by oneafrikan on April 23, 2008
Good article from Sarah Lacy on UK startups…
London has never been considered a center of entrepreneurship. As TechCrunch UK editor Mike Butcher notes, Europeans are encumbered with the well-worn caricature that they’re too lazy and well-fed by the state to exhibit entrepreneurial hunger. More to the point, he says, many are just seduced by the more lucrative and certain path of investment banking. The play-it-safe ethos has long permeated the London scene.
Of course, the dot-com excitement of the late 1990s reached across the Atlantic. But London seemed to catch on late and produced very few home run exits in the form of IPOs or sales. Conservative local investors quickly turned on budding entrepreneurs, and computer science and engineering students at Cambridge retreated to the safety of banks, law firms, and consulting companies. U.S.-based venture funding receded and investments in Europe plummeted.
Good thing I’m not British!! ;-)