Entrepreneur UK
Page 1 / 68
ENTREPRENEURS LEADING WITH DYSLEXIA/ DASH Water CEO Alex Wright P.64 FROM PAYE TO CEO/ Employee turned entrepreneur P.18 A SMARTER APPROACH TO STARTUP SUCCESS/ Smarter Britain’s CEO Kevin Gaskell P.24 October 2024 / Entrepreneur.com UNITED KINGDOM ANTONY JENKINS, former CEO of Barclays and founder of 10X Banking ON BANKING CHANGE PIONEERING THE FUTURE OF FINANCE WITH A LEGACY OF CHANGE P.12 ANTONY JENKINS 10X BANKING CEO
BOLD FOR THE BOLD UNITED KINGDOM
Contents/October 2024 P.12 Banking on Change 10X Banking CEO Antony Jenkins is pioneering the future of finance with a legacy of change FEATURES ← ANTONY with his wife and Chief Impact Officer at 10x Banking , AMANDA JENKINS.
DOWNLOAD YOUR DIGITAL EDITION HERE UNITED KINGDOM Out now in the UK
5 October 2024 / ENTREPRENEUR.COM / 37 Turning Failure Into Fuel Serial entrepreneur MIKE GREENE shares lessons on harnessing setbacks for growth 40 The Myth of Co-Founders The story of how NADER ALSALIM went from the fast-paced world of investment banking at Goldman Sachs to tackling one of the most personal challenges in healthcare—fertility. ‘TREPONOMICS IN THE LOOP Contents/October 2024 8 Learning Business JOSEPH VALENTE’S journey from hardship to triumph and why mastering business fundamentals is key to entrepreneurial success. 18 From PAYE to CEO How to make the transition from a steady paycheck to the dynamic world of entrepreneurship 50 Smarter Approach to Success KEVIN GASKELL’S vision for empowering entrepreneurs and making business success within reach. BUSINESS UNUSUAL STARTUP SPOTLIGHT FEATURES EDITOR Patricia Cullen patricia.cullen@bncb2b.com CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury EDITORIAL TEAM Tamara Pupic, Aalia Mehreen Ahmed MEDIA SALES MANAGER Olha Kovalova olha.kovalova@bncb2b.com REGIONAL DIRECTOR Andy B. andy@bncb2b.com CONTRIBUTING WRITERS Louise Macnab, Eldar Tuvey, Mike Greene, Nader AlSalim, Alex Wright SUBSCRIBE Contact subscriptions@bncb2b.com to receive Entrepreneur United Kingdom every issue. COMMERCIAL ENQUIRIES sales@bncb2b.com WWW.ENTREPRENEUR.COM/EN-GB Access fresh content daily on our website All Rights Reserved 2024. Opinions expressed are solely those of the contributors. Entrepreneur United Kingdom is officially licensed exclusively to BNC B2B In United Kingdom by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur United Kingdom are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock. 20 Wenlock Road, London, N1 7GU entrepreneurMediaUK entrepreneurUK entrepreneurmedia-uk entrepreneurmedia.uk UNITED KINGDOM 30 Nailing VC Investment Key strategies to win over investors, prove your market fit, and secure the funding your startup needs to thrive. 56 The Top 10 Most Active Venture Capital Firms in the UK Today It wont’ come as a surprise that every last one of these TOP 10 VC FIRMS are headquartered in London. 66 Becoming an Unstoppable Entrepreneur How dyslexic thinking helped spark a global drinks brand. → KAT WELLUM-KENT, the founder of Fractional Finance, a company offering strategic financial growth services for tech startups and scale-ups. p18
6 / ENTREPRENEUR.COM / October 2024 Editor’s Note/ NAVIGATING THE ENTREPRENEURIAL LANDSCAPE TOGETHER Welcome back to the second edition of Entrepreneur United Kingdom W e’re excited to welcome you to the second issue of Entrepreneur United Kingdom, as we continue our journey into the vibrant and ever-evolving world of entrepreneurship. This issue’s cover story features an exclusive interview with Antony Jenkins, founder of 10X Banking and the former Barclays boss who urges entrepreneurs to embrace new thinking, drive transformative innovation, and leverage technology for lasting success. It’s a must-read for entrepreneurs seeking bold insights on using tech and innovation to disrupt industries and fuel growth. We also delve into the world of venture capital (VC) with expert advice from industry leaders like Stuart Ferguson, Investment Partner at Sustainable Ventures, and Julie Cunningham, founder and CEO at Portend. Their top tips on securing VC investment will guide you through the process and help you put your best foot forward in front of investors. In another must-read feature, we pick the brains of The Apprentice winner and multi-million-pound founder Joseph Valente, who passionately hammers home why mastering the art of ‘learning business’ is crucial to long-term success. And if that’s not enough motivation, business turnaround expert Kevin Gaskell shares his empowering strategies to make business success attainable for entrepreneurs everywhere. You’ll also hear the inspiring stories of individuals who made the leap from employee to CEO, as they share how they took control of their futures and built thriving enterprises. Entrepreneurs like Deirdre O’Neill, co-founder and Chief Commercial & Legal Officer at Hertility, and Oliver Cookson, founder of MyProtein, reveal how they turned hobbies and passions into business wins. These are the stories that prove entrepreneurial success can come from the most unexpected places. And, in a powerful reflection on failure, serial entrepreneur Mike Greene explores why it’s often not the end, but a fresh opportunity to innovate. Nader AlSalim, founder & CEO at Gaia, challenges one of the biggest myths in entrepreneurship—do you really need a co-founder to succeed? His take might surprise you. As always, we are dedicated to bringing you the best insights, stories, and advice to inspire and empower your entrepreneurial journey. Thank you for joining us as we continue to grow and learn together. Patricia Cullen Features Editor, Entrepreneur United Kingdom
Learning business with Joseph Valente Joseph Valente’s journey from hardship to triumph and why mastering business fundamentals is key to entrepreneurial success. by PATRICIA CULLEN IMAGES COURTESY JOSEPH VALENTE → JOSEPH VALENTE is the founder of Trade Mastermind. 8 / ENTREPRENEUR.COM / October 2024
9 October 2024 / ENTREPRENEUR.COM / "T he number one thing that every entrepreneur needs to do is to learn is the fundamentals of business. An idea is not enough.” Joseph Valente - winner of The Apprentice - the British business- styled reality game show, and self-made millionaire, reveals how mastering business fundamentals propelled him from a tough upbringing to the helm of the UK’s largest boiler installation company. Discover his blueprint for success and learn why understanding business basics is crucial for any entrepreneur. Valente reveals a classic rags-to-riches story that is a testament to his unwavering determination and sharp business strategies. “Entrepreneurship is about problem solving, money was my problem, and so I needed to learn how to make it.” HUMBLE BEGINNINGS… Valente’s early years were tough. His mum worked multiple jobs to put food on the table, and money was scarce. While other children got whatever they wanted, he had to figure out how to make his own money. Revealing his entrepreneurial spirit early on, Valente had a talent for spotting opportunities and making money from them. By the time he was six, he was already hustling in the playground, selling stickers, Pokémon cards, and whatever else was popular. A few years later, he left school at age 14 and completed a plumbing apprenticeship. At 22, the entrepreneur was already making strides, launching his own plumbing business. By the age of 29, he had transformed it into the UK's largest independent boiler installation company, employing 100 people across major cities. Valente’s philosophy is simple: “If you put yourself out there and go for it, you can achieve anything that you put your mind to.” And with a net worth of $26 million and counting, the proof is in the pudding. WINNING THE APPRENTICE… Valente won The Apprentice in 2015. It was the entrepreneurs intense, hands-on training ground for mastering business. It was a game-changer, giving him “huge confidence and self belief.” Being able to pitch confidently in front of a billionaire and a boardroom was like an apprenticeship in building a business. “You can teach someone a wealth blueprint or a success blueprint, but if they don't believe they can achieve it, then they're never going to execute on the roadmap,” he says. Valente's confidence was challenged in several areas—marketing, sales, team management, and project coordination. It was during this time he came to an important realisation: while many entrepreneurs start businesses because they're great at their craft, they often lack the skills to actually run a business. And that’s where the real opportunity lies. RISKY BUSINESS Lord Alan Sugar, the British business tycoon and host of The Apprentice invested £250,000 in Valente’s boiler installation company, ImpraGas. Reflecting on his publicised fallout with Sugar and the eventual }} → JOSEPH VALENTE and his Trade Mastermind team celebrating their first £1m in monthly sales
10 / ENTREPRENEUR.COM / October 2024 B/The Big Story sale of the company, Valente takes a philosophical view, stating that “everything happens for a reason” and “you don’t know what you don’t know.” “I wasn't naive, I grew things my way. I knew there was a big risk of either getting super rich or going bust. I was conscious of the potential of both of the outcomes. And it went wrong.” However, according to Valente, one bad business doesn't make you a bad businessman. This experience highlighted a key problem: many business owners start out skilled in their trade but lack business acumen. The transition from tradesman to businessman is notoriously difficult, with many failures rooted in inadequate preparation. However, with proper education and knowledge from the beginning, achieving business goals can become significantly easier. “When I exited ImpraGas, I realised that I was a tradesman that built a business. And I'd learned business skills along the way,” he says. This gap in the mind (and market), coupled with the observation that many others faced similar challenges—people eager to grow their businesses but either failing due to a lack of knowledge or hesitating to start because of it -- gave rise to Valente’s second business, Trade Mastermind, in 2020. This training company helps businesses scale by guiding them through the transition from technician to business owner, covering essential fundamentals such as sales, marketing, operations, finance, cash flow, and profit margins. “With 5.4 million businesses in the UK, many run by technicians like hairdressers, accountants, and dentists who lack core business skills, there’s a significant opportunity to reduce failure rates through training and education,” he says. Introducing the 12 steps to building a business—covering company structure, business planning, strategy, marketing, sales, operations, finance, HR, recruitment, supply chain, management information, and exit strategy—Valente hopes to do just that. MORE THAN AN IDEA To rejuvenate the UK economy, it is essential to empower businesses with the skills and tools needed. By the age of 34, the entrepreneur had already founded two companies, each valued in the eight figures. This impressive achievement underscores a crucial point: as the UK government addresses broader economic challenges approaching 2025, it is entrepreneurs like Valente who will drive real change. As an entrepreneur, pitching yourself, your product, and your brand is just the beginning. Equally important is mastering the intricacies of operations, finance, and cash flow. To truly succeed in running a business, you need to excel in all these areas. “Anyone can start a company, but the statistics show that 60% of businesses fail within the first 10 years,” Valente warns. Drawing a comparison to allowing every 16-year-old to drive without a licence, the businessman argues that such an approach would inevitably lead to widespread accidents. Similarly, he questions why we permit millions of people to SUCCESS ISN’T JUST ABOUT HAVING A GROUNDBREAKING IDEA—IT’S ABOUT MASTERING THE ‘GAME OF INFORMATION.” “ → JOSEPH VALENTE and ANT MIDDLETON, best selling author of Military Mindset and leadership expert.
