The EIS & VC Navigator

For a business that looks so much at technology, venture capital is often poor in applying it. How should they use AI? Empirical Ventures has already embedded it into their investment process, so we asked Co-founder and General Partner Johnathan Matlock to tell us about what they are doing. We also discussed their approach to deeptech investing.Amongst other topics, we talk about:using AI in an investment processhow well AI works in niche areaskeeping the focus on real peopleusing a YouTube channel with millions of subscriberswhat a venture scientist isthe value of execution over ideasgetting the right founderfiltering our weak opportunitiesJohnathan and Empirical have been thoughtful about their investment process, including using AI, so there's lots of insights into effective investing. Enjoy!00:50 Johnathan introduces himself05:00 how angel investing developed into Empirical Ventures07:45 what Empirical Ventures does09:00 what is a venture scientist?16:30 getting the right founder18:30 talent scouting in pools of PhD talent22:00 value in execution not ideas26:00 challenges in getting good feedback27:30 using AI in investment process32:00 how well Ai works in niche areas35:00 keeping the focus on the real people38:30 how far can the use of AI go in venture capital?41:30 using a successful Youtube channel43:00 filtering out weak opportunities46:00 using YouTube to help existing portfolio companies50:00 favourite questionsLinksEmpirical Ventures website: https://www.empiricalventures.vc/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaClear Thinking: The Art and Science of Making Better Decisions by Shane ParrishBioJohnathan Matlock, Co-founder and General Partner, Empirical VenturesWith a PhD in Organic Chemistry and 15 years at the intersection of science, entrepreneurship, and capital, Johnathan helps build and back technologies that define the next century, focused on Atoms > Bits.InvestorHe is Co-Founder and General Partner at Empirical Ventures, a UK-based DeepTech fund backing entrepreneurial scientists at pre-seed and seed.-- > £20m AUM | 25 portfolio companies | Top decile TVPI (2022 vintage)-- > Secured £5m from the British Business Bank as a Regional Angel Programme delivery partnerPortfolio companies have raised £30m in follow-on capital to date, employee 200 people and have an collective enterprise value of £200m (Nov 2025).Beyond the fund, he has built a 50-company angel portfolio across DeepTech and Life Sciences and made 5 LP commitments to next-generation VC funds.OperatorPrior to founding Empirical Ventures, he was employee #7 and inventor on the patent behind Ziylo, a University of Bristol spin-out developing a glucose-sensitive insulin, that was acquired by Novo Nordisk for £623m (2018). The largest exit for a University spin-out via acquisition until 2025 (Organox).In 2024, he co-founded Tru Fit Training UK, a small-group training facility and have currently scaled this business to £250k annual revenue and 140 members (Nov 2025).He also founded Tru Fit Asset Management in 2024, a commercial property investment business in Bedfordshire that owns 2 x 4,200 sq ft facilities. Built and developed one of those barns with completion in 2025.Scientist-- > Published 11 papers, inventor on 4 patents, 5 academic awards-- > Chartered Chemist (CChem), Royal Society of ChemistryDriven by a belief that scientific discovery and entrepreneurial drive is the greatest lever for human progress, he now focuses on enabling the next generation of scientist-founders to translate breakthrough research into globally impactful companies.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

There are lots of concerns about how AI will affect software companies, but could deeptech give investors some insulation from that? EMV Capital CEO, Ilian Iliev, certainly thinks so. In this episode we examine the challenges that software may be facing and how deeptech is more of a beneficiary.Amongst other topics, we talk about:the current worries about how AI will affect softwarehow robust B2B SaaS could behow AI affects competition for startupshow AI can help scientific innovationexamples of how portfolio companies use AIhow small companies compete with large companies in hardwarehow AI affects IP strategiesexamples of naive IP approachesIlian has been working in this space for a long time and gives great insight into the world of deeptech. Enjoy!00:50 Ilian introduces himself03:15 Change in EMV Capital (EMVC)06:00 What is happening with SaaS and AI10:00 Is B2B SaaS too deeply embedded to replace?14:00 Changes in the dynamics of competition15:45 How far AI can help scientific innovation?19:15 Dangers of increased slop21:30 Examples of how investee companies use AI23:00 Use of AI in patents27:00 Will small companies be able to compete in hardware29:30 How is AI impacting IP strategies33:30 Could AI undermine patent protection?35:50 How valuable is hardware IP?39:10 Examples of a naive approach to IP40:30 favourite questionsLinksEMV Capital website: https://emvcapital.com/EMV Capital on LinkedIn: https://www.linkedin.com/company/emvcapital/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaTime Shelter by Georgi Gospindov21 Lessons for the 21st Century by Yuval Noah HarariChurchill: Walking with Destiny by Andrew RobertsPolitics On the Edge by Rory StewartBioIlian Iliev, CEO, EMV CapitalIlian founded EMV Capital in 2018. After its acquisition by NetScientific PLC (now EMV Capital PLC), he became group CEO. Previously he co-founded and was CEO of CambridgeIP Ltd, which he built into a leading IP strategy and patent data analytics provider. He also worked as a strategy advisor for various corporate blue chip clients and public policy. Previously he founded and co-led a family business in industrials and electric engineering in Southern Africa. He is a Board member on behalf of the Group at many portfolio companies, including , Glycotest Inc. (Chair), Sofant Technologies, PointGrab, Q-Bot, Martlet Capital, DName-iT, Vortex and Wanda Health. He is a Board member of NASDAQ-listed PDS Biotech Inc.Ilian holds a PhD from Cambridge University’s Judge Business School with a focus on Venture Capital and science commercialisation models; Master’s in Economics and BA Politics, Economics and International Relations from the Witwatersrand University, South Africa. He was an Associate Fellow at Chatham House with a focus on sustainability and renewables. He has authored numerous academic, policy and industry reports.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

You don't need to look too hard to find negative views about AIM, but is it overdone? Oliver Bedford, Lead Manager of the Hargreave Hale AIM VCT certainly thinks so and in this episode we give him a chance to make his case.Amongst other topics, we talk about:the challenges AIM has gone throughhow undervalued AIM iswhy Britain is not brokenlisting in London versus elsewherethe impact of private equitywhy IPOs are not a good goal in themselveswhy its the companies not the macro picture that will changehow the valuation gap doesn't need to fully close to outperformthe effect of the recent changes to VCT rulesOliver has thought about the issues deeply and that shows in the very considered perspective that he brings. Enjoy!00:50 Oliver introduces himself03:00 When companies are better being private than public07:50 The challenges that AIM has gone through10:00 the undervaluation of AIM13:30 Britain is not broken15:10 Why quality matters more than quantity of AIM listed companies20:00 Why list in London versus the US/NASDAQ23:00 Impact of private equity24:00 IPOs are not a goal in themselves25:30 Is being bullish on AIM contrarian?28:00 Is looking for a big macro change the wrong idea?30:00 the recent better period for AIM34:00 How only a partial rerating is needed35:45 How the recent legislative changes affect VCTs and investing on AIM43:00 A further change that would increase capital availability46:00 favourite questionsLinksHargreave Hale AIM VCT website: https://www.hargreaveaimvcts.co.uk/Hargreave Hale AIM VCT on LinkedIn: https://www.linkedin.com/company/hargreave-hale-aim-vct/?viewAsMember=trueSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Undoing Project by Michael LewisHillbilly Elegy by J.D. VanceBioOliver Bedford BSc MCSI, Lead Manager, Hargreave Hale AIM VCTOliver Bedford graduated from Durham University with a degree in chemistry. He served in the British Army for nine years before joining the Investment Manager in 2004. After initially working as an analyst in support of the VCT, Oliver was appointed as co-manager in 2011 and then lead manager in 2019.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Founding a new VC firm isn't easy, and one headed by two women is exceptionally rare in the UK. Jessica Rasmussen co-founded Two Magnolia to invest in underrepresented founders and the regions so can tell us all about the challenges of founding and building a female-led firm.Amongst other topics, we talk about:how Jessica got into angel investingwhy she started a VC firmthe gaps she found in the marketthe challenges of there being no playbook for starting a fundraising money to invest in underrepresented foundersthe investment casedeveloping the right investment pipelinehow VCs just need to do the right thing!comparing first and second time fundraisingJessica's journey has been really interesting and she gives great insight into what she has learnt along the way. Enjoy!00:50 What is Two Magnolias03:10 how Jessica got into angel investing06:50 why start a venture capital firm09:00 how she identified a gap in the market10:15 why choose running GP/LP over EIS fund or VCT13:10 the lack of a playbook for starting a VC fund18:00 is UK venture capital protectionist?21:20 the challenges of raising money to invest in underrepresented founders and regions26:40 investment case for underrepresented founders29:00 how do you find companies with underrepresented founders30:45 support for companies in the regions - role of government and local networks33:40 has support for underrepresented founders stalled recently?37:00 changing the numbers - just do the right thing38:40 comparing fundraising for a first & second fund40:00 favourite questionsLinksTwo Magnolias website: https://www.twomagnolias.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaTrillion Dollar Coach by Eric Schmidt, Jonathan Rosenberg & Alan EagleBioJessica Rasmussen, Co-Founder & CEO, Two MagnoliasJessica Rasmussen is Co-Founder and Chief Executive Officer of Two Magnolias, an early-stage UK venture capital firm established to address structural opportunity gaps within the UK venture ecosystem.Prior to founding Two Magnolias, Jessica spent three decades in investment banking as a Global Markets specialist in Fixed Income. She held senior leadership roles across international markets, including ten years at Bank of America where she led Macro Sales within the Fixed Income Division, covering both Foreign Exchange and Rates. Her career was defined by managing complex market risk, advising institutional clients, and building high-performing teams in highly regulated, global environments.Since co-founding Two Magnolias in 2019 with Marie Korde, Jessica has led the firm from its origins as an angel investment platform to its successful launch as an institutional early-stage venture capital fund. Under her leadership, Two Magnolias completed the final close of Fund I in early 2024, establishing a differentiated investment strategy rooted in conviction, discipline, and long-term public value.Two Magnolias was purpose-built to support underrepresented founders developing solutions in sustainability and human health, exclusively within the UK. Jessica has played a central role in shaping the firm’s investment philosophy, governance, and market positioning, ensuring that female and ethnically diverse founders are afforded equal access to capital, credibility, and decision-making power.A recognised advocate for diversity and inclusion across the UK venture and private equity landscape, Jessica is committed to demonstrating that inclusive capital allocation is not only a social imperative, but a driver of stronger innovation, better risk-adjusted returns, and more resilient economic outcomes.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Deep maketech is not well known to investors, but is the theme that Everquest Capital Partners focus on. In this episode, Partners Stephane Mery and Hannah Wade discuss this blend of technology and manufacturing and its attractions to investors.Amongst other topics, we talk about:what deep maketech iswhat's needed to make restoring of manufacturing workthe current schemes around to support thisworking with university spinoutshow to help companies optimise manufacturing processesthe challenge of building robust supply chains in the current environmentmanaging capital intensity in businessesbringing the right partners on boardhow AI is being usedStephane and Hannah brings great insights with lots of real life examples from their investments. Enjoy!01:00 Stephane and Hannah introduce themselves02:25 introduction to Everquest and CPI04:15 What is deep maketech?06:00 How reshoring manufacturing can work08:45 What is Catapult Network and why it matters10:40 Challenges of getting good management teams spin outs12:30 How working with companies can give good diligence14:45 How to select areas of focus for investment15:45 Example of how to optimise processes20:30 Challenges of building robust supply chains22:30 Managing capital intensity in manufacturing25:40 Finding the right partners26:40 How this can generate partial exits28:00 Role of AI in manufacturing32:30 What areas are still hot?39:10 Favourite questionsLinksEverquest Capital Partners website: https://www.everquestcapital.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Medici Effect by Frans HohanssonWelcome to the War Economy by David BaverezBioDr Stephane MeryStephane has over 20 years’ experience in private equity and entrepreneurship.He was CEO of BBSF an early-stage fund behind the success of Spirogen (sold to Astra Zeneca for $400m) and Endomagnetics (sold for $310m to Hologic). He was also partner at Beringea leading investments in Life Sciences and Renewables including Biovex (sold for $1bn to Amgen).Stephane turned around and successfully exited a company manufacturing and selling laboratory monitoring equipment.Stephane is a Doctor in Veterinary Medicine, a Veterinary Pathologist and holds an MBA from INSEAD.Hannah WadeHannah is a Partner and has over 20 years experience.She is also Managing Director at CPI Enterprises and established CPI’s investor engagement and ventures arm in 2019. Under her leadership, CPI has built a strong portfolio of investments.Through her long engagement at CPI, she has developed a strong network within the innovation sector. She leverages this network to cultivate a strong pipeline of investment opportunities for investors, attract strategic partners and connect portfolio companies into the infrastructure and research organisation ecosystem for technical, business and funding support. She is also passionate about promoting female entrepreneurship and is a member of the Lifted Project’s North East board.A qualified lawyer, Hannah has a law degree from Leeds University and was a solicitor in private practice for nearly 10 years before joining CPI as in house legal counsel.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Now the successful Basics series is past, we return to normal programming with our usual year-end panel. An all-star group of experts get together to discuss what happened in 2025 and the prospects for 2026. This year, Philip Hare, Partner at Philip Hare & Associates; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.In a wide ranging discussion we talk about:how investments and valuations are lookingwhether investors are keeping their hand in their pocketshow K-shaped the market is reallywhether we are really in an AI bubblethe return of exitstimescales to achieve exitsthe state of fundraising for EIS and VCTshow the budget changes affect the marketwhy the budget could help AIMwhere ESG has gonewhat will happen in 2026As usual, the panel bring a lot of knowledge and insights. A lot happened in 2025, so listen and find out what it all means for investors and advisers.00:50 Introductions01:45 The investing side of the market06:00 Are we in a K-shaped market?08:00 Comparing the current market with the tech bubble10:50 AI first companies and managers with experience13:20 Are we in an AI bubble?20:15 The return of exits25:00 Time to exit and fund lifespans28:15 How is fundraising?31:00 VCT fundraising and budget changes38:50 Effect of raising company investment limits in budget46:00 Effect on AIM companies49:00 Where has ESG gone?54:00 looking forward to 2026 - consultation60:00 The panel makes predictions!LinksEIS Assocation - https://eisa.org.uk/Symvan Capital - https://www.symvancapital.com/Evelyn Partners - https://www.evelyn.com/Philip Hare & Associates - https://philiphareassociates.tax/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBioKealan DoyleKealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.Philip HarePhilip Hare is a Chartered Accountant and Chartered Tax Adviser. He spent 25 years with PwC, fifteen as a senior tax manager. From 2006 to 2014, he led PwC’s team providing services to Venture Capital Trusts, Enterprise Investment Scheme and Seed Enterprise Investment Scheme companies, investment fund managers and investors. Philip is a board member of the EIS Association (EISA) and chairs the EISA Tax Committee. He is a member of the VCT Forum of the Association of Investment Companies (AIC) and our firm advises the VCT Association.Ewoud KarelseEwoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

