Jason Trost, founder and CEO of London-based betting exchange Smarkets, says the end of access to cheap money has caused a tough and fast transition in the technology sector. He told Bloomberg's Caroline Hepker and Stephen Carroll that he and other tech leaders underestimated the effect of rising interest rates, and that he expects a "big shakeout" in the industry as companies are forced to focus on profit over growth. Trost also discusses how the uncertainty around Brexit has put the UK on a downward trend, but that he still believes it's a great place to do business and is hopeful that the UK will seek a closer relationship with the EU.
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