Absolutely love this article in the Financial Times today.
Spoken to a lot of Investors, Founders etc, recently who all bang on about why:
- Why do UK Founders exit so early?
- Why do we have so few unicorns?
- Why do we have to move to the US for serious funding?
I've suspected for a while, partly it is because the bright young things of Oxbridge, UCL, Imperial and the wider Russell Groups are being told NOT to take a risk and to play it safe and struggle to get the resources to do so.
So, on the advice of a job fair and well-meaning family (especially if they are from a working/lower middle class background where opportunities are fewer and feel more fragile), they join a Strategy/Management consultancy or a Big 4 firm, or a bank and crunch numbers and grind slides for partners.
To be clear, I don't think a young person isn't getting any good experience. A few of my friends have met fantastic cohorts of fellow grads in their firms.
There is also a great deal of value in the life of an assured income for goals, as you fall in love and buy a house etc (before it is taxed like Sweden with none of the benefits, but that's another story).
But once you start to climb towards partner, put in bloody long shifts on projects, etc, the sunk cost fallacy starts to kick in, and the salaries go up, children arrive, making it much harder to leave to pursue a highly productive idea.
Perhaps it's a problem with class in this country, but we need to encourage our best and brightest to express their intellect and use it creatively, rather than insist on doing something 'safe' in the city.
A friend of mine is a brilliant chemistry grad. Was encouraged to go into accounting, hated it, was treated like the dirt on someone's boot, and effectively paid minimum wage after the hours grafted.
He had had enough and instead went to be a researcher at a UK glass company.
Last time we spoke, they were looking to see how windscreen glass could potentially have elements of solar cells to charge new EVs.
Now THAT is really productive rather than moving numbers around.
To make it about me: Part of my philosophy in Founder 2 Closer is to encourage very smart people (who have the most doubts in themselves) to be bold and take their ideas to the world, unapologetic about what they offer and what they want in return.
Anyway, rant over. If you are super smart, go do something with your brain that you love, rather than just play it safe, for yourself and your country!
Whilst I put my Desmond to good use too...
#class #uk #thecity #founders #grads