London 'a city to do business in'

Attracted by its dazzling international reputation, extensive networks of investors and innovative technology hubs, ambitious entrepreneurs from Eastern Europe are increasingly opting for London as the city in which to do business.

While conceding that relocating to the capital increased his overheads, Romanian-born Emi Gal, the founder of online video company Brainient, said the many advantages of having his headquarters in the city made the extra cost worth it.

“I realised pretty quickly that if I wanted to do anything on the big stage, I needed to move to London,” he explained.

“I feel I have done more in a year here than I did in three years in Romania.”

Mr Gal, one of six winners of the start-up competition Seedcamp - through which he received £41,000 to develop his business – and a member of UK Trade and Investment’s (UKTI) global entrepreneur programme, said the capital’s location, ideally placed between European and US markets, and its “momentum and vibe” meant it was a treasure trove for young businesspeople.

Other entrepreneurs, such as Andrei Korobeinik, a native of Estonia and inventor of CuteFund – a mutual fund where investors vote on the buying and selling of stocks online – are drawn by the UK’s network of experienced professionals, a factor often lacking in their home countries.

“The UK is a financial hub with a concentration of financial expertise and institutional investors,” he explained.

Alex van Someren, a spokesman for UKTI, claimed many entrepreneurs from the EU were hoping to set up bases in London, adding that a rash of promising projects were in the pipeline.

“If you are from those countries without a support network, you have to really sell yourself hard and network hard and it is those businesses that stand out as the ones likely to succeed,” he said.

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