In the last in the EIS & VC basics series for the EIS Navigator podcast we discuss exits and why they matter to investors. Symvan Capital are building a track record of successful exits. Co-founder Kealan Doyle also has prior experience in capital markets so has lots of knowledge of the different kind of exits, as well as some of the wrinkles that investors need to watch out for.Kealan covers all the different kinds of exits that an investor might come across. These include:why exits matter to EIS and VCT investorsfailures are still exitswhy failures come before successeshow trade sales workgetting shares versus cashwhat is a secondary salewhy IPOs are less popular than beforehow timing mattersKealan has had some unusual exit experiences in the past couple of years, so has some interesting examples to throw into the mix. Enjoy! LinksSymvan Capital - https://www.symvancapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/gRXiZ8pTkwQThe playlist for all the videos of the Basics series will be found here. BioKealan Doyle Co-founder and CEO, Symvan CapitalBefore co-founding Symvan Capital and moving into venture capital investing, Kealan led a structured equity products team at HSBC, where he was responsible for developing and managing innovative investment solutions.Kealan holds degrees from the London School of Economics and the University of Toronto and his earlier career included roles at Deutsche Bank, Merrill Lynch, and UBS - where he gained extensive experience in capital markets and complex financial products.For over 20 years, he has worked closely with venture capital-backed businesses, initially in a corporate finance advisory capacity and more recently as a fund manager. This dual perspective has given him a deep insight into the challenges early-stage companies face and how best to support their growth and long-term success.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors and advisers can pick the right EIS fund or VCT. SyndicateRoom have moved into third-party management, so have good insight into how to pick a fund. Co-founder Tom Britton joins us to give his views on what investors need to look at and how.Tom covers lots of areas that investors and advisors need to consider. These include:the high level filtersstrategies and sectorswhat is the deployment timehow does it affect your venture portfolio diversificationwhere past performance and exits fitthe more detailed diligence after filteringthe existing portfolio and how it fits into current trendslooking at the fund manager and its stabilitydifferences in fees and fee structuresextra factors for VCTs - dividends and buyback policies, cash levelsWe cover a lot of ground so get your notebooks ready! Tom definitely has distinctive views, but also great knowledge so it's well worth a listen. Enjoy! LinksSyndicate Room - https://www.syndicateroom.com/Tom Britton - [email protected] page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/27sHsBQRY70The playlist for all the videos of the Basics series will be found here. BioTom Britton Co-founder, SyndicateRoomAfter completing his MBA in Cambridge, Tom co-founded SyndicateRoom to give a wider audience access to venture capital investment. As co-founder, Tom works across all aspects of the business, with an emphasis on product development and marketing strategy, and as much direct contact with our super angels and investors as possible. He enjoys being plugged into the wider industry and sits on the board of the UK Business Angel Association. He also hosts SyndicateRoom’s Angel Insights podcast, interviewing key industry figures. Prior to founding SyndicateRoom, Tom was Product Manager at TheTrainline, where he headed up the launch of its mobile applications.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how companies can find the right EIS or VCT manager for investment. Symvan Capital has been investing through EIS for over a decade so has seen what happens when companies handle it well and badly. Investment manager, Michael Theodosiou talks us through the angles.Michael covers lots of important issues for founders and management. These include:how do companies approach the idea of raising moneythe benefits and expectations of getting venture capitalthe different types of managers sector and stage differenceshow targeting can make fundraising more efficientwhen companies should think about starting a fundraisinghow to approach fund managershow to choose between different offershow terms and value add can varyIt can seem daunting to a founder who is new to fundraising, but with a little guidance they can manage an effective process without making it too complicated. Enjoy!LinksSymvan Capital - https://www.symvancapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/ImJJuHxGbm0The playlist for all the videos of the Basics series will be found here. BioMichael TheodosiouInvestment Manager, Symvan CapitalDisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss how investors should choose between EIS and VCTs. Calculus Capital manage products under both schemes, so their Head of Investor Relations, Francesca Rayneu, is ideally placed to discuss the arguments for both.Francesca covers lots of different areas that may need to be considered. These include:how both have the same aim and company ruleswhy the different wrappers lead to different portfolios for investorswhat affects different investor profiles, such as risk profile, tax and liquidity or income needshow each gives different portfolio visibility and investee company contactthe different stage of investmenthow CGT or IHT reliefs figure into factorshow to look at feesWhile we cover a lot of areas, investors may wish to take financial advice to see how each applies to their own situation. They may wish to listen to or watch episodes 113 to 116 before this if they are less familiar with the schemes. Francesca gives a good explanation of what investors should think about. Enjoy!LinksCalculus Capital - https://calculuscapital.com/HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/zJxAr_OfhnkThe playlist for all the videos of the Basics series will be found here. BioFrancesca RayneauHead of Investor Relations, Calculus CapitalFrancesca joined Calculus in 2015 and leads the Sales and Marketing team, overseeing all aspects of fundraising, marketing, and investor communications. She began her career in financial services in Geneva, Switzerland.She holds a degree in International Management from the University of Manchester, during which she also studied at Bocconi University in Milan. Francesca has also earned the CISI Certificate in Wealth Management and the Client Assets and Money qualification.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the latest in the EIS & VC basics series for the EIS Navigator podcast we discuss Knowledge Intensive EIS funds, sometimes called KI funds. These are still relatively new in the market, so it's good to get a full explanation. Committed Capital have launched a few KI funds now, so we asked their Head of Business Development, Glen Stewart, on to explain them. Glen covers all you need to know about KI funds and some things to be careful about when selecting one.. We cover:what is a knowledge intensive company?restrictions on what the company can be/dothe increased investment limits that KI companies havewhat is an approved knowledge intensive fund?how does the timing for income tax relief work?what is the EIS5 tax certificate?how does this structure affect the other tax reliefs?what are the attractions of KI funds for advisers and investors?what are the disadvantages?Glen gives a full picture, but those new to EIS may wish to watch episodes 115 and 116 for the basic structure and tax reliefs too. Enjoy!LinksCommitted Capital - https://committedcapital.co.uk/email - [email protected] - 0207 529 1350HMRC page on KI EIS funds: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm16050HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/ZYz4ZZmMJX0The playlist for all the videos of the Basics series will be found here. BioGlen StewartHead of Business Development, Committed CapitalGlen has been raising capital for the best part of the last 20 years for businesses; utilising tax efficient investment wrappers such as Enterprise Investment Schemes and Venture Capital Trusts. During this time, he has raised capital for a number of diverse businesses and asset classes including multi-media, property, renewable energy and AIM listed companies ranging from startups to well established and profitable companies. Prior to this Glen spent the previous ten years at Coopers & Lybrand qualifying as a tax adviser, PwC and Deloitte specialising in High Net Worth, Expatriate tax, and cross border advice.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In our latest in the EIS & VC basics series for the EIS Navigator podcast we discuss the tax reliefs for the Seed Enterprise Investment Scheme (SEIS). Despite only launching its first SEIS fund a few years ago, Haatch Ventures has been successful in attracting funds and, now, getting exits. Director Olivia Drinnan joins the podcast to explain everything.Olivia covers all the tax reliefs for SEIS, how they work and how they link together. The topics we cover in the discussion include:what is SEIS income tax relief?the limits on the tax reliefhow carry-back workswhat is capital gains tax relief for SEIS?is CGT payable on exit?how loss relief workshow the reliefs add updividends in SEIS companieshow IHT relief works for SEIS companiesAs well as explaining the reliefs, Olivia gives lots of examples to make things really clear. Enjoy!LinksHaatch Ventures - https://haatch.com/HMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioOlivia DrinnanDirector, Advisor Fundraising, Haatch Ventures**DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the fifth of the basics mini-series for the EIS Navigator we discuss the Seed Enterprise Investment Scheme (SEIS). Jenson Ventures is one of the longest standing SEIS managers, and Jeffrey Faustin has been with them for over a decade so has lots of knowledge to share about the scheme. Jeffrey gives a good introduction to SEIS, covering what an investor needs to get started. The topics we cover in the discussion include:what is the aim of SEIS?how does the government ensure companies get new money?what sort of companies can investors buys shares in?what sectors are normalhow investors can access SEIS investmentshow do investors get their return? Watch out for the next episode which covers SEIS tax reliefs. Enjoy!LinksJenson Ventures - https://jensonventures.comHMRC page on SEIS: https://www.gov.uk/guidance/venture-capital-schemes-apply-to-use-the-seed-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. https://youtu.be/**The playlist for all the videos of the Basics series will be found here. BioJeffrey FaustinManaging Partner, Jenson VenturesJeffrey Faustin is Managing Partner and Chief Investment Officer at Jenson Ventures with overall responsibility for the investment strategy and portfolio management of the Fund’s investments. With over 10 years of experience in venture capital, he has worked with over 150 early-stage high-growth technology companies across all sectors working with management teams to deliver growth through business strategy and board advisory support.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the fourth of basics mini-series for the EIS Navigator we discuss Venture Capital Trust (VCT) tax reliefs. Mercia manage the three Northern VCTs, so we asked their head of investor relations, Paul Mattick, to come on and explain how they work. VCTs are the most popular of the tax advantaged schemes, so it's great to get someone with such deep knowledge to explain the reliefs.The topics we cover in the discussion include:what is income tax relief?what are the limits on the tax reliefhow offer periods interact with thatwhat is the tax position on dividendswhat dividend strategies do we see in the marketwhether capital gains is payableAs well as explaining the reliefs, Paul brings in a few important nuances which will help many investors. Enjoy!LinksMercia Asset Management - https://mercia.co.uk/HMRC page on Venture Capital Trusts: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm50000HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioPaul MattickHead of Sales and Private Investor Relations, Mercia Asset ManagementDr Paul Mattick heads the Sales and Investor Relations team for the Mercia EIS Funds and VCTs. He works directly with private clients and advisers to build the EIS fund raising capacity of Mercia. Paul oversees the administration and development of the EIS funds, and ensures that investors receive a high level of service, much of which is delivered through Mercia’s award-winning Investor Centre.Paul has a variety of experience in early-stage businesses (including being a founder), and formerly worked at another leading EIS fund manager, where he built close relationships with top tier clients, and significantly grew both fund and single company assets under management. Paul has a PhD and Post-Doctorate from the University of Oxford and a 1st Class Bachelor of Science from the University of Leeds.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

