"The U.K. doesn't have enough successful exits, so everyone is so risk-averse and appetite is significantly lower," reflects Pleeth, highlighting a key roadblock in the ecosystem.
"It's really sad because it means mainly people who have enough wealth can do a startup and fund themselves," Pleeth comments, stressing the inequality in funding opportunities.
"When I go to America, VCs say, 'Hey, meet this person and this person.' But in the U.K., people are much more reserved," Pleeth contrasts the networking dynamics.
On the surface, the U.K. tech scene is on fire, having raised $6.7 billion in the first half of 2024, yet much of it derives from U.S. investors.
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