How to Fix Britain’s Broken Culture of Aspiration and Entrepreneurship
For generations, Britain prided itself on innovation. From the steam engine to the World Wide Web, the sparks of ingenuity flew here. We possess world-class universities, deep scientific talent, and a legacy of global trade. Yet, beneath this impressive facade, a troubling reality persists: Britain fundamentally lacks a culture of aspiration and entrepreneurship commensurate with its potential. We have the ingredients, but the engine sputters. Founders, brimming with ideas, too often find the environment here stifles their ambition to truly scale and conquer global markets, especially when compared to the relentless drive fostered across the Atlantic. This isn't just an economic hiccup; it's a cultural deficit with profound consequences for our prosperity.
We are a nation of knowledge, not scale. Unlike the US, China and other Asian countries, we fail at commercialising our knowledge and innovation.
The Aspiration Gap: Risk, Reward, and the Ghost of Failure
Walk into a tech hub in Silicon Valley or Boston, and the air crackles with an almost tangible sense of possibility. Failure, far from being a terminal stain, is worn as a badge of experience, a necessary step on the path to eventual, often monumental, success. The narrative is one of relentless growth, scaling rapidly to capture global markets. Venture capital flows abundantly towards ambitious visions, even unproven ones. The societal message is clear: Aim high, swing big, build something massive. If you fall, learn, and try again.
Contrast this with the UK. While pockets of dynamism exist, the broader cultural landscape is often characterised by risk aversion. The fear of failure looms larger, carrying a heavier social and professional stigma. "Playing it safe" is often subliminally encouraged. This isn't about laziness; it's about deeply ingrained attitudes. Starting a small business? Admirable. But expressing a burning desire to build the next global unicorn? That can sometimes be met with scepticism, even subtle disapproval – "Who do you think you are?" The aspiration to scale, not just survive, feels less embedded in our national psyche.
This cultural difference manifests practically. Founders here report greater difficulty securing later-stage funding needed for explosive growth compared to the US. Investors, perhaps reflecting societal caution, can be perceived as more conservative, seeking earlier profitability over audacious market capture. The result? Promising UK startups, nurtured by our excellent science base, too often get acquired by larger (often foreign) corporations before reaching their full potential, or relocate their headquarters to access the capital and ambition ecosystem they crave. The brain drain isn't just of people; it's of future giants.
Policy Myopia: Wealth Creators vs. Wealth Extractors
What makes the UK’s cultural problem worse is a policy mindset that seems fundamentally out of touch with how entrepreneurship and investment actually work. Recent tax changes targeting non-domiciled residents and high earners have sent a clear, and damaging, message: the UK, its policymakers, and certain members of the media don’t understand, celebrate, or value the people who build or the entrepreneurial spirit that has grown the UK for decades.
Too often, wealth is treated not as something created through risk, effort and reinvestment, but as a static asset to be taxed and redistributed. That framing misses the point — and the opportunity.
These decisions aren’t just symbolic. They directly undermine the founders and investors needed to grow high-value businesses, drive innovation, and create the tax base for public services.
As Dom Hallas, Executive Director of the Startup Coalition, warned on LinkedIn:
“This is a hammer blow to UK competitiveness… It signals to global talent & investors that the UK is not open for business. We are making it harder, not easier, to start and scale a company here.”
Steve Rigby, Group CEO of Rigby Group, echoed the frustration many founders feel:
“Dom I am also receiving similar guidance. Lets that said keep the pressure up to understand the implications here. Norway lost 30 or its 50 wealthiest citizens when it delivered its tax. with 15% of any tax being derived from the top 10 individuals we would have a similar experience.”
Separate to his reply to Dom, Steve shared a post that shared the key and critical issues:
“While we invest significant effort in helping new ventures start their journeys, we do much less to ensure that these companies grow, export and endure over time.
The problem is not a lack of public money as, each year, local and central governments back hundreds of incubators, accelerators and regional growth hubs.
We are missing coherence. Too much funding is awarded on short grant cycles with scant evaluation, leading to a long tail of well-intentioned but under-performing programmes.”
That’s the heart of it: Britain has a perception problem. and policy is making it worse. Entrepreneurs don’t want applause; they want consistency, clarity, and respect for the risks they take. When success is penalised, not celebrated, ambition moves elsewhere. And in a global economy, talent and capital have no reason to stay where they aren’t welcome.
It’s increasingly clear that policies impacting high-growth entrepreneurs, from changes to capital gains tax and non-dom rules to the closure of investment schemes, are made with little understanding of how start-up ecosystems actually function.
These decisions might win short-term political points but create long-term economic damage. Many successful founders live mobile, global lives. When the UK creates friction, innovators and those who invest in them relocate, often taking their teams, capital, and next ventures with them.
And when we look at wealth, we also need to consider the family offices that are often discreetly among the first around the investment table for any innovation opportunity.
The Perception Trap: Reframing the Entrepreneur
This leads us to the critical challenge of perception. Why? Because Britain has a communications problem. We don’t tell the right success stories. The narrative around entrepreneurship in the UK is still too often cloaked in scepticism.