In the third of basics mini-series for the EIS Navigator we introduce Venture Capital Trusts (VCTs). Foresight Group manage four VCTs, so we asked Nel Isaac to come on and explain what they are about. VCTs are the most popular of the tax advantaged schemes, so it's great to get someone with such deep knowledge to give us a primer.The areas we cover in the discussion include:what is a Venture Capital Trust?what a VCT can invest in?the restrictions on a VCT's cash holdingsthe different strategies that we see in VCTswhat areas VCT managers invest intocomparing EIS and VCT strategieshow an investor can buy sharesreturns from dividendshow to sell sharesAs well as explaining the reliefs, Nel brings in lots of examples. Enjoy!LinksForesight Group - https://www.foresight.group/Contact Nel - https://www.linkedin.com/in/nel-isaac/ HMRC page on Venture Capital Trusts: https://www.gov.uk/hmrc-internal-manuals/venture-capital-schemes-manual/vcm50000HMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. BioNel IsaacSenior Strategic Partnerships Manager, Foresight GroupNel Isaac is a Senior Strategic Partnerships Manager at Foresight, based in London. Nel has been with the business for 10 years and is currently responsible for managing relationships with key networks and national advice firms across the UK.Nel holds a BSc in Anthropology from the University of Southampton and the Investment Management Certificate (IMC) qualification part one.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

This 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 is income tax relief?how capital gains deferral relief workswhat is loss reliefwhat is the tax position on dividendshow Business Relief can give EIS investments exemption from IHT As well as explaining the reliefs, Brian brings in lots of examples. Enjoy!LinksHMRC page on Enterprise Investment Scheme: https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here. The playlist for all the videos of the Basics series will be found here. https://www.youtube.com/watch?v=Dl7R2kXs_0I&list=PLuaVVfQg5eE8sL-3R2c25u7jcIgqJAxLvBioBrian MorettaHead of Tax Advantaged Research, Hardman & CoBrian Moretta is the Head of Tax-Advantaged Research at Hardman & Co, and also covers Financials stocks and Investment Funds.In addition to his role with Hardman & Co, Brian is an Honorary Fellow at Heriot-Watt University, where he lectures on actuarial science and financial economics. He has also been an examiner for the Faculty & Institute of Actuaries.Brian has had a 25-year career in Financial Services, including more than a decade as a fund manager. He specialised in analysing financial services companies at SVM Asset Management, as well as managing two traded endowment funds and an equity fund, and working on hedge funds. He has also been a Trustee and Board Member for Scouts Scotland.Brian joined Hardman & Co in 2013. A qualified actuary, he holds a PhD in Applied Probability and a BSc in Actuarial Maths and Statistics from Heriot-Watt University.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimer

This is the first in a new mini-series for the EIS Navigator on basics. We had some feedback from listeners that they would like to have more introductory material to EIS, VCTs and SEIS. In the EIS Navigator Basics, we will do shorter episodes discussing the how the schemes work, the tax reliefs available, what restrictions there are and how you invest. Episodes will run weekly and we are also trialling video alongside the usual audio releases. Video will be available alongside the Hardman Talks videos on youtube so check them out there.For our first episode, we have an introduction to the Enterprise Investment Scheme (EIS) with Nic Pillow who is Senior Ventures Manager at Blackfinch Ventures. He has lots of experience in the industry so is well placed to tell us what its all about.Amongst other topics, we talk about:what is the aim of the EIS?what sort of companies can you invest in under the scheme?what is a knowledge intensive company?what are the size or other limits on companies?how do you find EIS companies to invest in?the need for Advance Assurancewhat are realistic holding times?As well as explaining the scheme, Nic brings in lots of examples. Enjoy!LinksHMRC page on Enterprise Investment Scheme: https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the-enterprise-investment-schemeHMRC page on tax reliefs for venture schemes: https://www.gov.uk/guidance/venture-capital-schemes-tax-relief-for-investorsBlackfinch Ventures website: https://blackfinch.ventures/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenYou can see this episode on video too here.Please note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments. Your capital is at risk. Past performance is not a reliable indicator of future performance. Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation. Listeners must make their own independent decisions and obtain their own independent advice regarding any information, projects, securities, tax treatment or financial instruments mentioned herein.For more information, please read our full disclaimers:www.hardmanandco.com/research-disclosures www.hardmanandco.com/disclaimerThe playlist for all the videos of the Basics series will be found here.BioNic PillowSenior Ventures Manager, Blackfinch VenturesNic has over two decades of experience in creating value for start-up, fast-growth and multinational B2B technology companies. Since joining Blackfinch Ventures in 2019 he has helped launch and manage the Blackfinch Spring VCT, he has supported over 100 investments into high-tech Seed and Series A stage companies, and he has been an observer on the boards of numerous portfolio companies. Previously, Nic co-founded his own startup, Rhizome Live, a Software-as-a-Service business in the Education Tech sector. He raised £400,000 and gained access to a top accelerator. Prior to that he led a global team at Nokia which exercised portfolio control over 15 software products that grew in annual revenue from £50 to £250 million. He has also held roles including Product Manager at Logica and Solution Architect at Portal Software. Nic holds a first-class degree in Engineering & Computing from the University of Oxford and a Ph.D. in Computer Vision from the Robotics Research Group at the University of Oxford.

The EIS Navigator host is taking a break, so there will be no episodes of the podcast. We will re-release a few episodes from the back catalogue. We'll be back in the autumn and are planning a great new series on EIS basics, so watch out for that.Have a great summer!LinksCheck out back episodes at https://hardmanandco.com/podcast/.Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaNine Lives: My Time As MI6's Top Spy Inside al-Qaeda by Aimen Dean

While software may not eat the world, sometimes it seems like it has eaten the venture industry. However, hardware has its merits too. Climatetech investor OnePlanetCapital invests in both, so CEO Matt Jellicoe is well placed to compare them. Amongst other topics, we talk about:finding skilled teams for hardware companiesbuilding and scaling hardware companiessources of IP and protecting itwhether to work with partners or notwhere the real challenges in supply chains aredealing with cash requirements at different stagesthe support available in the UK for hardwarehow climatetech products need to be no-brainersgetting good gross marginsscaling climatetech companiesMatt brings great insights with deep use of several real life examples to make his points clearer. Enjoy!00:45 Matt introduces himself and OnePlanetCapital03:15 Framing hardware vs software07:00 Finding skilled teams 12:00 Sources of IP and protecting it15:30 How partners affect options for exit18:10 Supply chains - where the real challenges are21:15 Timescales for hardware vs software24:00 How technology is affecting development times26:15 Cash requirements at different stages27:30 InnovateUK, grants and support within the UK30:30 Funding at later stages33:00 The need for climatic products to be no-brainers36:15 Getting good gross margins38:00 Challenges of bringing climatetech solutions to market at scale40:30 Are the trends still going in the right direction? Effect of venture bubble44:00 favourite questionsLinksOnePlanetCapital website: https://www.oneplanet.capital/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaPsychology of Money by Morgan HouselBioMatt JellicoeCEO, OnePlanetCapitalAfter a corporate career in public companies, Matthew founded and successfully exited two technology businesses in 2012 and 2018 respectively. He has been an active technology investor since 2012 and serves as a Non-Executive Director for two technology businesses. In more recent years he has specialised in sustainable investments.Matt Jellicoe is one of the founding directors of OnePlanet.Capital - a climate change focused EIS Investment Fund. The fund aims to combine strong investment returns with climate and environmental impact.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

