Auctomatic founders sell to Live Current
Kulveer and Harjeet Taggar sell their business and blast the UK's enterprise culture
British entrepreneurs Kulveer and Harjeet Taggar have sold their online business, Auctomatic, to the US firm Live Current Media.
The cousins moved to Silicon Valley last year in order to take advantage of its entrepreneurial culture, which they feel is absent in the UK. The company, which provides commerce technology frameworks for online retailers, gained backing from the US investor Y Combinator. However, now they have announced the multi-million pound sale of the business and intend to use the announcement as an opportunity to ram the point home that more needs to be done to help UK entrepreneurs. Kulveer Taggar said: “By being based in the UK as an internet entrepreneur, you exclude yourself from all the chance meetings that take place in Silicon Valley, and it’s definitely an understatement to say that internet business is based as much on who you know as what you know. “Given the struggles that we’ve been through, we realise we are insanely privileged to have sold a company for several million. Now we’re looking forward to building something much bigger. “If the UK would like to keep people like me from leaving to more enterprise friendly locations, the entrepreneurial environment must be improved.” Harry Rich, chief executive of Make Your Mark, which campaigns on behalf of entrepreneurs, praised the efforts of the Taggars but said that entrepreneurs should not be allowed to feel they have no choice but to go overseas. “We need to create an entrepreneurial culture in the UK so others won’t feel they have to go overseas to get the funding and support they need for their business ideas,” he said.
“We are actively catalysing support networks and enterprising places in the UK as a way to address this issue.” © Crimson Business Ltd. 2008