How are entrepreneurs viewed in the UK? While admired in abstract, the wider narrative surrounding wealth creation is often poisoned by misconceptions:
“All Wealth is Ill-Got": A pervasive, often politically expedient, narrative conflates the patient, high-risk wealth creation of scaling a business with rent-seeking or exploitation. This ignores the years of sacrifice, reinvestment, and job creation inherent in building a significant enterprise.
"Entrepreneurs are Selfish": The drive to build something significant, to compete globally, is misrepresented as greed, rather than ambition to create value, solve problems, and build lasting legacies. The immense personal risk and long hours are downplayed.
"Failure is Final": The stigma persists, discouraging second and third attempts and limiting the pool of experienced founders. We lack the "fail forward" mentality ingrained in other ecosystems.
This negative framing is toxic. It influences public opinion, seeps into policy discussions, and ultimately discourages potential founders and investors. It tells the next generation that building big isn't valued, or worse, is suspect.
We have stories worth telling. But we don’t tell them loudly, proudly, or strategically. Our press focuses on scandals, not scale-ups — our political class rewards cautious administrators rather than visionary builders.
Where’s our equivalent of the US “founder myth,” the garage-to-NASDAQ journey that inspires millions to try?
This creates a perception, both at home and abroad, that Britain doesn’t back its best. Overseas investment comes in to buy our knowledge. It’s all a bit ‘Only Fools and Horses.’
Rebuilding the Engine: Cultivating a Culture of Scale
Transforming this landscape requires a fundamental shift, both culturally and in policy. It’s not about becoming a clone of the US, but about rediscovering and amplifying the ambitious, inventive spirit that is part of our heritage, while crafting a uniquely British path. Here’s how we start:
1. Policy Revolution:
Stability & Certainty: Stop the constant tinkering. Entrepreneurs invest over 5-10+ year horizons. Frequent, unexpected tax and regulatory changes (like the Non-Dom status) destroy confidence. Instead provide clear, long-term roadmaps, without fear of headline narratives.
Incentivise Scale, Not Just Start: Rethink capital gains tax to reward long-term investment in scaling businesses. Reform R&D tax credits to support scaling as much as initial research. Enhance the SEIS/EIS schemes to make them even more effective for growth stages.
Attract & Retain Global Talent: Fix the visa system. Make it genuinely fast, simple, and affordable for high-skill talent (founders, key employees, investors) to come and stay. Don't just train talent; keep it and attract it.
Listen, Then Legislate: Engage deeply and continuously with founders and investors before formulating policy. Understand the real-world impact. Bodies like the Startup Coalition should be core advisors, not afterthoughts.
2. Cultural Transformation:
Celebrate Scale & Ambition: Government, media, and institutions must actively champion founders building globally significant companies from the UK. Shift the narrative from "small is beautiful" to "scale is essential." Highlight British scaling success stories relentlessly.
Reframe Failure: Actively destigmatise business failure. Encourage stories of resilience and learning. Support programmes that help founders rebound. Make "I tried, I learned, I'm trying again" a respected narrative.
Education for Aspiration: Embed entrepreneurship, not just as starting a business, but as a mindset of problem-solving, calculated risk-taking, and ambition, into education at all levels. Showcase diverse role models.
"National Builders: Narrative: Consciously cultivate a national identity that values builders, those who create companies, jobs, technologies, and export success. Position them as vital to national renewal and pride, alongside other valued professions.
3. Financial Ecosystem Evolution:
Unlock Patient Capital: Address the later-stage funding gap. Encourage pension funds and institutional investors to allocate more to high-growth UK ventures. Foster the growth of sovereign wealth-style funds focused on scaling national champions.
Build Bridge Builders: Strengthen connections between world-class UK science (where we excel) and the scaling expertise and capital needed to commercialise it globally.
Reclaiming Our Future
Britain stands at a crossroads. We possess immense latent potential: unparalleled human capital, scientific brilliance, and a global language. Yet, we are held back by a culture that often subtly discourages the very ambition needed to convert that potential into widespread prosperity, and by policies that too frequently undermine the risk-takers who drive it.
The frustration voiced by Dom Hallas and echoed by Steve Rigby is a symptom of a system failing its builders. We cannot rely on past glories. We need a conscious, national effort to foster a culture where the aspiration to build significant, global enterprises is not just tolerated, but actively celebrated and supported. Where failure on that path is seen as learning, not disgrace. Where government policy is designed with a deep understanding that wealth is created through entrepreneurship and investment, not merely collected and redistributed.
This isn't about favouring the wealthy; it's about creating the conditions for more wealth, higher-quality jobs, greater innovation, and increased tax revenue for public services – a rising tide lifting all boats. It’s about reigniting the engine of aspiration that once powered Britain. The skills, the knowledge, the science are here. Now, we need the courage, the culture, and the smart policies to truly scale. Our future prosperity depends on it.
