The UK's Entrepreneurial Potential is Waiting to be Unleashed The UK has immense potential to lead the global startup scene, but bold government action and a shift in mindset are needed to support entrepreneurship and innovation. With world-class talent and resources, the country can reverse its economic stagnation and reclaim its position as a global powerhouse.

Phil Kwok, CEO and co-founder of London based EasyA, a platform that aims to make personalised academic support more accessible for students, has a bold vision for the future of UK startups. In a recent conversation with Entrepreneur UK, he expressed his optimism about the UK's potential, especially in the context of its thriving entrepreneurial ecosystem. While he acknowledges that challenges remain, Kwok is resolute in his belief that with the right support, the UK can regain its status as a global leader in innovation.

"The UK used to lead the world across the board. It used to be the world's largest economy. It used to be the country every leader looked up to," Kwok says. "The same can't be said today, and different to other countries, the UK has no excuse. The flatlining of the economy isn't just sad; it's a complete disaster and a criminal waste of the gifts this country has." But rather than dwell on the past, Kwok is focused on the future, urging for a shift towards an entrepreneurial mindset that he believes could catalyse significant economic growth.

"The UK government must be restructured to reflect and support entrepreneurship, where calculated risks and bold decision-making drive growth at every level. The UK can no longer be run by career politicians who lack genuine business experience," Kwok argues. His call for a government that champions entrepreneurship is one grounded in optimism - he believes that with the right political support, the UK's economy can quickly turn around. Kwok is particularly enthusiastic about the resources and talent already available in the UK. "We have the best universities in the world, too, from Cambridge to Oxford to Imperial and UCL, and it shows," he says. "The UK is home to the third most unicorns in the world, second only to the US and China, and attracts more VC funding than France and Germany combined." This is a testament to the immense entrepreneurial spirit present within the country.

However, Kwok highlights that the UK faces a growing challenge in retaining that talent, as many high-profile entrepreneurs are relocating abroad. "The brain drain has begun. Nikolay Storonsky, founder of the UK's most valuable FinTech startup Revolut (at $45 billion), has already moved to Dubai. More are following suit, whether it's to Dubai, the US or Asia." But rather than seeing this as a setback, Kwok sees it as a call to action for the UK to demonstrate its true potential and appeal to returning talent.

"We just need to keep our eyes on the destination and shout about it from the rooftops, to bring top talent back to the UK. We need to start talking about how great we are – something we're terrible at doing as Brits," he emphasizes. "Everyone knows about NASA putting men on the moon, and Elon Musk's SpaceX rockets. But did you know that the UK has the second largest aerospace industry in the world? We just don't talk enough about our successes, whereas our American counterparts won't stop talking about theirs." For Kwok, the UK's potential is immense, but it requires greater recognition and celebration of its successes. He believes that by showcasing the country's strengths, the UK can create a positive feedback loop that will help attract top talent and investors back to its shores.

When it comes to the role of government, Kwok is clear that fast action and decisive leadership are needed. He points to the US as an example, where business leaders have had a direct influence on policymaking. "We need people who aren't shackled to a course they committed to years and sometimes even decades ago," Kwok says. "In the US, where there are far more non-career politicians and oodles more business people in government, we see the benefits of this. In Trump's administration, we can observe Elon Musk driving government efficiency through the newly-created Department of Government Efficiency (DOGE). The world's greatest entrepreneurs are driving through pro-business agendas."

Kwok's optimism is grounded in a belief that, with the right decisions, the UK can be a global leader in the next generation of industries. "While Elon's involvement has been controversial, there is no denying that the markets like it. The US economy is powering ahead. And as they say, the market is never wrong," he says. "Meanwhile, the UK has been stuck considering crypto and stablecoins since 2023, with zero action in sight. Instead, we need fast, decisive action to get the UK back on track, such as clear and light-touch laws bringing legal clarity to crypto and AI."

For Kwok, the future is bright - if the UK can embrace a culture of decisive action and support for innovation. "It's about time we aligned ourselves with a winning team (the US) versus a clearly losing one (the EU). After Brexit, we can do just that." Kwok's message is ultimately one of hope and optimism. With the right support, leadership, and vision, the UK can reclaim its place as a powerhouse for startups and innovation. It's a call to action, but also a reminder of the incredible potential the UK has - if only it can unlock it.