By Brian Moretta, Hardman & Co
The podcast currently has 110 episodes available.
The Seedrs Portfolio Report gives an insight into how equity crowdfunding in the UK has progressed over the past decade from an idea to a firm part of the venture capital market. Jeff Lynn was a co-founder of Seedrs and has been President since its purchase by Republic. He's ideally placed to give a myriad of insights into what lies behind the data and the report.
In a wide ranging discussion we talk about:
Its clear that crowdfunding will continue to be a meaningful element in the the startup and venture capital market in the UK. That makes this interview with Jeff a must listen for anyone involved in the market.
00:50 Jeff introduces himself
04:20 Seedrs is now Republic Europe
06:20 the motivation behind creating the Portfolio report
10:30 the role of outliers
13:00 funding food & beverage companies
16:15 do some companies work better for crowdfunding?
19:10 Why Seedrs has had more female founders than the market
25:50 How long is an investment for?
28:45 what has made the secondary market successful
31:30 investor diversification and the different use cases for platform
37:00 how angels and sophisticated investors use the platform
39:10 The future for crowdfunding: international opportunities, funds and blockchain
44:50 Favourite questions
Links
Republic Europe (formerly Seedrs) website - https://europe.republic.com/
Seedrs Portfolio Report Winter 2023 - https://europe.republic.com/insights/blog/seedrs-2023-portfolio-report
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
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The Young Wilhelm by John C.G. Röhl
Going Infinite by Michael Lewis
Bio
Jeff Lynn
Chairman, Republic Europe
Jeff Lynn is the Co-Founder of Republic Europe (formerly Seedrs), which he led as CEO from 2009 to 2017 and has served as Chairman since then. Jeff is a qualified lawyer who began his career practicing corporate law with Sullivan & Cromwell LLP in New York and London. He also serves as the Chairman of The Startup Coalition and as a member of the Prime Minister's Advisory Committee for the King's Awards for Enterprise. Jeff holds an MBA and a BCL (advanced law degree) from the University of Oxford, a JD from the University of Virginia and a BA from the University of Pennsylvania.
The Enterprise Investment Scheme (EIS) is now 30 years old! To celebrate, we asked Christiana Stewart-Lockhart, Director General of the EIS Association, onto the podcast to discuss the past, present and future of the scheme.
In a wide ranging discussion we talk about:
Christiana brings together both the big picture on the importance of the tax advantaged schemes and the small scale that each company and investor represents. Its a great discussion - enjoy!
PS This was recorded before the recent Treasury announcement that the EU has approved the extension of EIS.
00:50 Christiana introduces herself and the EIS Association
04:00 The founding of EIS and how it has progressed
07:25 Why has EIS been successful
12:15 How the Patient Capital Review changed the schemes
14:00 Lobbying for the scheme extension
18:50 Why EIS is not as well known as we would like
26:50 How do we increase awareness
30:15 Role of financial advisers
34:45 Progress with diversity of founders and expanding into regions
41:00 Effect of changes to SEIS limits
43:00 Looking forward
46:10 Favourite questions
Links
EIS Association website - https://eisa.og.uk/
HMRC 2023 EIS Statistics - https://www.gov.uk/government/statistics/enterprise-investment-scheme-seed-enterprise-investment-scheme-and-social-investment-tax-relief-may-2024
30th Anniversary of EIS event - https://eisa.org.uk/30th-anniversary-of-eis/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
Alchemy by Rory Sutherland
Bio
Christiana Stewart-Lockhart
Director General, EIS Association
Christiana Stewart-Lockhart is the Director General of the Enterprise Investment Scheme Association (EISA). She previously spent more than a decade working in Westminster including ten years at the Institute of Economic Affairs. She also founded EPICENTER, a Brussels based network of some of the most respected think tanks from across Europe. Christiana holds a BA in Politics from the University of York. She is a member of TISA’s Children’s Financial Education Policy Council and also sits on the Advisory Board for the All Party Parliamentary Group for Entrepreneurship.
