Taxpayers’ De-Risking Venture Capitalism

passion capital

London based venture capitalists Passion Capital have secured £45 million in funding, including £17.5 million from the taxpayers, to start a second fund to invest in tech and digital companies. Passion, led by London’s tech queen Eileen Burbidge are well liked in the London tech scene, with a reputation for looking after those in their investment portfolio, yet taxpayers must be wondering why their money is being used to back high risk investments. Good luck finding a state-backed VC firm in Silicon Valley..

Passion Capital can’t be blamed for taking the £17.5 million from the Vince Cable’s brainchild, the British Business Bank, who wouldn’t? What Techno Guido wants to know is why the government fails to grasp that what we need to successfully grow the technology sector is big risk taking…

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Quote of the Day

Dr Alexander Kogan, the app developer who originally harvested the Facebook data, said…

“I think what Cambridge Analytica has tried to sell is magic and made claims this is incredibly accurate and it tells you everything there is to tell about you. But I think the reality is it’s not that. If you sit down and you really work through the statistics and you think what does a correlation of point three means, those claims quickly fall apart. And that’s something any person with a statistical background can go and do.”


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