Tech entrepreneurs may be over confident about their chances of success
Tech entrepreneurs are more positive about their prospects for growth compared to the rest of the market, according to a poll of owner-managers and entrepreneurs by Smith & Williamson, the accountancy, investment management and tax group.
Three quarters (74 per cent) of tech entrepreneurs and business leaders forecast growth in 2017.
In the wider entrepreneurial and small business sector, only 56 per cent of everyone surveyed anticipated growth this year.
The Smith & Williamson Enterprise Index measures the views and confidence of close to 170 owner-managers and entrepreneurs in the UK. 31 respondents were from the tech industry.
Tech entrepreneurs are also bullish about their prospects in the wake of the referendum. Forty five per cent of respondents felt that their business would thrive, irrespective of access to the EU single market.
Partner and scale-up lead at Smith & Williamson, Sancho Simmonds, said:
Many tech businesses are under the impression that they are insulated from the wider cyclical nature of the economy.
There is a belief that if the tech firm is innovative it is likely to be a success whatever is happening. Whilst to some extent this may be the case, we would always encourage businesses to be aware of the impact the world around could have and factor that into any business planning.