11 October 2024 / ENTREPRENEUR.COM / start businesses without fundamental business skills and then accept high failure rates as an inevitable outcome. “To succeed long-term, you need to understand business fundamentals and have strong business acumen. An entrepreneur who combines problem-solving skills, innovation, and core business knowledge can thrive in any environment.” Valente offers the solution - his program provides entrepreneurs with the essential tools and strategies to scale their businesses to seven figures. “The secrets of the rich have been acquired by the rich and some want to keep it to themselves, others want to share it, and these are the 12 pillars that we teach in our 7-Figure Business Builder.” SCALING TO SUCCESS After building two eight-figure companies by his mid-thirties, Valente is setting his sights even higher. His next ambition? To forge A £1 billion training empire that will reshape the landscape of business skills in the UK. Valente underscores a crucial lesson for aspiring entrepreneurs: success isn't just about having a groundbreaking idea—it's about mastering the "game of information." To thrive, business owners must not only innovate but also understand the intricacies of building and scaling a business. He is resolute in his vision. “I will create a billion-pound training company that will empower the 5.4 million businesses in the UK,” Valente declares. “Together, we will generate hundreds of billions of pounds for the UK economy. And then when I'm done with that in the next couple of years, I'll move on and do it across the globe.” With a track record of success and an unwavering commitment to Improving business expertise, Valente's next chapter promises to be nothing short of transformative. → The 2015 Apprentice winner is an accomplished entrepreneur who has leveraged his victory to launch a successful business career. “ONE BAD BUSINESS DOESN’T MAKE YOU A BAD BUSINESSMAN.”
12 / ENTREPRENEUR.COM / October 2024 → ANTONY JENKINS, former CEO of Barclays and founder of 10x Banking . ON BANKING CHANGE PIONEERING THE FUTURE OF FINANCE WITH A LEGACY OF CHANGE by PATRICIA CULLEN ANTONY JENKINS 10X BANKING CEO
13 October 2024 / ENTREPRENEUR.COM /
“WHEN WE TALK ABOUT 10X, WE MEAN MAKING BANKING TEN TIMES BETTER, NOT JUST A LITTLE BIT BETTER.” I n the ever-evolving landscape of fintech, few stories resonate like that of Antony Jenkins. As the founder of 10x Banking, a company focusedon transforming the banking experience through technology, and former CEO of Barclays, Jenkins’ journey from a stalwart of traditional banking to a trailblazer in financial technology embodies a remarkable pivot. His path offers invaluable insights for aspiring entrepreneurs and established industry leaders alike. Bridging the old and the new Jenkins’ shift from the corridors of Barclays where he served as CEO from August 2012 until July 2015, to the forefront of fintech wasn’t just a career change - it was a revolution in thinking and highlights a crucial lesson for aspiring entrepre- neurs. “Entrepreneurs really need to think about the world in a different way, “ he says. This mindset shift can unlock new opportunities and drive your journey forward. Reflecting on his extensive career in the financial services sector, Jenkins emphasises the impact of outdated technology on his impetus to innovate. “In my previous career, I was continually struck by how poor the technology was,” Jenkins reveals. “It impeded my ability to serve customers, utilise data, and drive down costs effectively.” This frustration with the limitations of traditional systems inspired his transition to entrepreneurship. For Jenkins, the key to disrupting the financial system lies in understanding the problem, exploring innovative solu- tions, and aiming for transformative rather than incre- mental improvements. “When we talk about 10x, we mean making banking ten times better, not just a little bit better,” he asserts. “If your solution is only marginally better than existing options, why would anyone choose it?” Navigating the transition Jenkins recognises that transitioning from a high-profile position at Barclays to starting his own venture presented both familiar challenges and new experiences. This transition not only required him to adapt his extensive corporate experience to a more dynamic environment but also demanded a willingness to embrace uncertainty. “Running any business involves developing a product, creating market fit, acquiring customers, and managing resources,” he notes. “These elements are fundamental whether you’re leading a massive corporation or a small startup.” However, the agility of a startup presents unique advantages. “In an entrepreneurial company, you have the privilege of moving quickly and adapting constantly,” Jenkins explains. This speed enables rapid experimenta- tion and adaptation, allowing startups to course-correct efficiently. He contrasts this with the slower pace and resource constraints often encountered in large organisa- tions. Despite these advantages, Jenkins also highlights the intensity of the entrepreneurial journey. “The highs are higher and the lows are lower,” he says. “Building some- thing from scratch can be incredibly rewarding, but the lack of resources at times can make the challenges more daunting.” The constant need to balance limited resources with ambitious goals is a defining aspect of the startup experience. → 10X BANKING is revolutionising banking with cutting-edge technology. 14 / ENTREPRENEUR.COM / October 2024
15 October 2024 / ENTREPRENEUR.COM / IMAGES COURTESY 10X TO DRIVE REAL CHANGE, YOU MUST BE WILLING TO DISRUPT YOUR OWN ASSUMPTIONS AND CONSTANTLY SEEK WAYS TO REDEFINE WHAT’S POSSIBLE.” Emerging trends shaping the future of fintech As fintech continues to evolve, Jenkins identifies several key trends that will redefine the financial services industry. He points to advancements in underlying technologies as a primary driver of change. “The rise of cloud computing and AI has dramatically transformed the landscape,” he observes. “These technologies enable faster develop- ment and deployment, making it possible to rethink finance funda- mentally.” Jenkins compares the current era to the dot-com boom of the late nineties, noting how cloud technol- ogy has revolutionised the fintech sector. “We no longer need to invest heavily in physical infrastructure,” he explains. “The cloud provides scalable computing power at a fraction of the cost, which is crucial for innovations like AI.” He also emphasises the importance of understanding the regulatory and capital-intensive nature of financial services. “Finance is unique in its scale and regulation,” Jenkins notes. “While fintech has seen a surge of consumer-facing businesses, the real transformation will come from rethinking the entire financial system over the next few decades.” Preparing for the future at 10x At 10x Banking, Jenkins and his team are focused on leveraging advanced technology to address the evolving needs of financial institu- tions. “We’ve built tools that allow banks to handle data more effec- tively and apply AI in real-time,” he says. “Our goal is to empower traditional banks to remain relevant and successful in a rapidly changing world.” Jenkins emphasises the impor- tance of maintaining a purpose- driven approach while scaling the business. “From the beginning, we’ve been committed to making banking ten times better for banks, their customers, and the societies they serve,” he explains. This commit- ment is underpinned by core values of transformation, integrity, and impact. His journey illustrates the significance of maintaining core values and purpose while scaling a business. He reflects, “Getting the }} → 10X BANKING VOLUNTEERING: Empowering communities through meaningful engagement.
16 / ENTREPRENEUR.COM / October 2024 right people doing the right work in the right way is the heart of any successful business.” This prin- ciple, reinforced through his experience at 10x, demonstrates that a steadfast commitment to values and effective talent management are essential for sustainable growth. As 10x Banking grows, Jenkins acknowledges the challenge of balancing rapid expansion with preserving the company’s culture. “Scaling requires different types of people and processes,” he says. “We continuously reflect on our work, streamline processes, and drive productivity to maintain our ability to deliver effectively.” The Importance of agility and leadership One of the key factors contributing to 10x’s success has been its ability to remain nimble despite rapid growth. Jenkins attributes this agility to the company’s strong team and iterative approach. “GETTING THE RIGHT PEOPLE DOING THE RIGHT WORK IN THE RIGHT WAY IS THE HEART OF ANY SUCCESSFUL BUSINESS.” ← ANTONY with his wife and Chief Impact Officer at 10x Banking , AMANDA JENKINS.
