The immediate effects on startups have been incredibly personal. Bewilderment is the word you hear most. ...
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The day after the referendum I was contacted by three separate startups to say their venture capital funding had been cancelled because they were being financially backed from the UK and were in the EU, or in the UK and backed by EU-based investors. Several more have come to me since with similar news. Uncertainty has left the normally upbeat tech sector reeling.
And we’ve been coldly reminded of the complexity of the modern international startup, once seen as a strength, but, post-Brexit, could now become a huge headache. One UK-based founder contacted me: “My entire budget is now completely invalid as we have employees in 3 different EU countries, and in the USA. We are deeply affected by the currency devaluation issue.
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