The House of Lords Communications and Digital Committee's report emphasizes that the UK risks becoming an "incubator economy" unless substantial support is provided for tech startups. Experts warn that the UK is lagging behind nations like the US in scaling businesses. Witnesses cited challenges in scaling and listing tech companies in the UK, identifying it as an unfavorable environment for growth. Concerns were raised that without proper nurturing, the UK will lose valuable intellectual property and innovation opportunities as companies relocate overseas and continue to thrive in more supportive ecosystems.
"The future cascade of value from the unicorns we are building - and the creation of the next generation of entrepreneurs from those companies - will continue to benefit other countries, primarily the US."
"The UK is a terrible place to scale and list a business" said Barney Hussey-Yeo, highlighting systemic challenges for startups.
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