17 October 2024 / ENTREPRENEUR.COM / “We’ve built a powerful organisation that can quickly adapt to new opportunities and technolo- gies,” he notes. “Our team’s ability to execute efficiently has been a major factor in our success.” In terms of leadership qualities, Jenkins empha- sises the importance of seeing the world differently and having the drive to bring innovative solutions to life. “Entrepreneurs need to be visionaries who can conceive new ways of solving problems,” he explains. “This requires a combination of creativity, resilience, and the ability to stay calm under pressure.” For example, Jenkins admires Steve Jobs for his ability to connect technology with human needs. “Jobs didn’t just create technology; he made it relevant to people’s lives,” he says. “His vision and commitment to improving user experiences exemplify the impact that visionary entrepreneurs can have.” When asked about unconventional decisions, Jenkins highlights the entire venture of founding 10x Banking as a significant and unconventional choice. “Starting a fintech company with my background was a bold move,” he reflects. “I’ve been fortunate to have the resources and experience to make it happen.” OUR TEAM’S ABILITY TO EXECUTE EFFICIENTLY HAS BEEN A MAJOR FACTOR IN OUR SUCCESS.” What next? Looking ahead, Jenkins is focused on scaling 10x Banking and expanding its global reach. “We have a strong pipeline and are dedicated to leveraging our technology to solve critical problems for banks,” he concludes. “Our mission is to continue pushing forward and making a positive impact on the financial industry.” Jenkins’ journey from traditional banking to fintech innovation underscores the transforma- tive power of technology and visionary leadership. As 10x Banking continues to redefine banking, Jenkins remains committed to his mission of making financial services ten times better for everyone involved. His approach underscores that the essence of entrepreneurship lies in challenging the status quo and transforming industries through groundbreaking solutions. Jenkins encapsu- lates this ethos succinctly, stating, “To drive real change, you must be willing to disrupt your own assumptions and constantly seek ways to redefine what’s possible.” → 10X BANKING META core launch
18 / ENTREPRENEUR.COM / October 2024 T he transition from a steady paycheck to the unpredictable world of entrepreneurship is a daunting one. For those contemplating such a leap, insights from three successful entrepreneurs provide a compelling glimpse into the trials and triumphs of this bold move. CEO PAYE FROM TO → KAT WELLUM KENT, the founder of Fractional Finance, a company offering strategic financial growth services for tech start-ups and scale-ups. by PATRICIA CULLEN 9-TO-5 TO ENTREPRENEURIAL SUCCESS Kat Wellum-Kent, the founder of Fractional Finance, a company offering strategic financial growth services for tech start-ups and scale-ups, had long harboured the ambition of running her own accountancy practice. A serendipitous encounter with Michelle Kvello, a notable figure in accounting, who also made the Top 50 Women in Accounting by Ignition, proved to be a catalyst. “After a couple of hours of chatting, my ambition had been reawakened. I spent the rest of the afternoon mapping out the business I wanted to create, who I wanted to help, and what problems I wanted to solve,” she says. That same evening, she established her company and handed in her resignation the following day. Driven by a clear vision for both her business and her family’s future, Wellum-Kent found the motivation needed to navigate the rollercoaster of entrepreneurship. “I’ve got a vision board as my desktop background and I’ve also got it laminated in the shower. Seeing that on the tough days gives me an extra push. }}
19 October 2024 / ENTREPRENEUR.COM / “MISTAKES ARE ALSO PART OF THE PROCESS. FIGURE OUT THE LEARNING AND THEN MOVE ON. KAT WELLUM-KENT”
20 / ENTREPRENEUR.COM / October 2024 A nd I also think it’s really important to remember that whether you are having an up or a down, it will pass. So appreciate the highs, accept that the lows are inevitable and focus on what you can do to move on from it as quickly as possible,” she advises. Wellum-Kent stresses the importance of trusting one’s instincts. She acknowledges that her frequent second- guessing led to unnecessary stress, but she also views mistakes as valuable learning experiences. “Mistakes are also part of the process. Figure out the learning and then move on,” she adds. What would the entrepreneur say to someone currently in a PAYE job who dreams of starting their own busi- ness? “Don’t quit on a bad day. Are you dreaming of starting your own business because you want to be an entrepre- neur or is it because you don’t like your job? Are you moving towards something new or are you running from something old? Starting your own business isn’t the easy route, you’ve got to really want it, but it’s incredibly rewarding.” Starting his first business at 15, James Griffith, CEO and co-founder at Mous, an award-winning, global tech accessories company, always knew he wanted his own business. He describes his ‘aha’ moment as when he realised he could only get so far working on a business during weekends and evenings. “I needed to take a leap of faith. Our first idea was a disaster, but the lessons we learnt were invaluable – les- sons I wouldn’t have gained in a corporate job. Finding my co-founder Josh, a talented engineer, gave me the confidence to give it a shot. We attended a workshop run by Virgin StartUp and secured a loan, which really motivated us to go for it. It was more about believing in ourselves than the initial idea and that belief paid off.” The entrepreneur encourages others to begin creating something right away, emphasising that a business doesn’t have to be unique; it just needs to be better than the competition. He believes there’s no better time than now to get started. “It’s easier to start a business before you have a family. I have a 10-month-old baby now and while I have a supportive family, I wouldn’t want to put them through the startup phase now nor would I want to guarantee £ 2 million worth of debt like I did back then. My advice? Start as early as possible.” Entrepreneurship isn’t always smooth sailing. After leaving her PAYE job, Emma Castle, founder and creative director of Bright Island, a creative agency collective, faced a unique set of challenges. She found the absence of daily interaction to be particularly disorienting. “I had left my job to take some time off, to reset, and to TRANSITIONING FROM BEING AN EMPLOYEE TO RUNNING MY OWN BUSINESS REQUIRED ME TO REFRAME EVERYTHING—MY APPROACH TO PERSONAL DEVELOPMENT, MY SELF-BELIEF, MY WORK HABITS, AND HOW I GENERATED INCOME.” EMMA CASTLE. → JAMES GRIFFITH, CEO and co-founder at Mous.
21 October 2024 / ENTREPRENEUR.COM / adjust to living outside of London, but instead, I felt disoriented. Even though I had savings, the idea of not earning money every day made me anxious. Transitioning from being an employee to running my own business required me to reframe every- thing—my approach to personal development, my self-belief, my work habits, and how I generated income,” she says. Her advice for those still in employment but dreaming of starting their own business is to begin building their personal brand while still working. This approach helps lay the groundwork for future ventures and develops an income strategy. “Ensure your finances are as secure as possible before making the transition. Seek guidance and advice from a variety of sources. Stay curious, explore your strengths in the context of running a business, and build a network of people who can complement your skills” she advises. She adds that it takes time and doesn’t happen overnight, so you’ll need patience and confidence in yourself. “Ultimately, build a business that aligns with how you work, rather than how you think it should operate.” “MY ADVICE? START AS EARLY AS POSSIBLE. JAMES GRIFFITHS.” → EMMA CASTLE, founder and creative director of Bright Island.
22 / ENTREPRENEUR.COM / October 2024 1/THE SLEEP GAME CHANGER The first thing I do in the morning is remove my mouth tape - a routine from the previous evening. As the founder of a growing business that demands mental clarity and focus, waking up feeling energised is essential. My wellbeing goal for 2024 has been to improve my sleep quality. While mouth taping may not suit everyone, as someone who tends to sleep with their mouth open, it’s been a game changer for me. Breathing through the nose rather than the mouth can help promote deeper, more restful Rapid Eye Movement (REM) sleep. REM sleep is considered the deepest stage of sleep and is characterised by rapid movement of the eyes, vivid dreaming, and increased brain activity. Interestingly, it is closely associated with neural plasticity, and studies have shown that people who get enough REM sleep are better at solving complex problems and thinking creatively. 2/ ENERGISE WITH SUNLIGHT I make a conscious effort to get sunlight on my face as soon as I wake up, so I’ll step out into the garden for around 5-10 minutes. Research suggests that morning light exposure helps you to feel alert during the day and set your natural circadian rhythm. I’ve definitely noticed a difference in my focus and concentration since I’ve been doing this. I find it’s also great for regulating my stress levels. If it’s not too cold, I’ll walk on the grass barefoot, a practice referred to as “grounding”. It’s supposed to be good for calming the nervous system and regulating cortisol levels. I’m not sure if there have been any scientific studies on this, but I do feel like it provides me with a sense of calm, especially as I accompany it with some deep breathing. Starting my day as calmly as possible helps me feel ready to tackle whatever comes next. There’s a lot of ‘firefighting’ in a start- up, so approaching work with a cool and collected mindset makes all the difference to me. 3/WALKS THAT SPARK CREATIVITY Next, I’ll take my dog for a walk. She’s only seven months old, so she has lots of energy, which is great for me as I get in some morning exercise chasing her around (she’s still mastering recall!) The walk provides me with some quiet time to strategise over any particular challenges that I may be working through or to mentally prepare for an important meeting that may be scheduled for that day. I tend to have my best ideas when I’m relaxed (like when I’m walking in nature). 1 2 3 B/Lifestyle According to LOUISE MACNAB Six Morning Routines for Successful Entrepreneurs
23 October 2024 / ENTREPRENEUR.COM / 4/ENHANCING PRODUCTIVITY WITH CYCLE SYNCING Depending on when my first meeting or call is, I’ll do some cardio for about 45mins, usually a bike ride on the Peloton. I find it helpful to ‘cycle sync’ which is when you tailor your training schedule to match the different phases of your menstrual cycle. This method recognises that hormone levels vary throughout the menstrual cycle and can influence energy levels, mood, cognitive abilities, and physical performance. This is different to men, who, instead of having a month-long hormone cycle like women, have a 24- hour cycle that allows them to have a fresh start every morning. Cycle syncing is great for productivity - I find that working with my body’s natural rhythm helps me optimise productivity during high-energy phases and avoid burnout during lower-energy times. 5/ BREAKFAST FOR LASTING ENERGY I’ll then have breakfast. Usually, it’s a smoothie or an acai bowl which I add my morning JERMS to, of course! JERMS contains probiotics, prebiotic fibre, digestive enzymes and organic superfoods and vitamins in an unflavoured powder so it’s a super quick and convenient way for me to ensure that my gut microbiome is getting everything it needs to flourish! I’ll also have my first matcha of the day then. I switched a few years ago from coffee to matcha for a more sustained energy boost. I read that it’s better to delay your morning caffeine intake by 90 minutes to 2 hours after waking to allow your cortisol (a hormone that helps you feel alert and awake) levels to naturally start decreasing. When you drink caffeine immediately upon waking, you might experience a quick energy spike followed by a crash. By waiting, caffeine can help bridge the gap when your natural energy starts to dip - I certainly find that it keeps me more energised and focused for longer. 6/FOCUS IN THE QUIET Then it’s time to get to work! If I don’t need to be in London for meetings, I work from home. Contrary to most people, I prefer having my office at home rather than a co-working space, as I find I concentrate better when there’s no background noise or conversation happening around me. Even back in my school days, I always needed complete silence to study! I start by reviewing my calendar, quickly skimming through emails that have come in and then jotting down my to-do list for that day in order of priority. I prefer to do this the old-fashioned way using pen and paper as I find there’s something satisfying about crossing off a completed task. It’s the small things! 4 5 6 Louise Macnab is the founder of JERMS, a gut health brand on a mission to redefine how we think and feel about gut health by celebrating our good gut bacteria. Their hero product Daily Gut launched last year and is available in retailers such Selfridges, Whole Foods, Daylesford and Planet Organic. Before launching JERMS, Louise previously spent a decade as a corporate lawyer working in New York, Brussels & London advising companies including Google, Uber & the New York Stock Exchange.
