Silicon vs London
[Re: Why investors should take a stake in high-growth UK tech companies, yesterday]
Silicon Valley is a hotbed of innovation primarily because of its culture of failure – it is ok to start things up in your garage, to take risks and to fail completely. The Valley didn’t start as a gleaming millionaire’s paradise – it was a village in the middle of nowhere. So what hope do aspiring tech entrepreneurs have in London, with its debilitating rents? London also has a problem with finance. In the US, finance is secondary to the idea itself. The push for a London-based Silicon Valley shows that money is waiting for ideas to come to it, rather than the other way round. The fact that Facebook and
Google are opening divisions in London does not make the city Silicon Valley.
Krishnan Unni Madathil
This is an interesting article and an important topic for UK and European investors and governments. Robin Klein is right that most of the best technology entrepreneurs don’t view an initial price offering as an exit, simply as a means to get funding for further growth. But the key issue is that the best growth companies have plenty of options where they could list – London is not without competition. It’s important that governments and regulators get the rules right so that companies do not travel elsewhere.
The Prime Minister says the vast majority of people want the UK to remain in the EU. He clearly hasn’t seen the polls lately.
A financial transactions tax is one of the worst ideas ever. Good intentions do not always make good policy.
Now that EU member states are adopting a financial transaction tax, can we expect better news for the City of London?
The London insurance market covers just half a square mile. But annual premium income is greater than the Slovene economy.