In many ways, Silicon Roundabout – and the phenomenally successful tech ecosystem that built outwards from it – is Blair’s forgotten legacy. At the turn of the millennium it was New Labour that sowed the seeds that grew into the world’s third most successful startup ecosystem. The Tories may have branded it theirs, but it was a Labour government that set it all in motion.
Speak to any startup founder and ask them how the government helped them. Chances are they will say R&D tax credits and EIS (or the Enterprise Investment Scheme to you and me). Both schemes have been so successful at unleashing startups that governments around the world hoping to boost innovation have hurriedly copied them. Both were Blair’s babies. And in 2007 New Labour launched Innovate UK – now the bedrock of early stage research funding grants that are enabling everything from deeptech AI to cutting edge climate tech startups.
When Gordon Brown left Downing Street, VC…
