Shows
The EIS & VC Navigator116 EIS & VC Basics: What are the EIS tax reliefs? with Brian Moretta of Hardman & CoThis is the second in the new basics mini-series for the EIS Navigator. This episode follows on directly from episode 115 and we go into the tax reliefs that are available on investments using Enterprise Investment Scheme (EIS). For many investors, these are one of the main attractions of the scheme and the reliefs are amongst the most generous in the world. Remember, video is also available alongside the Hardman Talks videos on youtube so check them out there.In this episode, host Brian Moretta flies solo, giving a run through of the reliefs. These include:what...
2025-10-0710 minThe EIS & VC Navigator91 Why investing in profitable companies matters more than ever with Harry Heartfield of EditionWhen we last spoke with Harry Heartfield of Edition, the leisure sector was all about recovering the pandemic. Fortunately, we have moved on so we thought it was time to get him back to discuss where we are now, how his investment philosophy has evolved and what the prospects for exits are now.We covered a lot areas in our discussion, including:the unevenness of the current recoverythe difference that geography and target market makesthe need to rebalance portfolio risk nowhow live entertainment and hospitality are doinghow to run live events professionally and Edition's role in...
2024-02-131h 06The EIS & VC NavigatorBonus: Venture capital indexation and how to grow the industry without increasing valuations with Richard Blakesley of Venture CubedAssessing companies for venture capital investment is often more of an art than a science. Richard Blakesley is trying to change that with Venture Cubed. Its rating system aims to objectively assess how investible new companies are. We asked him to talk about how they built their rating system, what it tells us about the venture industry and how it might change it going forward.This is the second part of our excellent discussion. In the previous episode, we spoke about his rating system and what matters when assessing companies for investment. In this one, we discuss...
2024-01-3056 minThe EIS & VC Navigator90 What matters most when rating companies for venture capital investment with Richard Blakesley of Venture CubedAssessing companies for venture capital investment is often more of an art than a science. Richard Blakesley is trying to change that with Venture Cubed. Its rating system aims to objectively assess how investible new companies are. We asked him to talk about how they built their rating system, what it tells us about the venture industry and how it might change it going forward.We had such a good discussion that we have split it into two parts. In this episode, we discuss how he measures companies. In the second part, we talk more about the...
2024-01-2349 minThe EIS & VC Navigator89 Assessing start-up science companies and creating the right experiments with Andrea Mica of Oxford TechnologyInvesting in companies that are starting out presents different challenges from when they are more established. Oxford Technology has probably been investing in new science and technology companies for longer than than anyone else in the (S)EIS/UK VC world. We get Director Andrea Mica to discuss how to go about it.In a discussion that is full of examples, both successful and unsuccessful, we cover a wider range of areas:how to validate the science / technology when there is no saleshow to invest without specialist knowledgebuilding appropriate experimentslooking beyond the first experimentthe importance of...
2024-01-091h 12The EIS & VC Navigator88 An all-star panel looks back on UK VC, (S)EIS and VCTs in 2023 and forward to 2024Yet again, the EIS navigator team has got its all-star panel to discuss what happened in 2023 and how 2024 is shaping up. Christiana Stewart-Lockhart, Director General of EIS Association, Neil Cole, Head of Private Markets Distribution, UBS Wealth Management, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the events of the past year and the prospects for 2024.We chat through many areas of interest:how has fundraising gonewhether some VCTs are sitting on too much cashhow easy is it for companies to raise moneythe need for discipline when making follow-on investmentswhether valuations have bottomedhow...
2023-12-271h 09The EIS & VC Navigator87 How marketing data can be used when lending to growth companies with Katherine Chan of JuiceIn this episode we take another look at debt funding for high growth companies. Juice has a novel approach using marketing data and its CEO, Katherine Chan, comes on to discuss their approach and the wider funding market.We cover a lot topics., including:why alternative funders have arisen in the marketthe pros and cons of using revenue based fundingwhen debt finance is appropriate in high growth companieshow Juice uses marketing data in its approachwhat makes reliable marketing datahow to navigate the risk of rising CAC/CPAhow lenders can give support to companiesthe concerns that borrowers...
2023-12-121h 00The EIS & VC Navigator86 Investing in consumer companies and finding out what consumers really want with Phoebe Scriven of VGC PartnersAmongst EIS funds and VCTs, consumer companies is less popular than B2B investments but still have their attractions. VGC Partners is one of the few managers that focus on this area and we get Investment Director, Phoebe Scriven to discuss it.In a fascinating discussion we cover many topics:why consumer is still attractive despite the economyhow the dynamics of returns in consumer venture capital investments is different from B2Bhow to understand the consumer when its not something that you would buy yourselfgetting conviction when data is limiteddeveloping investment thesesfinding quality within a group...
2023-11-2859 minThe EIS & VC Navigator85 How to invest in and grow early-stage B2B SaaS companies with Fred Soneya and Jeremy Luzinda of Haatch VenturesB2B SaaS is a very popular business model amongst venture capital and (S)EIS/VCT investors. Haatch Ventures specialise in investing in this sector and we get Partner Fred Soneya and Principal Jeremy Luzinda to talk about how they work and how they help the companies scale.We look at several topics about managing these companies:what B2B SaaS is and why it is attractive to investors. We discuss the merits of additional service revenue and when its a positive or a distraction.when a company should add new features or when it should...
2023-11-141h 09The EIS & VC Navigator84 How the macroeconomy affects venture capital investments with Ewan MacKinnon of MavenWhile there is much discussion in the media of the macro-economy, its effect on startups is not always a obvious as it is for quoted companies. Ewan MacKinnon, a Partner at Maven, has been investing for almost a decade and half and draws on this experience to give us some insights.In the discussion we focus on three big areas:recruitment and wages: we talk about the tightness in the job market and how the effect on startups has changed over the past year. We also talk about hybrid working and how the balance of power...
2023-10-311h 01The EIS & VC Navigator83 Avoiding startup failure, getting boards working well, work/life balance, fintech and much more with Elliot Limb of CubedElliot Limb is co-founder and CEO of Cubed and spends his days supporting fintech companies scale. Having worked with many startups, he has a broad insight into their challenges and difficulties. He also has some strong views, which makes for a very interesting discussion!We covered a huge number of areas, including:- why fintech has a long way to go- what causes startup companies to fail: Elliot gives the two most essential metrics monitor- the relationship on boards between founders and VCs and how both sides often get...
2023-10-171h 02The EIS & VC Navigator82 British Business Bank CEO Louis Taylor on the UK funding market and addressing market failuresSince its founding eight years ago, British Business Bank has established itself as an important participant in the funding markets for UK SMEs and startups. In this episode, its CEO Louis Taylor tells us what it is doing and how it is going about it.We start by discussing how the Bank fits into the UK ecosystem. Louis discusses the bank's mandate and how it goes about fulfilling it. It aims to change market failures through a variety of projects. Louis discusses several of these and how the Bank aims to catalyse others to fill the gaps.