24 / ENTREPRENEUR.COM / October 2024 E ntrepreneurship should be accessible and motivating for future business leaders, says the man who ‘fixes businesses.’ Kevin Gaskell, the mastermind behind transformative successes at Porsche, Lamborghini, and BMW, is now channelling his expertise into empowering entrepreneurs. Step forward Smarter Britain. This innovative technology platform offers a straightforward path to mentorship, funding and advice, making entrepreneurship more accessible and inspiring. This initiative is set to revolutionise the startup ecosystem, and was born from Gaskell’s interactions with students and aspiring entrepreneurs revealing a common challenge. “They dream of starting their own business, but are discouraged because they simply don’t know how to begin. Smarter Britain is my response to that concern,” he explains. His aim is to make starting a business straightforward—no jargon, no assumed knowledge, no barriers, and no paywalls. With a top-tier track record in transforming brands, Gaskell is the perfect person for the job. A SMARTER APPROACH TO STARTUP SUCCESS → KEVIN GASKELL, chairman, ITS Technology Group. KEVIN GASKELL’S VISION FOR EMPOWERING ENTREPRENEURS AND MAKING BUSINESS SUCCESS WITHIN REACH by PATRICIA CULLEN
25 October 2024 / ENTREPRENEUR.COM / BMW’S GROWTH PLAYBOOK Gaskell led BMW UK as Managing Director from 1996 to 2000, spearheaded a period of remarkable success, delivering record growth and amplifying profitability by an impressive 500%. This extraordinary growth was driven by an unwavering focus on quality, innovation, and customer experience. “We redefined the brand by introducing technology and product and process design which ensured every customer interaction reflected our commitment to excellence,” Gaskell shares. He emphasises the importance of creating a frictionless and enjoyable customer experience. “We encouraged our entire team to recognise that price is not a number, it is an experience. If your business can provide your clients with a frictionless and fun experience, those customers will become advocates and return for more, often bringing other customers with them,” he notes. For entrepreneurs, this translates to investing in innovation, cultivating a strong brand, and consistently exceeding customer expectations, as exemplified by his leadership, which demonstrates how strategic vision and execution can }} IMAGES COURTESY KEVIN GASKELL
26 / ENTREPRENEUR.COM / October 2024 transform a business’s trajectory. COMMON SCALING PITFALLS Even the most proficient entrepreneurs face challenges, and Gaskell was no exception. Scaling a business is fraught with difficulties, and the entrepreneur identifies several typical mistakes encountered along the way. “One common mistake is growing too quickly without a solid foundation. Entrepreneurs can get caught up in the excitement of expansion and overlook the importance of having robust systems and processes in place,” he warns. To avoid the common pitfall, Gaskell advises entrepreneurs to scale at a measured pace, ensuring operational efficiencies and adaptability to market needs - because scaling isn’t just about ramping up revenue and expanding operations. “True scaling is about creating a model that can handle growth without sacrificing quality or efficiency,” Gaskell clarifies. He emphasises that scaling involves strategic planning, technological investment, and a shift towards long- term sustainability. “It’s not just about doing more; it’s about doing it better,” Gaskell asserts. LESSONS FROM TURNAROUNDS Reflecting on his leadership roles at Porsche, Lamborghini, and BMW, Gaskell underscores the importance of adaptability, effective communication, and team alignment in overcoming challenges. “During the turnaround at Porsche, we encountered significant market challenges and internal resistance to change,” he recalls. “By remaining flexible and adapting our strategies, we were able to overcome these obstacles and achieve growth.” He also emphasises that effective communication and cohesion within the team were crucial in navigating these challenges, highlighting the role of transparency and adaptability in leadership. “Transparent and open communication is essential for building team confidence and driving progress,” the entrepreneur asserts. SCALING ADVICE Gaskell offers some counterintuitive advice for those looking to scale their businesses. “Embrace failure as a learning opportunity and don’t shy away from taking calculated risks,” he suggests. “Some of the greatest innovations come from experimenting and understanding what doesn’t work.” Additionally, he underscores the significance of a strong company culture. “Often overlooked, a positive and resilient culture can be a powerful driver of success, especially during periods of rapid growth,” Gaskell points out. An interview with Gaskell wouldn’t be complete without highlighting his extreme challenges in the outdoors - be it polar expeditions or rowing records-that reflect his resilience and determination. This same mindset of embracing adversity and staying committed is crucial in the business world. “These experiences push me beyond my comfort zone and teach me about perseverance and teamwork,” he notes. DRIVING POSITIVE CHANGE Looking ahead, Gaskell is excited about projects leveraging technology for social impact, such as building fiber networks in underprivileged areas and advancing the electric vehicle sector. He will continue to hand on his expertise and the entrepreneurial baton through Smarter Britain. “My entrepreneurial journey continues to be driven by my passion for creating sustainable and meaningful change.” THEY DREAM OF STARTING THEIR OWN BUSINESS, BUT ARE DISCOURAGED BECAUSE THEY SIMPLY DON’T KNOW HOW TO BEGIN. SMARTER BRITAIN IS MY RESPONSE TO THAT CONCERN.” Entrepreneur Middle East Managing Editor Tamara Pupic interviewing Indra Nooyi at the 14th Emirates Airlines Festival of Literature → The entrepreneur helped turn around businesses such as Porsche and Lamborghini.