While fintech has perhaps fallen out of the spotlight in venture capital, it remains a significant part of the UK venture capital scene. It is one of Love Ventures three specialist areas, and in this episode co-founders Marcus Love and Adrian Love give their views on how the sector has developed and what matters now.
In a great discussion, Marcus and Adrian talk about:
Although Love Ventures is a relatively new manager, both Marcus and Adrian have strong backgrounds in entrepreneurship and investing. This experience allows them to being some great insights into how the world of fintech is progressing today.
PS This was recorded while travelling, so apologies for the echoes in the background for the host.
00:55 Marcus and Adrian introduce themselves
02:55 Love Ventures
05:15 versions 1 & 2 of fintech
08:50 why financial services is so ripe for innovation
11:25 blockages to blockchain in the real world yet
14:00 finding the correct business models going forward
17:00 importance of product/founder fit
19:40 Incumbents vs new entrants
22:00 report on corporate venture capital
25:10 the UK regulatory sandbox
27:10 UK as a model for other countries
28:45 how the need for capital hasn't changed
33:30 looking for right scale of problem to invest in
35:20 role of AI - specialist / small models
40:45 data confidentiality - importance of specialist data
43:40 prime areas for investing now
45:30 Favourite questions
Links
Love Ventures website - https://loveventures.co.uk/
Love Ventures on LinkedIn - https://www.linkedin.com/company/love-ventures/
Report on corporate venture capital - https://loveventures.co.uk/navigating-cvc/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
The Power Law by Sebastian Mallaby
The Anxious Generation by Jonathan Haidt
Bios
Marcus Love,
Co-Founder, Love Ventures
In the first part of his career he spent nearly 10 years in Paris working in consulting for Cap Gemini then in a start-up and in various sales roles. In 2005 he moved back to London and worked for 14 years in the City selling global equity research to fund managers.
He started angel investing in 2015 and built up an angel portfolio of 20 companies, building an angel syndicate along the way. HE formed Love Ventures in March 2020 at the start of the pandemic and hasn’t looked back since.
He loves helping portfolio companies where he can, and is super excited by the growth of their first two funds and their super team! Outside work, he enjoy sports, culture and travel. Most recently he cycled 458 miles in eastern Turkey for a charity called 1morechild.
Adrian Love,
Co-Founder, Love Ventures
The early part of his career was spent at The Instant Group, a high growth pioneer within the global flexible workspace sector where he focussed on enterprise sales before its acquisition by MML Capital – their digital assets have now merged with IWG Group. From 2016, he worked at Dorrington PLC, a £1.4Bn private investment company, where he was an investment manager of a £200m portfolio of assets.
During this period, he began his own entrepreneurial journey within property development and also started angel investing, building up an angel syndicate alongside his brother Marcus. Having been in business together since 2009, they co-founded Love Ventures in 2020 and enjoy using their extensive networks to help the founders across our portfolio.
Outside of the world of start-ups, you can usually find him on the sports pitch whether it’s regular five-a-side football, squash, golf or skiing. He also loves an adventure and has been recruiting founders for a round the world cycle to Sydney, starting off with London to Paris in September.
Eos Advisory are rapidly building a solid reputation in science-based venture capital investing. In this episode, Partner Mark Beaumont discusses their roots, philosophy and how that translates into practice, with lots of real-life examples.
In an in-depth discussion, Mark talks about:
Mark's background gives him a very different perspective, both individually and as part of a team that brings very diverse experiences. His insights into the people side in particular are tremendous. There is much for any founder or investor to learn here.