2023-10-0357 minThe EIS & VC Navigator81 Why investor concerns over hardware are overblown with Damon Bonser of British Design FundHardware startups have often struggled to get funding, but Damon Bonser of British Design Fund is trying to change that. In this episode, he talks about his experiences and how hardware can be more attractive than many investors think.The first half of our discussion focusses on how companies can mitigate risk. Damon discusses how he avoids investing in a warehouse of unsold goods, focussing instead on more normal VC ideas of satisfying customer needs by getting the product into their hands early on.We discuss how and when companies should tool up and start...
2023-08-2954 minThe EIS & VC Navigator80 A VC perspective on AI's impact on startups with James Pringle of Portfolio VenturesAnyone with a passing interest in technology or venture capital cannot have missed the rapid increase in interest in AI over the past few months. We are overdue talking about it on the podcast, so we got an expert in James Pringle. He used AI as a founder and it now impacts how he invests so he is the ideal guest to discuss the topic.We start off by covering some of the basics, drawing out what AI is currently capable of. We discuss broadly how AI works, how it has developed over the past few years...
2023-08-151h 10The EIS & VC Navigator79 The anatomy of busts: comparing the VC market across three cycles with Kealan Doyle of Symvan CapitalWhen planning this episode with Kealan Doyle of Symvan Capital, he told a story about a venture capital conference where the compere asked who had been through a downturn before and nobody raised their hands. So we decided to discuss the last couple of venture capital cycles and how previous downturns compare with the current one. We also talk about some of the secular changes that have taken place over this period.We start by looking back to the .com bubble at the turn of the century. We examine some of its main features, including how much...
2023-07-251h 10The EIS & VC Navigator78B Investor confidence and ESG: how the new disclosure rules will drive responsibility with Lee Coates of ESG AccordThere have been two recent changes that will affect how ESG is applied in practice by fund managers, advisers and, most importantly, investors. Lee Coates of ESG Accord has been advising on ethical investment for three decades, runs a consultancy to help others implement ESG and and is on a relevant FCA committee. We had such a great discussion that we are giving it to you in two parts: this is the second. You don't need to listen to the previous episode first, but it will help.In this part, we start by discussing the new Sustainable...
2023-07-1844 minThe EIS & VC Navigator78A How ESG rule changes will make investors happier with Lee Coates of ESG AccordThere have been two recent changes that will affect how ESG is applied in practice to fund managers, advisers and, most importantly, investors. Lee Coates of ESG Accord has been advising on ethical investment for three decades, runs a consultancy to help others implement ESG and and is on a relevant FCA committee. We had such a great discussion that we are giving it to you in two parts: this is the first.We start by discussing the background and how sustainable issues have evolved. Lee has strong views on where things are going and sets out...
2023-07-1143 minThe EIS & VC Navigator77 Life sciences is not just drugs with Savvas Neophytou and Ben Carter of DeepbridgeHealthcare is a large industry and is a lot more than just drugs. We have two experts, Savvas Neophytou and Ben Carter of Deepbridge, to discuss the industry and how there is a lot of other life science areas that are attractive to venture capital investors.We talk a lot about devices. We discuss the challenges and benefits of investing in hardware, how they do diligence on technologies and negotiating the regulatory environment, especially how different areas of the health system can be attractive. We also talk about internationalisation, how markets and regulation interact and how the...
2023-06-061h 01The EIS & VC Navigator76 How venture debt works with David Hayers of Hambro PerksVenture debt is a niche within the venture capital market that has been growing in importance. In this episode we get David Hayers, who is Head of Venture Debt at Hambro Perks, to explain what venture debt is and how it works.We start off by going through the basics. David talks about what types of companies venture debt is suitable for, what they look for when doing diligence and how the loans get repaid. We also dig into the typical terms that borrowers get and how those are seen in the market.After this...
2023-05-161h 02The EIS & VC Navigator75 Fundraising market from equity crowdfunding to Series B with Antonia Burridge and John Baker of PwCIn today's episode we get more of a corporate finance perspective on venture capital, with two guests from PwC. Antonia Burridge co-founded the Raise team and John Baker is heavily involved in equity crowdfunding, so we get a perspective that extends right across the market.We start we some background on the Raise Team. Antonia discusses founding a new operation within a such large organisation, what they had to do to get it going and how they think about bringing value to fundraising for both companies and investors. John talks about how equity crowdfunding has developed over...
2023-05-0257 minThe EIS & VC Navigator74 Making GP/LP venture capital funds accessible to retail investors with Jonny Blausten of SproutWhile we usually focus on EIS and VCT in this podcast, there is a larger venture capital industry outside this area. Although its been mainly for institutional investors to date, Sprout is looking to change that. In this episode, founder and CEO, Jonny Blausten discusses the GP/LP market in general and how they are opening it up to retail investors.We start by talking about GP/LP funds. Jonny explains what they are, how they work and how they differ from the EIS funds that we are used to. We chat about how GP/LP funds...
2023-04-181h 06The EIS & VC Navigator73 Patterns in venture capital exits with Henry Whorwood of BeauhurstExits were described by an earlier guest as mythical beasts, but the reality is much more positive. Beauhurst used their database in report that they published in 2022, we we get their Head of Research, Henry Whorwood, to discuss it. While our discussion doesn't need the report in front of you, some people will find it helpful to download it using the link below.Henry starts off by talking about Beauhurt's data and what the report looks at. We discuss how they focus on high-growth companies, where they source data and how timely it is. We then move...
2023-04-0453 minThe EIS & VC Navigator72 What happened at Silicon Valley Bank and its effect on UK startups with Brian Moretta of Hardman & CoThe events with Silicon Valley Bank have been dramatic and concerning for the venture capital industry in the US and UK. The EIS Navigator's host, Brian Moretta, has spent much of his career analysing financial companies, so is uniquely placed to give insights on banking and venture capital in this solo episode.Brian summarises what happened at Silicon Valley Bank. He outlines how the recent growth in deposits and a poor investment policy led to a bad outcome. He talks about the mistakes that management seem to have made. He then outlines what has happened to the...
2023-03-2140 minThe EIS & VC Navigator71 Why agritech's time has come with Paul Rous of Regenerate VenturesWhether agritech or agtech, agricultural technology is an area that hasn't quite hit the heights of some other areas of technology venture capital. In this episode, Paul Rous of Regenerate Ventures discusses how and why that is changing, with a more promising future ahead.Paul starts by talking about the history of agtech, talking about why it hasn't taken off as it might and what the barriers have been. He then moves onto how the world is changing, with agtech getting increased attention from both entrepreneurs and funders and how this is changing the area radically.
