Some of the most innovative and forward thinking companies in the world could be in the front row when it comes to the inevitable funding cuts. As nervous investors all around the world strap themselves in for what is proving to be a bit of a bumpy ride on the global finance markets, small emerging tech companies look to be the first the get the chop. According to reports coming out of the UK, a total of $300 million funding has been diverted away from regional development agencies in order to prop-up the struggling housing market.It’s a move that is probably being mirrored all over the world, with small start-ups being denied funding that they need in order to establish themselves and develop products. In a very real way, the immediate impact of the current stock-market problems will have a knock on effect in terms of future growth because the ideas of today wont be supported in order to provide the products of tomorrow.
MyTake – Someone’s house is obviously more important, but we really shouldn’t be in this situation to start with. Check out Thomas Friedman’s article here for a great insight and opinion on the current situation. It’s irritating to think that this could mean some of the best new ideas in the world will never get heard. I’d also take aim at some of the mainstream media here as well, because they have a responsibility. They have a responsibility to tell the story as it is without over dramatising it. I was watching the news yesterday when the anchor darkly claimed that global markets were in “meltdown”, real the end is neigh type stuff. I also saw a UK tabloid comparing the situation to the great depression – great stuff guys, let’s panic the world into a recession shall we.
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