Money and brains inspire business beyond borders
TRADE across borders – natural and man-made – binds humanity together: “When goods do not cross borders, soldiers will”, surmised the French economist Frédéric Bastiat. Trade enriches us, both in our standard of living and in the variety of our cultural experiences. And it makes others better off too, as if lead by an invisible hand.
Some countries are better at trade than others and the British have a noble history in this regard. It is therefore a shock to learn from Stuart Watson of Ernst & Young (see article below) – who heads up Ernst & Young’s UK Entrepreneur of the Year team (see www.eoy.co.uk) – that the UK’s small and medium-sized businesses are less likely to export than their EU equivalents. We have the barrier of the channel, but culture can, and should, trump this. It’s time for UK entrepreneurs to get back on their bike, boat or plane.
That is exactly what David Richards did (see article right). He moved to Silicon Valley to make his fortune, but his native Sheffield is home to the majority of WANdisco’s workforce (a similar model to Cambridge’s Autonomy).
Richards is passionate about Sheffield and Silicon Valley. He’s got strong views on UK private equity – too many accountants, not enough proven business people – and the UK tech industry: he isn’t convinced by the hype surrounding Silicon Roundabout. As with Stanford University in the US, he thinks the Cambridge cluster and its relationship to its university are along the right lines, but cautions: “These things naturally happen, rather than being contrived.” It’s refreshing to hear a constructively critical perspective, as most entrepreneurs’ default public setting is indefatigable optimism.
It’s fashionable to ponder on the globalising impact of technology, but it is undenibaly opening up markets that would otherwise be harder to crack. However, even though Facebook could have been started anywhere, it’s no fluke that it flourished in Silicon Valley. There is no equivalent.
For technologists who don’t fancy leaving these islands just yet, Cisco, with support from JP Morgan, Bird & Bird, DNX and Octopus Communications, has announced “an annual open innovation competition to discover and reward the finest examples of the UK’s most innovative start-up digital businesses.” The overall winner will receive a total prize package of approximately $200,000, made up of $100,000 cash, 12 months of mentoring from Cisco and a 12-month support package covering PR, marketing and legal services. The competition has just opened (entries will close on the 31 March), with the awards taking place on 12 September (www.thebigawards.co.uk).