2023-03-071h 05
Angel Insights | Your guide to angel investingHow to review and choose an EIS fund with Dr. Brian Moretta of Hardman & CoWe had the opportunity to sit down and chat with the incredible Dr. Brian Moretta of Hardman & Co.Brian is a quant by nature, a former fund manager by past, and a fund analyst and reviewer at present. Not to mention, in his spare time, Brian is a professor at the prestigious Heriot-Watt University.Brian spends his days picking apart funds (EIS and VCTs) and creating the reports used by wealth advisors and IFAs so it was a privilege to get his take on how to approach reviewing a fund.Whether you are...
2023-03-0125 minThe EIS & VC Navigator70 The challenges and successes of supporting companies after investment with Ben Leslie of PumaIn venture capital investing it is easy to focus on the excitement of doing deals, but the reality is all the hard work happens after the investment is made. In this episode, Ben Leslie of Puma talks about how fund managers can support companies and help them achieve their goals.In a wide ranging discussion we cover many areas. Ben discusses how and where he provides support. He talks about the importance of relationships, and how fund managers need to make sure they are the ones that get called for help by adding value when they do...
2023-02-2156 minThe EIS & VC Navigator69 Why venture building will become more important, controlled experiments and fixing EIS with Andy Davidson of NovaVenture builders has only one representative amongst SEIS and EIS fund managers, but Andy Davidson of Nova strongly believes it will become more important in the future. We get him to explain how venture building works and why he's so bullish.We start off digging into venture building, using Nova's business as an example. We talk about finding founders, founder/venture builder fit and how ideas can be developed. We discuss how doing small experiments can build evidence over time to support companies and justify further funding.Andy also talks about how the model works...
2023-02-071h 24The EIS & VC Navigator68 How companies should prepare to fundraise with Richard Cooper of Oxford Innovation FinanceRaising money through angels or fund managers is something that most management does, at best, infrequently. For SEIS, EIS and VCT money, it is often the first time founders have sought equity. Richard Cooper of Oxford Innovation Finance has advised many companies in the past and is now a fund manager, so has lots of experience to help founders prepare.We start with some of the basics, such as whether a company should be raising money at all and what sort of money it should look for. We then discuss the practical things that can be done...
2023-01-2457 minThe EIS & VC Navigator67 Tax advantaged AIM investing with Matt Currie of Seneca PartnersAlthough investing on AIM through EIS fund and VCTs would appear to have several attractions, there are very few fund managers who invest in this area. Seneca Partners are one and we get fund manager Matt Currie to talk about it.We cover many areas in the discussion. We talk about the differences in governance between AIM, fully listed companies and unquoted companies and what this means for investors. We then go into the flow of investments, how strong it is, and the how brokers help. Matt also discusses the different level of diligence that's possible and...
2023-01-101h 07The EIS & VC Navigator66 An all-star panel looks back on the year for EIS & VCTs and how 2023 is shaping upDespite hopes that we may have a quieter year, 2022 turned out to be much more dramatic than 2021. The EIS navigator team have got another all-star panel to discuss what happened. Cristiana Stewart-Lockhart, Director General of EIS Association, Neil Cole, Head of Wealth Planning Solutions, UBS Wealth Management, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the events of 2022 and the prospects for 2032.We chat through what's happened in fundraising, how demand for risk assets is going and how investors are viewing things. We also look at the effect of the falls in valuations, how...
2022-12-2756 minThe EIS & VC Navigator65 How leisure investments successfully navigated covid and will cope with the recession with Harry Heartfield of EditionThe leisure sector faces very different challenges from the more tech focussed companies that most EIS and VCTs focus on. Harry Heartfield of Edition Capital specialises this area and gives insights into its past, present and future.We start by chatting about the challenges that covid brought. We talk about how leisure companies coped with their doors being closed and how they managed finances to survive. We also discuss how companies maintained brand awareness, so people would come back when they were allowed. Harry contrasts the challenges that different businesses had and how they coped....
2022-12-1354 minThe EIS & VC Navigator64 How the power law affects your investing with Graham Schwickkard of SyndicateRoomThe power law is something that most venture capital investors are aware of, but usually only in the most general sense. Graham Schwikkard, CEO of SyndicateRoom, has just written a white paper on the topic using their data driven approach.We start on a bit of background, discussing what the power law is and what motivated the paper. Graham then explains how they approached the data, what decisions they made in their analysis and why. Fortunately it did show that returns fit a power law!We then go into what effect this should have on...
2022-11-2959 minThe EIS & VC Navigator63. A new plan to generate secondary liquidity with Rufus Pearl of PlanDThe lack of secondary market liquidity has been a long term challenge, especially for companies that are not venture scale but still viable. Rufus Pearl is trying to improve that with a new scheme for investors to exit some of these investments and bring forward their loss relief.We start by talking about secondary markets for EIS and venture capital investments. We discuss the challenges, why its hard and what progress is being made. We also talk about different types of progress that companies can have, not just the successes and failures but also the spectrum in...
2022-11-1544 minThe EIS & VC Navigator62. How companies pivot with Reuben Wilcock of Blackfinch VenturesWhile the business world is an ever-changing place, we seem to be in an exceptional time of flux. Reuben Wilcock has seen many small growth companies pivot and adapt and we tap into his knowledge.Our discussion starts with what drives pivots and what sort of changes we might see. Reuben gives several examples and talks about the evidence that companies should be obtaining to make these changes. We discuss some of the different circumstances that can drive the change and how these might affect what happens.We then move on to how companies manage...
2022-11-0157 minThe EIS & VC Navigator61. How to choose a VCT or EIS fund with Ewoud Karelse of Evelyn PartnersWe've spoken a lot about tax advantaged investing, but how should an investor choose which VCT or EIS fund to give their money to? Ewoud Karelse is one of the long-standing analysts in the tax-advantaged market and has immense experience of looking at these products. In this episode, he discusses what to look at giving a wealth of tips. Essential listening for investors, IFAs and even providers who want to know how to improve their products!We start off with Ewoud emphasising the primacy of investor needs, especially where they have specific requirements. This leads onto discussing...
2022-10-1857 minThe EIS & VC Navigator60. Biotech update and investing with Sunil Shah of o2h VenturesThe biotech industry attracted huge amounts of capital during the pandemic, but how is it faring in the post-pandemic world? Sunil Shah of o2h returns to give us an update on what's been happening.We start off by talking about the wider market. We discuss what's happening with capital and valuations, the contrast between public and private markets and how the US differs from the UK. We also dig into the M&A environment and, in particular, what is happening with big pharma who ultimately are the key buyers.We don't ignore the "operational"...
