Technology firms are shaming other sectors of the global economy
in terms of growth, largely thanks to small and medium-sized
enterprises (SMEs) that are innovative and keen to expand. In
Britain, research by Barclays shows internet companies are growing
at a rate more than 50 times faster than the average GDP growth of
0.3%, with firms that sell their products or services mostly online
seeing average revenues grow by 11.4% over the last three
years.
In order to foster this rapidly growing sector, international
business hubs are creating tech cities that build on the success of
California's Silicon Valley. Home to multinational firms such
as Google, Yahoo and Facebook, there has been a plethora of
successful businesses which have all grown thanks to a relatively
enterprise-friendly tax system and the space for companies to
expand.