With climatetech being one of top areas of investor interest, it was time we checked in to see how things are. Dr Nicky Dee is co-founder and CEO of venture builder and fund manager Carbon13. With 25 years of experience in the space, she is very well placed to take a perspective beyond the here and now.Amongst other topics, we talk abouthow venture building programmes workhow climatetech has become more commercialthe role of government in developing the spacewhat are the clear trends just nowopportunities in carbon credits, Carbon Border Adjustment Mechanism and Extended Producer Responsibilityfunding hardware developmentinternational manufacturing how US politics are affecting the spaceIts a great discussion: Nicky's deep and broad experiences give great insights into climatetech. Enjoy!00:55 Nicky introduces herself02:30 Introduction to Carbon1304:30 How venture building programmes work09:30 What does impact mean to you?13:00 Are people looking at climate investing more commercially now16:15 the role of government in driving things forward19:30 where are the trends in needs clear just now23:30 commercial drivers28:00 Carbon Border Adjustment Mechanism , extended producer responsibility32:30 hardware issues and handling capital intensivity36:20 international manufacturing challenges39:10 pushback in the US against climate change and DEI - do we look at other markets?43:30 navigating the near term uncertainty45:00 favourite questionsLinksCarbon13 website: https://carbonthirteen.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Blue Commons by Guy StandingBioDr Nicky DeeCo-founder and CEO, Carbon13Nicky has over 25 years of experience engaging with startups and stakeholders to drive sustainability and innovation in ESG. Viewing entrepreneurs as catalysts for transformative shifts, she co-founded Carbon13 in 2019 to apply venture building to protect earth’s vital systems. As CEO the organisation has grown to 84 portfolio investments with a total market value over £200m and 1,000 founders trained with hubs of activity in Cambridge, London and Berlin. Before Carbon13 she pioneered new initiatives spanning innovation prizes, startup acceleration, climate tech investments, and corporate venturing with organizations like UNEP, UK government, World Bank, etc. She has a PhD from the Institute for Manufacturing at the University of Cambridge (IfM) and a Natural Sciences degree which underpins her interest and evaluation of technology based solutions and impact methodologies. She serves as a Fellow with the University of Cambridge Institute for Sustainability Leadership.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Richard Hoskins has worked in several roles in his two decades in the EIS industry. We talk about his perspective on how it has changed and what more we can do to grow UK venture capital. He also has some exciting news about his business, Kin Group, which he shares with listeners.In a wide ranging discussion we talk about:how EIS has evolved over the past 20 yearswhere the EIS rules need streamlininghow to get more GP/LP fundsthe way technology and regulation interact for VC managersthe growth in private marketswhat the changes at Kin mean for the groupinternationalising fund management businessesIts an great discussion with someone who is both a fund manager and an entrepreneur. Enjoy!00:45 Richard introduces himself02:20 Introduction to Kin06:40 advantages of in-house developers07:30 changes in the EIS market over time13:30 the need for streamlining EIS rules18:00 effects of costs for GP/LP funds20:30 how fund managers complement fund mentors/advisers25:00 technology in the VC industry and interaction with regulations31:00 growth in private markets and challenge of liquidity35:00 smaller VC funds35:40 changes at Kin and what it means for the group40:00 internationalising the business45:00 prospects for the EIS market50:30 favourite questionsLinksEmail: [email protected]: https://www.linkedin.com/in/hoskinsrichard/Kin Group website: https://www.kincapital.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaCan't Hurt Me by David Goggins(There is a swear free version too for those who prefer it.)BioRichard HoskinsCo-Principal, Kin GroupRichard is Co-Principal and Co-Founder of Kin Group. Having worked in Venture Capital for 17 years, he has seen the Venture industry move from the niche sector it once was, to the booming asset class it is today. He has worked in a variety of VC roles, including; fundraising, fund management and fund administration. He has been described as “one of the most knowledgable commentators on the venture capital world” (Telegraph, 2017). In particular he has helped numerous aspiring VC asset managers setting up their first VC fund and assisted larger VC asset management firms grow to the next level. DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

We have been talking about the lack of women in venture capital for far too long. Although we have tried to add to that on the #EIS Navigator podcast, its taken several attempts to get something out. We are delighted that entrepreneur, investor and soon-to-be Investment Committee member at Sustainable Ventures, Julia Groves joins us to discuss where we are, why this is still a thing and what should be done about it.In a wide ranging discussion we talk about:where we are with female participationglass ceilingshow the Rose Review didn't fix the problembringing female investors into venture capitalthe lack of knowledge about EIShow women investors get advicethe relationship to diversity to other issuesthe recent pushback against DEI, ESG and environmental issues generallyencouraging female founderspossible strategies to improve mattersIts an great discussion with someone who is passionate about entrepreneurship, the environment and diversity. Enjoy!00:55 Julia introduces herself03:15 Sustainable Ventures04:15 Where are we with female participation entrepreneurship 07:30 Female investors vs entrepreneurs10:15 Glass ceilings and other diversity issues14:00 How do we fix the problem?15:00 Rose review - great data but where's the effect?22:00 Bringing female investors into venture investing23:20 The lack of knowledge about EIS27:00 Access to advice for female investors31:00 Linking diversity to wider environmental issues33:10 Pushbacks against DEI and environmental issues36:00 How the environment has changed for women - pulling up the ladder43:00 Encouraging female founders and getting them to raise money48:00 Pools of progress vs overall stats51:45 Could disclosures help56:30 favourite questionsLinksSustainable Ventures - https://www.sustainableventures.co.uk/Julia on LinkedIn - https://www.linkedin.com/in/juliasgroves/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Wind-up Bird Chronicle by Haruki MurakamiThe Lean Startup by Eric RiesBioJulia GrovesInvestment Committee member, Sustainable VenturesJulia brings over 20 years experience in the renewable energy and responsible finance sector.  A successful entrepreneur with three exits under her belt, she set up the Sustainability team at the British Bank, has served on the Nesta Impact Investment Committee for 3 years, and has recently joined Sustainable Ventures as Investment Partner.  With a career spanning venture capital and private equity she has been at the forefront of shaping responsible investment strategies and regulatory innovation. Previously a Partner and Head of ESG at Downing LLP  Julia has raised substantial capital for pioneering businesses, backed early-stage ventures and as an angel investor led high-growth companies through critical transitions. As a serial entrepreneur in wind turbine and solar businesses she has consistently and susscessfuly secured investment and strategic partnerships to expand companies market reach and ultimately their impact. She also volunteers as a mentor for Expect Impact.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Although we generally focus on the investment aspects of EIS and VCTs, the recent budget brought a renewed spotlight onto the tax benefits. Rakesh Murria, COO of Ascension Ventures, has been looking at how the to use the reliefs in a more sophisticated way than the simple scenarios that generally get discussed. In this episode, he runs through some scenarios for us, illustrating how tax advantaged products can be used to reduce investor tax bills.In a wide ranging discussion we talk about:tax reliefs for EIS, SEIS and VCTshow they may help with those with pension assets that were earmarked for inheritancemitigating CGT on carried interest (and how they may help when that changes too)how to use Business Investment Reliefhow EIS is an alternative to AIM for IHT reliefRakesh discusses these issues with advisers regularly so has some great insights. Plenty of ideas for both investors and advisers.00:55 Rakesh introduces himself01:40 what Ascension does03:40 summary of EIS and SEIS tax reliefs06:00 CGT reliefs12:20 VCT tax reliefs14:00 Example 1 - addressing changes to pensions20:00 ways of diversifying26:30 Example 2 - mitigating CGT on carried interest30:00 extra example for large earners32:30 Example 3 - Business Investment Relief40:00 Example 4 - EIS as an alternative to AIM for IHT relief49:00 favourite questionsLinksAscension Ventures - https://www.ascension.vc/Links to webinar on tax planning - https://youtu.be/jPupRUp51HY?si=WijvDB2tq0ZdxTrT or https://www.ascension.vc/advisers/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaMaterial World by Ed ConwayBioRakesh MurriaChief Operating Officer, Ascension VenturesRakesh is the COO of Ascension (ascension.vc), where he oversees operations across their tax-efficient and institutional funds. With over 20 years in the technology, media, and telecoms sector, he’s held senior roles like Director of Product at EE, shaping their mobile, broadband, and TV offerings.He’s also co-founded a FinTech start-up, spearheading its growth and raising £3m in funding, and has spent years advising early-stage tech companies. From corporate boardrooms to start-up hustle, Rakesh brings deep experience and practical insights to scaling businesses and driving innovation. DisclaimerThe tax planning scenarios provided in this podcast are for information only and only apply in particular circumstances. This can be a complex area and you should speak to a knowledgeable professional before using these in practice.

In this episode, we welcome back Henry Whorwood, Head of Research & Consultancy at Beauhurst. With access to the broad data that Beauhurt collects, Henry has a great overview of trends in the venture capital market over the past couple of years and where we are now.In a wide ranging discussion we talk about:tourist venture investorswhether this is a healthy correctionthe lack of failures and the causestrends in valuations and amounts raisedthe strength in AI and cleantechdifferent patterns by stage of investment and locationwhat's happening in exitsdemand from purchasersAfter a down phase in the cycle over the past couple of years, there is much speculation about whether we are close to, at or past the bottom. Listen and find out what the data says! Enjoy!PS Sorry about uploading the wrong file initially!00:50 Henry introduces himself and Beauhurst02:30 what sort of data Beauhurst has04:50 where is the venture capital market just now?11:00 the lack of company failures13:20 valuations and amounts invested15:00 strength of AI and cleantech21:15 differences across stages23:45 down rounds, convertibles and preference terms30:30 secondary share sales32:30 what's happening in exits38:00 demand from buyers41:40 types of companies being sold43:30 how are the regions doing46:00 green shoots elsewhere 51:30 favourite questionsLinksBeauhurst website - https://www.beauhurst.com/Beauhurst reports page - https://www.beauhurst.com/reports/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaArts and Minds: How the Royal Society of Arts Changed a Nation by Anton HowesBioHenry WhorwoodHead of Research & Consultancy, BeauhurstHenry started and runs Beauhurst’s Research & Consultancy department which produces research on the UK’s startups and scaleups. He has worked on briefs for clients including the British Business Bank, HM Treasury, BEIS and Innovate UK. Henry is an expert on business finance, entrepreneurship and innovation and regularly gives presentations on market trends at events around the country. He studied Classics at the University of Oxford.

