Does the UK have the ambition to produce a trillion-dollar company?

Luke Hakes, investment director at Octopus Ventures and UKBAA member, says Yes.

“You have to believe the UK is capable of building the world’s first trillion-dollar company. Historically, the UK ecosystem lacked the weight of capital required to take startups to the next level, especially when compared to Silicon Valley. But that’s been changing and the UK has made dramatic progress in the last 10 years – with no signs of slowing down. We do have to accept that some great businesses will be acquired along the way – that’s how the ecosystem works, and that’s how confidence in the market grows. We’re already seeing founders hold on to their businesses that little bit longer and that’s a trend that I have no doubt will continue. Those who do decide to sell frequently use the proceeds to create new businesses or support young entrepreneurs. None of these are bad things, and ultimately offer the startup network a huge breadth of experience. The UK has both world-class talent and technology and, as long as we encourage the ecosystem to thrive, there is every chance that trillion-dollar business will be ours.”

Readthe full article here and find out why Alex Wood,founder and editor of The Memo, has his doubts.