London’s Poplar district has experienced a surge in new start-ups during the pandemic, thanks in part to redevelopment, affordable office space and support from the UK government’s Future Fund. The area’s resilience was also fuelled by the move to remote working, digital marketing strategies and e-commerce. Blockhain-based data storage company Codex, which recently launched a COVID-19 testing app, high street payments start-up Flux, and Laka, which provides cycle insurance, are among the recently launched ventures to boost the local start-up scene.
Poplar District Sees Surge in New Startups Amid Pandemic Blues
The COVID-19 pandemic has caused major disruptions to businesses worldwide. Small businesses have been the most affected. Amid these situations, some cities and districts have seen a rise in newly emerging startups. Poplar district in London has recently witnessed a boom of new startups, making it one of the fastest-growing locations in the UK. This article will explore why Poplar has become a hub for new startups and how they are dealing with the pandemic.
Why Poplar?
Poplar is a district located in the East End of London, next to the River Thames. The area has undergone significant redevelopment in recent years, particularly around Canary Wharf- one of the largest business districts in the UK. With excellent transport links and affordable office space, Poplar has become an attractive location for startups looking for a foothold in the UK’s vibrant business economy.
Despite the pandemic and lockdown restrictions, businesses in Poplar managed to adapt by embracing remote working, implementing digital marketing strategies, and focusing on e-commerce. The area boasts a mix of commercial and residential properties, making it an ideal location for startups in the technology and fintech sectors.
Poplar’s resilience during the pandemic has also been fuelled by the local and national government’s support. The UK government launched the Future Fund to support startups that lost funding due to the pandemic. This funding has been critical for startups to sustain themselves during the crisis.
New Startups in Poplar
Several startups have emerged in Poplar over the course of the pandemic. They vary in size, scope, and function. Here are some of the most exciting new startups in Poplar:
1. Codex: A blockchain-based technology company that provides secure data storage and retrieval services. It has recently launched an app that allows users to track and verify the authenticity of COVID-19 test results.
2. Flux: A fintech company that has teamed up with some of the UK’s leading banks to provide customers with cashless payment technologies. During the pandemic, Flux launched Flux Connect- a platform that allows charities to receive donations digitally, reducing the contact required to donate.
3. Laka: An insurance startup that provides insurance coverage for bicycles. Laka’s unique concept enables users to pay what they want into a collective pot, which helps keep insurance costs low.
FAQ
Q: What makes Poplar an attractive location for startups?
A: Poplar offers accessible transport, affordable office space, and excellent opportunities for startups in the technology and fintech sectors. The district has undergone significant redevelopment in recent years, making it an ideal location for businesses.
Q: What support has the government provided to startups in Poplar during the pandemic?
A: The UK government launched the Future Fund to support startups that lost funding due to the pandemic. This funding has been critical for startups to sustain themselves during the crisis.
Q: What are some of the new exciting startups in Poplar?
A: Codex offers secure data storage and retrieval services, Flux provides cashless payment technologies, and Laka offers insurance coverage for bicycles.
Conclusion
Poplar district has emerged as a hub for new startups despite the challenges posed by the pandemic. The area’s resilience, affordable office space, and government support have been critical in the success of these emerging businesses. The COVID-19 pandemic has highlighted the importance of technology and innovation, and Poplar’s new startups are at the forefront of these changes. With the right support and investment, Poplar has the potential to become a significant player in the UK’s thriving startup ecosystem.
