The House of Lords Communications and Digital Committee warns that the UK may become an 'incubator economy,' leading to startups moving overseas for better growth opportunities. Baroness Stowell emphasized the need for more effective support for AI and creative tech sectors, as recent trends show UK unicorns like Revolut and Monzo considering US listings. Key barriers include limited capital, recruitment challenges, and a risk-averse culture, compounded by a complex array of government schemes. The committee urges the government to streamline and simplify support for startups to prevent economic benefits from slipping away to other countries.
"We are at real risk of becoming an incubator economy instead, where UK start-ups develop innovative products and services before selling out or moving abroad."
"Too often it's a case of the UK begins, other countries cash in. That has to change."
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