that works on projects at the intersection of journalism, technology, and data. Retailer Tesco is exploring “convenience, immediacy and personalisation,” in the words of lab head Jo Hickson. And the London Cyber Innovation Center, a $17.46 million initiative, brings businesses, researchers, and investors together to develop technology in the cybersecurity space.
You can see 25 innovation hubs on the map below, including co-working spaces that have corporate involvement or sponsorship, as well as labs or investing outposts from large, multinational companies. (We’ll also be visiting London in June of 2019, for our first Field Study event in the UK. Learn more here.)