2022-10-0454 minThe EIS & VC Navigator59. Impact companies and their investors: Weedingtech with Boundary Capital and Go Thrift with OnePlanetCapitalWhile we have focused on venture capital and EIS/ VCT investors on the podcast, ultimately it is all about the companies that we invest in. Here we find out about two of them, together with the EIS fund managers who invested in them.Weedingtech supplies machines and supplies that can kill weeds without using herbicides. Its CEO, Leo de Montaignac, discusses how it works, some of the challenges he has had and how they have internationalised the business. Dan Somers of Boundary Capital talks about why it was an attractive investment, what its attraction were to an...
2022-09-2052 minThe EIS & VC Navigator58. Valuations in venture investing with Dave Foreman of Praetura VenturesValuations are a frequent topic of discussion for venture capitalists and founders alike, and are extra topical just now. We get Dave Foreman to draw on his experience to place them in context.He starts off by outlining what's happened in the past couple of years and where the market is now. He talks about what is or is not a reasonable valuation, with a particular focus on SaaS companies. Dave draws on examples to give us an idea of what he is seeing.We then dig into how valuations fit into the investment process...
2022-09-061h 10The EIS & VC Navigator57. Lessons from edtech investing with Matthew O'Kane of Nexus Investment VenturesEdtech is far from uncommon in EIS investing, but is still a little away from the mainstream. Today Matthew O'Kane from Nexus Investment Ventures discusses his experiences from investing in the area.We talk about the sector a little and why the target customers may not be who we think they are. However, the bulk of our discussion is a dive into the eight year journey with Boclips, a market place for providing licensed video clips for educational purposes. We dig into some of the bumps along the way, particularly what happened when a founder left and...
2022-08-231h 08The EIS & VC Navigator56. Foresight's acquisition of Downing's venture businesses with Matt Smith and Jack Eadie of ForesightForesight Group recently announced that it was buying most of Downing's venture business, including two VCTS and EIS funds. To talk about, this episode's guests are Matt Smith, a long-standing Partner at Foresight, and Jack Eadie, who moved across with the Downing business. After introducing the deal itself, we discuss some of the motivations for the transaction and where Foresight see complementarity with their existing business. We also talk about how the integration will work, what effect there will be on day-to-day management and how these will affect investors. Finally, we touch on current market conditions and...
2022-08-0949 minThe EIS & VC Navigator55. How regional investing is changing with Michael Vassallo of MavenWhile we have touched on regional investing several times in the podcast, we have never discussed it directly. Michael Vassallo worked as in London before returning to the North East, where he set up Maven's regional office, so he is well placed to discuss the pros and challenges of investing there.We start by looking at the big picture and some of the reasons why the UK regions get less investment funding than south-east England. We talk about how this has evolved over time, with Micheal bringing insights from what has happened in north-east England over the...
2022-07-2658 minThe EIS & VC Navigator54. How to make ESG work in venture capital with Andrew Noble of Par EquityESG is an area that is work in progress at the moment. Andrew Noble is a partner at Par Equity, but is also on the Steering Committee of the ESG_VC initiative, which is trying to pull together a standard framework for venture capital.We cover a wider range of areas in our discussion. Andrew talks about ESG generally and gives a framework for how he thinks about different types of ESG. We discuss how the market looks at these things and outline some of the challenges.We dig into how ESG works in venture...
2022-07-121h 00The EIS & VC Navigator53. The evolution of tax advantaged platforms with Dan Rodwell of GrowthInvestPlatforms are part of the essential plumbing for advisers and investors in most investment areas, but the tax-advantaged space has lagged mainstream markets. Dan Rodwell, CEO of GrowthInvest, comes on to discuss why that is and how they are looking change it.GrowthInvest has been on a journey itself, so we start by finding out how it has evolved and why. We chat about the tax advantaged market as whole, the additional complications that this space brings for platforms and what can be done about them. We also dig into the challenge of platforms getting to profitability...
2022-06-2848 minThe EIS & VC Navigator52. Building a new IFA firm focused on tax advantaged products with Matthew Bugden of One Four NineIts rare for an IFA firm to be started from scratch, and even rarer for it to have a preference for tax advantaged or efficient business like EIS, VCTs, BR and SEIS products. Matthew Bugden cofounded One Four Nine, an IFA firm that does just that.We talk about why they started the firm and why they settled on the strategy they did. We discuss the challenges of getting a new firm off the ground, including developing a strategy that will satisfy funders and getting the right compliance in place. Matthew also gives his views...
2022-06-1446 minThe EIS & VC Navigator51. How the angel market might change and storm clouds with Modwenna Rees-Mogg of AngelNewsModwenna Rees-Mogg has been involved in the world of angel investing for a couple of decades. As the founder of AngelNews, a news service focus on this area, she had a wide perspective on the market and the trends within in.We spend the first half of our discussion talking about the angel market and its structure. She discusses the rise in "tourists", how experience investors have recently been cautious and what effect will have. We touch on syndicate structures and whether investors are getting value for money.In the second half we discuss the...
2022-05-3156 minThe EIS & VC Navigator50. Venture capital portfolio diversification with Brian Moretta of Hardman & Co and guestsIn a slightly different episode, the EIS Navigator host, Brian Moretta, talks about diversification drawing strongly on excerpts from previous guests. Support is supplied by Tom Britton of SyndicateRoom, Sanjeev Gordhan who was then at Newable, Stephen Page of SFC Capital and Paul Tselentis of 24 Haymarket.We start by talking about how venture capital differs from quoted equities and how this leads to a slightly different approach to diversification. In particular, the number of investments required is a lot more than people usually think. We also discuss how to get there, highlighting the differences between VCTS and...
2022-05-0345 minThe EIS & VC Navigator49. Developing secondary markets for venture capital investments with Mason Doick of JP JenkinsOne of the challenges that venture capital investors have to accept is that there probably won't be liquidity for their shares until the company exits. Several companies have been trying to change that, not entirely without success, with JP Jenkins one of the longest standing. Their Head of Corporate Development, Mason Doick, comes onto the podcast to discuss the state of play and prospects for things getting better.We talk about the challenges for improving matters. Mason gives good perspectives on the lack of liquidity, as we dig into why its so hard. He compares the UK...
2022-04-1952 minThe EIS & VC Navigator48. How to start your first VC fund with Richard Hoskins of Kin GroupThe venture capital industry has seen steady flow of new entrant over the past few years, whether EIS or GP/LP funds. Richard Hoskins of Kin Group speaks with almost all of them and discusses the challenges and pitfalls for those who want to start a new fund or invest in one.We start by discussing the current environment. We talk about the people who want to start funds, what their motivations are and what they usually bring the table. Richard talks about how these people are really building a new business and the challenges of differentiating...
2022-04-0555 minThe EIS & VC Navigator47. How partnering with Williams enables deeptech investing with Andy Bloxam of ForesightThe partnership between Foresight and Williams Advanced Engineering is unique in the EIS and VCT space. Andy Bloxam manages this area for Foresight and he gives us an insight into this unique relationship.We start off by discussing how the relationship came about, and how it works in practice. We dig into how it has evolved over time, how Foresight and Williams balance their relative strengths and its set up to avoid a extractive relationship.Given the emphasis on deeptech, we also discuss investing in hardware. We talk about the evolving landscape, how technology is...