01:00 Mark introduces himself
04:50 where Eos is now
07:20 how their investment philosophy developed
10:30 lack of competition for deals in Scotland
11:50 Scottish eco-system - current strengths
16:20 what they are looking for in founders
20:30 separating people from company
24:20 alignment between founders, investors and managers
27:40 how do you determine a market
32:15 internationalising - when and how
36:15 how to line up international investors
38:40 what mistakes founders make
41:00 challenges of funding
44:50 changing mindsets in companies as they progress
49:25 favourite questions
Links
Eos Advisory website - https://eos-advisory.com/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
Coffee First, then the World by Jenny Graham
Bio
Mark Beaumont,
Partner, Eos Advisory
Mark Beaumont became a Partner at Eos Advisory in 2019 and has helped lead the business through a period of significant growth, investing in predominantly Scottish science and technology companies addressing key global issues in healthcare and environmental health. Mark Beaumont spent the first chapter his career building teams around sporting success and is publicly known as an athlete and BBC broadcaster. He still holds the 18,000-mile circumnavigation cycling record in a time of 78 days. Mark’s degree education was in Economics & Politics, and for a decade and a half worked with a leading UK mid-market private equity firm. Mark is Patron for Entrepreneurial Scotland, Honorary President for Scottish Student Sport, Fellow of the Royal Society of Edinburgh and was honoured in the Queens New Year’s honours for services to sport and charity.
In this episode of the EIS Navigator we get a great founder story. Despite not having a medical background, Clare Brenner founded Myogenes which specialises in pharmocogenetic testing. She has a very personal story about her motivation for initially focusing on mental health to begin with, as well as her experiences in starting in a new area.
In the discussion, Clare talks about:
Clare's story is both inspiring and insightful, as well as being a great follow-on to the previous episode about female founders.
00:45 Clare introduces Myogenes
04:55 establishing proof of concept
06:40 how she found a test
08:30 how does the test work and the importance of working with doctors
11:50 finding the top people
15:00 why she focused on clozapine
18:00 how they developed the test
19:00 founding the company
21:00 marketing into the NHS: establishing cost/benefit and business impact models
25:00 progress with individual health trusts
28:00 the role of patient/family lobbying
29:00 getting funding for preventative medicine
32:30 moving into the US
37:10 where are we in personalised medicine
41:00 prospects for Myogenes
43:45 Favourite questions
Links
Myogenes website - https://www.myogenes.com/
Telephone - 020 8387 1266
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
The Diary of a CEO by Steven Bartlett
Bio
Clare Brenner,
Founder & CEO, Myogenes
Clare Brenner, CEO & Co-founder Clare began her working career at the BBC, moving from radio to television and then to writing and producing.
Her interest in genetics started in 2010 working for a private hospital and launching their DNA testing programme. She started on her own in 2016 and has dedicated the last six years to becoming expert in the field of genetics and forming her own company Myogenes.
Nick Dimmock founded 350PPM as an incubator for various environmental businesses, but has followed a different path from many incubators. In this episode, he discusses how he developed the 350PPM business model, developing companies more generally and the state of environmental investing.
Amongst other items, Nick discusses:
Nick is naturally forthright and brings some strong opinions which make for a very interesting conversation.
01:50 Nick introduces himself
05:00 what 350PPM is and does
07:40 how did the business model develop - developing a system
13:00 doing stuff for a company vs developing internal capability
18:35 what sorts of companies are of interest and why
22:35 capital intensity
27:30 demand for environmental investments
31:45 how do we sustain interest in environmental investments
33:00 need for removal of subsidies
39:40 next steps
41:15 Favourite questions
Links
350PPM website - https://350ppm.co.uk/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
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What You See is What You Get by Alan Sugar
Billionaire: The Life and Times of Sir James Goldsmith by Ivan Fallon
The Fifth Risk: Undoing Democracy by Michael Lewis
Bio
Nick Dimmock,
Founder & CEO, 350PPM
Nick has worked in the environmental sector since 2007 and has so far been involved in over 50 environmental projects from Municipal Solid Waste Composting in India, to 1500 MW Hydroelectric projects in Ecuador. Overall, the projects Nick has been involved in have created on-going emission reductions over 9 Million tons of CO2e per annum. From 2017, Nick has been involved with incubating, accelerating and venture building early stage cleantech businesses.
