Tomorrow, Thursday 23rd June, 2016 a nationwide referendum will be held in UK to determine whether the country will exit or remain in the European Union. This is commonly referred to us Brexit. This event has already attracted attention from every one. The Bank of England, George Soros, Richard Branson and President Barrack Obama has all spoken on the issue.
In case of an exit, it will be expensive to hire software developers and engineers from other countries in EU. This will lead to shortage of great talent with the borders of United Kingdom and hence technology startups will not be able to grow quickly.
It has been a habit for start-ups globally to set camp in London because they consider it as the opening to European Union. Brexit will change this perspective. Most tech start-ups are backed by venture capital. This means that there is no way those businesses will experience super growth because it will be cumbersome to hire relevant talent. The number one commodity in technology is people.
The proponents of Brexit have argued that immigration is the major reason why UK should leave. The right-wing groups hope that exit from EU will promote greater border control for UK.
Technology entrepreneurs have expressed their concerns that absence of ultra-talented employees from overseas will be a disaster.