2022-03-2252 minThe EIS & VC Navigator46. Data driven insights into private market valuations and behaviour with Doug Lawson of MarktoMarketGetting financial and transaction data on private companies can be challenging. MarktoMarket aims make that easier, which gives CEO Doug Lawson a great perspective on the market, which he shares in this episode.First we talk about data. We chat about what the issues are, and how MarktoMarket aims to get around those. Doug talks about how some of it is looking in the right place and how patterns emerge when there is enough data. He also discusses the extent to which processes can be automated with AI and when an analytical input is needed....
2022-03-081h 00The EIS & VC Navigator45. Choosing VCTs and EIS funds and building panels with Luke Barnett of St. James PlaceSt James Place is the biggest writer of business in across the whole tax advantaged market. In this episode we get Luke Barnett on to discuss how they select individual products and how that translates into panel building.Luke gives great insights into how they look at individual products and how they weight up the different strategies, how they look at teams and track records. We also discuss fees and how to look at them.When it comes to panel building, St James Place has a relatively straightforward strategy. But the current environment is bringing...
2022-02-2248 minThe EIS & VC Navigator44. A case study on consumer investment and corporate partners with Parminder Basran of VGCUnusually for an EIS fund manager, VGC has moved it the market from the institutional end. Their focus on consumer and digital media is somewhat unusual in the sector and we effectively do a case study on one of their investments. Kick Game is a premium sneaker retailer. Parminder talks about how they identified the company as the right player in a market and stalked it to invest. He also discusses what they did after investing, how they developed its retail and marketing strategy to enable its growth.We also look at how corporate partners...
2022-02-0857 minThe EIS & VC Navigator43. Making good returns while doing social good with Emma Steele of AscensionSocial impact investing is an area that sounds good in principle but is often not well understood by those not involved in it. We asked Emma Steele, who runs the social benefit funds at Ascension, to come on and discuss investing in this topical area.We get her to define a social benefit that is investible and she brings some examples. We talk about the twin objectives of profit and social benefit, how they conflict (spoiler: they don't necessarily) and how to ensure companies don't pivot away from providing a social benefit. We also talk about measurement
2022-01-2553 minThe EIS & VC Navigator42. Building a differentiated angel investment network with Paul Tselentis of 24HaymarketMost angel networks start organically, with the members drawn from a geography or having a particular interest. 24Haymarket has taken a different approach, with a distinct philosophy. We invited its CEO, Paul Tselentis, to discuss what it did and why.He talks about how 24Haymarket started, with an early focus on experienced private equity professionals. We discuss how they leveraged these contacts and how it has influenced factors, such as ow the Network invests at a much later stage than most angel networks. Paul outlines how 24Haymarket has evolved its processes in the light of experience.
2022-01-1158 minThe EIS & VC Navigator41 An all-star panel looks back on 2021 for EIS & VCTs and into 2022While 2021 wasn't quite as dramatic as the previous year, it was still an eventful one. The EIS navigator team have got another all-star panel to discuss what happened. Mark Brownridge, Director General of EIS Association, Neil Cole, Head of Wealth Planning Solutions, UBS Wealth Management, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the debris and the prospects for 2021.We chat through what's happened in fundraising, including the recent surge in demand for VCT offers. We also talk about the challenges of deploying all this money, particularly with valuations being so high. We also...
2021-12-2859 minThe EIS & VC Navigator40 - How investing in startups to save the planet makes financial sense with Nick Lyth of Green Angel SyndicateThe recent COP26 conference has stimulated a surge of interest in how we can make a difference as investors. Nick Lyth set up Green Angel Syndicate to solve that problem and in a wider ranging discussion we cover his story, experiences and philosophy.There are many practical challenges, from finding the right companies, what could be their impact and how you measure that. We also discuss timescales, balancing the long-term view of an angel investor with the immediacy of the climate issue. We also cover many of the wider aspects of the climate crisis. Nick's...
2021-12-1458 minThe EIS & VC Navigator39 - Why most investors are underweight venture capital with Brian Moretta of Hardman & CoIn this episode the tables are turned as the usual host, Brian Moretta, has recently published a paper on how venture capital fits into retail investor portfolios, with some surprising results. Andrew Aldridge steps into the host seat to discuss the paper.The heart of the paper is the consequences of venture capital being a diversifying asset compared with equity and bonds. Brian discusses what this means for investors and how investors can increase expected returns on their portfolios without taking any additional risk by adding venture capital in the right way. There are consequences for the...
2021-11-3047 minThe EIS & VC Navigator38 - Why ESG isn't making the right difference and what will fix it with Matt Jellicoe of OnePlanetCapitalWith COP26 having just finished, ESG is back on investors agenda but so far it hasn't delivered. We get Matt Jellicoe of OnePlanetCapital on to discuss why and what we can do about it.Matt draws on his experience of setting up a new fund that is environmentally focused, and finding out that the way ESG is applied to investments wasn't helpful. We discuss the difference between ESG and genuine impact investments and how this is leaving advisers and investors somewhat confused.We also talk about the extent this is a binary categorisation or whether...
2021-11-1649 minThe EIS & VC Navigator37 - State of seed investing with Stephen Page of SFC CapitalRecently, SFC Capital and Beauhurst issued a report about the seed investing market. It showed some interesting, and rather worrying, trends. In this episode, Stephen Page, CEO of SFC Capital discusses the report and the seed market.The big news in the report is a decline in seed funding over the past couple of years. Given this seems to go against trends in other parts of the venture capital market, we discuss possible reasons why. Stephen suggests some possible solutions, including the government updating the SEIS scheme.With SFC doing more SEIS deals than anyone...
2021-11-0258 minThe EIS & VC Navigator36 - Buying Mobeus and state of the VCT market with Bevan Duncan of Gresham HouseIn September, Gresham House announced the intention to buy Mobeus and add their four VCTs to its existing Baronsmead VCTs. Bevan Duncan returns to the podcast to discuss the deal and its rationale.We cover the strategic reasoning as well as how they chose a manager. We dig a bit into the diligence, including how they assessed past performance. As a deal that is about growing rather than cost savings, we also discuss how the new company will operate and what opportunities it may bring.With some recent VCT fundraisings flying off the shelves , we...
2021-10-1945 min
The EIS & VC Navigator35 - Why fintech is fun for investors with James PringleFintech has been a hot VC area for some time, so its about time we discussed it on the podcast. For this we turn to James Pringle, a former entrepreneur turned fund manager who specialises in fintech investing.We start with the big picture: what is fintech and why the UK is one of the global centres for it. James also gives some perspective on how the area has developed over the past few years, moving from universal providers to specialists and, perhaps, returning.The second half of our discussion on what makes a good...
