Mayor of London’s investment fund for tech start-ups is welcome news for the serviced apartment market

The Mayor of London, Boris Johnson has unveiled a £22 million fund for tech start-ups. Those who want to take advantage of the fund to bring in new members of staff can make them feel welcome in the capital by using serviced apartments.

A new investment fund has been announced by Boris Johnson to help small businesses in the technology sector expand. Long earmarked as a sector for growth, it is businesses in the creative industry, the digital economy in leisure, education and healthcare who will benefit. It is designed for businesses at an early stage who need practical support. The measure, it is hoped, will create 420 jobs.

The benefit for small firms is clear. Perhaps unable to get an injection of cash or funding from banks it will help take their businesses to the next level, to grow and expand and ultimately make more money. Hiring new members of staff will help the firms to bring in new skills and expertise, meaning they can win more business and expand further. It’s a vital first step helping to restore the economy.

Yet if we rewind a little, hiring new members of staff can be daunting, especially if it is a first step from sole trader or one man operation, to an agency or team. It is important to hire the right staff and individuals, bringing in skills that are needed for expansion, rather than simply hiring someone because of proximity or locations. That can mean relocation, which may seem like a big step but in fact is easier than they may think.

In the digital economy and creative industries, job seekers are happy to move to where the work is. Often possessing a specific skills base they know their experience and perspective can be unique and in demand, so are happy to use it wherever they need to. Moving to the capital, especially for a new firm that is expanding is an attractive offer as it means being at the start of a businesses journey and helping to shape it. It means being at the cutting edge of development.

Relocation no longer means driving down the weekend before the job starts, with a  boxful of belongings and staying on friends floors for a few weeks until a flat is found. That can be disruptive and frustrating. It means the new member of the team can be distracted, doesn’t feel part of the city yet, might be stressed while they look for a new place to live and might find it hard to settle in.

A hotel is out of the question for a small business. They can’t afford a stay for several weeks while a permanent home is found. It is prohibitively expensive for a firm looking to put its resources in the most cost-effective avenues possible.

A serviced apartment, like those offered by Clarendon, is an invaluable resource. Located centrally across the capital they are designed to suit firms that need to find accommodation for a member of staff for longer periods of time. It works out as being much cheaper for a longer stay. An apartment can also be found that suits their needs, so if they’re a young professional on their own they might just need a one bedroom apartment. A couple or small family and a two or a three bedroom can accommodate them all comfortably. They can stay close to the office, perhaps in the West End, or in the suburbs like Richmond with a short commute into the office. A fully fitted kitchen means they can prepare their own meals and do their own laundry, making the serviced apartment feel like a home from home while they source somewhere more permanent to stay.

For small tech companies this investment fund can be a stepping stone to growth and expansion. This means job creation. Having a cost effective and flexible solution, like Clarendon serviced apartments to look after new members of staff who relocate to take one of these new jobs will help them settle in sooner and benefit the company.

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