Paul Fifield

Today we have a superb episode with an absolute legend, Alan Patricof, Co-Founder of Primetime Partners, Greycroft, and Apax Partners. It’s hard to explain just how important Alan has been for tech and VC. He’s one of the true pioneers in venture capital worldwide, having started his first VC firm in the 1970s, Alan Patricof and Associates, which later became Apax Partners and currently has over ~$80Bn AUM. Alan is an inspiring figure, not only because of his success in the business world but also because of his vitality and contagious optimism. He joined us a day after his 90th birthday and candidly, he had more energy than most people I know. We recorded live on stage at Rise, created by Barclays in NYC for the 2024 Gilgamesh Ventures Summit, an annual meeting where we gather over 150 limited partners, founders, investors, and friends for a series of events and discussions about the future of tech and financial services. In this episode, we discuss: - The early days of Venture Capital and Tech in the 1970s and beyond - Alan grew up in NYC and built his career in NY – how was the city back then? - Building primetime partners to invest in the fastest growing market, people over 60 - Staying healthy. How Alan keeps fit, focused and is closing deals at 90 Years Old - Why your reputation is all that matters in this business… and a lot more! Special thanks to Morgan Borer, Jessica Schaefer, Carlee Snyder, Courtney Dawson, and Carina Oriel! https://bit.ly/4g1HNMU

67

5 Comments

How do the best entrepreneurs see a future you can’t? Alexa von Tobel, Founder and Managing Partner of Inspired Capital, shares her fascinating journey and insights into venture capital in the latest episode of The Full Ratchet. Alexa, a serial entrepreneur and the visionary behind LearnVest, is now at the helm of Inspired Capital, a $900M AUM venture firm. In our conversation, Alexa reveals what makes a great founder, why some markets are ripe for innovation, and how AI is transforming industries. She also dives into the importance of EQ, strategic thinking, and the future of FinTech. This episode is packed with valuable lessons for investors and entrepreneurs alike. Don’t miss out on hearing from one of the most influential voices in venture capital today. Listen to Episode 441 of The Full Ratchet now! Link to the full episode is in the comment section below.

25

1 Comment

The new pronouncements on AI are a big step in the right direction by Keir Starmer, but won't be successful unless the whole of government aligns policy making to optimise for technology and for growth, Rt Hon Rachel Reeves and HMRC included. https://lnkd.in/dcA5tN9d

23

2 Comments

How I help investment directors unlock their portfolio's full potential by ensuring each brand stands out with unique differentiation. As a Fractional #CMO, I’ve found that partnering with investment directors is one of the most rewarding aspects of my work. If you have any questions, or want to discuss how I can support you, book in an introductory call here: https://bit.ly/3VB2SoR  #FractionalCMO #InvestmentStrategy #BrandDifferentiation #PortfolioGrowth

13

Survival of the Fittest in a Shifting Funding Landscape Founders are adopting a low-key approach, focusing their energy on internal growth. Armed with capital secured in 2021, many are strategically revitalising their businesses. But the big question remains: What will the dealmaking landscape look like in 2024? "Overall, capital infusion will be concentrated on a narrower spectrum of companies than in all. The private capital raising landscape is anticipated to be robust, showcasing significant improvement from 2022. However, the capital infusion will be concentrated on a narrower spectrum of companies compared to the prolific scene of 2021." Read More: https://lnkd.in/d3536qvA In the meantime, share your thoughts! Are you a founder facing a funding crunch? How are you adapting your strategy? #StartupFunding #Founders #Growth #DealMaking #SibaPanda

8

The one that's always the elephant in the room Email Subject: “David, I’m having issues with my co-founder. How do we resolve this without blowing up the company?” Response: Co-founder conflicts are so common and can be one of the most challenging aspects of running a startup. Here’s how to approach resolving these issues: 1. Open Communication: Start by having an honest conversation. Address the issues directly, but do so with empathy. The goal is to understand each other’s perspectives, not to win an argument. If you go for the argument then probably game over already. 2. Define Roles Clearly: Often, conflicts arise from overlapping responsibilities or unclear roles. Revisit and clearly define each person’s responsibilities to reduce friction. This can change in months, not years. 3. Set Boundaries: Establish professional boundaries to separate business discussions from personal ones. This helps prevent conflicts from spilling over into your personal relationship. 4. Seek Mediation: If you can’t resolve the issues internally, consider bringing in a neutral third party. A mentor, advisor, or even a professional mediator can provide perspective and help navigate the conflict. 5. Focus on the Mission: Remind each other of the company’s mission and why you started the business together. Aligning on the bigger picture can help put smaller disagreements into perspective. 6. Plan for Disagreements: Put a formal process in place for resolving future conflicts. This could be a pre-agreed method for decision-making when you’re at an impasse. Also make sure you have something for "Divorce" in your shareholders agreement or at the very least a deadlock mech that actually works in reality. 7. Know When to Part Ways: Sometimes, despite best efforts, it becomes clear that the partnership isn’t working. If the conflict is irreconcilable, it might be best to part ways amicably, ensuring the business can continue to thrive. Conflicts between co-founders don’t have to be destructive. You are going to have strained moments and kidding yourself that in 8 years of a startup journey that's not going to happen. Reflection: Think about your current relationship with your co-founder. Are there underlying issues that need to be addressed? What steps can you take today to improve communication and alignment? #founders #conflict #communication #startups https://lnkd.in/gVxTUHdt