27 October 2024 / ENTREPRENEUR.COM / Passion Projects Discover how hobbies drive entrepreneurial success and personal growth through creativity, resilience and team building. by PATRICIA CULLEN How Entrepreneurs Turn Hobbies into Business Wins As an entrepreneur your sole focus is your business. Spending time on anything outside of that seems absurd. Except it’s not. Hobbies fuel creativity, resilience and teambuild- ing - unlocking pathways to personal and professional growth. Entrepreneur UK talks to founders who have found transferable power in their pastimes. }}
28 / ENTREPRENEUR.COM / October 2024 FROM FITNESS TO FORTUNE/ When people hear Oliver Cookson’s name, they often think of MyProtein or his latest wellness venture, Verve. While he is incredibly proud of his business achievements, Cookson says there’s so much more to his life than balance sheets and nutrition sales. “My hobbies aren’t just pastimes; they’re the driving forces behind my entrepreneurial journey and continue to shape my life today,” he says. It all started in the gym. As a young fitness enthusiast, Cookson was constantly searching for the perfect protein supplement to fuel his workouts. This obsession led him to create MyProtein, transforming his passion into a multimillion-pound business. “Even now, with the company sold and new ventures in play, you’ll still find me pumping iron regularly. The gym isn’t just about maintaining my physique; it’s where I clear my head, push my limits, and often find inspiration for my next big idea,” he adds. However, Cookson’s true passion lies in house music. While building his first business, his days were consumed with suppliers and customers, but nights and weekends were reserved for the club scene. His musical endeavours garnered early endorsements from industry giants like John Digweed and Damien Lazarus. “In recent years, I’ve turned my hand to producing music as my latest way to unwind from the intensity of building and running businesses. The thrill of creating something from nothing is addictive – much like starting a business.” Cookson regards hobbies not as distractions, but as integral to his success. “The discipline I’ve learned from working out, the creativity sparked by music production, and the networking opportunities in the club scene have all contributed to my entrepreneurial journey.” He advises fellow entrepreneurs to embrace their passions, as these interests offer the balance and inspiration essential for thriving in business. ““I’m known for my bootstrapping approach to business, and backing yourself is a key part of that. In the world of entrepreneurship, you never know where your next big idea might come from.” CYBER SECURITY TO ICE BATHING/ Hobbies can provide a valuable perspective shift, offering a much- needed break and a fresh outlook when the demands of entrepreneurial life become overwhelming. Andrew Mason, co-founder of cybersecurity consultancy Pentest People, discovered a common thread of resilience and facing challenges head-on in both cyber security and ice bathing. This realisation came after he stepped outside his comfort zone after reading a book by Dutch motivational speaker Wim Hof. “The lessons learned from my outdoor adventures and ice bathing have been invaluable personally and professionally,” he says. His team also embraced the Wim Hof Method, experiencing profound impacts from these cold-water challenges. “One minute you’re freezing cold, walking out into the darkness in the middle of the night with head torches on, then you take your clothes off and jump in a lake. You often can’t see the bottom, it’s pitch black but when you do something like that with your team, you really bond. The teamwork and bonding that come from experiences like that are brilliant.” Mason acknowledges that while some staff may initially resist such challenges, those who engage really benefit gaining mental resilience, improved physiology, and enhanced cardiovascular health. MY HOBBIES AREN’T JUST PASTIMES; THEY’RE THE DRIVING FORCES BEHIND MY ENTREPRENEURIAL JOURNEY” ‘T/Pro Oliver Cookson, founder of MyProtein, turned a £500 loan into a £306 million sale to The Hut Group. Amrit Dhaliwal, CEO of home care network Walfinch.
“Drawing on my own life-changing encounter with the Wim Hof course, I urge everyone to do something that takes them away from the norm. Embarking on a journey that pushes you out of your comfort zone will enhance not only your professional growth but also your personal development beyond the workplace,” he adds. CRAFTING CALM/ Deirdre O’Neill, co- founder at women’s health company Hertility creates sculptures out of clay in her spare time and reaps the benefits in her professional life. “When you’re building a business with such a profound mission to change women’s lives, the pressure is huge, so it’s hard to decompress. Getting time to sculpt is rare but amazingly therapeutic,” she says. Her art serves as a tangible reminder of the intricate and often misunderstood aspects of the female body, aligning with Hertility’s goal to demystify and treat women’s health conditions. “Sculpting the female form in particular is a reminder that for too long, women’s bodies have been ‘too complicated’ to understand and their health conditions ‘elusive’ so it’s part of our mission to change that,” she adds. BLOOMING SUCCESS/ In 2021, Jessica Lorimer, founder of the Selling to Corprate podcast, landed an allotment plot and it served as much more than just a new found hobby. “As someone who owned a flat with a balcony, working full time to build their business, I wasn’t sure how much time I’d have to create a fully functioning allotment. But along came Covid-19 and I was suddenly forced to use my leisure time to get outside,” she says. A perfectionist by nature, Lorimer found gardening, with its myriad of uncontrollable factors, to be an ideal remedy, encouraging patience and offering clarity. The local allotment holders, all aged 65 and above, offered wisdom that Lorimer now applies in her professional life. “Four years on, I’ve taken those failed potato harvests and broccoli plants that got eaten by birds and gained patience and perspective in other areas of my life and business. I’m less ‘immediate gratification’ these days and more focused on being happy with imperfect action. It’s clearly working because I’m working half the hours that I used to - but making better money, prioritising my health more and am much more resilient towards curveballs,” she adds. FRANCHISING AND FITNESS/ Amrit Dhaliwal, CEO of national home care franchise Walfinch first went to a gym aged 16, now, at 37, with a young family and a growing business, he’s still weight training four times a week. “Weight training teaches discipline, pushing towards goals, while using your brain to plan ahead. These transferable skills have helped me build a business in five years with an on-target turnover of £18 million Lifting weights and exercise is also relaxing; when mind and body work together you can think of nothing else.” Dhaliwai also conducts walking staff meetings, and makes ‘Walking With Walfinch’ podcasts, where he walks and talks with influential people about business and care. “Movement is so important for mental inspiration and wellbeing,” he adds. From gym routines to gardening, these entrepreneurs reveal that hobbies are not just leisure activities but powerful catalysts for professional success and personal development. Whatever challenges you face-be it strategic clarity, financial management, or team alignment-embracing your passions might just provide the breakthrough you need. 29 October 2024 / ENTREPRENEUR.COM / Deirdre O'Neill, Co-Founder & Chief Commercial & Legal Officer at women's health company Hertility. Jessica Lorimer, founder of the Selling to Corporate podcast, has guided over 20,000 entrepreneurs in selling their services to corporate clients. Andrew Mason, Co-Founder of Leeds-based Pentest People
30 / ENTREPRENEUR.COM / October 2024 S ecuring venture capital (VC) for your startup can feel like a daunting process, but with insights from seasoned investors and founders who’ve successfully navigated the VC world, the path to success becomes much clearer. Here’s how you can learn from their expertise and make your fundraising journey smoother. Entrepreneur UK brings together top experts in VC, sustainability, risk management, and startup growth. They’ll share actionable advice on securing funding, building investor trust, harnessing technology and data, and demonstrating product-market fit. Keep reading to learn how to navigate the funding landscape and position your startup for success. Nailing VC Investment: A UK Startup Strategy Discover key strategies to win over investors, prove your market fit, and secure the funding your startup needs to thrive. by PATRICIA CULLEN B/Funding
31 October 2024 / ENTREPRENEUR.COM / SOLVE PROBLEMS, SHOW VALUE Stuart Ferguson, Investment Partner at Sustainable Ventures— the largest climate tech hub in Europe, head- quartered in London— highlights the impor- tance of addressing real customer problems. The hub has supported over 500 businesses from startup to success. He advises that founders must clearly demonstrate how their technology addresses these challenges in a cost-effective way to stand out to investors. “Bringing new tech- nologies to market is hard as you have to displace incumbent solutions or overcome customer apathy – gain- ing insight into exactly what problems your customers are facing will help you tailor and enhance your technology to develop clear competi- tive advantage and increase the speed of customer adoption,” he says He further advises entrepreneurs not to shy away from directly asking potential customers about their challenges and what they want from your prod- ucts. Most customers are willing to offer their time to early-stage entrepre- neurs, especially if you have innovative technol- ogy to share. Engaging with them early on can provide valuable insights and strengthen your product’s appeal. “Finally, if you can show that you have a credible value proposi- tion with clear adoption drivers and you can demonstrate that your team can scale that value proposition, then finding investors will be relatively easy,” he adds. TRUST THROUGH TRANSPARENCY Ivan Nikkhoo, Manag- ing Partner of Navigate Ventures, a B2B enterprise SaaS fund focused on early to mid-growth stages with offices in Los Angeles and London - encourages entrepreneurs to be transparent about their fundamentals and unit economics as they navigate between Series A and B growth rounds. Nikkhoo emphasises that honesty in these areas is crucial for building credibility with investors. This authen- ticity not only sets the groundwork for a trustworthy relationship but also lays a strong foundation for future interactions as the business evolves. “VCs want the highest possible return and must have confidence in the company’s plan for achieving this. But there’s no value in overinflating projections or the market opportu- nity - it’ll only come back to haunt the founder further down the line,” he says. Nikkhoo’s perspective is particularly relevant in an environment where }} ↑ Team of medical professionals and staff from GAIA IVF company IF YOU CAN SHOW THAT YOU HAVE A CREDIBLE VALUE PROPOSITION WITH CLEAR ADOPTION DRIVERS AND YOU CAN DEMONSTRATE THAT YOUR TEAM CAN SCALE THAT VALUE PROPOSITION, THEN FINDING INVESTORS WILL BE RELATIVELY EASY.” STUART FERGUSON “ ↓STUART FERGUSON, Investment Partner at Sustainable Ventures, specialising in sustainability- focused projects and investments.
