Matt Miller, Founder of Evantic Capital touts the strengths of the UK as a tech startup destination, comparing it to cities around the world.

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The release of Open AI's ChatGPT has accelerated the development of artificial intelligence and warnings about its impact on society.

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A venture capital founder has identified London as the premier location for artificial intelligence (AI) startups outside of San Francisco. The founder attributes this to the city's rich talent pool, strong university network, and significant investment from the global tech ecosystem. Notable AI companies such as DeepMind, 11Lab, and Synthesia have emerged from London, and there is optimism about the city's continued growth in the sector.

Despite these strengths, the founder acknowledges that scaling AI companies in London and Europe remains a challenge due to a less concentrated pool of experienced operators compared to the United States. To address this, the founder's firm, Avantik, has implemented a model that connects founders with a network of experienced business leaders across Europe and the US, sharing carried interest to incentivize collaboration and support startup growth.

VC Founder: London best place for AI startups outside San Francisco

Clearly, the success of London has many fathers and mothers. But the reality is that London is a global city that has incredible talent, that is fed by a rich network of universities, and has had multiple successful winners, including the great work of the team at DeepMind, that's now part of Google, and has a pipeline of really great up-and-coming AI companies, including 11Lab, Synthesia, and others. And it's unlike any other city that we see elsewhere in the world with the scale and the level of talent that sits here. And because of that, and because of all the capital that's come here, and focus from the global tech ecosystem, this is the best place for founders to build AI companies outside of not just the United States, but outside of San Francisco. And I think that we will see more and more great AI companies founded here, and more great founders coming here to build great companies, which is why we chose to start my investment firm, Avantik, here in London. Why hasn't it happened yet beyond DeepMind's? We've been hearing, you know. I think that this, why hasn't it happened yet? It is happening, and it's happening right underneath our noses. And I think there's a lot of commentary. I mean, we just had Jensen Huang here, going around London, handing out checks. And he's not doing that in other cities, at least as to my knowledge. Maybe I've missed something. But there's an enthusiasm for the community here, and the things that people are building here, that is unlike any other city other than in San Francisco. And I think that's something we need to take note of, and appreciate, and we need to invest in, and put ourselves in a better position to take advantage of here in the UK. You know, we've heard from other VCs active in London that the problem is not at the startup stage. The problem is not in terms of innovation. The problem comes when it comes to scaling these companies. Would you agree with that notion? I think that the challenge is mostly in experience, and in that there is not as much density of people who have done it before at scale, because we are a younger ecosystem, and across Europe, our talent is more dispersed. In the United States, everything is in one city. Here, we have great companies. You just talked about Lovable, a great company in Stockholm. We have great companies in Munich. We have great companies in Paris. We have a little bit more dispersion in our talent, and then we have a lot of incredible individuals who have talent who are scattered working remotely in different European centers across the region. What we've done with this firm that I'm building, if I can, is we try to solve that. We have a differentiated model in that I have this community of 140 legends who are my business partners, who are some of the most experienced operators, and executives, and founders, and investors who have helped scale great companies here in Europe and in the United States, and we share up to 50% of the carried interest with them as we go to source, win, and build, and that's just trying to help this experience dynamic so that the founders, when they need the right experience, if they need outstanding marketing help, the best marketer in Europe is Kieran Flanagan, the CMO of HubSpot. He lives in Dublin. He works for an American company. He lives in Dublin. One of the best go-to-market leaders is Gavin Patterson, who lives here in London. Another one is Cedric Peck, the CRO of MongoDB, who lives in Rome. It's taking these people and connecting them together and allowing them to come in and work with the founders here and have experience that they don't otherwise have a way to connect with naturally, and we've created a model where we economically align this experience with these founders in a way that's never been done before by sharing 50% of the carry, and so I think that the hope is is that this will be an unlock for founders here and will be a very differentiated value proposition for them and can help us reach even greater heights.

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VC Founder: London best place for AI startups outside San Francisco

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