If you went to Silicon Valley 50 years ago, you’d find orchards and farmland. Today, it’s home to the world’s biggest companies. Talent continues to pour in and it will forever be synonymous with the latest and greatest technological developments. Its business leaders and companies are household names, instantly recognisable anywhere: Zuckerberg, Bezos, Gates; Meta, Amazon, Microsoft. So what gave this pocket of the Californian countryside its magic touch, and what can the UK do to replicate the success of Silicon Valley?
First, there’s the proximity to leading universities, creating a pool of ever-replenishing talent. There’s also relatively cheap office space. Investors with connections as deep as their pockets and with reach to the wider financial industry and government can fund an idea into an innovation. But perhaps most of all, there’s an effervescent culture of networking and information sharing. Which begs the question: why hasn’t the UK managed to reach the same heights as Silicon Valley?
Universities and spinout programmes in the UK are some of the best in the world. We’re a hub for global talent and investor cash, where once it was harder to come by – even as we face a long economic re-start. Indeed, London holds the top spot for VC investment and unicorns of any city globally outside of the US....