This episode is our usual year-end panel. An all-star group of experts get together to discuss what happened in 2024 and the prospects for 2024. This year, Christiana Stewart-Lockhart, Director General of the EIS Assocation; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.In a wide ranging discussion we talk about:fundraising in 2024the effect of the budget and how it has brought a focus on tax rather than investmentperformance of the underlying fundshow EIS has become more attractive for IHT planningthe effect on the market of the changes in SEIS limitshow closing deals is taking longervaluations and the availability of fundingexit activityhow AI and climatetech are still popularlooking forward to 2025As usual, the panel bring a lot of knowledge and insights. 2024 was an eventful year so listen and find out what it all means for investors and advisers.00:50 Introductions from Christiana, Kealan and Ewoud 03:00 how has fundraising been08:00 the effect of the budget12:00 the focus on tax rather than investment in 202415:30 performance of the underlying funds19:00 increased attraction EIS for IHT planning24:00 the administration challenge27:30 effect of SEIS limit changes on the market31:50 EIS investing - length of time to close deals36:00 valuations and down rounds, availability of funding38:00 exit activity47:30 hot sectors - AI53:00 hot sectors - climatetech59:30 looking forward to 202562:30 activity in the regions66:15 Predictions for 2025LinksEIS Assocation - https://eisa.org.uk/Symvan Capital - https://www.symvancapital.com/Evelyn Partners - https://www.evelyn.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBiosKealan DoyleKealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.Christiana Stewart-LockhartChristiana 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.Ewoud KarelseEwoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Tom Wilde helped start and now heads up the EIS and VCT tax practice at Shoosmiths. He has seen a wide range legal issues founders, companies and investors make when setting up and receiving EIS or VCT investment. He pulled together some for a recent presentation and we get him to expand on them.In a wide ranging discussion we talk about:starting the right waythe independent investor ruleraising SEIS and EIS funds togetherthe challenges that buybacks presentdoing subsidiaries correctlythe types of shares that can be usedthe current state of the EIS and VCT marketmental health in the workplaceThe Shoosmiths practice is deeply involved in EIS, giving Tom great experience and knowledge. Take advantage of that here!00:40 Tom introduces himself01:35 what Shoosmiths does in EIS03:40 starting the right way04:10 need to use a new company06:10 get founder shareholdings right08:00 independent investor rule11:20 raising SEIS and EIS funds together13:45 risks of buybacks and losing tax reliefs19:10 changing trades25:10 getting subsidiaries right29:15 types of shares that can be used33:50 do the rules work effectively?38:50 state of the market42:15 current challenges for companies47:10 favourite questions - mental health discussionLinksTom on Shoosmiths website - https://www.shoosmiths.com/people/cvdetails/tom-wildeTom on LinkedIn - https://www.linkedin.com/in/tomwildeshoosmiths/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaA Path Through the Jungle by Steve PetersBioTom WildePartner, ShoosmithsTom is the head of Shoosmiths’ EIS tax practice. Tom is one of the UK’s leading experts in this field and has extensive experience advising a wide range of investors and investee companies on structuring and implementing tax efficient investments, reorganisations and exits in compliance with the EIS regime. Tom is also a qualified Chartered Tax Adviser, a member of the EIS Association’s Tax and Technical Committee, and a member of the QCA’s Tax Expert Group.

James Segal cofounded finance-as-a-service house Fin--house and has seen the inside of many startups. His post on 24 founder fails caught my eye, so we asked him onto the podcast to discuss them in more detail. In a wide ranging discussion we talk about:scaling too quicklyforgetting about accounts receivablethe importance of modelling and stress testingconfusing cash flow with profitover-optimising for short-term gainsmisinterpreting break-even pointmisreading profit marginswhat James sees in companies when he starts with themwhen you need a CFOJames's experience from working with many small companies means he has seen all of these and more so he brings great insights. Enjoy!00:56 James introduces himself02:00 what Fin-house does04:50 scaling too quickly06:30 forgetting about accounts receivable10:00 importance of modelling and stress testing / scenario planning14:15 confusing cashflow with profit17:20 over-optimising for short-term gains23:45 misinterpreting break-even point28:00 elasticity of CAC30:45 misreading profit margins34:00 how are companies when you first go in to them40:00 difference between a CFO and financial controller44:00 when do you need a CFO?49:20 favourite questionsLinksFin-house - https://fin-house.co.uk/James on LinkedIn - https://www.linkedin.com/in/james-segal/24 founder fails (LinkedIn) - https://www.linkedin.com/posts/james-segal_24-founder-finance-fails-activity-7254107025771565056-vZeO?utm_source=share&utm_medium=member_desktopSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaGood to Great by Jim CollinsBioJames SegalCo-founder, Fin-houseJames Segal is the co-founder of Fin-House, a company specialising in providing flexible, in-house finance teams tailored to the needs of startups, scaleups, and SMEs. Founded in 2021, Fin-House supports businesses through their growth journey by delivering finance functions that evolve alongside them, integrating seamlessly into their operations.Prior to starting Fin-House, James held finance leadership roles at Benchmark Sport International, Decathlon, and SynergyMode. He is a Chartered Accountant with the ICAEW and holds a BSc in Accounting and Finance from the University of Leeds.

When an fund manager jumps into a new area, its always tempting to ask why. Blackfinch Ventures has launched a fund focussing on the energy transition, we asked Head of Ventures Reuben Wilcock back on the podcast to discuss it. In a wide ranging discussion we talk about:what the energy transition is and why he thinks its attractivehow he chose the themes to look atwhether the pace of change in the economy is fast enoughwhether there are enough investmentsthe role of strategic investors and their commitmentprioritising returns over impactapplications in industry and storagetranslating science into a good businessthe challenge of sequencingfinding appropriate metricsinvestor interest in environmental investmentsAlthough this is a known area, it is interesting to get the perspective of a new entrant who has analysed the market and found it attractive. There's lots of insights as usual from Reuben - enjoy!01:00 Reuben introduces himself03:00 introduction to Blackfinch Investments04:45 what is energy transition and why chosen08:10 choosing the themes within that09:00 whether the pace of change is fast enough?11:50 are there adequate investments in the sector15:30 commitment of strategic investors17:45 concern over prioritising impact over returns21:20 what other themes he is seeing25:30 science that makes a good business27:10 prevalence of secondaries29:20 technology dependence and sequencing34:00 energy storage40:40 appropriate metrics42:00 investor interest and demand in environmental areas47:10 favourite questionsLinksBlackfinch - https://www.blackfinch.com/Blackfinch Ventures - https://blackfinch.ventures/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaWorking Backwards by Colin Bryar & Bill CarrBioReuben WilcockHead of Ventures, Blackfinch VenturesReuben’s expertise in advising early stage companies has developed through a background spanning academia, technology start-ups and start-up acceleration. He has founded or co-founded four technology start-ups including Joulo, a smart home energy spinout which won the 2013 British Gas Connected Homes award and was acquired by Quby in 2014, and Bar Analytics, an IoT start-up that enables global brands to monitor beer quality and sales.With a PhD in Electronics, Reuben has extensive product design experience with deep technical knowledge of hardware, software and manufacturing. He is an inventor on five patents and named author on over 45 peer reviewed publications ranging from integrated circuit design to genetic algorithms. Before joining Blackfinch, Reuben was a leading figure in entrepreneurship at the University of Southampton where he sat on its IP Panel for five years, guiding the commercialisation of research innovations through licensing and spinouts.Reuben is a Royal Academy of Engineering award winning entrepreneur, and the lifetime membership that affords has offered visibility of some of the most innovative university spinouts in the UK. In 2015 Reuben founded and ran the Future Worlds accelerator, mentoring over 250 entrepreneurs and 50 companies over a four-year period. Companies included 5G silicon IP spinout Accelercomm, AI computer vision company Aura Vision, IoT transport startup Route Reports and HGV data analytics company Dynamon. Whilst at Future Worlds, Reuben also developed the business plan and was the execution partner for the Z21 Fund, run in partnership with the Solent LEP.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

We all have idea of what impact investing means, but how do you measure and systematise it? Conduit Connect is an impact venture capital investor and we have asked Senior Investment Manager Gabby Morgan onto to discuss this. She was hands on in developing their own impact framework and reporting so understands the issues and can talk about how Conduit Connect solved them.In a wide ranging discussion we talk about:approaches to measuring impactdeveloping a theory of changehow to make impact robust in a companyscaling impactbeing intentional about diversitynegative externalities and avoiding themhow to treat items that can't be measuredgreenwashing in the venture industrythe challenges of comparing frameworksWith the new SDR Regulations coming in, this is a very timely discussion. Gabby has thought deeply about many of the issues and applied them in practice, so has some great insights. 01:20 Gabby introduces herself03:30 What is Conduit Connect?09:00 How do we approach measuring impact?11:50 The four buckets of impact in Conduit Connect's framework26:00 The need for fund managers to be intentional about diversity28:30 What are negative externalities and avoiding them32:00 Taking account of what can't be measured35:00 How lockstep works to keep companies impact orientated39:40 Greenwashing in the venture industry41:40 How do investors compare manager frameworks49:00 Prospects for the impact industry in next couple of years54:50 Favourite questionsLinksConduit Connect website - https://www.theconduitconnect.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaRange by Daniel EpsteinMinistry of Time by Kallane BradleyBioGabby MorganSenior Investment Manager, Conduit ConnectGabby is a Senior Investment Manager at the Conduit Connect, responsible for screening and performing due diligence on opportunities for the Conduit EIS Impact Fund. She is also responsible for fundraising and investor relations for the Fund. She is an investor mentor at Carbon13, a leading climate-focussed accelerator, and a Board Advisor at Thalamos, one of the Conduit Fund’s portfolio companies. She has advised early-stage impact ventures through the Huckletree Alpha programme, Village Capital and Founders Intelligence.Prior to joining the Conduit Connect in November 2019, Gabby was an investment research analyst for a US-based impact investing firm called Align Impact supporting their investment research and direct investment strategies. In 2019, She completed her MBA at the Said Business School at the University of Oxford, where she focussed her studies on impact investing and social entrepreneurship. During her MBA, she was a Director of the MBA Impact Investing Network and Training (MIINT), Oxford Said Chapter, and was accepted into the annual Impact Lab run in coordination with the Skoll Centre for Social Entrepreneurship.Prior to getting her MBA, Gabby was a Director at Euromoney Institutional Investor in New York City. In this position, she founded and ran a number of their private investment memberships for wealth managers, family offices, HNWIs, pension plans and large asset managers.Gabby was born in the UK but spent most of her life in the U.S., having grown up in Connecticut and spent four years in Boston for her undergraduate degree.