2021-10-051h 00The EIS & VC Navigator34 - Investing in early-stage science companies with Lucius CaryLucius Cary first raised money for a small restaurant chain in the late 1970s. The difficulties of doing that inspired him to start a newsletter connecting startups and investors. Four decades later, he is on the seventh iteration of his fund.We start with Lucius's own story. He tells us how he found his first investors in an environment with no infrastructure at all. He tells us how this inspired him to help others with the same problems, and how that business led into fund management.Oxford Technology still invests in very early stage-science companies...
2021-09-211h 07The EIS & VC Navigator33 - A long-term perspective on EIS and VCT investing with John GlencrossJohn Glencross has been at the forefront of the EIS and VCT world for over two decades, co-launching the first approved EIS fund in 1999. We take advantage of this to get a long-term perspective on how the market and the Calculus investment process has changed over time.We start at the launch of their first fund, with the challenges of a product that was even less well known that it is now. John talks about how they found an investor base and avoided the worst of the bursting of the internet bubble.The areas that...
2021-09-0753 minThe EIS & VC Navigator32 - Building a second multi-million pound exit and lessons learnt with Scott Weavers-WrightScott Weavers-Wright is a serial entrepreneur. When we had him on last year (episode 12), we only managed to discuss one of his first exit so we had to get him back for more. We pick up his story from where we left off, with Scott getting into investing with his business partner Fred. He explains how this led to him funding the creation, then running Elevaate, a platform that allows online stores and brands to manage and monetise product placement.We discuss the challenges that this brought, many of which were different from his previous...
2021-08-2459 minThe EIS & VC Navigator31 - How legals can solve investor and founder problems with Anthony RoseInvestors and founders all-to-often see legals as a necessary evil. SeedLegals is changing that, thinking about how how to get better and solutions for all parties. In this episode its Founder, Anthony Rose, talks about what they are doing and how they have developed one the past few years.We discuss what the aims of legal documents really are, how investors and founders should think about them and how they are involved in a kind of social engineering. We also chat about how good legal documents can help solve problems and the mistakes that investors and founders...
2021-08-101h 03The EIS & VC Navigator30 - What to look for when video game investing with Steve IlesVideo gaming is a huge market, but relatively niche within EIS. Steve Iles has spent his whole career working in and helping the video games industry and his current focus is at the intersection with funding. We start off by talking about the history of video gaming and how it has shaped the industry as it stands today. This leads into the attractions of the different business models and what what does or doesn't make a good video game. Steve then talk about lower risk ways create games, trends, how investors should or shouldn't diligence video game...
2021-07-2755 minThe EIS & VC NavigatorBonus - An advisor's perspective on EIS and VCT product selection with Stephen JonesEIS & VCTs have been described by several guests as one of finances best kept secrets, which makes the job of advisers challenging when they recommend them. Stephen Jones has a lot of experience dealing with these, and has won several awards for the quality of his services in the tax-advantaged area.This is the second part of a really good discussion which is split over two episodes (see episode 29 for the first part). In this one, Stephen goes into more details about some aspects of EIS and VCT product selection. We talk about how he looks at...
2021-07-2039 minThe EIS & VC Navigator29 - An advisor's perspective on making EIS and VCT investments with Stephen JonesEIS & VCTs have been described by several guests as one of finances best kept secrets, which makes the job of advisers challenging when they recommend them. Stephen Jones has a lot of experience dealing with these, and has won several awards for the quality of his services in the tax-advantaged area.We had a really good discussion which will be split over two episodes. In this one, Stephen talks about the framework that he uses for giving advice and how & where tax-advantaged investments fit into that. We discuss some of the issues around suitability and how to...
2021-07-1331 minThe EIS & VC Navigator28 - When and how startups should expand overseas with Tofiq QureshiInternational expansion is key to success for many startups, but also fraught with difficulties. Tofiq Qureshi of Innvotec has worked in several countries and brought technology to many more, so has lots of experience of internationalising.Getting timing right is the first challenge and we discuss when is right for a startup to look overseas, and when is too early. We also talk about figuring out when to find a local partner, what sort of partner and how to find them, as well as when to go direct and build a local presence instead. Tofiq also gives...
2021-06-2941 minThe EIS & VC Navigator27 - Insights into angel investing with Kirsten ConnellWe've touched on angel investing several times on the podcast, so it was time we got a business angel on. Kirsten Connell is an unusual angel, in that she has a background in venture capital, but, like many angels, has strong experience in one area, which in her case is cybersecurity.We talk about how she got into angel investing and what her approach is. We talk about sourcing deals and diversification, particularly balancing her sector expertise against a desire to broaden her exposure. We also discuss what is the right diligence to do and who you...
2021-06-1557 minThe EIS & VC Navigator26 - Mads Jensen on developing sales and sales processes in B2B SaaSGenerating sales in critical for any business, so its good to get someone on who has a playbook that works. Mads Jensen of Superseed focusses on B2B SaaS and helping his investee companies get those early sales and, when appropriate scale up.We talk about the challenges for startups: how to find those early customers, the difference between soliciting enough customer feedback and losing focus, when you know you have customer market fit and when to start scaling your sales up. We also talk about pricing and the role investors can play.Superseed...
2021-06-0145 minThe EIS & VC Navigator25 - Dr. Paul Mattick on multi-stage investing and having a regional focusWhile multi-stage venture capital management is common in the US, few firms have, so far, managed to develop it successfully here. Mercia is has probably developed the widest range of capital pools in the tax-advantaged world. We get Dr Paul Mattick on discuss their approach.While the benefits of multiple pools are clear, it does bring challenges to. We discuss how Mercia addresses these, building up strong processes and using its scale to its benefit.We also discuss Mercia's regional focus - the advantages and challenges, why the regions are underfunded and whether that can...
2021-05-1857 minThe EIS & VC Navigator24 - Dan Somers on making big ideas investible and measuring impactWe all can see big ideas, but its often not clear how to translate them into investible ideas. Impact investment is one of the highest profile ideas just now, so we have Dan Somers of impact investors Boundary Capital to talk about this.He talks about how they drew investible themes out of the big idea, and how that works when it comes to looking at companies. Inevitably, this involves measuring impact. We discuss the Boundary approach, how the market looks at it and the challenge of comparability. We also give investors ideas about how to get...
2021-05-0451 minThe EIS & VC Navigator23 - Steve Harris on the corporate finance approach to venture capital investingCorporate finance is an essential aspect of venture capital investing. Steve Harris is CEO of Committed Capital, with a strong corporate finance background and a long history of venture capital investing.In a widely ranging discussion, we cover many important areas, including company valuations, how to assess financial projections and plans for what happens when things go wrong. We also ask whether corporate financiers or former entrepreneurs make better venture capital investors!Committed Capital - https://www.committedcapital.co.uk/Suggested books:The Passion Of The Western Mind: Understanding the Ideas...
