The Notebook: How Labour can make the UK a tech superpower
Where the City’s movers and shakers have their say. Today, Owen Thompson, CEO and co-founder at Cambridge Future Tech, takes the notebook pen to give insights from the startup world
A wish list from the startup world
With the UK general election concluded and Keir Starmer’s Labour Party securing a historic victory, the tech startup ecosystem is poised for a transformative era. At Cambridge Future Tech, we see this as a golden opportunity for the new government to enact policies that could elevate the UK’s tech landscape to new heights.
Firstly, reforming the British Business Bank remains a top priority. Increasing its capital and reducing the venture capital LP application process from 18 months to six would catalyse more frequent and substantial investments into UK startups. This aligns with Labour’s commitment to economic growth and wealth creation by capping corporation tax and establishing a national wealth fund.
Secondly, appointing a senior civil servant to lead venture activities is crucial. This role would focus on securing LP capital and directing international VC investment into the UK, consolidating efforts from various government departments to align all grants with this goal. This would complement Labour’s new fiscal policies aimed at ensuring economic stability and fostering long-term investments.
Speeding up the Edinburgh and Mansion House reforms is another key step. Establishing a national wealth fund to facilitate direct government investments into startups would significantly bolster the financial backbone of the tech industry, resonating with Labour’s broader economic plans.
Moreover, a practical deep tech strategy is imperative. This includes rewriting core strategy papers like the quantum and semiconductor strategies to be realistic and achievable, ensuring the UK can focus on leading specific aspects of these fields. This fits well with Labour’s push for green energy investments and creating jobs through the Green Prosperity Plan.
Finally, standardising university technology transfer offices’ operations and increasing regional government venture specialists would enhance the commercialisation of research. The UK currently ranks 24th in this area despite being 4th in global innovation. By addressing this disparity, we can unlock immense potential within our research labs.
These actions are not just recommendations, they are necessary steps to secure the UK’s future as a science and technology superpower.
From lab to market
The startup ecosystem in the UK is vibrant and full of potential. However, to truly thrive, we need more streamlined support from the government. One critical step is to standardise operations across university technology transfer offices, the bodies responsible for commercialising academic research. This would ensure that innovations don’t remain trapped in labs but instead reach the market where they can drive growth and innovation. At Cambridge Future Tech, we’re advocating for these changes to unlock the full potential of British research and development, aligning with Labour’s educational reforms and economic growth policies.
Lessons from a pilot
In my former life as a fighter pilot, speed of execution was everything. Sometimes we miss this in the commercial and startup world. The UK tech ecosystem needs to operate with greater urgency and flexibility because all startups pivot. Boyd: The Fighter Pilot Who Changed the Art of War by Robert Caram encompasses practical examples of both technical expertise and commercial innovation. It applies a spirit of urgency and speed of execution for an inspirational read.
Goldilocks ambition
I recall my early days at Cambridge Future Tech, filled with late-night brainstorming sessions and endless cups of coffee. It was during one of these sessions that the idea of advocating for a more practical deep tech strategy was born. We realised that without ambitious goals, with achievable targets and tangible support, even the most groundbreaking research could falter in the ‘critical support gap’. This personal experience fuels my passion for pushing the government to adopt strategies that are not only ambitious but also attainable, reflecting Labour’s pragmatic approach to policy-making.
Quote of the week
A good solution applied with vigour now is better than a perfect solution 10 minutes later
General Sir George S Patton