32 / ENTREPRENEUR.COM / October 2024 many startups face pressure to show rapid growth, often leading to unrealistic expectations. He emphasises that honesty and transparency are key to earning investor trust, even if your numbers aren’t as strong as you’d like. By maintaining a clear line of communication, founders can foster a more supportive atmosphere where investors feel engaged and informed about the company’s trajectory. He believes that being upfront about your challenges not only builds credibility but also strengthens relationships with investors—some- thing that can make all the difference when securing funding and support for future growth. In an industry where every decision can have significant ramifications, the importance of integrity cannot be overstated. Founders who embrace this approach are often better equipped to navigate the complexi- ties of scaling their businesses, thereby enhancing their chances of long-term success. “Trust is built when founders present realistic and achievable projec- tions and openly discuss risks and uncertainties,” he adds. EMBRACE DATA-DRIVEN DECISIONS Julie Cunningham, founder and CEO of Portend, a risk protection agency based in London, emphasises the modern shift in investment dynamics that influence funding opportunities. “Securing investment today is all about transparency and hard facts; the days of relying solely on trust are long gone,” she notes. The rise of big data, AI, and machine learning has completely transformed investment analysis, portfolio optimization, and risk management. These advanced tech- nologies allow investors to make smarter, data-driven decisions, identify opportunities faster, and manage risk more effectively than ever before. “These technologies allow us to deliver real-time insights and manage risks effectively,” she explains. Cunning- ham highlights how real-time data and predictive analytics enable fund managers to not only make informed decisions but also monitor investments with early-warning systems. “Automation simplifies SECURING INVESTMENT TODAY IS ALL ABOUT TRANSPARENCY AND HARD FACTS; THE DAYS OF RELYING SOLELY ON TRUST ARE LONG GONE.” JULIE CUNNINGHAM “ ↓IVAN NIKKHOO, Managing Partner of Navigate Ventures, overseeing the firm's strategic investments and growth initiatives in the technology sector. ↑JULIE CUNNINGHAM, founder and CEO of Portend, leading the company's vision and strategy. B/Funding
33 October 2024 / ENTREPRENEUR.COM / processes, providing proactive solutions and empowering investors and VCs with better decision- making capabilities.” LEVERAGE WARM INTRO- DUCTIONS Building relationships and leveraging your network can make all the difference in getting your foot in the door and standing out from the crowd. Sebastian Peck, Lead Partner for the UK at KOMPAS VC, an early- stage venture capital firm based in the Netherlands, advises that to maximise your chances of securing startup funding, it’s crucial to obtain an introduction to a VC. “If you come recom- mended by someone the VC trusts and respects, you will get their attention.” These endorsements not only establish your credibility but also create a personal connection that makes your pitch more memorable. Building these relationships can help you bypass initial hurdles and engage with potential investors in a more impactful way. PROVE PRODUCT-MARKET FIT Simon Hood, co-founder & CEO of London based Sooper Books, a children’s story streaming service backed by all five Dragons from Dragons’ Den as well as investors such as Monzo’s founder Tom Blomfield and Ada Ventures, is an expert on attracting VC funding. His extensive experience in the startup ecosystem has provided him with valuable insights into what modern investors seek. He notes that in the past 18-24 months, the landscape has shifted significantly, influenced by changing economic conditions and investor sentiment. Today’s VCs are increasingly focused on tangible results and growth rather than just groundbreaking ideas, making it essential for founders to adapt their strategies accordingly. “Our tip would be to focus on proving product- market fit and demonstrat- ing how you will scale. Investors will likely be looking for a minimum of 10-15% month-on-month organic growth.” This emphasis on measurable outcomes reflects a broader trend among VCs to prioritise sustainability and long-term viability over mere innovation. Hood advises entrepreneurs to clearly articulate their growth strategies and provide data-backed evidence of their progress. By showcasing a solid understanding of their target market and how their product meets those needs, startups can build a compelling case for investment. Ultimately, this approach not only improves the chances of securing funding but also positions founders as credible leaders capable of steering their companies toward enduring success. Landing VC investment means solving real problems, being upfront and data-savvy, proving your market fit, and building strong, personal connections to make your startup shine. FOCUS ON PROVING PRODUCT-MARKET FIT AND DEMONSTRATING HOW YOU WILL SCALE.” SIMON HOOD “ → SEBASTIAN PECK, Managing Partner at KOMPAS VC, focusing on investment strategies and venture development. → SIMON HOOD, Co-founder and CEO of Sooper Books, dedicated to creating engaging and educational storytelling experiences for children.
34 / ENTREPRENEUR.COM / October 2024 ‘T/Strategies Beyond the Chequebook Your Choice of Investors Can Make or Break Your Startup ELDAR TUVEY, the co-founder of Vertice is here to debunk the myth that an investor’s value is determined simply by the amount they invest. Having founded and exited ScanSafe and Wandera for a combined $600M, he's well-versed in the world of investors. M y advice to fellow entrepreneurs is to choose VCs and angels with extreme care. As a third- time founder, the notion that an investor’s value is determined simply by the amount they invest is dangerously misleading. You need investors who will truly have your back, especially when challenges arise- whether it’s an internal issue like staff retention or external pressures from tough macroeconomic conditions. If your investors are only in it for a quick flip and don’t take the time to build a genuine relationship or deeply understand your business so they can offer meaningful support, advice and even practical help, you’ll find it far harder to create a successful IMAGE COURTESY VERTICE → VERTICE founders Eldar and Roy Tuvey
35 October 2024 / ENTREPRENEUR.COM / and resilient company. When evaluating potential investors, get a sense of their reputation in the market from other investors and founders. Ask yourself: Do they negotiate in good faith? Do they understand your space, dynamics, and challenges? Do they provide some insight to you or just hoover up your intel for their own gains? These are crucial questions to consider. The financing process takes a while and involves many steps. As you go through the process, consider the following: do they do what they say they will do? Are they helpful? Do they understand your space? These are all signs that an investor is a good fit. If your investors are only in it for a quick flip and don’t take the time to build a genuine relationship or deeply understand your business so they can offer meaningful support, advice, and even practical help, you’ll find it far harder to create a successful and resilient company. We found out which investors were standing shoulder to shoulder with us when we had a buyer for our company pull out at the last minute. We’ve also seen an investor’s value first hand when they roll their shirt sleeves up and get stuck in to help fix issues, recommend talent and vouch for us in partnership discus- sions. With decades of experience scaling SaaS companies, my top advice for fellow entrepreneurs is straightforward: nothing beats staying the course. Never, ever give up. Stay persistent, work hard, and eventually, things will fall into place.” Vertice, founded in 2021 by Eldar and Roy Tuvey, is a leading platform designed to help CFOs and procurement leaders optimise software costs. Leveraging their past successes with Wandera and ScanSafe, the Tuvey brothers created Vertice to reduce cloud and SaaS expenses by 25%. Since its inception, Vertice has achieved a 7x increase in ARR, raised $25 million in Series B funding, and manages over $3.4 billion in SaaS spend globally. With 30% of its workforce dedicated to R&D, Vertice remains at the forefront of innovation. NEVER, EVER GIVE UP. STAY PERSISTENT, WORK HARD, AND EVENTUALLY, THINGS WILL FALL INTO PLACE.”
EMPOWERING THE VISIONARIES OF THE UNITED KINGDOM UNITED KINGDOM
37 October 2024 / ENTREPRENEUR.COM / Turning Failure Into Fuel Lessons on harnessing setbacks for growth. by MIKE GREENE ← MIKE GREENE, author of Failure Breeds Success.
38 / ENTREPRENEUR.COM / October 2024 S/Insights U nlock the power of failure. Entrepreneurs often worry about it, but by embracing setbacks, you learn what doesn’t work, push the boundaries to innovate, and cultivate the resilience needed to succeed. That’s why we at Entrepreneur United Kingdom are asking entrepreneurs to share their personal stories of how they’ve turned troubles into triumphs. U nder the banner of Turning Failure Into Fuel, Mike Greene, a serial entrepreneur and host of Success Is A System podcast shares insights on embracing failure and overcoming adversity. From homelessness to scaling mountains, his story is a testament to resilience and the transformative power of learning from setbacks. Greene knows a thing or two about overcoming failure - he has even written a book about it ! “When writing the book with an experienced ghostwriter, we discussed potential titles. I suggested “Failure Breed Success,” and she objected, advising against using ‘failure’ in the title. She cautioned that using “failure” could discourage readers, citing society’s tendency to ignore failures. However, I believe modern society often underestimates its significance. Nearly every successful individual— → The entrepreneur is recognised for his innovative business ventures and success. IMAGES COURTESY MIKE GREEN whether a businessperson, entrepre- neur, athlete, or politician—has faced setbacks on their journey to success. Mastery in any skill often begins with overcoming initial challenges, where persistence in the face of repeated failures proves essential. Since childhood, whenever things didn’t go as planned, my mom instilled in me the mindset of resilience. Her advice was always clear: “When someone knocks you down, get up, dust yourself off, and keep moving forward.” This early lesson taught me that setbacks are a natural part of life. It’s important not to dwell on them but instead to gather strength, learn from the experience, and continue growing. After losing my first business and becoming homeless due to fire damage, my wife and I took odd jobs to get by. Despite initial self-pity, a visit to the library turned my perspective around. Discovering a self-help book by Richard Branson, I realised failure didn’t define me. It inspired me to become an avid reader, believing in the adage that readers become leaders. Reflecting on my failures, I saw them as opportunities to learn and grow. I acknowledged gaps in my business knowledge and committed to improving in areas like financial management and marketing. This shift in mindset taught me that failure is integral to success, pushing me beyond mediocrity. When people question why I focus on failure, I explain that learning from others who have bounced back is crucial. Reflecting on my own experiences, despite business failures in my twenties, I achieved significant success. Stepping back, I realised I was mostly right—about 90 to 95%. The remaining 5% posed risk, like a flawed recipe ingredient. I improved by strengthening financial knowledge, considering hiring a financial director, and practising delayed gratification. Embracing failure taught me to
39 October 2024 / ENTREPRENEUR.COM / address weaknesses and leverage strengths for future challenges. My podcast Success As A System focuses on interviewing individuals like Charlie Mullins, and Dame Mary Archer. I’ve come to realise that cliché as it may sound, the real reward in life lies in the journey itself, and failure is an inevitable part of every journey. Many successful people share that if given the chance, they’d embrace failure even more because they understand that beyond failure lies great rewards that most people never attain due to their fear of failure. This perspective has led me to actively pursue endeavours with risks, knowing the power of overcoming them. For instance, in a month, at 60 years old, I’ll be trekking up a mountain on the Russian-Georgian border, over 5,000 metres high, through deep snow. Despite the risks involved, I know the exhilaration of standing at the summit, having experienced it on mountains like Kiliman- jaro. The temporary pain and hardship vanish the moment you achieve your goal. People often hear cliche quotes like ‘failure is not fatal’ and discard them as such, rather than saying they’re a cliche, because they’re said a lot. Look at failure and say, ‘Can I go again?’ After falling during an acclimatisation climb for Kilimanjaro, I returned four years later. On the descent, I broke my fibula and tibia. People would sympathise, saying it was a shame I couldn’t conquer the mountain. Though well-meaning, their comments stirred something in me—I hadn’t failed Kilimanjaro, just that attempt. I never doubted I would return and achieve it. And I did, 4 years later. Looking to advise entrepreneurs today I would say build a brand, not an ego. In 2024, many are caught up in the influencer culture, striving to appear successful by renting luxury cars or staying in lavish villas. They’re creating a facade of success, but the time spent on maintaining this image could be better used achieving genuine success. An obsession with appearing successful stems from a deep fear of failure, but if you avoid failure, you’ll never be truly successful. A combination of education, work ethic and self belief makes you EMBRACING FAILURE TAUGHT ME TO ADDRESS WEAKNESSES AND LEVERAGE STRENGTHS FOR FUTURE CHALLENGES.” unstoppable. Education extends beyond formal schooling; it’s about daily learning, whether through reading or embracing timeless wisdom. A mentor doesn’t have to be sat next to you; they can be someone from history whose insights live on in books, audio, or videos. For me, my book is partly biographical, guiding readers to create a strategic plan. More importantly, it’s about leaving a mark that says: if someone like me can succeed, then anyone can. I’ve failed, I’ve been bankrupt, I’ve been homeless. It’s all a part of me and the recipe of my life. “ ↓ An entrepreneur, growth mentor, consultant, and speaker on strategic change and leadership.