2021-04-2059 minThe EIS & VC Navigator22 - Will Goodwin and Fred Ursell on investing in consumer businesses and how their process has evolvedAlthough consumer markets are a big part of quoted markets, they are something of a niche in EIS & VCTs. Pembroke specialise in consumer companies, with a portfolio including hospitality, food, fashion and wellness businesses.We talk about the philosophy for investing, how they can make venture scale businesses and the challenges of operating consumer-facing locations and online facilities simultaneously. COVID has loomed extra large for consumer businesses, and we discuss how the portfolio has responded and the importance of management teams in this process.Pembroke VCT - https://www.pembrokevct.com/Pembroke's Instagram...
2021-04-0651 minThe EIS & VC Navigator21 - Matthew Cushen on product market fit: what it is, how you get it and how you know you have itProduct market fit is a much discussed, and much misunderstood topic, in venture capital. Matthew Cushen from Worth Capital recently wrote a great blog article on the topic, so we though we'd get him on to speak about it.We chat about what product market fit actually is and how you get it in practice. We also discuss how the company knows they have it and how an investor knows that too. Matthew brings lots of great examples from his portfolio, both good and bad. We also talk a little about coronavirus and distinguishing between short-term and...
2021-03-2357 minThe EIS & VC Navigator20 - Jasper Smith on transitioning from serial entrepreneur to venture capital investorWe love a good entrepreneurial story and Jasper Smith has a great one. We discuss how he started as an 18-year old building demonstrators for Sky, and how that developed into a series of television related jobs and businesses.As importantly, these experiences have strongly influenced his philosophy as an investor, giving him a holistic view of what founders need from their investors. We also touch on mental health for founders and investors, something that is often swept under the carpet but is particularly pertinent in current times.Vala Capital - https://www.valacap.com/
2021-03-0955 minThe EIS & VC Navigator19 - Sunil Shah on investing in drug and therapeutic developmentAlthough investing in drug development would seem to be ideal for EIS investment, it has been a somewhat niche area. Sunil Shah is hoping to change that, with o2h Ventures have recently launched the UK's first Knowledge Intensive Fund focused on this area.Sunil gives a great perspective on how investing in the industry has evolved over the last couple of decades, and how these changes work in the favour of early-stage investors. We also talk about the challenges of investing in this area, where specialist knowledge is needed and how the growth in private capital...
2021-02-2355 minThe EIS & VC Navigator18 - Tom Britton on systematic venture capital investing and radical diversificationVenture capital has long been dominated by idiosyncratic decision making, so SyndicateRoom's systematic data-driven approach is genuinely unique.This hasn't developed overnight, and we discuss SyndicateRoom's progression from a platform offering individual investments to the radical diversification approach that they use now. This is built on studying the whole of the UK market, which gives insights that will be useful to almost any investor.We discuss how many investments the data suggest, how SyndicateRoom selects angels to invest alongside, the challenges of following on and what they can't take account of.SyndicateRoom...
2021-02-091h 00The EIS & VC Navigator17 - Bevan Duncan and Ken Wotton on a private equity approach to quoted investmentsWhile most VCT and EIS investors probably have some knowledge of quoted equity markets, listed investments using these schemes have very different characteristics from the mainstream. The Baronsmead VCTs invest in both unquoted and quoted companies and Bevan Duncan and Ken Wotton manage the respective portfolios there.We go through the whole process, discussing the differences in how investments are sourced and focussing on how managers can work with companies once invested. We dig into what the real differences are and how these can affect outcomes. We also get their views on how the steady reduction in...
2021-01-261h 04The EIS & VC Navigator16 - Rajeev Saxena on marketing for startupsMarketing is a make-or-break area for almost all startups. Having started his career in advertising, Velocity Capital's Rajeev Saxena is an expert on the topic, particularly digital, and we probe his knowledge to get insight for both investors and startups.We discuss wide range of areas: the growth of subscription models and how startups looks at them, the mistakes startups make and the support that they need. We also touch on the dominance of Google and Facebook and the pros & cons of this. Rajeev also brings plenty examples of the steps that startups have taken to put...
2021-01-1242 minThe EIS & VC Navigator15 - an all-star panel look back on 2020 and look forward to 20212020 has been a challenging year for many and the EIS industry is no exception. The EIS Navigator team have got together an all-star panel to discuss what happened. Mark Brownridge, Director General of EIS Association, Ewoud Karelse, Head of Tax Advantaged Investments, Tilney Smith & Williamson, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the debris and the prospects for 2021.We discuss fundraising and investing, whether the government support schemes have worked for EIS companies and what area needs to change. We also discuss the new Knowledge Intensive Approved Funds as well as EISA's fees...
2020-12-291h 02The EIS & VC Navigator14 - Max Middleton & Jake Wombwell-Povey on measuring sustainabilityMeasuring sustainability is not a trivial challenge and there seems to be a plethora of options now. Vala Capital's Max Middleton and Jake Wombwell-Povey have done a huge amount of work in figuring out how to apply sustainability frameworks to startups and small companies.We take advantage of this to discuss some of the different frameworks, the differences between them and what they really mean to startups. We also discuss what the current surge of interest in ESG means for investors and the outcomes that companies may have.Vala CapitalFrameworks ...
2020-12-1544 minThe EIS & VC Navigator13 - Ian Warwick on transforming companies and lessons for EIS investingIan Warwick worked in various executive roles in the US before founding Deepbridge. We focus on one of these, Aftersoft, a software company that Ian was brought in to turn round. Over five years, he turned things round and put the company on course for a successful exit later on.We discuss the challenges of entering a difficult situation and finding the right path, including what to cut and when. The challenges for companies selling into the US are well known, and we tap Ian's very practical experiences. We also talk about how he applies the lessons...
2020-12-0156 minThe EIS & VC Navigator12 - Scott Weavers-Wright on building a family company into a £70m exitScott Weavers-Wright achieved two very successful exits before he founded Haatch. In the late 1990s, Kiddicare was a family shop selling pushchairs, car seats and the paraphernalia that babies and young children need. Scott persuaded the family to launch a website, which was the start of a decade of immense growth in which it beat many household names and became the largest in its category in Europe, before selling out to Morrisons.We discuss the challenges of managing the business through a period of such fast growth, about serial re-platforming while empowering staff keeping customer focus throughout...
2020-11-171h 09The EIS & VC Navigator11 - Sanjeev Gordhan on how much to invest in venture capitalBefore joining Newable, Sanjeev Gordhan worked on the advisory side of the industry. He has a lot of experience in helping investors decided how much money to put into venture capital and unquoted investments.We discuss how investors should approach this and the difference between theory and practice. We also get into how you should spread your venture capital allocation between different segments, discussing how risk and value interact. And we can't ignore COVID and how investors are reacting to it in their portfolios.NewableSuggested books:21 Lessons for the 21st...
