Sure thing. Here’s a fresh take on that article, with a more raw human touch.
So, we try to make these big, game-changing companies in the UK, right? But like, the sad part? We don’t really hold onto their value as a country. Honestly, a bit frustrating if you ask me.
Back in 2014, Google snagged DeepMind for a jaw-dropping £400 million. Their AI breakthroughs? Mind-blowing. It makes you wonder if the UK can whip up five more DeepMinds in the next ten years. Barney Hussey-Yeo, the brain behind Cleo, a UK fintech, seems hopeful. But there’s that annoying word again: ‘potential.’ Feels like the UK’s spot as a tech big shot is a bit shaky.
Now, other countries? They’re shaking things up with shiny new startup scenes popping up everywhere. They’re attracting those superstar skilled folks who basically build the future. If the UK wants in on this action, it’s time to level up.
Barney shared his thoughts at this conference, ‘The case for optimism in UK Tech’ – cool name, huh? Except, the recent gloomy economic reports throw a bit of a wet blanket on all that optimism.
There’s more stormy weather over the horizon. Beauhurst, the guys who track UK private companies, say there’s been a drop, 3.75% to be precise, in new startups in 2024. And yeah, Pitchbook’s data shows folks are all about AI, but other sectors? They’re struggling. Fundraising’s getting tougher by the minute.
At the end of the day, the startups playing it smart with talent are snagging the funds. Our latest Angel Investment Network poll confirmed hiring talent is nearly as stressful as getting funds. It’s like, those two problems are hopelessly tangled. Picture the UK’s tech scene as this roaring engine. But without enough skilled folks, it’s bound to cough, sputter, and ultimately die down. Soon, the tech masterminds are eyeing faster cars.
Barney nailed it when he said: “We create these generational companies. The problem is we don’t retain the value as a country.” It’s painfully true. Cities like Dubai and places across the USA thrive while we watch them scale.
The UK flaunts its tech and AI prowess, yet struggles to hold onto the creators. So, those future-shaping companies? They’re just mirages unless we step up. The big question? How do we get this engine roaring again? Step one: Teach the up-and-comers the right stuff to support our brainy economy.
Stemming the Decline (Or Trying To)
Tech companies crave brains with STEM skills. Sadly, despite all these flashy campaigns, fewer students are picking Maths and Physics for A-levels compared to the rest of the world. It’s a head scratcher – the OECD points out how England shines in math at age 15, but then crashes after 16. This gender gap doesn’t help either. Boys apparently dig STEM more, and the girls? They’re giving it a hard pass. Bummer.
This poor subject choice snowballs at the university level. The Centre for Security and Emerging Technology says the UK isn’t even in the top 10 for STEM grads. We’re pumping out a measly 183k STEM grads, a speck compared to India and China. Just imagine – a tiny town of whiz kids against bustling metropolises. And get this – 40% of Chinese students are hitting the books for STEM, while the UK sits at a measly 20%.
Then throw Brexit into the mix, making talent acquisition a painful headache, and the UK? Starts feeling less inviting.
Plus, living in London? A total wallet killer. RightMove reports the average rent’s a nightmare – £26,313 a year. It’s hard math – most salaries can barely stretch that far.
Meanwhile, in Kenya and Singapore…
While the UK is building walls, other places are tearing them down. Kenya’s going fast and hard, nurturing a thriving tech scene in Nairobi’s ‘Silicon Savannah.’ The government’s thrilled about luring in talent and cash. And surprise! Startups are blooming, especially climate tech and fintech.
This scene pulled in Henry Wheeler, a late 30-something digital nomad. A freelancer and growth hacker, Henry found Kenya’s tech buzz and laid-back vibes way too enticing, especially when compared with London’s sky-high living costs.
“There’s this amazing energy here, you know? Tons of expats, startups, even UN and NGOs,” Henry mused. “My rent’s just £300 – yeah, you heard right – as opposed to £1,200 in London. No brainer there, honestly.”
Henry also mentioned how crazy the tax system is in the UK. Kenya’s flat rate of 30% is like a relaxing breeze for ambitious founders.
And then there’s Singapore – the kingpin for Asia’s tech craze. Angel Investment Network’s been crushing it here for years. They’ve got slick perks and incentives to sweeten the deal for startups. Also, the much-coveted EntrePass visa lets foreign innovators bring their dreams to Singapore.
Their government? All-in on building STEM skills, focusing on early learning, and securing kickass industry partnerships to fuel future tech growth. That’s a game plan right there.
Growing and Hooking Talent
If the UK wants to stay in the top tech tier, it needs to crack the code used by these tech-savvy countries. The Oxford-Cambridge growth corridor is a start, hopefully reminiscent of Silicon Valley. Yet, promises of affordable homes must be kept, and a fancy visa system introduced to draw in global tech minds.
Looking further ahead, a post-16 education revamp is crucial. Keeping young minds engaged in STEM will create more capable graduates over time. And finally, borrowing a page from Startup SG’s book, the UK needs its own supercharged startup support system. We’ve been without a dedicated tech champion since Tech Nation’s curtain call.
Speak Up!
All the tools are here for the UK to shine, hold onto talented folks, and nudge the tech world forward – but only if action is taken. As an Angel Investment Network member, this is your chance to steer the conversation. Dive into our upcoming survey, share your thoughts on hiring, and let’s craft the next wave of legendary companies. The future of UK tech? Yeah, it’s riding on this.
In need of an angel investor for your business? Jump on board with us at Angel Investment Network. It’s where global investors and the innovators of tomorrow meet.
Hope this messy, quirky style does the trick!
