Steven

My point was making the environment more friendly for entrepreneurs. Because when I start a company, I can't explain the disadvantage I'm at at the moment if I start that kind of company here. There's no investors. And then all the talent seems to flock over to San Francisco.

My point was making the environment more friendly for entrepreneurs. Because when I start a company, I can't explain the disadvantage I'm at at the moment if I start that kind of company here. There's no investors. And then all the talent seems to flock over to San Francisco.

So the British guys that built an AI company called Fixer, which I was going to invest in, all British lads from London, they went over to San Francisco. They're like 25-year-olds. They've just raised at a 60 million valuation. They're in this room. this building in San Francisco full of entrepreneurs, and they're pumping knowledge and capital into this room.

So the British guys that built an AI company called Fixer, which I was going to invest in, all British lads from London, they went over to San Francisco. They're like 25-year-olds. They've just raised at a 60 million valuation. They're in this room. this building in San Francisco full of entrepreneurs, and they're pumping knowledge and capital into this room.

With all due respect, Stephen, you're not a great example for the fact that it's impossible to start a successful online brand in the UK. Facts.

With all due respect, Stephen, you're not a great example for the fact that it's impossible to start a successful online brand in the UK. Facts.

But I also realize I don't like using personal examples because there's a huge amount of privilege and... Okay, is there a chat GPT in Germany?

But I also realize I don't like using personal examples because there's a huge amount of privilege and... Okay, is there a chat GPT in Germany?

No. Is there a chat GPT in France? No. Is there a chat GPT in Australia? No. Is there a chat GPT in China?

No. Is there a chat GPT in France? No. Is there a chat GPT in Australia? No. Is there a chat GPT in China?

What you have here is an extremely low labour, extremely high capital model, which employs extremely few people across the entire world that is focused in basically two cities.

What you have here is an extremely low labour, extremely high capital model, which employs extremely few people across the entire world that is focused in basically two cities.

Yeah. Good luck competing with that. How do we create an environment where the UK can start to build some of these companies which are going to capitalise on this next technological revolution? If you were Prime Minister, what would you do?

Yeah. Good luck competing with that. How do we create an environment where the UK can start to build some of these companies which are going to capitalise on this next technological revolution? If you were Prime Minister, what would you do?

I think you need to look realistically about what companies do we have a chance of growing. You know, I'm not an expert in AI, but I think trying to compete with San Francisco and London would probably not work.

I think you need to look realistically about what companies do we have a chance of growing. You know, I'm not an expert in AI, but I think trying to compete with San Francisco and London would probably not work.

Try and do it, you know, try and do it. And listen, I know that you can get a lot of likes saying, let's just invest in AI, let's just invest it. Only one city in the world outside of China has managed it. China has managed it by basically state capitalism. You know, this is very similar in a sense to what we had with microelectronics in Japan in the 80s, right?

Try and do it, you know, try and do it. And listen, I know that you can get a lot of likes saying, let's just invest in AI, let's just invest it. Only one city in the world outside of China has managed it. China has managed it by basically state capitalism. You know, this is very similar in a sense to what we had with microelectronics in Japan in the 80s, right?

When you have a new industry, especially these industries which are very capital intense and don't employ many people, you get a first move advantage. They tend to win. Eventually, often they get undercut by cheaper rivals. And that does happen. You know, that does happen. And you might see that in AI. I don't think AI is going to become a massive, massive employer.

When you have a new industry, especially these industries which are very capital intense and don't employ many people, you get a first move advantage. They tend to win. Eventually, often they get undercut by cheaper rivals. And that does happen. You know, that does happen. And you might see that in AI. I don't think AI is going to become a massive, massive employer.