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:what the aim of the report ishow the report shows venture is an outlier asset classwhy food & beverage is the most popular sectorhow the variety of crowdfunding companies has improved over timewhy crowdfunding does better than the industry on diversityhow long should investors expect to hold investmentsthe development of Seedrs secondary markethow people use the platform and how that affects their portfolio diversificationthe future for Republic Europe and areas it is looking to expand intoIts 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 himself04:20 Seedrs is now Republic Europe06:20 the motivation behind creating the Portfolio report10:30 the role of outliers 13:00 funding food & beverage companies16:15 do some companies work better for crowdfunding?19:10 Why Seedrs has had more female founders than the market25:50 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 platform37:00 how angels and sophisticated investors use the platform39:10 The future for crowdfunding: international opportunities, funds and blockchain44:50 Favourite questionsLinksRepublic Europe (formerly Seedrs) website - https://europe.republic.com/Seedrs Portfolio Report Winter 2023 - https://europe.republic.com/insights/blog/seedrs-2023-portfolio-reportSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Young Wilhelm by John C.G. RöhlGoing Infinite by Michael LewisBioJeff LynnChairman, Republic EuropeJeff 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:the founding of EISthe progress it has madewhat has made it so successfulrenewal of the scheme and the efforts underpinning itwhy EIS is still not as well known as it should behow awareness could be increasedthe progress with improving diversity and regional investingthe effects of the recent changes to SEIS limitsChristiana 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 Association04:00 The founding of EIS and how it has progressed07:25 Why has EIS been successful12:15 How the Patient Capital Review changed the schemes14:00 Lobbying for the scheme extension18:50 Why EIS is not as well known as we would like26:50 How do we increase awareness30:15 Role of financial advisers34:45 Progress with diversity of founders and expanding into regions41:00 Effect of changes to SEIS limits43:00 Looking forward46:10 Favourite questionsLinksEIS 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-202430th 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/listenSuggested books and mediaAlchemy by Rory SutherlandBioChristiana Stewart-LockhartDirector General, EIS AssociationChristiana 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:the difference between v1 and v2 of fintechwhy financial services is so attractive for innovatorshow business models have developedmatching founders to the right producthow incumbents are responding to new entrants and the advantages the latter havewhy the UK is doing well in supporting fintechhow AI fits into their investment thesiswhat areas are attractive for investment todayAlthough 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 themselves02:55 Love Ventures05:15 versions 1 & 2 of fintech08:50 why financial services is so ripe for innovation11:25 blockages to blockchain in the real world yet14:00 finding the correct business models going forward17:00 importance of product/founder fit19:40 Incumbents vs new entrants22:00 report on corporate venture capital25:10 the UK regulatory sandbox27:10 UK as a model for other countries28:45 how the need for capital hasn't changed33:30 looking for right scale of problem to invest in35:20 role of AI - specialist / small models40:45 data confidentiality - importance of specialist data43:40 prime areas for investing now45:30 Favourite questionsLinksLove 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/listenSuggested books and mediaThe Power Law by Sebastian MallabyThe Anxious Generation by Jonathan HaidtBiosMarcus Love, Co-Founder, Love VenturesIn 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 VenturesThe 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:how the Eos investment philosophy developedthe strengths of the Scottish venture capital eco-systemwhat makes good founders and how he assesses thatgetting alignment between managers/investors and foundersdetermining whether there is a big enough markethow to give a company an international outlook as early as possiblethe mistakes founders makechanging management mindsets as a company progressesMark'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 himself04:50 where Eos is now07:20 how their investment philosophy developed10:30 lack of competition for deals in Scotland11:50 Scottish eco-system - current strengths16:20 what they are looking for in founders 20:30 separating people from company24:20 alignment between founders, investors and managers27:40 how do you determine a market 32:15 internationalising - when and how36:15 how to line up international investors38:40 what mistakes founders make41:00 challenges of funding44:50 changing mindsets in companies as they progress49:25 favourite questionsLinksEos Advisory website - https://eos-advisory.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaCoffee First, then the World by Jenny GrahamBioMark Beaumont, Partner, Eos AdvisoryMark 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:how she found a good area to work onthe initial focus on clozapinewhy she seeks out the best people to work withthe challenges of getting initial fundinghow patient advocacy is playing a rolemaking a business case to convince the NHSmoving into the US marketwhere we are in developing personalised medicineClare'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 Myogenes04:55 establishing proof of concept06:40 how she found a test08:30 how does the test work and the importance of working with doctors11:50 finding the top people15:00 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 models25:00 progress with individual health trusts28:00 the role of patient/family lobbying29:00 getting funding for preventative medicine32:30 moving into the US37:10 where are we in personalised medicine41:00 prospects for Myogenes 43:45 Favourite questionsLinksMyogenes website - https://www.myogenes.com/Telephone - 020 8387 1266Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Diary of a CEO by Steven BartlettBioClare Brenner, Founder & CEO, MyogenesClare 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:how he developed 350PPM's business modelthe importance of the right systembalancing doing things for a company versus developing internal capabilitieshandling areas that are capital intensivewhere we are in the demand cycle for environmental investmentshow we generate more interest in themthe need for political support and changeNick is naturally forthright and brings some strong opinions which make for a very interesting conversation.01:50 Nick introduces himself05:00 what 350PPM is and does07:40 how did the business model develop - developing a system13:00 doing stuff for a company vs developing internal capability18:35 what sorts of companies are of interest and why22:35 capital intensity27:30 demand for environmental investments31:45 how do we sustain interest in environmental investments33:00 need for removal of subsidies39:40 next steps41:15 Favourite questionsLinks350PPM website - https://350ppm.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaWhat You See is What You Get by Alan SugarBillionaire: The Life and Times of Sir James Goldsmith by Ivan FallonThe Fifth Risk: Undoing Democracy by Michael LewisBioNick Dimmock, Founder & CEO, 350PPMNick 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:balancing different financial metricssensible gross margin targets and when companies should be hitting themchanges in SaaS valuation multiplesthe value of market expertise in generating successsales cycles and how they differ in B2B and B2Cfinding the right first sales person and who the next recruits should bewhen to bring in a CFO (and its earlier than most think)the value of benchmarkingthe difference between finance and accounting in companieshow to prepare for an exitIts a great conversation, with Anthony bringing lots of insights from his vast expertise for founders and investors alike.00:50 Anthony introduces himself04:45 what financial metrics matter and the difference between venture-backed and bootstrapped businesses09:45 gross margin - good targets and when you should be hitting them13:30 how valuation multiples have changed in SaaS15:45 patterns in CAC and trends in software purchasers18:05 how to you know you have product/market fit 20:00 difference in sales cycles between B2B and B2C23:30 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 versa25:45 how finding the right first sales person is the biggest challenge31:45 building a sales team37:00 when to bring in a CFO39:30 the merits of building finance function when its pre-revenue42:20 the value of benchmarking43:15 most companies have problems45:00 the difference between accounting and finance49:20 preparing for exits - how acquirers look at finances 56:00 why founders should know what short of exit they want60:00 favourite questionsLinksSaaS Gurus website - https://saasgurus.io/Free ebook on "SaaS Secrets for Financial Triumph" - https://saasgurus.io/labSaaS Gurus contact page - https://saasgurus.io/contact/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaMeasure What Matters by John DoerrDuneBioAnthony Nitsos, Founder & CEO, SaaS GurusAnthony 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:how he chooses the right scheme for his clientshow he uses what might go wrong in framing discussions and diversificationthe use of a panelassessing track records and their depththe true term of EIS investmentsthe value of managers having several capital poolswhere SEIS fits into the advice processdifferent uses of generalist and specialist managersthe current state of ESG and impact managersimproving investor perception of venture capitalIts a great conversation with lots of insights from Rob for investors, advisers and fund managers.01:15 Rob introduces himself02:15 what is Finova Money03:00 how he chooses between EIS and VCT for a client06:50 loss relief and how discussing what might go wrong helps07:50 thinking about diversification12:15 product selection and producing a panel13:20 assessing manager track records16:50 thoughts on the depth of track records19:30 the real term of EIS investments22:50 value of managers having several capital pools25:30 how SEIS fits into the advice process28:45 specialist vs generalist managers31:00 ESG and impact investments36:10 challenges of recommending new managers38:35 investor perception of venture capital44:10 how do we improve investor perception of financial advice48:15 favourite questionsLinksFinova Money website - http://www.finovamoney.co.ukRob 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/listenSuggested books and mediaThey Ask, You Answer by Marcus SheridanBioRob Bell, Founder & Chartered Financial Planner, Finova MoneyRob 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:what is venture buildingthe process for finding pain points in factorieshow Renan characterises different operations why there is still so much low hanging fruit in this areawhat sorts of manufacturers are open to changehow to make sure there is enough initial customers and how to work with themworking with different tech stackshow to make sure that companies don't customise for specific clientsmaking the OSS fire itself from each companythe different markets and sales processes he seesfinding the right founders and the skill sets they needthe effect of AIhow the global manufacturing model of the past 30 years is changing nowIts 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 himself02:45 introduction to OSS04:00 what is venture building?09:00 finding pain points in factories13:15 how the regulatory environment can affect go-to-market strategies17:30 why is there so much low hanging fruit21:00 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 much32:00 how the OSS team fires itself37:00 how different software has different sales and decision making processes41:20 the necessary founder skills44:15 how AI is affecting manufacturing49:10 trends in manufacturing and how its all changing now55:30 favourite questionsLinksOSS Ventures website - https://www.oss.ventures/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Subtle Art of Not Giving a F*ck by Mark MansonEmpty Planet by Darrell Bricker & John IbbitsonBioRenan Devillières, CEO OSS VenturesA 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:what is governancethe importance of maintaining stakeholder relationshipswhen startups should start introducing governance structureshow governance should lead growthwho should take the lead on board creationthe role of fund managersgood preparation for board meetingsbuilding effective board agendasthe value in identifying riskssetting up risk assessments and how these can lead to key objectiveshow to generate relevant KPIshow to translate a business plan into something usefulgenerating the right boardthe commons mistakes made by foundersthe rise of ESG and how its different in startups from quoted companiesWhether 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 himself02:00 What is SEEIO03:10 What is governance04:20 the importance of maintaining stakeholder relationships05:40 importance of creating a governance framework06:15 how should new startups approach governance08:40 when to create the board09:45 who takes the lead11:30 role of fund managers12:30 the work in preparing for board meetings15:00 don't just sell - value in identify risks16:30 setting up appropriate risk assessment 20:30 how to use a business plan and use it to generate objectives22:10 working on KPIs24:00 building effective board agendas27:20 generating the right board and founder relationship with them30:30 role of independent NEDs in startups32:10 what mistakes do founders make33:30 value of governance in improving odds for fundraising35:50 rise of ESG and how investors care about G - G facilitates E & S42:20 favourite questionsLinksSEEIO 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/listenSuggested books and mediaThe Go To Market Handbook for B2B SaaS Leaders by Richard BlunderMEDDICC: The ultimate guide to staying one step ahead in the complex sale by Andy WhyteBioDermot CampbellCEO, SEEIODermot 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.

