From CNBC.: 2024-09-10 06:30:55

Former CEO of Rolls-Royce and Arm, Warren East, criticized the U.K. at a tech event in London for not effectively commercializing tech businesses globally. He highlighted the need for a shift in investor mindset and increased risk appetite to support high-growth tech firms.

East emphasized that too much innovation is created in the U.K. but then exported elsewhere, leading to a lack of global businesses originating from Britain. He noted the deeper pools of capital and higher investor risk appetite in the U.S., calling for changes to capital market rules in the U.K. to stimulate risk appetite.

Arm, known for its chip architectures in smartphone processors, dealt a blow to U.K. officials when it listed on the Nasdaq in the U.S., instead of debuting in Britain. The company remains majority-owned by Japanese tech giant SoftBank, as Warren East urged for more support for U.K.-based tech firms to reach global prominence.

Read more: Britain does bad job at commercializing tech globally: Former Arm CEO