Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur United Kingdom, an international franchise of Entrepreneur Media.
In this Entrepreneur UK interview, CEO of Bletchley Group Jim Stevenson opens up about the challenges and opportunities of taking the leap across the pond. He shares the strategy behind the move, what it takes to adapt to a new market, and what it would take to make him stay.
What factors are driving your decision to leave the UK for business opportunities abroad?
The UK’s economic climate has become increasingly sluggish, with limited access to the EU market and all the size and scale it offers post-Brexit. Overall, the UK lacks vision or even economic optimism. All businesses need stability; they can generally work around everything else, yet the UK seems stuck in political uncertainty without a credible long-term vision. Add to this a significant debt burden on the country that appears to be driving a lack of innovation-friendly policies and investment incentives, and it is harder to justify staying when other markets are actively positioning themselves as business-friendly hubs or have a better or bigger marker to grow within. I want to operate in an environment that encourages entrepreneurship, global collaboration, and economic dynamism. Right now, the UK doesn’t offer that. While I have strong personal and professional ties to the UK, I need to prioritise long-term business success, and that means looking beyond for opportunities; for myself and clients.
What challenges do you foresee in relocating your business internationally?
Thanks to remote working, many traditional barriers to relocation are reduced if not outright removed. Securing the proper work visa and long-term residency remains a key challenge. However, many countries offer more flexible temporary or nomad Visas, allowing you to ‘dip a toe’ into the country while establishing yourself more permanently. As with all businesses, a strong business network is key to introducing customers or building a solid team to support you. Building a network takes time and effort, though it is achievable with the right approach and attending the right meet-ups and conferences. Cultural and regulatory differences requiring adjustments are expected when entering any new market. The biggest challenge is ensuring that clients do not notice this change. However, a benefit, probably the only benefit of COVID, was the willingness of everyone to operate more flexibly, so the risks of moving abroad are significantly lower than they once were. With any business decision, you need to weigh the benefits. Access to larger markets, economic opportunities, and a business-friendly environment outweigh the obstacles.
What countries are you considering for expansion, and why are they appealing over the UK?
I have considered expanding into the UAE, Spain, Mexico, and the USA. Each offers strategic advantages over the UK. The UAE is a thriving business hub with tax incentives and global connectivity. Spain provides access to the EU market while offering a high quality of life, an improved business environment, and easy to obtain visas to establish a foothold. Mexico is emerging as a major player in global trade, benefiting from nearshoring trends and proximity to the US market, although tariffs may impact this. The USA, however, is the primary focus. It has a dynamic economy, strong VC/PE investor networks, and a culture that encourages ambition and scale. Historically, the combination of economic opportunity, access to capital, and global influence has made the USA a logical choice. As recent events have shown, the sands can shift quickly so I am keeping an open mind. Each country has negatives to consider, but unlike the UK, these countries actively position themselves as business-friendly, attracting talent and investment with clear policies and growth-focused strategies.
What changes would you need to see in the UK to change your mind about the move?
To reconsider staying, I would need to see a credible direction with a clear economic strategy and a credible growth plan for the country. The UK lacks a long-term vision to rebuild its economy, attract investment, and support entrepreneurship. There needs to be a commitment to business-friendly policies, improved access to international markets, and a reversal of the stagnation that has set in. Unfortunately, I’m not optimistic. The UK feels reactive rather than proactive, failing to create an environment that fosters innovation or economic growth. While I hope I am wrong, I have lost confidence in its ability to turn things around in the foreseeable future. Without a fundamental shift to a compelling vision and economic direction, staying doesn’t seem the best strategic choice. Right now, the opportunities abroad are far more compelling than the risks of leaving.