Getting big returns in venture capital can involve stepping away from the mainstream and investing in opportunities that others won't. Will Gibbs of Octopus Ventures has a reputation for investing in areas others see as taboo. We ask him about being a contrarian investor, how to do it well and what needs to change to create a successful investment.In a discussion filled with numerous examples, Will discusses:getting big enough markets when the market is somewhat hiddenbalancing new technology and new marketswhen specialist investors are neededjudging whether a company will be ripe for follow-on investmenthow taboo investments can interact with social changesequencing market expansionwhat a company needs to internationalisewhat problems that internationalising doesn't solvebuilding deal flow in taboo areashow the venture capital industry is creating some of the problemsthe value of team diversity in looking away from consensus areaswhether valuations are different in taboo areas.In a wide ranging conversation, Will brings a great perspective on how to bring mainstream venture capital skills to genuinely new areas. Its a great discussion for investors and companies who dare to be different. Enjoy!01:00 Will introduces himself03:40 Who Octopus Ventures are06:30 Contrarian and tabooo investing 07:45 Example: Elvie - silent breast pump09:50 Example: Pelago - substance use disorder13:20 the size of taboo markets, challenges in assessing true market size16:00 new tech and new markets - need for specialists17:30 Example Overture - improving and automating IVF19:20 market meets social movements - will someone follow-on?22:05 assessing the pace of social change - risk of too early25:30 sequencing the right national / international markets25:45 Example Skin & Me - getting expansion right and not too quick29:30 Time and capital to internationalise31:00 when is the right or wrong time to internationalise33:30 building deal flow in taboo areas35:15 to what extent is the venture capital industry part of the problem - value of diversity 38:05 is the industry going in the right direction?40:00 are valuations different in taboo areas?42:35 creating communities supporting companies47:45 prospects50:20 Favourite questionsLinksOctopus Investments: https://octopusinvestments.com/Octopus Ventures website: https://octopusventures.com/Companies mentioned:Pelago https://www.pelagohealth.com/Overture https://www.overture.life/Vira https://www.vira.health/Elvie https://www.elvie.com/en-gbSkin and me https://www.skinandme.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaEssentialism by Greg McKeownIn the Company of Givers and Takers by Adam Grant (article) https://hbr.org/2013/04/in-the-company-of-givers-and-takersBioWill GibbsHealthtech Partmer, Octopus VenturesWill joined Octopus in 2013 and sits in its Health team. He works with portfolio companies from consumer to enterprise, with a strong bias towards businesses making the biggest impacts on health.In recent years he has explored taboo areas within health, resulting in multiple new investments around this theme, from substance addiction to LGBT sexual health. He’s also passionate about the potential for digital therapeutics to deliver superior outcomes for some conditions, US expansion, the future of cannabinoids and novel business models within health.Will was based in Octopus' US office in New York during 2016, and continues to support portfolio companies looking to expand into the US health market. Many of his portfolio companies are based in the US, and he invests alongside big global investors like SoftBank Group, Kinnevik, Atomico and EQT Partners.Will is also a vocal champion of diversity and LGBT issues and is happily married to his husband Christopher.He founded multiple startups before joining Octopus Ventures, including a rare-breed pig farm and an organic spirits company.Will holds a degree in ancient history and classical archaeology from the University of Oxford. https://www.linkedin.com/in/willgibbs1/

Valuations are always a popular topic. With much discussion about whether we are at the bottom of the current cycle, it seems a good time to revisit and we invited back someone who has experienced several market cycles: John Glencross, co-founder of Calculus Capital. We had a great discussion on how the current market, how this compares with recent times and how a fund manager handles them. Topics discussed include:how companies are accepting lower valuationsthe danger of growth at any pricewhere there are still bubbles and what the consequences of these might behow to manage investing when valuations are highthe psychology of down rounds preferential return structures and what John is seeing in the marketreal unicorns versus valuation aberrationshow valuation matters for investinghow Calculus values existing portfolioJohn's sense of valuations in the EIS & VCT market and where he thinks the discrepancies arehow close we are to the bottom of the valuation cycleTalking with someone who has seen several downturns gave a great perspective on all these topics and there's lots for all advisers and investors. Enjoy!01:00 John introduces himself04:30 recent exit patterns06:00 companies accepting lower valuations attraction of investment vs exits07:30 avoiding growth at any price - US vs UK10:15 where there is still bubbles 13:15 investing when valuations are high - changed pace of investments in recent years16:45 the psychology of down rounds18:45 preferential return structures and the general tightening of terms in market26:00 when are unicorns a market aberration?28:30 how valuation matters for investing31:10 portfolio valuation - lags, being realistic and getting a good process35:00 how EIS managers are using unrealised performance as marketing, but its not similar to exits41:00 what is an acceptable band of uncertainty? How exits matter 44:15 are we at the bottom of the valuation cycle? 48:45 favourite questionsLinksCalculus Capital website: https://www.calculuscapital.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaSunshine & ShadowsThe Four Agreements by Don Miguel RuizSing as We Go by Simon HefferBioJohn GlencrossChief Executive and Cofounder, Calculus CapitalJohn co-founded Calculus with Susan McDonald in 1999, creating one of the UK’s most successful, independent private equity firms focused on investing in entrepreneurial young British companies. John has over 30 years’ experience in private equity, corporate finance, and operational management. During that time, he has invested in, advised on or negotiated more than 100 transactions and served on publicly quoted and private corporate boards. Before co-founding Calculus, John served as a European Corporate Finance Director at UBS and, prior to this he was Head of Mergers and Acquisitions at Phillips and Drew, a 100-year-old London-based financial institution. At the start of his career, John qualified as a Chartered Accountant with Peat Marwick (subsequently KPMG), where he then went on to be recruited as a founder member of Deloitte’s newly established consultancy practice in the Gulf Region and then Corporate Finance practice in London. John graduated from Oxford University with an MA (Hons) in Philosophy, Politics and Economics.

When 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 supporting thatprospects for exitshow the landscape of purchasers looksthe challenges of making rollups workwhy profitability matters more than everhow and why to set up EIS deals six months in advanceIts another great discussion - Harry is both erudite and insightful, and the lessons are not just about the leisure sector . Enjoy!00:50 Harry introduces himself03:00 Why Edition is more than a fund manager05:00 How does the leisure sector feel now?08:00 the unevenness of the recovery10:00 where is recovering and where isn't - geographic and demographic differences 13:40 rebalancing risk in portfolio 15:30 how live entertainment and events are doing19:30 the return after pandemic20:30 how to get professionalism in live events 25:30 the prospects for exits returning28:10 political games amongst the big players in live entertainment and the structure of purchasers31:20 making rollups work - the danger of multiple arbitrage and focus on synergies35:45 how long to build a company?40:15 the importance of profitability in the current market and when there is a trade off vs growth44:30 messaging around doing something different47:30 why Edition is lining companies up for investment 6mths in advance50:20 the challenges of agreeing deals 6 mths in advance54:00 favourite questionsLinksEdition Capital - https://www.editioncapital.co.uk/Harry on LinkedIn - https://www.linkedin.com/in/harry-heartfield-2275983a/Email [email protected] to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested book and mediaIf This is a Man by Primo LeviThe Body: A Guide for Occupants by Bill BrysonBioHarry HeartfieldSenior Partner, Edition CapitalHarry has over 15 years’ experience in the leisure sector. In 2011, he joined boutique asset manager Ingenious becoming a Senior Investment Manager in their Live Entertainment Team. At Ingenious, he was responsible for working across several investment funds including several Venture Capital Trusts with a focus on leisure assets. During his time at Ingenious, he also developed and launched several investment products aimed at the retail market, including EIS products which raised more than £25m, and was Head of Investments and Acquisitions for Impresario Festivals plc until the sale of the business to media group Global for more than £28m.He set up Edition alongside the other Edition Partners in 2015. At Edition, he has overseen the development of Edition EIS and Edition Capital Projects, which have raised over £50m between them. He also was appointed as Strategic Advisor to Superstruct Entertainment (a Providence Equity backed company) from 2017 to 2020 as they made their first acquisitions including Sziget Cultural Management (Hungary) and elrow (Spain). In total, Harry has overseen deals in excess of £220m across the UK and Europe. He sits on the board of a number of Edition’s investee companies including WatchHouse Coffee, Borrow A Boat and Tailwise.

Assessing 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 scaling the UK venture capital industry, indexation and investing at scale. In particular, we talk about:the proportion of companies that should be getting investmentthe challenge of getting more investment into different companies instead of boosting valuationswhether support and investment should come from the same organisationcreating a index for venture capital and benchmarkinghow to make that index investibledata and creating systems for intermediate valuationsbuying and selling a venture capital indexdifferent investment models that might be usedwhy bigger funds would expect to outperform smaller fundsAs you can see, we covered a lot of ground. This is a really important discussion for the venture capital industry: there could be an opportunity for it to scale up dramatically in the near future, but how it does that really matters. This discussion may not produce all the answers, but at least it asks the questions. And don't forget part 1!00:45 How many companies get funding that deserve it and what's the shortfall in companies not being funded that should?05:00 inflating valuations versus broadening the range companies getting investment - need new channels for pension funds08:00 why the industry needs to change - case for passive management10:00 the challenges of indexing venture capital11:00 separating investment and support - how passive managers might arrange that14:30 the real role of a fund manager 21:00 issue of intermediate valuation (before exit) - data collection on private countries26:20 data protection & confidentiality27:40 how to make index investible / expand coverage - without diluting quality33:00 buying & selling index - fund types, physical vs derivative35:00 creating funds where industry can write a big cheque 35:45 bigger diversified funds outperform 37:00 the power law and reversion to mean42:00 co-investment model and role of BBB - public plus private models45:30 favourite questionsLinksVenture Cubed website - https://www.venturecubed.com/Richard's email: [email protected] Business Bank venture capital reviews: https://www.british-business-bank.co.uk/uk-venture-capital-financial-returns-2023/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaSuperforecasting by Philip TetlockWalking the Bones of Britain by Christopher SommervilleMentioned by BrianHigh Stakes, No Prisoners by Charles H FergusonBioRichard BlakesleyFounder & CEO, Venture Cubed

Assessing 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 wider industry. Here we discuss:what their rating system aims to measurehow they assess how good the ratings arewhat are the important factors in the ratingthe weights that are given to those factorshow they quantify factors that are more qualitativethe challenges in analysing financial modelswhere founders don't understand what investors wanthow founders can get good advice on fundraisingthe process of giving feedback to founders and how receptive they arethe mistakes that founders often makethe proportion of companies that are really investiblewhat investible really meanswhere funding gaps areAs you can see, we covered a lot of ground. Whether you are an investor thinking about how to assess companies or a founder considering fundraising, there's a lot for you here. And don't miss part 2!01:00 Richard Blakesley introduces himself02:20 What Venture Cubed does03:45 What are Venture Cubed scoring? - investibility06:00 How he measures the success of ratings09:25 What are the most important factors12:20 How they quantify qualitative factors14:20 Issues are around bias in interviews18:10 Assessing companies without interviewing management19:00 How founders often don't understand the desires of investors22:00 Getting good advice on how to fundraise26:30 How founders get feedback from the rating process30:20 The receptiveness of founders to feedback32:45 What mistakes do founders often make?38:50 How does Venture Cubed weight the factors?42:40 What proportion of companies are investible?45:15 How many companies get funding that deserve it and what's the shortfall in companies not being funded that should?LinksVenture Cubed website - https://www.venturecubed.com/Richard's email: [email protected] to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBioRichard BlakesleyFounder & CEO, Venture Cubed**tbc