40 / ENTREPRENEUR.COM / October 2024 S Q&A This myth of the “perfect co-founder” is one of many preconceived notions about entrepreneurship that can slow down potential business builders. AlSalim’s message is simple: support is crucial, but you can find it by building the right team, attracting investors, and staying true to your mission. His company, Gaia, was born from I n the world of startups, there’s a prevailing myth that every successful venture requires a co-founder—that a partner in crime is a necessity to get your idea off the ground. Nader AlSalim, CEO and Founder Gaia, however, discovered firsthand that this isn’t always true. “If you have, or find the right one, great, but don’t settle and don’t let not having a co-founder delay you from starting your business,” he advises. IMAGES COURTESY GAIA The Myth of Co-Founders Imagine going from the fast-paced world of investment banking at Goldman Sachs to tackling one of the most personal challenges in healthcare—fertility. That’s exactly what Nader AlSalim has done. And he has done it solo. by PATRICIA CULLEN / ↓NADER ALSALIM, Founder & CEO at Gaia
41 October 2024 / ENTREPRENEUR.COM / deeply personal experience—an experience that not only shaped his startup but also fuels his drive. Gaia is much more than a business; it is a mission. “The entrepreneur- ial journey is full of ups and downs, and it’s crucial to have the right people by your side,” James explains. For him, that support didn’t come in the form of a traditional co-founder, but through the strong relationships he built with his team, investors, and the people Gaia serves. }Trust Your Own Path Entrepreneurship is often a balancing act between taking advice from those who’ve been there before and forging your own path. “Be cautious about the advice you receive,” says AlSalim. “It can quickly become overwhelming, as so many people are eager to share their insights, experiences, and advice.” Amidst a flood of guidance, it’s easy to lose sight of what truly matters—the original spark that led you to start your business in the first place. He reminds fellow entrepreneurs to remain selective. “Stay true to your vision, trust the experience that shaped your idea, and remember why you started in the first place.” In his case, it was his personal struggle with IVF that gave him a unique insight into the shortcomings of the fertility industry, which would later shape Gaia’s mission. }} OUR MISSION IS SIMPLE: TO GIVE ANYONE WHO WANTS A FAMILY THE CHANCE TO TRY.” ↑ Team of medical professionals and staff from GAIA IVF company
42 / ENTREPRENEUR.COM / October 2024 Gaia’s approach was simple: challenge the status quo. “Not everyone achieves success, often because they follow the same conventional paths,” according to the entrepreneur. Thinking outside the box is crucial for setting yourself apart in a competitive landscape. And with Gaia, AlSalim embraced an unconventional route—one that prioritised patient experience and financial accessibility over the industry’s established practices. }From Personal Struggle to Global Impact The idea for Gaia didn’t come to AlSalim straight out of a business school or tech incubator. It came from a personal, life-altering experience—his own challenging journey to parenthood. “In 2019, after personally navigating the significant challenges associated with IVF, I founded Gaia with the ambition of sparing others from experiencing the same struggles,” he shares. Navigating multiple IVF clinics, investing over £50,000, and enduring years of emotional and physical exhaustion, AlSalim realised that the fertility process was broken—both financially and emotionally. While he and his wife were ultimately fortu- nate enough to welcome their son, many others weren’t so lucky. “I couldn’t shake the feeling that the fertility industry could (and should) do better.” Gaia was founded to provide a solution. “Our mission is simple: to give anyone who wants a family the chance to try.” Gaia’s model reimagines the traditional approach to IVF, which can often be financially prohibitive for many couples. One of the most significant barriers to fertility treatment is the upfront cost, with many people abandoning their IVF journey due to financial strain. “34% of people abandon treatment early because IF YOU HAVE, OR FIND THE RIGHT ONE, GREAT, BUT DON’T SETTLE AND DON’T LET NOT HAVING A CO-FOUNDER DELAY YOU FROM STARTING YOUR BUSINESS.” S Q&A / ↓GAIA’S first baby Eddie
43 October 2024 / ENTREPRENEUR.COM / of the expense,” James notes. Gaia’s innovative payment model alleviates this burden. Instead of facing hefty upfront costs, couples pay less to start IVF treatment and only pay for a successful outcome. “If they don’t have a child, they don’t pay for their treatment,” he says. Gaia’s approach eliminates the financial stress and uncertainty, allowing couples to focus on what truly matters—their journey to parenthood. }Changing the Game, One Baby at a Time In just five years, Gaia has already had a profound impact. From helping the first family welcome their son, Eddie, to now celebrating over 100 Gaia babies born, the company is making waves in the fertility space. “Our members are having a baby every six days,” AlSalim shares proudly. What started as a deeply personal mission has grown into a global movement, with Gaia now operating in both the UK and the US, supported by a dedicated team of 38 employees. Gaia’s growth is a testament to its mission and its innovative model. With over $20 million in equity funding from investors who share the company’s vision, Gaia is well-positioned to continue making fertility treatment accessible for all. For entrepreneurs reading this, the story of Gaia is a reminder that inspiration doesn’t always come from a polished business plan or a tech breakthrough. Sometimes, it comes from deeply personal experiences and the desire to solve real-world problems. “Don’t be deterred if your big idea hasn’t come to you straight out of school or university,” AlSalim advises. “Sometimes, the most impactful ideas come from life experience.” }The Entrepreneurial Takeaway Entrepreneurs often feel the pressure to conform to certain myths—the need for a co-founder, the idea that success must follow conventional paths, or the belief that the right idea will strike at a specific time in life. Gaia’s story proves otherwise. It’s about trusting your journey, surrounding yourself with the right team, and staying laser-focused on your mission. Whether you’re in the throes of startup life or still searching for your breakthrough idea, remem- ber this: some of the best compa- nies are built not by following the well-trodden path, but by redefin- ing it entirely. As AlSalim puts it, “This is just the beginning of our journey, so watch this space!” → PLAYBOOK accelerates career growth for women through expert-led Masterclasses and an engaged community that enables women to keep learning and leading. STAY TRUE TO YOUR VISION, TRUST THE EXPERIENCE THAT SHAPED YOUR IDEA, AND REMEMBER WHY YOU STARTED IN THE FIRST PLACE.”
