Autonomy founder Mike Lynch has argued the UK needs to change its approach to innovation in order to allow entrepreneurs to prosper nationally and compete globally.
Lynch is one of the success stories in the UK start-up scene, founding Cambridge-based Autonomy in 1996, and selling the start-up for £7.1bn in 2011.
However Lynch, speaking at the Global Grand Challenges Summit in London, said many entrepreneurs with start-up ideas fail to take off in the UK because the national culture is "cynical".
He advised Britain to adopt more of a "can do" attitude like that of the US.
"It's always easy to find a way to kill off things," said Lynch.
Lynch congratulated the government on the increasing innovation support it has been offering start-ups in recent years but argued there remain challenges in the UK institution that continue to hold entrepreneurs back.
For example, Lynch said the British intellectual property system is confused and needs to be modernised.
"Does the university own the IP, or does the student own it? This is important to clarify," said Lynch.
Lynch's comments follow the government's Hargreaves Report in May 2011, which outlined proposals to update the UK's outdated IP laws. However the government seems to have made little progress on tackling the IP issue since.
Lynch also argued the UK's equity capital markets are holding back venture capital firms.
Here, he referred to the equity gaps that all small UK firms experience when trying to scale up, and the lack of economic incentives available to venture capitalists to encourage them to help start-ups expand. This issue was also recently raised by a government policy paper.
"Entrepreneurs often blame venture capitalists for the lack of funding, but they are rational beings," suggested Lynch.
The comments come on the same day the government was castigated by a group of MPs over its failure to develop a coherent strategy to support the commercialisation of technology innovations by UK start-ups.
Last month, Lynch raised $1 billion through his Invoke Capital fund to invest in up and coming British technology companies.
Lynch is currently making headlines because of accusations he is facing from HP.
HP wrote off £5.9bn of the amount it paid for Autonomy late last year and alleges that it paid over the odds for the start-up because of deliberate accounting irregularities. Lynch has always denied any wrong doing.
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