Software-as-a-Service (SaaS) founders rightly focus on their product and market, but sound finances underpin any success. Anthony Nitsos founded fractional CFO business SaaS Gurus after working in a couple of successful exits. He has seen the inside of many SaaS businesses so has lots of experience in developing good practice and seeing the mistakes that founders make. In this episode, we tap into that knowledge.
Amongst other topics, Anthony discusses:
Its a great conversation, with Anthony bringing lots of insights from his vast expertise for founders and investors alike.
00:50 Anthony introduces himself
04:45 what financial metrics matter and the difference between venture-backed and bootstrapped businesses
09:45 gross margin - good targets and when you should be hitting them
13:30 how valuation multiples have changed in SaaS
15:45 patterns in CAC and trends in software purchasers
18:05 how to you know you have product/market fit
20:00 difference in sales cycles between B2B and B2C
23:30 the value of market knowledge and how startups are not for on the job training
24:30 why its easier to move from enterprise to SME than vice versa
25:45 how finding the right first sales person is the biggest challenge
31:45 building a sales team
37:00 when to bring in a CFO
39:30 the merits of building finance function when its pre-revenue
42:20 the value of benchmarking
43:15 most companies have problems
45:00 the difference between accounting and finance
49:20 preparing for exits - how acquirers look at finances
56:00 why founders should know what short of exit they want
60:00 favourite questions
Links
SaaS Gurus website - https://saasgurus.io/
Free ebook on "SaaS Secrets for Financial Triumph" - https://saasgurus.io/lab
SaaS Gurus contact page - https://saasgurus.io/contact/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
Measure What Matters by John Doerr
Dune
Bio
Anthony Nitsos,
Founder & CEO, SaaS Gurus
Anthony Nitsos elevates your financial strategy to meet challenges and drive your company value. Working with pre-seed to Series B stage SaaS startups, he ensures that founders have reliable metrics and a solid understanding of the true economics of their business to maximize valuation. He optimizes financial operations, sales operations, human resources operations, and risk management systems. He’s worked with various startups, including two unicorn exists. Learn more at SaaSGurus.io.
How we fit EIS funds and VCTs in an advice process is something that the tax advantaged industry has got many different answers for. Rob Bell of Finova Money has been using these for clients for many years. In this episode we discuss their place in a financial plan, how he chooses between different products and investor perceptions of the industry.
Amongst other topics, Rob discusses:
Its a great conversation with lots of insights from Rob for investors, advisers and fund managers.
01:15 Rob introduces himself
02:15 what is Finova Money
03:00 how he chooses between EIS and VCT for a client
06:50 loss relief and how discussing what might go wrong helps
07:50 thinking about diversification
12:15 product selection and producing a panel
13:20 assessing manager track records
16:50 thoughts on the depth of track records
19:30 the real term of EIS investments
22:50 value of managers having several capital pools
25:30 how SEIS fits into the advice process
28:45 specialist vs generalist managers
31:00 ESG and impact investments
36:10 challenges of recommending new managers
38:35 investor perception of venture capital
44:10 how do we improve investor perception of financial advice
48:15 favourite questions
Links
Finova Money website - http://www.finovamoney.co.uk
Rob Bell on LinkedIn - https://www.linkedin.com/in/robertbell-financialplanner/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
They Ask, You Answer by Marcus Sheridan
Bio
Rob Bell,
Founder & Chartered Financial Planner, Finova Money
Rob is a Chartered Financial Planner and one of the founding directors at Finova Money, an independent financial advice business based in London.
Rob is passionate about helping his clients take control of their finances so they can live with confidence knowing they have a solid financial plan for the future in place. Rob’s clients include business owners and professionals with more complex tax positions who can benefit from looking at a broader range of financial planning options. Outside of work Rob’s interest are getting out into the countryside, Munro bagging and scuba diving.
