22 Apr 1997
The UK has spent #131m on providing venture capital investment to start-ups in 1996, a figure dwarfed by the $9.5bn (#6.1bn) invested in the US last year. Technology start-ups received 65 per cent of US venture capital.
The British Venture Capital Association released its annual results this week, but refused to comment on the figures or how much of the #131m went towards high-tech start-ups.
Patrick Sheeham, director in the Emerging Businesses Team at 3i, one of the UK's largest venture capitalists, defended the investors.
"The shortage in the UK of high-tech start-ups is less to do with money or lack of technology ideas, but a lack of seasoned entrepreneurial management in the UK," he said.
3i spent #15m in 1996 on start-ups, and a total of #570m on venture capital. Schroders, another player in the venture capital market was unwilling to disclose its figures stating only that investment is rising.
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