There are more crooks running IT companies than in any other sector of UK business, according to a leading venture capitalist.
Speaking at the Regent Conference, Jon Moulton, managing partner of Alchemy Partners, said that there are more villains in IT because it is still a growth business.
"They can get away with it because it's still a highly rated area and the opportunities to make money are significant," he said. "It's still fundamentally a growth business with a big market so there are opportunities to make money and get out before the facts surface."
Moulton explained that UK IT companies have too many divisions, strategies, mixed products and services and lack a clear focus.
He claimed that 30 per cent of technology companies with a market capitalisation of more than £10m had met recently with Alchemy to discuss their options.
According to figures published by the Department of Trade and Industry earlier this year, bosses of computer services companies are the second most likely to be banned from running companies.
Between March and September 2001, 75 directors of technology companies were disqualified. The construction and demolition sector had the highest number disqualified in the six months to September 2001, accounting for 103.
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