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A rant for Mr Cameron and the BoE
The UK start up scene is a vibrant but unfortunately poorly backed industry, as a knowledge based economy their are a vast quantity of people seeking out opportunities to grow ideas into small firms and hopefully taking them further. The UK does not lack innovation, neither does it lack the talent to create these enterprising businesses to disrupt industries, but it lacks something that is core to taking these ideas further, and thats the passion for risk and investing in ideas, and that is, plain and simple...ideas.
Many start ups will find it extremely difficult to find funding in the UK, where it actually provides the founder with the drive to build there applications, if you have people willing to invest once you have traction with a few thousand users, you probably don't actually need those investors if you could reach that point on your own. We lack angels which are willing to take the same risk as the founder and to put there heart into getting it off the ground from the ideas stage.
Great Britain has always been renowned for having some of the greatest inventors, innovators and masterminds. Being such a small nation it has done exceedingly well, however and I am sure some of my fellow British citizens will concur, we're lagging behind when it comes to technological innovation and the support of such entrepreneurs. It has unfortunately declined further and the quantitative easing that the Bank of England is injecting is no help to the startup industry, neither is it any help to the small businesses. Why? Because the banks have losses, they want to cover their asses and are unwilling to take the risks of investing into businesses.
That should be a sign for politicians to setup an independant investment strategy for small businesses which should go through business link and local chambers of commerce rather than through the banking system.
We have a huge problem within the United Kingdom, we do not have the support, the enthusiasm, the culture, the risk taking and the backing of ideas which could in fact have the potential of bolstering our economy. There is a huge difference in the culture towards technology start ups between the UK and the USA, generally it is much more difficult to approach venture capitalists in the UK, angel investors etc as risk and failure is seen in a completely different light between these two countries, in the UK, have one failure and suddenly you have a postit note on your back reading failure, whilst in the USA it's seen in a different light, you've gained some wisdom, strength, understanding, and failures occurs, you must go through some failures to learn and create a better product.
The UK unfortunately is going down a slope, it is not getting better, as the government and the bank of england are investing in the wrong places, what the UK needs to do is start investing in businesses directly, leading to growth, job creation and bringing more manufacturing onto our shores.
By A.J
