LONDON (IT BOLTWISE) – Britain faces the challenge of regaining its economic strength by targeted support for entrepreneurship and innovation. Matt Clifford, co-founder of Entrepreneur First, calls for a radical reset to put the country back at the forefront of the global economy.
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Britain, once a center of scientific discovery and technological innovation, now faces an urgent need to regain its economic dynamism. Matt Clifford, co-founder of Entrepreneur First, recently caused a stir with a passionate plea: “We must make the UK rich again.” This message, delivered at a growth event, resonated with British entrepreneurs.
Clifford emphasized that economic stagnation is at the root of many other problems. He called for the removal of cultural, legal and institutional barriers that hinder growth. At Entrepreneur First, Clifford has backed numerous UK startups that have collectively raised $10 billion and created over 8,000 jobs. Nevertheless, many of these companies are moving to the USA, where their ambitions are more strongly encouraged.
The UK government recently appointed two prominent tech entrepreneurs, Jason Stockwood and Alex Depledge, to key positions to promote investment and entrepreneurship. These appointments raise hopes for economic renewal. But a survey by the Entrepreneurs Network shows that only 3% of respondents believe the government understands the needs of entrepreneurs. Many business owners are concerned about tax increases and strengthening workers’ rights.
Clifford, who also helped create the government’s AI action plan, sees the technology as having huge potential to increase the power of startups. He describes AI as the “most pro-entrepreneurial technology” of his time, enabling startups to quickly and scalably apply machine intelligence to almost any sector. The government should give greater recognition and support to this golden era of entrepreneurship to revitalize the UK economy.
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