2

"CTO titles should be earned, not given out without understanding the responsibilities that come with the title ..." 👀 Episode 19 of Now We Build by Forward Pursuit is now live! I was super lucky to be joined by Hubert Behaghel, former Head of Technology at Sky, Marks and Spencer, Typeform and now the CTO at Veriff! In the episode we covered: 👉🏽 How Hubert builds high functioning tech teams. 👉🏽 Why CTO titles need to be earned and not given out. 👉🏽 Why every startup needs to focus on it's internal tech alongside product. The episode is now live and you’ll find the links in the comments below 👇🏽 Proudly supported by Carta, Google Cloud, Fuelled | B Corp and Seven Legal. #founders #vc #startup #tech

105

19 Comments

Numbers & insights from a deep tech venture studio that launched 11 companies (all are active) in the last 7 years, reaching £85M valuation across the portfolio: 1. Post Urban, initially bootstrapped by Luke Robinson, an academic with a PhD in physics from Cambridge, now operates with external funding from a UK-based fund. 2. Launched 5 companies during the first 5 years and 6 companies during the last 2 years. 3. All 11 completed pre-seed rounds; 1 of them got Series A, 2 of them are approaching their Series A. 4. The startups have collectively raised ~£25M in venture capital, in addition to receiving grants. The total valuation of the 11 companies is ~£85M, half of which have not yet undergone subsequent funding rounds. 5. Initial equity splits: the venture builder 20%, CEOs of startups 35% (vests over 4 years), CTOs – 20-25%, employees 10-15%. 6. The initial valuation of startups was £2 million, with £300K invested by the venture builder. The last 2 startups were at £3.5-4M initial valuation. 7. Building deep tech ventures requires significantly higher initial funding because these projects need more time to develop demonstrable products. Two portfolio companies hit £1M in ARR. 8. The venture builder has increased the capital for the last 2 startups to ensure they reach meaningful milestones. The CEOs of the startups were able to secure additional funding through their networks, £350K and £450K, respectively. 9. The deep tech investor pool is smaller than that for sectors like SaaS, which requires a stronger proof of concept and market readiness to attract funding. 10. 3-4 times, potential customers became investors in Post Urban Ventures. This is a great approach because it secures investment and validates the concept by gauging whether these potential customers truly believe in the solution and its market necessity. 11. They don't start with a technology or an idea; instead, they integrate insights about global problems and, by actively engaging with advisory boards, founders, and industry experts, identify pain points and align them with technological solutions. 12. They do not bring universities in as co-founders but source scientists or professors to contribute to research and development. This involves leveraging academic expertise to support the technical aspects of startup projects until a prototype is developed. 13. The studio maintains strong connections with major academic institutions, including Cambridge, Oxford, Imperial College, and UCL, supporting its deep tech focus and facilitating access to new technologies and potential founders. 14. Areas of focus in deep tech: AI (Knowledge Graphs, NLP, DNNs, Computer Vision, Edge AI, Active Learning), Quantum Technologies, Biotech, AgTech, Enterprise SaaS. Watch the full interview to gain insights into the portfolio companies, handling IP collaborations with universities, key challenges, and team construction: https://lnkd.in/dCi7fZ7G

48

5 Comments

Struggling with M&A? Here’s my advice to the Founder/CEO of a £20M revenue IT managed service provider. Buying businesses can be a much faster, much smarter way to grow. But you do need the time and capability to get it right. Many try to be part-time dealmakers... I advised in vain as the CEO of a £250M revenue firm tried to convince he was best placed to lead M&A (odd as he'd paid for advice on why not succeeding?)... ... Another did park the ego, and we bought 7 companies over the next 12 months (versus 0 the prior 12). The bottom-line is: Delegate. Get someone capable to own the outcome. Build the capability. The business case is simple enough. 1 good deal should more than cover the setup costs. This frees you to focus on the bigger picture: What are you buying? What are you building? And how are you multiplying enterprise value? Want to learn more: https://lnkd.in/egPYqmYh #business #acquisitions #openequity

13

How To Raise Funding For Your Scale-up Scaling up brings a number of challenges, not least of which is raising the funds you need to grow your business. Knowing how is an important first step in any scale up. From knowing what options are available, to what you need to prepare, information is key. All funding sources want to see you’ve prepared for them and you want to make sure they’re the best choice for you. #business #strategy #funding

