The second report from the house of lords communications and digital committee have warned that the uk risks are “incubator economy” UNLESS there is great for
The Ai and Creative Technology Scaleup Report Presents Witness Statements and Oral Evidence from Industry Experts Warning That The UK will lose out to other counties, and in particular, the US, Unles it provides an environ .
One of the witnesses, barney hussey-yo, founder and ceo of cleo ai, noted that the challenge the uk faces is that it cannot scale startup companies. He said it was also challenging listing these companies and capturing their tech value. Hussey-Yo described the uk as “a terrible place to scare and list a business”.
Another witness, nick pole, ceo of video games industry body ukie, described the uk as “one of thewst places in the g7” for scaling games businesses.
While the CBI Warned That Unless The UK Can Nurture Scaleups and Create the Environment for Them to Expand, it cannot hope to approach the level of growth and prosperity it needs.
Written Evidence from the British Venture Capital and Privity Equity Association (BVCA) Highlighted the fact that Uk Science, Technology and Financial Innovation sector IES Move Overseas, Taking Intellectual Property, Quality Jobs and Innovation with Them.
Oxford Science Enterprises Ala Submitted Written Evidence to the Committee, Arguing That, Without Urgent Action, “The Future Cascade of Value From The Unicorns We ARI BULLING – And The Creatation of the NEXT Reneurs from that companies – will continue to benefits other counts , Primarily the US ”.
The report describes “Piecemeal” initiatives that fail to offer scaleups a coherent pathway of financial support as they grow.
“A complicated 'spaghetti' of well-initials schemes, including financial reforms, tax credit, investment innovations and innovation focused innovation innovation innovation furrow Port's Authors Wrote.
The house of lords communications and digital committee concluded that the government should not be compressed about the health of the UK's Scaleup Scene. While The Committee was positive about the government's recent AI Opportunities Action PlanIt stressed that achieving its Ambition of making the uk “The best place to… Scale an ai business”
Tina Stowell, Chair of the House of Lords Communications and Digital CommitteeSaid: “The government's new AI Opportunities Action Plan is a good start, but a plan in its item is not enough. The key is its delivery. The government will need to drive through change to address fundamental barriers such as limited infrastructure and comparatively low levels of adoption it is to have an impact. It must also also ensure creative tech is given the attention it deserves as an area with huge potential for economy.
“Action must be taken to unravel the complex spaghetti of support schemes available for scaleups,” She said. “Various Tax Credits, British Business Bank Funds and Investment Inventives Combine to be so hard to Navigate that companies have to employsults to advise them. We urgently need to simplife the help available and ensure it is set up to support our most innovative scaleups to grow, who also also also offering value for money to the taxpayer. “
The committee has called on the government to ensure its Industrial strategy is joined up And it streamlines public support for innovation. Other recommendations include committing to ai delivery and accelerating Financial Reform to Unlock Domestic Growth Capital.