Unless you’ve stopped using the internet or TV, by now you’ve heard all about Brexit, a historic vote in the United Kingdom to leave the European Union. Stock prices fell, investors panicked and the media flocked to the story grabbing details faster than the New York Post Page Six. Technology has always been and will always be a global sector with publicly traded companies and startups conducting record-breaking transactions and booming business worldwide.
Tech companies who do business in the UK are likely concerned since the value of the pound has dropped to its lowest in decades. As of the writing of this column, one pound converts to $1.34 in US Dollars.
App makers including Facebook, Twitter and SnapChat will likely survive the storm of European turmoil and a divided country. Smaller app makers, or startups with less than 1 million users could have some valid concerns, especially those seeking overseas investors and attempting to break into a market that affected Wall Street stocks and have British businesses wondering what the future will hold. The United States, which has been under fire about laws, regulations and taxes, seems like a much stronger market with more predictability and plenty of investors ready to play ball with tech entrepreneurs. Our unity will be tested in the Trump vs Clinton election, but overall our values remain unscathed by political bickering.
Cross-posted from New York City Wired
