What's ironic is that the British are known for their innovation and inventiveness and yet here you are making the outrageous claim we're not.

I don't think that's what askinakhan is saying. He/she is basically saying that there is way too much Venture capital in the valley, which basically means that a lot of ideas get funded, even if a majority of them are crazy ones. This lack of capital splurge in the UK makes it harder for startups there, so they have to be more careful...and this is what he/she is saying might lead to lesser innovation.