U.K. Tech May Stay in `Dark Ages’: Richards

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May 16 (Bloomberg) –- Wandisco Chairman & CEO David Richards discusses Big Data, the importance of having graduates with big data skills and the differences between Silicon Valley and the U.K. startup scene with Anna Edwards on Bloomberg Television’s “Countdown.” (Source: Bloomberg)

Wth summit, david richards of the big data firm joins us in the studio.

Thank you very much for coming in.

A lot of focus on entrepreneurialism and growth here at bloomberg today.

You have been pretty critical about what the government is doing in the u.k. in terms of laying out the playing field for an entrepreneurial culture.

Give us your up-to-date thoughts.

First of all, we have a massive opportunity in the market in general.

You are going through a huge disruption.

A lot of traditional companies are being replaced in the marketplace.

Unfortunately, to take advantage of that we need more than just office buildings and silicon roundabouts.

We need an education system that provides ready-made graduates to fill the void and the opportunities in the marketplace.

I know you've told me the past, you can't recruit all the skills that you need here.

We do have about half of the company in sheffield and in belfast as well.

We are pretty good hiring job developers and really good people.

Real up-to-date current skills for big data, really, although skills are derived from silicon valley right now.

We had graduates from carnegie, from stanford there were able to step right into our organization and be productive immediately.

I don't see that in the u.k. today.

This long-established technologies scene -- how do we stand up on those comparisons?

Silicon valley is an easy place to go.

You don't like the silicon roundabout, do you?

Israel is a far better example.

If you look at the quarter companies on nasdaq, it is close to 100. for a relatively tiny country, look at the billion-dollar assets that that country generates in tact.

We could do that here in the u.k., but it requires government policy in order to do that.

It requires an overhaul of the education system, a fundamental overhaul now in order to take advantage of that.

Doesn't require private businesses and others to invest in those skills as well?

I think so.

We are in the middle of training people because we have to.

Some of the private business and the education system as well, we have to have graduates with the skills available in the marketplace today.

Otherwise, you can scale a business so far, but to get a hyper scale a business like facebook and google, their people based businesses.

We have to have people that can fill that void.

The u.k. government has recently announced -- centers.

Let's get back to big data and where your sector is at the moment.

Your stock is perhaps fallen them to a reassessment of valuations.

It has increased six fold out of the gate following the ipo which was a fairly impressive performance.

It is now lost half of its value since those peaks.

Has there been something fundamentally worrying about tech valuations?

At him think so.

Markets go up and down.

That does not concern us too much.

We are certainly maintained an optimistic outlook.

Growth was pretty strong last year.

We're focused on similar growth this year.

Within the opportunities in big data are absolutely enormous.

When client/server appeared, we got clients like microsoft and others.

There will be new companies that are minted in that marketplace.

We hope to be one of those companies.

There has been criticism of u.k. entrepreneurs who have sold out too quickly.

Would your company be up for grabs?

Paul harrison joined us from sage, a ftse 100 company.

This text has been automatically generated. It may not be 100% accurate.

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