✨ This is a bonus episode of Millennial Masters with a condensed version of Barney Hussey-Yeo’s evidence for the Scaling up - AI and creative tech inquiry from the UK House of Lords.

The UK’s tech and AI scene has the brains and the buzz, but it’s hitting a wall. Despite world-class universities and a vibrant startup culture, major roadblocks are holding us back from playing on the global stage.

During a no-nonsense panel with the House of Lords Communications and Digital Committee, Barney Hussey-Yeo, Founder and CEO of Cleo, didn’t hold back — he shed light on the critical barriers hindering growth and offered a potential roadmap for rebirth.

Founded in 2016 in the UK, Cleo is an AI assistant helping people manage their finances more effectively. With $150 million in Annual Recurring Revenue (ARR), Cleo achieved profitability while doubling its growth year over year. It raised $200 million in capital, and operates exclusively in the USA since 2020, with plans to raise an extra $200 million in 2025 to expand further.

From Barney’s candid observations for the Scaling up - AI and creative tech inquiry, I extracted five reasons why the UK’s tech and AI sector is falling behind — and five actionable ways to turn things around.

📺 The Scaling up - AI and creative tech inquiry from the UK House of Lords continues through to December 6, 2024. You can watch back all three sessions here.

This inquiry is examining the challenges facing SMEs seeking to scale up in the UK, focusing on firms working in AI, and creative technology. They have been taking evidence from UK creative tech firms, trade bodies and venture capital firms.

A final report will then be compiled with actions needed from the government and industry over the next 5 years to maximise the economic potential of these sectors and secure competitive advantage.

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