Omaze boss: Why I’m positive about investing in the UK
The chief executive of Omaze has set out the reasons why he believes the UK is the right place for his growing business to invest.
Matt Pohlson, who helped found the company in the US before moving full time across the Atlantic, also acknowledged the well-known pitfalls of choosing to invest in this country rather than in the States.
Speaking on the latest episode of Morning Wire‘s Boardroom Uncovered show, the Omaze boss also revealed what he thinks the Labour government could do to support businesses more.
Pohlson said: “I’ve only experienced a great environment to build a business.
“The reason it’s great is because there are so many people in the UK, and specifically in London from around the world, and I think a diversity of backgrounds leads to creativity.
“It’s the only city in the world where there’s globally relevant centres for politics, business and entertainment within a mile of each other. That leads to a dynamism.
“I understand all the criticisms. I’ve heard them. It’s harder to raise capital in the UK than it is the US for sure. There’s more risk taking there.
“The US also has the huge advantage of having one market that you can sell into that speaks the same language and essentially has the same laws versus trying to do the UK and Europe which is much more complicated.
“I think there are a lot of things that can be done to spur entrepreneurship and innovation here that could be some low hanging fruit.”
Omaze chief’s stance backed by latest data
When pressed, Pholson said: “I think we’re not the best for innovation and entrepreneurship.”
He added: “The government’s been great with us. They really do believe in growth and want to do that.
“I think the more complicated thing is creating the ecosystem for seed businesses.
“I think there’s a lot more that can be done to commercialise great ideas coming out of universities in the UK.
“You have incredible talent coming out of all over, not just Oxbridge, but it’s much easier to monetise those ideas in that technology in the US than it is in the UK.”
The episode comes after the UK rose up the ranks to become the joint top location for investment among chief financial officers around the world, a new survey has suggested.
Fresh research by Deloitte has found that an uptick in risk appetite is clear to see on a broader scale, with nearly one in five (17 per cent) CFOs wanting to tilt away from defensive strategies and take more risk onto their balance sheets.
Deloitte analysts asked senior personnel at FTSE 100 and FTSE 250 companies, plus UK private companies and subsidiaries listed overseas, with the overall value of firms taking part in the survey totalling £386bn.
Last year’s iteration of the survey showed that just 12 per cent of respondents were keen on taking on more risks, by comparison.