1

How To Raise Funding For Your Scale-up Scaling up brings a number of challenges, not least of which is raising the funds you need to grow your business. Knowing how is an important first step in any scale up. From knowing what options are available, to what you need to prepare, information is key. All funding sources want to see you’ve prepared for them and you want to make sure they’re the best choice for you. #business #strategy #funding

2

3 Comments

Taavet Hinrikus and I made the Financial Times Due Diligence email. https://lnkd.in/ez2AuGQx One 'unintended consequence' is that if there is a 45% tax on carry and CGT (raising £40m per year, remember) it for all intents and purposes closes the door on new VCs in the UK. Especially started by teams from non-traditional backgrounds. To meet the GP commit, you need to be already part of the 'wealthy' as you cannot rely on the value you create - nearly half of it will disappear - to fund it. We have both had extremely successful startups which are few and far between. The smaller number of new VCs will therefore more likely increasingly be for people who have inherited the capital or can draw it from their already rich family. Probably not want they have in mind with this policy.

32

2 Comments

Yesterday I had the pleasure of appearing on CNBC to talk about the state of tech in the UK and Europe, touching on the state of IPOs vs PE acquisitions, sectors to watch and where the opportunity lies. Thanks for a great discussion Arabile Gumede! Some thoughts from the interview: Signs of Success: The acquisition of UK tech companies by prestigious private equity firms like Thoma Bravo is a testament to the strength and success of the UK tech sector. It's a clear indicator that UK companies are building substantial value and attracting significant international interest. Vibrant Ecosystem: Despite challenges, the UK and Europe boast a vibrant tech ecosystem, particularly in AI, cybersecurity, and fintech. The market has now stabilised post-pandemic, offering a fertile ground for emerging companies to thrive. Opportunity for scale-up investment: Looking at investment into SaaS companies, Europe is on par with the US in the early stages. It is at the scale-up stage that a divide appears – support and more investment into Europe and the UK’s growth companies will further strengthen the region’s tech scene. Watch a clip from CNBC here: https://lnkd.in/d7J8_FNP #Oxx #UKtech #VC #growth

154

8 Comments

Venture debt can be a powerful tool for founders looking to scale without sacrificing ownership. But where do you start? Our new playbook, developed in partnership with Jonny Boyarsky of Literally Helping Startups, breaks down everything you need to know—from choosing lenders to structuring deals aligned with your growth goals. Explore how venture debt can: -Extend your runway -Fuel growth -Support strategic initiatives The best part is you can access these benefits without additional equity dilution. Download the full playbook here: https://hubs.ly/Q02YJXhT0 #venturedebt #growthstage #lenders #nondilutive

4

1 Comment

Industry experts call for tailored AI rules in post-election UK

8

1 Comment

Thinking 🤔 out loud - one of the biggest beneficiaries of GenAI in the enterprise and agentic worfklows will be software PE firms There are so many beaten down SaaS 🦄 they can buy on the cheap and with a GenAI playbook can now reduce costs even more dramatically And as the AI gets better and moves from just the easy stuff like support and code to more complex workflows, the profitability created is going to be 📈 We are going to see a ton of PE buyouts in the months ahead...

83

17 Comments

Building ventures isn’t just about a great idea—it’s about having the right tools and support to make it a reality. At Improbable, our Venture Building platform supports every aspect of your journey, helping founders succeed with tailored services across: - Strategy: Develop actionable business strategies with expert guidance on planning, investor relations, and decision-making. - Legal: Navigate corporate setup, compliance, IP protection, and contracts with precision and speed. - Brand & PR: Elevate your brand with expert media, design, and marketing support to build credibility and engage your audience. - Finance: Gain insights and financial expertise to make informed decisions that drive growth. - IT: Align your systems with your goals to simplify complexity and scale effectively. - Operations: Streamline tools and processes to ensure your business grows efficiently at every stage. - People: Attract and retain top talent while fostering a thriving and positive business culture. - Technology: Overcome challenges and create groundbreaking products using our proven technology solutions. Ready to build your vision? Find out more: https://lnkd.in/epb82uir

22

TLDR: EIS should be scrapped as a fund structure but retained for Angel investments by individuals. Alex Chalmers has done all the work which in 10 years I've never got around to doing: why 95% of EIS/VCT funds are bad for our tech ecosystem, rip #startups off, and why as a Founder you should push back against their stupid fees or not take their money. https://lnkd.in/dnq9ZScS

35

7 Comments

Thank you Michael Jackson for sharing this on your feed. 🌐 This really important framework outline by Lawrence Lundy-Bryan FRSA is a must read for any od the so called "deep tech entrepreneurs" who are are hoping to invest their LPs precious money in the future of humanity. 💡🚀 Bottom Line: We are not prepared. 😱 https://lnkd.in/gfXZbvNS #deeptech #entrepreneurship #futureofhumanity

6