Business Secretary expresses concerns about insufficient entrepreneurial ambition among UK students
In a significant gathering held in central London, US AI giant Nvidia hosted an event that brought together key figures from both the UK and US tech industries. The event, which took place on Thursday, was marked by a £2 billion investment announcement by Nvidia in the UK's AI sector.
Among the prominent speakers was the US Commerce Chief, Howard Lutnick. Lutnick, in his address, emphasised the special relationship between the US and the UK, suggesting that the US would continue to support the UK in various aspects. He further encouraged the UK to follow America's lead in building, winning, and creating trillion-dollar companies.
Lutnick also contrasted cultural attitudes towards success, highlighting that in America, success, particularly entrepreneurship, is celebrated. He implied that a similar drive for entrepreneurship in the UK would be much smaller, as the desire to become entrepreneurs is not as common.
Business Secretary Peter Kyle, another speaker at the event, shared an anecdote about a group of students at Stanford University, all of whom expressed a desire to start their own companies. This, according to Kyle, underscored the prevalence of entrepreneurial culture in the US.
Lutnick, who previously had a less than favourable view of Europe, admitted that his participation in Europe had changed his perspective. He stated that in America, there is a cultural change that says they want people to win, and it is in their soul.
Concerned about the advancement of technology, Lutnick warned that nations without the capacity to build advanced technology, such as drones, risk becoming "vassal states" dependent on others for their defense. He emphasised the need to build such technology at home to have the capacity to defend themselves and others.
While Lutnick did not mention any specific investment or deal related to Nvidia, his presence at the event underscored the company's commitment to the UK tech sector. The investment, which is one of the largest in the UK's AI sector, is expected to create thousands of jobs and boost the country's AI capabilities.
During the event, Lutnick and Kyle spoke on stage together, discussing the entrepreneurial culture in both countries and the potential for collaboration between the UK and the US. Lutnick suggested that Mr. Trump's love for Britain and his advice would be for the UK to follow the lead of America. However, he also warned that the UK must not rest on its laureals and must continue to strive for success in the tech sector to remain competitive on the global stage.
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