European entrepreneurs are risk averse, says Twitter founder Jack Dorsey

 

Cannes

Jack Dorsey, the founder of Twitter, said entrepreneurs in Europe lack ambition compared to those in Silicon Valley, as his micro-blogging website announced plans to expand its advertising sales in 50 new countries by the end of the year.

Mr Dorsey, 34, who was in Cannes to receive the Media Person of the Year award at the annual Lions advertising festival, said of Europe: "There's a huge barrier to entry because there's not a large ambition to take risks. There's a fear of making mistakes in public."

In contrast, he said there was a mentality on the West Coast of America that "I'm going to start something and it may fail but I'll learn from it".

He went on: "Silicon Valley has always been a whirlpool of technology conversation. I do wish some of that energy and attitude would spread to other parts of the world. I haven't seen it in many other places."

He was speaking as Dick Costolo, chief executive of Twitter, announced plans to start selling "promoted tweets" and other paid-for services in 50 new countries.

Twitter has 140 million users, with 10 million in the UK, but has only four ad sales offices at present, including one in London, and has been slow to generate revenue.

Ajaz Ahmed, co-founder of the London digital agency AKQA, which sold a majority stake to WPP earlier this week in an estimated £350m deal, voiced similar fears to Mr Dorsey.

"There just aren't enough tech success stories in the UK," he said. "Where are the Twitters, the Googles and the Instagrams in the UK? Where are the UK success stories?

"I don't think the UK celebrates entrepreneurs enough. It should encourage more of a meritocracy. Unless it's sport, Britain tends to have an uneasy relationship with success."

The need for creative people to embrace risk in both business and art was echoed by the philosopher Alain de Botton, who was invited to speak by the ad agency Ogilvy & Mather at Cannes.

"You can guarantee safety in mediocrity," said Mr de Botton, who argued that people were generally more willing to take risks in the internet age.

"You've got to gamble over time."

Miles Young, global chief executive of Ogilvy & Mather, said being innovative was more important than ever.

"The answer lies in the ability to understand what risk is worth undertaking. There are so many ways ideas can be killed from perception to execution," he said.

Independent Comment
blog comments powered by Disqus
News in pictures
World news in pictures
       
iJobs Job Widget
iJobs Money & Business

Fidessa Analyst / PM - Banking - London - £600pd

£550 - £600 per day: Orgtel: Fidessa Analyst / PM - Banking - London - Up to £...

Sourcing Manager - Banking - London - £500pd

£450 - £500 per day: Orgtel: Sourcing Manager - Banking - London - Up to £500p...

School Finance Assistant (part-time, term-time only)

To be discussed at interview.: Queen Elizabeth's School: An experienced and ef...

Java Developer - Munich OR Milian

£294.05 - £330.92 per day + 150 per day travel and accommodation: Orgtel: A le...

Day In a Page

The price of pacifism: Refusing to go to war is finally being recognised as a brave act

The price of pacifism

From the Second World War refusenik to the 19-year-old Israeli, Holly Williams talks to five people who risked shame and suffering to take a stand as conscientious objector.
'It was mass hysteria': Jason Isaacs on groupies, theatre bores and snogging James Bond

Jason Isaacs: Groupies, theatre bores and James Bond

To millions, Jason Isaacs is one of Harry Potter's arch enemies – but his wife prefers him as a Scottish TV detective.
Notes from a small island: Is Sealand an independent 'micronation' or an illegal fortress?

Sealand: 'Micronation' or illegal fortress?

Thomas Hodgkinson spent a week at the tiny platform off the Suffolk coast to find out.
Not a bad bone: Mark Hix cooks with cutlets and ribs

Mark Hix cooks with cutlets and ribs

If you ignore cutlets and ribs, you'll risk missing out on some delicious and easy meals, says our chef.
Sir James Dyson’s latest project: Cleaning up hospitals

Sir James Dyson’s latest project: Cleaning up hospitals

Doctors are hailing the revamp of a Bath neonatal unit, where babies sleep more and feed better, as the model for patient care
One man returns to Argentina's town that drowned

One man returns to Argentina's town that drowned

Epecuen was submerged under 10 metres of water in 1985. Now the floods have gone – and 83-year-old Pablo Novak has moved back in
The real thing? Historian publishes Coca Cola's 'secret formula'

The real thing?

Historian publishes Coca Cola's 'secret formula'
Gordon Ramsey's worst nightmare: A restaurant he cannot save

Gordon Ramsay's worst nightmare: A restaurant he cannot save

The pugnacious chef finally met a shambolic restaurant he couldn't save. John Walsh on when TV makover refuseniks fight back
Join Ryanair! See the world! But we're only paying you for nine months a year

Join Ryanair! See the world! But we're only paying you for nine months a year

Glamorous myth of the flight attendant lifestyle undermined by angry employee's claims of 'exploitation'
Braising saddles: Did the recent furore scupper sales of horse meat? Neigh, far from it!

Braising saddles: How to cook horse meat

Did the recent furore scupper sales of horse meat? Neigh, far from it! Will Coldwell hoofs it to the kitchen.
Why bitters are back on the bar: A few little drops pack a big punch in cocktails

Why bitters are back on the bar

A few little drops pack a big punch in cocktails. No wonder we're learning to love them again...
The 10 Best barbecues

The 10 Best barbecues

Whether you're cooking on gas or are a convert to charcoal we've got the perfect way to cook when the sun is out.
Style icon David Beckham calls time on his long retirement

Style icon calls time on his long retirement

David Beckham never disgraced himself but former England captain ceased to be a major player years ago. Remember him at his United peak
Steve Harper: My darkest times

Steve Harper: My darkest times

As the popular Newcastle goalkeeper bows out after 20 years at the club, he tells Martin Hardy about the private battle with depression that threatened his career
Sir Torquil Norman has designed a flat-pack OX truck for the developing world

The flat-pack truck with big ambitions

After making a fortune from Polly Pocket and a doll's house shaped like a teapot, the entrepreneur has turned his creativity to a transporter truck for the developing world. Simon Usborne meets him.