Investing 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 testing commercialityavoiding solutions looking for a problemdeveloping founder skills and encouraging them to try salesthe value of contrarianismWith lots of experience, Andrea gives lots of great insights into how they approach the challenge and there is plenty for investors and founders to learn from. Hope you enjoy it!00:45 Intro to Andrea 06:00 History of Oxford Technology09:40 Geographically close companies versus distant12:30 Validating the science / product at the early stage16:00 Example - viral pathway21:00 The usefulness of specialist knowledge26:30 How to building experiments - appropriate size and looking to future experiments28:30 Testing commerciality: balancing exploration vs definitive answers33:00 Example - value of testing hand strength vs recovering hand functionality36:00 Solutions looking for a problem40:00 Challenge of products that reduce pay of those buying. example - technology to discriminate moles43:00 Founder skills 46:00 Importance of sales and persuading founders to learn to like it50:00 Recent trends and the value of contrarianism55:30 Favourite questionsLinksOxford Technology website - https://www.oxfordtechnology.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested book and mediaThinking, Fast and Slow by Daniel KahnemanBioAndrea MicaDirector, Oxford TechnologyInvestment Career Oxford Technology Management Ltd – OT(S)EIS Fund Director. Responsible for souring selecting and supporting companies in the fund. The Fund now has invested £11m. 2009 - Royal Society Enterprise Fund at the Royal Society. Short term role to help structure the investment evaluation process, train an incoming analyst and help carry out due diligence on the first investments. 2005 IP Group Plc - Responsible for selecting investment opportunities in the partner universities, conducting technology and market due diligence , building startup up team and presenting the investment case to the investment board. This was followed by a period as director of the companies formed 1999: CFB Technology, Flintstone Plc - Responsible for investigating the technologies in which the group invested and then in helping the teams/companies get started. Other Oxford Creativity Trainer and Problem Solver Cleansteel Ltd – (Business developing and running a recycling process) Co- FounderOxford University Begbroke Business Development Fellow IntelliKraft Ltd. Oxford, UK Piezoceramic and Battery Technology Founding Director Sales & Marketing, Consultant JRA Technology Ltd, Marlow, UK, Technology Commercialisation Consultancy Senior Project Engineer D’Appolonia S.p.A, Genova, Italy, Engineering & Technology Commercialisation Consultancy Innovation Consultant, Leiden, Netherlands Study Masters Product Design – Delft University of TechnologyGraduate Study – Creativity and Innovation State University College Buffalo

Yet 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 UK venture capital compares with the US and Silicon Valleythe renewal of the tax advantaged schemes (EIS, VCT and SEIS)whether the increase in SEIS limits is having an effect yeteffect of the new Consumer Duty ruleswhether some risk warnings are flawedAnd, as usual, we get our guests to look forward to 2024 and make some predictions.Links:EIS Assocation - https://eisa.org.uk/Symvan Capital - https://www.symvancapital.com/UBS Wealth Management - https://www.ubs.com/uk/en/wealth-management/home.htmlSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBiosNeil ColeNeil Cole is the Head of Private Markets Distribution at UBS Wealth Management. He has responsibility for the Private Markets product range offered to UBS clients in UK and Jersey, which includes all of the tax efficient investment world including EIS, VCTs, inheritance tax, ISAs, and other relevant product types.Kealan DoyleKealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.Christiana Stewart-LockhartChristiana 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.

In 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 have and how these can be addressedWe finish off by discussing some recent market trends, including the change in availability of funding. Its a great discussion!LinksJuice website - https://velocity-group.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books / mediaClara and the Sun by Kazuo IshiguroAtomic Habits by James ClearBioKatherine ChanChief Executive Officer, Velocity JuiceKatherine serves as the Chief Executive Officer of Juice, a forward-thinking financial services company dedicated to providing growth capital for digital-first businesses. Katherine's journey in the financial sector spans over 19 years, marked by roles in banking and risk management at institutions including Commerzbank AG, HSBC, and Deutsche Bank.Transitioning from banking to the startup world, Katherine joined Juice in 2019 as the Chief Financial Officer and has played a pivotal role in the company's development and rebranding from Velocity Juice to Juice. Her expertise in finance and risk management has been a key driver in Juice's evolution, leading to her recent advancement to the position of CEO.

Amongst 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 of companies within the same spacehow creative companies can find a formula for repeat successPhoebe brings lots of real life examples and really brings out her thought processes and approach to making investments. 01:00 how Phoebe became involved in venture capital02:40 what VGC does04:45 why is consumer attractive now07:00 consumer brands don't scale as quickly - don't need unicorns to get good returns13:00 B2C vs B2B investing - 14:00 understanding the consumer if you aren't the consumer19:00 how to get insights into consumers - qualitative insights23:15 quantitative insights26:45 thinness of data and using opinions: testing beliefs and getting conviction32:45 looking for differentiation when you see a lot of similar companies36:45 example of circular economy companies41:30 other areas of current interest - VR gaming, 46:45 creating formulas for repeated creative success49:50 favourite questionsLinksVGC website - https://vgc.partners/Phoebe's email - [email protected] - https://www.linkedin.com/in/phoebescriven/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books Creativity Inc by Ed CatmullCulture Code by Daniel CoyleBioPhoebe ScrivenInvestment Director, VGC PartnersPhoebe leads early-stage EIS investing at VGC Partners.After reading English at Oxford, Phoebe began her career in product innovation and strategy, working with major FMCG companies and travelling across the globe to better understand different consumers. From there, she moved into consulting and development finance, while (outside of her day job) getting increasingly involved with the London start-up ecosystem via DevelopHer, a non-profit organsiation. In 2019, Phoebe made the move into venture capital, joining Supernode Global, where she made her first investments and exit. Phoebe joined VGC Partners at the beginning of 2023.

B2B 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 expand its product range.what metrics are of interest, with Jeremy going deep into how they look at a couple of these.Haatch has a particular interest in supporting sales processes. Within this we talk about:how to develop the right channels and what factors to consider.how lead times on sales affects how companies operate.how investors can support companies in developing their sales.We also discuss some of the typical mistakes that founders make and the prospects for the future for B2B SaaS and venture capital investors in this area.00:45 Fred & Jeremy introduce themselves04:30 What Haatch does05:50 What is B2B SaaS08:00 Why is B2B SaaS attractive for investors12:00 Merits of recurring revenue versus service revenue15:00 adding features, roadmaps18:30 12 metrics of interest - net revenue retention21:30 how to develop the right channel23:00 lead times in sales cycles28:00 expanding from narrow to broad32:30 when to expand product ranges36:30 how managers can support companies in these processes40:45 typical mistakes founders make: 47:00 prospects for the future 51:20 Favourite questionsLinksHaatch website - https://www.haatch.com/Fred Soneya - [email protected] Luzinda - [email protected] to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested book and mediaMy Life and Work by Henry FordAshville Weekly by Daniel Ashville (Youtube)https://www.youtube.com/@thisisashvilleBiosFred Soneya, Co-founder & PartnerFred was responsible for a number of high-profile, large-scale innovation projects across Kiddicare.com and, post-acquisition, Morrisons. Fred created award-winning digital customer experiences by working with cutting-edge early-stage technology start-ups, bridging the online-offline gap at Morrisons. This included the launch of browse-and-order points, mobile payments and electronic shelf-edge labels.Having co-founded Haatch in 2013, Fred is responsible for the day-to-day running of the Haatch funds. He has led both the completion of over 150 investments into 70+ companies over the lat 10 years and the on-boarding of over 600 investors into the funds.Jeremy Luzinda, PrincipalJeremy began his career as Chief Operating Officer at a VC-backed start-up that raised from venture funds Forward Partners and Founders Factory, as well as esteemed angel investors such as Sir John Hegarty and Tom Teichman, amongst the first investors in the likes of lastminute.com, MADE.co and notonthehighstreet.com. It ultimately failed, but he learnt a lot in the process.He then became Managing Director at Surechill, a software-enabled cold-storage company co-founded by Peter Saunders OBE, which raised more than £10m. Following this experience, he joined Playfair Capital, an early-stage VC that has backed companies like Stripe, Thought Machine and Trouva. He worked on exciting companies like Omnipresent which he saw go from £0 to over £500m in value in under 18 months. He leans on this wealth of experience to offer hands-on support to our portfolio post-transaction, particularly on B2B SaaS sales.Alongside Haatch, he's a GTM consultant at Vencha, built by the early commercial team who built and sold MessageLabs for $700m, supporting B2B SaaS companies with GTM challenges.

While 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 in negotiating terms seems to be changing.inflation and pricing power: Ewan discusses the different ways that inflation and its various causes are affecting different companies. We also look at pricing power and how startups set prices and negotiate with customers.funding: interest rates and the money supply both affect the availability of funding for SMEs. We discuss the lending market and how that has evolved, particularly the difficulty of getting bank funding.Finally, we look forward to how the economy will develop over the next couple of years and whether founder optimism is justified.01:00 Ewan introduces himself04:00 what Maven does06:30 how the macro economy affects startups10:00 recruitment challenges13:00 knock on from big tech redundancies15:00 hybrid working and trends21:30 Inflation - differential effect, supply chains23:40 price setting and price raising - push back, 27:00 different client types - SME vs enterprise 32:40 Interest rates, money supply, ease of funding34:30 difficulty of bank funding40:25 Looking forward44:50 Favourite questionsLinksMaven website - https://www.mavencp.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested bookBad Blood by John Carreyou BioEwan MacKinnonPartner, MavenEwan joined Maven in September 2009 and is based in their Glasgow and Edinburgh offices. He is responsible for new Private Equity investments across Scotland and North East England and is a member of the Maven Investment Committee.Ewan has 25 years’ experience managing, advising and investing in SMEs.  He joined Maven in 2009, having previously worked in Johnston Carmichael’s corporate finance team. Ewan has extensive industry experience, having been managing director of MacKinnons of Dyce Limited, a specialist retail business which was sold to a FTSE 250 listed company in 2006. He has a first-class honours degree from the Aberdeen Business School and is a Fellow of the Association of Chartered Certified Accountants.Outside of work, Ewan enjoys keeping fit, following Manchester United and Aberdeen FC and has a keen passion for music.