Britain's small businesses have been called upon to drive the nation's success through innovation.
Ian Pearson, minister for science and innovation, told the UK Technology and Growth Forum that a less risk averse approach is needed if Britain is to rival the US and other leading nations in enterprise, reports telecommunications and IT publication IT Week.
Mr Pearson commented that the UK should "become an innovation nation", noting that the National Audit Office (NAO) is working on ways to drive advancement in the public sector.
"The public sector is very risk averse and we need the NAO to detail ways we can increase our risk taking. Innovation depends on people that are prepared to take the risks that innovation needs," he said.
And the minister highlighted the US as a nation defined by a culture of small businesses growing into large ones and suggested this as a model that the UK should adopt.
Tanya Hine, president of the British Association of Women Entrepreneurs, recently noted that many women choose to start their own businesses for the flexibility this career path enables.
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