UK stifles entrepreneurs

UK's culture stifles entrepreneurs

The House of Lords Communications and Digital Committee has warned that Britain's culture "struggles to celebrate successful wealth creators," which hampers the growth of UK tech companies. The report highlights that the UK risks becoming an "incubator economy," where start-ups develop innovative products only to sell out or relocate abroad. Baroness Stowell, the committee's chair, stressed the need for a cultural shift towards risk and innovation, stating: "Too often it's a case of UK begins, other countries cash-in." The report also criticises the complexity of taxpayer-funded schemes aimed at supporting start-ups, suggesting they may hinder rather than help innovation.