Feeds

SoS hits out at VCs

No time to be cautious, says Mandelson

  • alert
  • submit to reddit

Internet Security Threat Report 2014

Peter Mandelson has slammed venture capitalists and pension funds for not investing more in hi-tech start-ups. The Secretary of State for Trade and Industry said unless more cash is pumped into these services it could jeopardise the UK's future economic prosperity. Speaking at the British Venture Capital Association (BVCA) annual dinner, Mandelson called for more finance to be invested in high-tech start-up companies. "It is clear that we need to finance more of these innovative, high-tech start ups and see them grow into the dynamic, world beating companies of the future," he said. "But I am particularly concerned that the pension funds and others maybe overly cautious when it comes to venture capital and investing in innovative, early stage companies." In the US, more than five per cent of pension fund money goes into venture capital. In the UK, that figure is just 0.75 per cent. As a result, around 60 per cent of the money raised by UK-based venture capital comes from America. BVCA chairman Clive Sherling said the minister was right to draw attention to the problem. And he agreed with Mandelson that pension funds should do more to help new companies. While the rhetoric from the secretary of state is broadly welcomed, some industry insiders have said that if the government is serious about this, it should offer tax breaks to investors. Mandelson has suggested that he is looking into the issue. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
MI6 oversight report on Lee Rigby murder: US web giants offer 'safe haven for TERRORISM'
PM urged to 'prioritise issue' after Facebook hindsight find
Assange™ slumps back on Ecuador's sofa after detention appeal binned
Swedish court rules there's 'great risk' WikiLeaker will dodge prosecution
NSA mass spying reform KILLED by US Senators
Democrats needed just TWO more votes to keep alive bill reining in some surveillance
'Internet Freedom Panel' to keep web overlord ICANN out of Russian hands – new proposal
Come back with our internet! cries Republican drawing up bill
What a Mesa: Apple vows to re-use titsup GT sapphire glass plant
Commits to American manufacturing ... of secret tech
prev story

Whitepapers

Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Getting started with customer-focused identity management
Learn why identity is a fundamental requirement to digital growth, and how without it there is no way to identify and engage customers in a meaningful way.
Seattle children’s accelerates Citrix login times by 500% with cross-tier insight
Seattle Children’s is a leading research hospital with a large and growing Citrix XenDesktop deployment. See how they used ExtraHop to accelerate launch times.
10 threats to successful enterprise endpoint backup
10 threats to a successful backup including issues with BYOD, slow backups and ineffective security.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?