Manufacturing and operations is an area that has been much neglected by venture capital, but has plenty of issues that can be address. Renan Devillieres of venture builder OSS Ventures focuses on this space, with distinct methods and successful results. In this episode we discuss how he goes about creating successful new businesses, with very good results to date.
In a wide ranging discussion, Renan discusses:
Its a great conversation with lots of insights from Renan and a must listen for investors and founders who want to build successful businesses.
01:30 Renan introduces himself
02:45 introduction to OSS
04:00 what is venture building?
09:00 finding pain points in factories
13:15 how the regulatory environment can affect go-to-market strategies
17:30 why is there so much low hanging fruit
21:00 how different manufacturers are stuck or open to change
25:30 finding the first customers
29:00 working with clients to build viable solutions without customising too much
32:00 how the OSS team fires itself
37:00 how different software has different sales and decision making processes
41:20 the necessary founder skills
44:15 how AI is affecting manufacturing
49:10 trends in manufacturing and how its all changing now
55:30 favourite questions
Links
OSS Ventures website - https://www.oss.ventures/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
The Subtle Art of Not Giving a F*ck by Mark Manson
Empty Planet by Darrell Bricker & John Ibbitson
Bio
Renan Devillières,
CEO OSS Ventures
A graduate of the Ecole Normale Supérieure and the Ecole Polytechnique Fédérale de Lausanne, Renan began his career as a consultant at McKinsey, before becoming an economist at the OECD and then strategic project manager for the Richemont Group. After his various experiences, Renan launched into entrepreneurship by founding a start-up, which he later sold. Having always been attracted to tech and industry, Renan co-founded OSS Ventures in 2019 with the mission of supporting French industry in its technological, environmental, social and societal transition from industry 2.0 to industry 4.0.
Governance is all too often seen in startup companies as a chore, or necessary evil when it can be a positive and enable success. Dermot Campbell, founder of CEEIO, is trying bring more of the latter to the venture world. In this episode, he discusses how startups can enable good governance without spending too much time on it and make it a means to the right end rather than an end in itself.
Dermot covers a lot of areas, including:
Whether you are a founder looking to put governance into place or an investor helping or wanting a company to do it, this is an essential discussion.
01:00 Dermot introduces himself
02:00 What is SEEIO
03:10 What is governance
04:20 the importance of maintaining stakeholder relationships
05:40 importance of creating a governance framework
06:15 how should new startups approach governance
08:40 when to create the board
09:45 who takes the lead
11:30 role of fund managers
12:30 the work in preparing for board meetings
15:00 don't just sell - value in identify risks
16:30 setting up appropriate risk assessment
20:30 how to use a business plan and use it to generate objectives
22:10 working on KPIs
24:00 building effective board agendas
27:20 generating the right board and founder relationship with them
30:30 role of independent NEDs in startups
32:10 what mistakes do founders make
33:30 value of governance in improving odds for fundraising
35:50 rise of ESG and how investors care about G - G facilitates E & S
42:20 favourite questions
Links
SEEIO website - https://seeio.co.uk/
Dermot on LinkedIn - https://www.linkedin.com/in/dermot-campbell-3178a326/
Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listen
Suggested books and media
The Go To Market Handbook for B2B SaaS Leaders by Richard Blunder
MEDDICC: The ultimate guide to staying one step ahead in the complex sale by Andy Whyte
Bio
Dermot Campbell
CEO, SEEIO
Dermot Campbell is an experienced fintech leader, known for founding Kuber Ventures and building it up to be a key player in the alternative investment platform sector. As CEO of SEEIO, he's transforming corporate governance for startup and scaleup SMEs. His expertise spans wealth management, financial planning, and navigating regulatory environments. Prior to becoming a startup founder, Dermot was a Chartered Wealth Manager and in his early career he was an airline pilot.
The podcast currently has 110 episodes available.