Renowned investor Neil Woodford has hit out at the lack of support given to small UK-based technology start-ups.
Speaking to the BBC, he said financing is a major constraint. “We have four of the top ten universities in the world, 29 of the top 200. We do science and research really, really well in the UK and we’re generating lots of little companies,” Woodford said.
He argued that UK investors were too short-term minded and lacked appetite to support small technology firms in their attempts to grow.
“We have been appallingly bad at giving those minnows the long-term capital they need,” he added.
Speaking as part of a panel, Woodford also said that UK entrepreneurs have been too quick to sell out of firms once the business starts going.
Woodford, who heads up Woodford Investment Management, is known for being an advocate of long-term investing.
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