Working for Start-Ups in London: Reality vs Myth
Swanky offices complete with ping-pong tables and bean bags, extravagant social events, and indulgent free meals – these are just a few of the perks associated with working for a cutting-edge start-up company. However, according to Sam Franklin, the co-founder and CEO of start-up job site Otta, the reality of working at London’s many start-ups is not as glamorous as it appears, although the perks are still plentiful.
“Perhaps this stereotype stems from the immense success of companies like Google and Apple in Silicon Valley,” explains Sam. “However, British start-ups are progressive work environments,” he insists. “The focus lies on things that truly matter, such as flexible working arrangements and excellent parental leave policies.”
London is Europe’s largest start-up hub, with the number of tech start-ups in the capital reaching over 18,000 in 2021, a significant increase of 94% from the previous year.
These companies have attracted ambitious young graduates seeking to make an impact, earn a decent income, and have a work-life balance tailored to their needs.
Alex*, a 24-year-old graduate from Oxford, works for a start-up that creates alternative alcoholic beverages. “We have the option to work remotely one day a week, and unpaid sabbatical leave is also available. The office environment itself is fantastic,” he shared with Telegraph Money.
“Moreover, the company covers the cost of therapy sessions for all employees. This emphasis on wellness aligns with our brand, demonstrating that they practice what they preach,” he added.
Another significant benefit of working for start-ups is the potential for substantial financial gain. Early employees of small businesses often receive share options, giving them the opportunity to earn a significant sum of money if the company goes public or is acquired by a competitor.
Thanks to the Government’s Enterprise Management Incentives scheme, companies valued at £30 million or less can grant their employees share options of up to £250,000 within a three-year period.
Furthermore, employees are not required to pay income tax or national insurance if they purchase their shares at or above the market value when the options were granted.
Being an early adopter of the next groundbreaking product can lead to immense rewards. Case in point: artist David Choe, who chose equity over dollars when commissioned to paint Facebook’s first office in 2005. When Facebook went public nearly a decade later, Choe discovered that his shares were valued at $200 million.
Denial of responsibility! VigourTimes is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
