This is not a meaningful statement
‘Returning money in private hands’ does not result in more startup investment, it’s not in the culture to do this.
The money will be put into real estate, bonds, or whatever.
Look at London - it has as much wealth as NewYork or LA but all the money just piles up in real estate or Fintech.
But outside those niches? Good luck getting a farm-tech startup funded, no-one will take a punt.
So it falls to the government to try and kickstart something. As flawed as it may be.
Then they put together a competition for funding that basically feels like a school exam
There are so, so many examples of British agtech companies getting funded:
https://www.lettusgrow.com/blog/2020/1/9/press-release-uk-ag...
https://edinburgh-innovations.ed.ac.uk/news/roslin-technolog...
https://fischerfarms.co.uk/fischer-farms-secures-26m-funding...
https://tropic.bio/tropic-biosciences-raises-28-5-million-se...
Uber's Series C was $361M, that's the kind of money you need to put a company on the global map.