Dear London, it’s not you, it’s me. I left you for another women. Her first name is Silicon and her last name is Valley. I’m not sure why I believed you for so long, but you lied to me. You told me Tech City is the next Silicon Valley, and it isn’t. You told me you were going to lead the UK out of a slump and you didn’t. I wanted edgy. I wanted mobile. I wanted hip. I wanted cool. You were boring, conservative, and expensive. So what did I do? I left. I left you because my new girlfriend knows how to support me.
Ok, let’s tone down the drama for a second. I started the journey of launching my current venture, Compete Hub, in March of last year in London. I’m American, but had the opportunity to work and live in the UK under it’s fairly lax visa laws (relatively speaking). It was my home for awhile, so it felt natural to do so. When we launched our MVP in march my thoughts were “yes, let’s be part of this tech city revolution”. My thoughts now, “What revolution?”
Without sounding completely derogatory – London’s tech startup scene is very amateurish. That’s ok, all professionals were amateurs at some point, but I don’t see that changing anytime soon. Let me be clear, the developer talent isn’t exactly amateur. For example, take a stroll into a TechHub campus or the Innovation Warehouse and it’s buzzing. I met a number of young and hungry developers, technical and online savvy who struggled to find good companies to work for. Here in SV, that match is almost nearly always met. I even met a women tech founder, yes one of this “pink” unicorns SV is biting it’s hands off to use as a poster child, who lacked a support network. The bottom line is this – the right people aren’t leading the pack. I’m not suggesting a personal nomination, but it was still clear there aren’t enough of the right people in the system. Could have I waited it out and became one of those people? Sure, but one thing you learn in tech is that time is not on your side.
One of the foundations of Silicon Valley is its strong angel investing community and large amounts of high net worths. As far as I am concerned this community doesn’t exist in London. Are there high net worth individuals in tech investing in companies in London? Yes, but as a whole, it is neither the correct group nor right number of people to become critical mass.
For the longest time living London, I couldn’t tell if I was completely crazy or they were. Many, if not all, of these angels and advisors had never actually built, grown or sold a web software company, but they generally gave the impression they had. Actually I continue to fight with myself not to expose two individuals in particular who have been completely toxic to the very infant ecosystem which needs the exact opposite. Do these jokers exist in SV? Sure, but their efforts are usually quickly suppressed.
You see, ecosystems are built on values, and values are built on market dynamics. The market dynamic in London is to recycle money in the banker’s boys club, whereas SV recycles it in tech. In SV, this is all based on the value of a Pay it Forward™ economy. London is based on a forecasting spreadsheet. NYC has caught on, what gives London?
I’ve been in San Francisco for 23 days now. In these 23 days I’ve been here, I’ve met with some of the brightest names in technology angel investing, signed customers, partnered my company with a team of MBAs for an entrepreneurial project, and have had more productive business development meetings than in 10 months in London. I’m not a Stanford MBA but even I can calculate that return on investment. The bottom line is this – people are stupidly smart here and they are extremely helpful. There’s a common saying here and it goes like this: “How can I help?”
I hypothesize that there is one defining characteristic that London needs to adopt in order for Tech City to work: you can’t look at people like they are crazy when they tell you they are going to change the world (or the world your market exists in). You can’t build the next big thing with technology laggards – you need evangelists, lots of them. When someone looks at you with they scrappy, nonsense looking MVP, provide insight on “how this could be the next big thing”.
Let me be clear, not everyone here in SV is walking around with a fit bit, an Oculus Rift headset, Google Glass, iPhone 10, and a hover board. But, if I told someone in SV I was going to build a hover board, people might actually believe me. It’s call optimism and confidence; and it’s contagious. I love you Britain, but your pessimism and generally laggardness isn’t going to get you anywhere soon in tech. There is one thing you are good at – laughing at your own failures. Now take that energy and support it financially and with advice.
Do you sense a little bitterness? Sure. But for as much as it sounds like I wasted my time, I didn’t; I learned a heck of a lot. I learned that building a technology startup in London is painful, and when you’re building a business you can’t be in a place where painkillers are scarce. So London, how can I help?