Letter to the Financial Times 07.01.13
David Richards is an outstanding entrepreneur, an example to others across the economy, and he is absolutely right to assert the fundamental importance of venture capital to the growth of UK technology companies. He is, though, being rather harsh in arguing that the UK industry is "run by accountants" and claiming that this alleged feature of the sector explains the failure of this country thus far to incubate a Google or Facebook ("Happy to swim against the tide", Business Life, January 2).
What British and European venture capital suffers most from is a problem of perception, one that extols the performance of the US industry at the expense of our own. As illustrated by a soon to be published report by the BVCA, the reality is somewhat different. While there is no denying the home-runs of certain US investments, we should not overlook the success stories closer to home.
Deputy Chief Executive and Director of Policy
British Private Equity & Venture Capital Association