A study by Pareto Law has found the North West of England a business hotspot for unicorns.
Unicorns are high-growth start-ups, valued at £1bn or more. Of the 14 UK unicorns, 2 were founded in the North West and a further 3 have expanded to the region. This makes the North West the UK hub for unicorns outside of London.
One of the unicorns founded in the North West is the winner of the 2017 Northern Tech Award and highest valued UK unicorn, The Hut Group.
Pareto Law credits the region's readily available funding and talent for its appeal. Manchester tech firms attracted more than £200m in funding in 2018, while The North West Fund has supported more than 440 business with over £150m of investment. Meanwhile, the 2018 'State of the City' report for Manchester states that 40% of inhabitants are qualified for degree level, with 36% of graduates returning to Manchester to work after university. The report also forecasts that the city's digital scene will grow by over 25% by 2025.
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