Member Article

Individual capitalism is force of UK growth

Innovators and entrepreneurs, particularly in the technology and knowledge sectors, are the future of the UK economy, according to a new report. The ‘Developing the Future’ report, commissioned by Microsoft, has predicted that in less than three years’ time, more than half of the UK’s gross domestic product will be generated by people who create ‘something from nothing’. The report stated UK innovation is increasing more rapidly in the small and medium-sized business sector than any other.

Julie Meyer, chief executive officer of investment and advisory firm Ariadne Capital, said: “Individual capitalism is the force of growth in the 21st century. “The triple play of the internet, entrepreneurship and individual capitalism is encouraging people of all walks of life to dream big dreams. But entrepreneurship is not for the faint-hearted; it is about persisting and taking total accountability for a company and your life: the good, the bad and the ugly.”

Gordon Frazer, managing director of Microsoft UK, said: “This is a call to action for industry, academia and policy makers to make real changes that will drive continued prosperity in the UK. We have an opportunity to harness the innovation, talent and entrepreneurship that exists but we need to face up to some serious challenges first.”

The report recommends that the government put in place more incentives for implementation of the skills agenda with particular focus on small businesses. It also said there was a ‘loud clear call’ for the development of intellectual property rights for the digital age.

This was posted in Bdaily's Members' News section by Ruth Mitchell .