2020-11-0350 minThe EIS & VC NavigatorBonus - Andy Davidson on reforming EIS investingAs a relative newcomer to the EIS industry, Andy Davidson of We Are Nova sees it a little differently to many of us. For the last year or so, he's been challenging the industry to create market funds for EIS, akin to index funds for equities and bonds.We discuss what that would mean for investors - not only the advantages but also some of the challenges of making it happen.This is the second part of the conversation with Andy, following-on from the preceding episode where he discussed his investment philosophy and the five...
2020-10-2744 minThe EIS & VC Navigator10 - Andy Davidson on the 5 reasons startups failAndy Davidson has created the Nova Co-foundery to help develop businesses from before day one. We discuss how it works and how he developed his company building philosophy.As well as his practical experience, he has extensively researched the issues that startups have. A significant focus is the 5 reasons that startups fail (100firsthits.com). We discuss what these are, why they are a problem and how Nova works to avoid them.This is the first of a two-parter - we were having such conversation we kept going longer than usual. In the next episode we...
2020-10-2057 minThe EIS & VC Navigator9 - Ilian Iliev on investing in hardware companies and managing intellectual propertyHardware investing is a relatively niche area within EIS investing, but still has many attractions. Dr Ilian Iliev of EMV Capital talks about how the capital intensity has improved and how the ecosystem is attractive.We also draw on his background in intellectual property to discuss the different strategies that startup companies can use. We go through the pros and cons, with lots of information on what both investors and founders need to consider.This episode is the last one that was recorded before the COVID-19 lockdown.EMV CapitalSuggested books:
2020-10-0645 minThe EIS & VC Navigator8 - Andreas Roald on making and investing in filmsFilm investing through EIS has changed radically since the Patient Capital Review. Andeas Roald is CEO of Sovereign Media, whose background is in making films rather than simply financing them, talks about the return to more traditional structures. We go through some of the basics of film investing, discussing where and how investors get their returns. Distribution is key, and the landscape is changing rapidly. We discuss video-on-demand services and how to get the best deal from them. We also go into the effect COVID-19 is having, both on distribution and production, finding the pluses as well...
2020-09-2251 minThe EIS & VC Navigator7 - Rob Murray Brown on equity crowdfundingWhile equity crowdfunding hasn't taken off the way that many hoped, it is an important influence on startups and the EIS industry. Rob Murray Brown is one of the few crowdfunding experts outside the platforms, with strong opinions on what is and isn't working for investors. We discuss many of the issues for investors, the challenges of getting the right information, what diligence the platforms are or are not doing and what investors should be doing to minimise their chances of being involved in any of the disasters. We also talk about the UK insolvency process and...
2020-09-081h 00The EIS & VC Navigator6 - Andy Round on supporting companies after investmentAs investors, it is easy to focus on the process of making investments and forget that the real work happens afterwards. Dr Andy Round discusses supporting companies after an investment is made. We cover getting the right board in place and different sources of support, including various government schemes. We also discuss the challenges of fund managers supporting companies, including getting the right balance of involvement and how to deal with with difficult situations. Startups and entrepreneurs will find this an extra useful episode.Links:Praetura VenturesBritish Business Bank
2020-08-2548 minThe EIS & VC Navigator5 - Pippa Gawley on climate investingWe are joined by Pippa Gawley from Zero Carbon Capital who are focussed on climate investing. We talk about Pippa's belief that the climate crisis is the most important issue an investor can look to help solve. We discuss the challenges of small companies making meaningful contributions on a global scale and making judgements about what will and won't work.We also discuss the challenges of improving the EIS and venture capital world for under-represented groups.Links:Zero Carbon Capital Crane tool for assessing impactsRecommended books:...
2020-08-1152 minThe EIS & VC Navigator4 - Matthew O'Kane on thematic EIS investingWe are joined by Matthew O'Kane from Nexus Ventures. Nexus are thematic investors and we discuss how to find and invest in good themes. Matthew gives a couple of examples, showing how he built an investment thesis and how these have worked out.Nexus Ventures websiteScale-up Fund websiteMatthew's suggested books:Dexy Midnight Runners: Young Soul Rebels - Richard WhiteSecond Bounce of the Ball - Ronald CohenAs always, further show notes here.
2020-07-2853 minThe EIS & VC NavigatorBONUS - Introducing EIS for companies looking to raise moneyThis is the second of our bonus episodes introducing EIS and tax-advantaged schemes. This time we take the perspective of companies trying to raise money. To help us, our guest is Simon Thorn from Acceleris. We discuss some of the options available to companies and what considerations they should think about when choosing an investor.HMRC guide to raising money under EISHMRC guide to raising money under SEIS
2020-07-2138 minThe EIS & VC Navigator3 - Paul Miller on accelerators and social impact investingInterview with Paul Miller, Managing Partner and CEO at Bethnal Green Ventures. We talk about running an acclerator, what Paul thinks is important for companies to develop and how the markets for startups are changing. We also discuss social impact investing and how companies can move from ideas to having a measurable impact.Suggested book:"Wilding: The Return of Nature to a British Farm" - Isabella Tree
2020-07-1449 minThe EIS & VC NavigatorBONUS - Introducing EIS for investors and advisorsWe had requests for episodes that were more introductory, for those new to investing in the Enterprise Investment Scheme, the Seed Enterprise Investment Scheme and Venture Capital Trusts. In the first of two bonus episodes, Mark Brownridge, Director General of the EIS Association, talks about the schemes from the perspective of investors and advisors. We outline why the schemes exist, what the advantages for investors are, the various routes to investing and some of the things investors should think about before committing money.The second bonus episode will talk about the schemes from the perspective of companies...
2020-07-0738 minThe EIS & VC Navigator2 - Reuben Wilcock on creating an investment processInterview with Dr Reuben Wilcock, Ventures Director at Blackfinch Ventures. We talk about the challenges of creating an investment process from scratch, including establishing a quality pipeline and creating effective decision making. We also talk about some of the challenges of the Advanced Assurance process.Suggested books:"How to Win Friends and Influence People" - Dale Carnegie"The Hard Thing about Hard Things" - Ben Horowitz
2020-06-3045 minThe EIS & VC Navigator1 - Andrew Castell talks about investing with angelsInterview with Andrew Castell from Par Equity in Edinburgh. We talk about angel investing, running an angel syndicate and the merits of being an angel versus a passive investor.
2020-06-1648 minThe EIS & VC Navigator0 - EIS Navigator TrailerA brief discussion of this new podcast on EIS and venture capital and what you can expect to hear about very soon.
2020-06-0302 min