Poppy Gustafsson, co-founder of the £4 billion British tech firm Darktrace, has been appointed as the UK government’s new investment minister, a role that is crucial for fostering growth and attracting investments to the country. This appointment comes on the heels of Darktrace’s recent sale to a US private equity firm, marking a significant transition for Gustafsson as she steps down from her position as chief executive.
The appointment of an investment minister has been a priority for the UK government, which had been searching for the right candidate for several months. Gustafsson will lead the Office for Investment as a minister in both the Treasury and the Department of Business and Trade. She will also oversee a new unit that combines efforts from these departments and No 10, along with an external advisory board aimed at boosting the UK’s investment landscape.
Labour leader Keir Starmer expressed his enthusiasm for Gustafsson’s appointment, noting her extensive experience as an accomplished entrepreneur. “I am delighted to welcome Poppy Gustafsson OBE as our new investment minister,” he said. “We’re upgrading the Office for Investment to ensure it is fit for purpose and has the capability it needs to make the UK the first choice for investment and the best place in the world to do business.”
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Gustafsson is a prominent figure in the UK tech industry, having founded Darktrace in Cambridge in 2013, supported by the late billionaire Mike Lynch’s Invoke Capital. Her journey in the tech world began at Lynch’s previous company, Autonomy, where she honed her skills before venturing out on her own.
The recent sale of Darktrace has been overshadowed by controversy, as the company faced criticism and scrutiny from short-sellers regarding its business model. Some analysts have suggested that the company’s sales were prioritized over substantive growth, which led to a significant drop in its share price. In response to this criticism, Gustafsson published a detailed defense of the company, emphasizing its integrity and commitment to cybersecurity.
As she transitions to her new governmental role, Gustafsson’s experience in navigating the complex landscape of tech entrepreneurship will be invaluable. She is expected to play a key role in shaping policies that promote investment and innovation within the UK. On her agenda will likely be efforts to enhance the country’s appeal to investors and improve the business environment, ensuring that the UK remains competitive on the global stage.
Gustafsson is also set to join Rishi Sunak at an upcoming council of nations and regions meeting, where she will discuss strategies for driving growth and fostering collaboration across various sectors. Her appointment comes at a time when the UK is looking to reinforce its position as a leading destination for investment amid a rapidly changing global landscape.
As the UK embarks on this new chapter under Gustafsson’s leadership, many in the tech industry and beyond are hopeful that her expertise will pave the way for renewed confidence in the country’s economic prospects.
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