Innovator & Start-up Visas: Example Businesses

INTRODUCTION

What kind of businesses can you set up in the UK if you’re applying for an innovative visa or startup visa?

Innovator & Start-up Visas


1. Being innovative and unprecedented

Biggest misconception

The biggest misconception out there is the business itself needs to specialise in technology. However, this is not the case. Rather, the visa requires you to focus on being innovative and unprecedented. The emphasis on innovation means that your business plan needs to demonstrate that the product or service is genuinely inventive and original and creates competition within the market. As an entrepreneur, the expectation is that you are the business leader and looking to create a business which will bring innovation into the market.

It’s perfectly acceptable to be the technology expert yourself but rather have an advisory team/ employee which will help you deliver your business in the UK.

2. E-learning and Software-as-Service

Great examples include e-learning and software-as-service products.

  • E-learning is a growing phenomenon, with spending globally expected to reach $51.5 billion this year from $35.6 billion in 2011.  By creating an e-learning platform for your business, you can encompass any niches which may be under your expertise and create a viable business through commission content. (Source: Docebo’s E-Learning Market Trends & Forecast 2014 – 2016 Report) 
  • Another type of business which can use the innovator business is the software-as-a-service products (SAS products). This is increasingly becoming a feature within our daily lives. What these software-as-a-service products do is they automate many different areas of our lives.
3. Startup Ecosystem

Medical Technologies

The UK government are also keen on any start-ups which fall under other categories like financial technology (Fintech) and Medical-based learning platforms (Medtech). The city is ranked as the number one global financial centre and valued at $44bn, it contains the most valuable tech startup ecosystem in Europe (Global Startup Ecosystems report 2017) and so, the government is keen to maintain such a reputation even after Brexit. Medical technologies are products, services or solutions used to save and improve people’s lives. This type of technology can revolutionise healthcare and can in almost every area from; prevention, diagnosis, monitoring, treatment and care. With the launch of the NHS app, the potential for growth is exponential with the NHS looking for vendors to provide different services for its patients.

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