PASS-IT-ON ETHOS James Crummie, co-founder of Too Good To Go, a company tackling food waste, and a business mentor at Virgin StartUps acknowledges that it can be isolating when you start a business, so being connected with other founders allows you the opportunity and freedom to ask the ‘stupid question.’ “It enables you to share challenges with fellow entrepreneurs and seek an outside-in perspective on how you can address it - essentially it is like building a support network which can help you scale your business faster,” he says. For first time founders, or even those thinking about starting a business it can be hard to know where to start, where to get that confidence to take the leap. Highlighting the gap in knowl- edge sharing Crummie points out that the majority of first-time entrepreneurs are unlikely to have a network that can show them the basics from incorporat- ing a business to raising capital. “An ecosystem that supports entrepre- neurs helps to take away many of these obstacles so that businesses can thrive and be a source of positive impact,” he says. In these communities and ecosystems, there’s a strong culture of sharing and passing on knowledge or resources. “Being a founder of a purpose driven business I have always seen people within various ecosystems wanting to help - they have understood my vision for Too Good To Go and have wanted to support in various ways. As a result, I am always eager to give back to a community that has given me so much.” In The Loop/ F or entrepreneurs, community is everything. It’s your hub for support, resource-sharing, and building invaluable connections. Whether you’re looking for expert advice, mentorship, or simply a place to brainstorm, being part of a vibrant network can dramatically boost your ability to overcome obstacles and accelerate your growth. COMMUNITY Let it supercharge your entrepreneurial journey by PATRICIA CULLEN → JAMES CRUMMIE, co-founder at Too Good To Go / ENTREPRENEUR.COM / October 2024 44
45 October 2024 / ENTREPRENEUR.COM / LEVERAGING ECOSYSTEM SUPPORT In the competitive world of startups, community and networking are vital lifelines. “It is well-known that most startups (70%) fail within their first five years of operations - due to a myriad of competitive, capital, and production barriers encountered as they cross the Valley of Death,” says Lauren Pilgreen, Head of Startup Innovation at Sustainable Ventures, a company that invests in and supports sustainable start-ups. “However, our average 84% survival rate is well above the industry average ↑ LAUREN PILGREEN, Head of Startup Innovation at Sustainable Ventures due to our community and networking that underpins our ecosystem model for climate technologies.” A recent survey reveals that access to formal acceleration programs and expanding personal networks are game- changers in overcoming growth and financial bar- riers. The Sustainable Ventures community enabled DAME and Batch.Works to create the world’s first 3D- printed free-vend tampon dispenser from recycled strawberry punnets, showcasing the power of collaborative innovation. “This collaboration is one example of how, when provided with the right support system and infrastructure, startups can help each other achieve the coveted snowball effect,” says Pilgreen. Likewise Dr. Anas Nader, CEO of Patch- work Health, found the NHS Clinical Entrepre- neur Programme (CEP) pivotal in launching their health tech startup. It provided essential knowledge and skills in OUR AVERAGE 84% SURVIVAL RATE IS WELL ABOVE THE INDUSTRY AVERAGE DUE TO OUR COMMUNITY AND NETWORKING THAT UNDERPINS OUR ECOSYSTEM MODEL FOR CLIMATE TECHNOLOGIES.” LAUREN PILGREEN “ → DR. ANAS NADER, CEO of Patchwork Health
46 / ENTREPRENEUR.COM / October 2024 navigating the NHS landscape, securing funding, and scaling operations. This support enabled Patchwork to grow to over 100 employees, partner with 56 NHS organisations, and raise £ 27million in funding. “The CEP community and its expertise have been instrumental in our growth,” says Dr. Nader. “Access to broader healthtech and entrepre- neurial insights has been pivotal, enabling us to navigate complexities and avoid potential hurdles,” he says. HOLISTIC SUPPORT SYSTEM A strong community can be a game-changer, offering the support and connections that make all the difference. Alex Depledge MBE, CEO of Resi, an architec- tural tech start-up, illustrates the transforma- tive power of community through her involvement with Foundrs, a network of tech founders that has become indispensable to her business life, and emphasises the vital role of this 450-strong private tech founders’ group. “Outside my co-founder this community is the most important relation- ship I have in business”, she says. Describing real-life community events as “dimensional shifting,” Depledge cites the messaging platform they use as the most important part of the group. Whether it’s support around her child having THE CLINICAL ENTREPRENEUR PROGRAMME COMMUNITY AND ITS EXPERTISE HAVE BEEN INSTRUMENTAL IN OUR GROWTH.” DR. ANAS NADER ↓ ALEX DEPLEDGE, CEO at Resi FINDING MY CO-FOUNDER GAVE ME THE CONFIDENCE TO GIVE IT A SHOT. COMMUNITY SUPPORT TRANSFORMED OUR IDEA INTO A SUCCESSFUL BUSINESS.” JAMES GRIFFITHS In The Loop/
47 October 2024 / ENTREPRENEUR.COM / ADHD or finding a great employment lawyer, the platform provides quick and effective solutions. “It operates on a 100% pay it forward mentality and it is free, so its a safe place where you can be vulnerable,” she adds. TAPPING INTO COLLECTIVE INTELLI- GENCE Sara Daw, co-founder of The CFO Centre, which provides flexible CFO services globally, has seen firsthand the benefits of community. By cultivating a global network of dedicated CFOs, her company has not only distinguished itself but also fueled its impressive growth. The businesses they partner with and the CFOs in the network gain unparal- leled access to collective intelligence, harnessing the power of collaboration and shared knowledge. “Indeed, the resulting entrepreneur- ial community gains insights, powerful introductions, and contacts not only from the CFO community but their clients, suppliers, partners, and wider networks”, she says. Communities empower entrepre- neurs by providing confidence, diverse perspectives, innovative ideas, and strong mutual support. Daw credits this community nurturing with creating a snowball effect of growth and success. “It will multiply reach, presence, knowhow, and resources to bring even further growth and give access to markets and networks otherwise unavailable.” Networks: accelerating growth and connections. Want in? James Griffiths, co-founder of Mous, a tech accessories company, illustrates key lessons in entrepreneurship and community support. Mous has grown to serve over 1.8 million customers globally and was valued at £65 million in early 2023. Griffiths began his entrepreneurial journey at age 15. He emphasises the benefits of starting young, noting that fewer personal and financial obligations make early ventures more feasible. Reflecting on his experience, Griffiths states, “I now have a 10-month-old baby and while I have a supportive family, I wouldn’t want to put them through the startup phase now or take on £2 million of debt like I did back then. My advice? Start as early as possible!” A significant factor in the entrepreneurs success was finding the right co-founder, Josh Shires, a skilled engineer. This partnership, combined with support from Virgin StartUp—where they attended a workshop and secured a loan—was crucial. Griffiths notes, “Finding my co-founder gave me the confidence to give it a shot. Community support transformed our idea into a successful business.” Griffiths underscores the importance of self-motivation in entrepreneurship. While community support is valuable, personal drive is essential for navigating the challenges of business ownership. As Griffiths puts it, “If you need external motivation to keep going, starting a business might not be for you.” INSIGHTS from James Griffiths, Building Success with Community ↓ SARA DAW, co-founder of the CFO Centre → JAMES GRIFFITHS, co founder, Mous
THE TOP 10 UNICORNS IN THE UNITED KINGDOM The United Kingdom has always been a hotbed for tech innovation, birthing over 100 tech unicorns over the years. Today, the UK is home to 87 active privately held startups, each valued at over US $1 billion allowing each to reach the coveted “unicorn” status. These unicorns operate in a broad range of sectors, from cleantech to crypto, from healthtech to gaming, and proptech to fintech; each are applying disruptive technologies or business models to disrupt existing sectors or creating brand new ones. Fintech is by far the most common industry amongst the list of UK tech unicorns, with 18 currently operating in the space. These include six of the country’s leading challenger banks, including OakNorth Bank, Revolut, Starling Bank, and Monzo. This dominance comes as no surprise, given that fintech consistently ranks as the UK’s top-performing high-growth industry, attracting more equity investment than any other startup sector. As of 2023, Artificial Intelligence (AI) companies have become the biggest recipients of equity investments, knocking fintechs off the coveted top position. Nine of the companies listed in the 2024 unicorn report feature artificial intelligence in their products, but AI is still in its early-adoption stage. The question isn’t will we see AI firms take-over the global unicorn list, but when we should expect to see this happen. Here is a list of the top 10 unicorns in the UK according to Dealroom data analyzed by Lucidity Insights’ research team. 48 / ENTREPRENEUR.COM / September 2024
49 September 2024 / ENTREPRENEUR.COM / Company Sector Funds Raised (US $) Valuation (US $) 1 2 3 4 5 6 7 8 9 10 FNZ Revolut Rapyd Blockchain.com The Access Group Checkout.com Global Switch Ion Group Octopus Energy SumUp Fintech / Wealth Management Fintech / Neobanking FinTech / Mobile Payments Blockchain / Crypto Exchange Software / Business Management E-commerce / Payments Data Center / Real Estate IT Software / Web Development Cleantech / Energy Efficiency Fintech / Mobile Payments $1.4 billion $1.7 billion $770 million $600 million $1.3 billion $1.8 billion n/a $439 million $2.5 billion $662 million $20.0 billion $18.0 billion $15.0 billion $14.0 billion $12.0 billion $11.0 billion $10.5 billion $9.2 billion $9.0 billion $8.5 billion TOP 10 UNICORNS IN THE UNITED KINGDOM, BASED ON VALUATION (MAY 2024) 49 September 2024 / ENTREPRENEUR.COM /
50 / ENTREPRENEUR.COM / October 2024 50 / ENTREPRENEUR.COM / September 2024 Let’s take a closer look at each of these unicorns, to get a feel for each of them. Sector: Fintech / Wealth Management Sector: Fintech / NeoBanking Founded: 2003 Founded: 2015 Funds Raised: US $1.4 billion Funds Raised: US $1.7 billion Valuation: US $20 billion Valuation: US $18 billion Founded in 2003 by current Group CEO, Adrian Durham, FNZ is a global financial services company that provides investment platforms to major financial institutions and wealth management firms. Its end-to-end wealth management platform integrates modern technology, business operations, and investment services to help financial institutions and asset managers deliver differentiated value to end investors and advisors. FNZ has partnered with over 650 financial institutions and 12,000 independent wealth managers worldwide, manages a staggering US $1.5 trillion in assets under administration (AUA). Founded in 2015 by current CEO Nik Storonsky and CTO Vlad Yatsenko, Revolut is a global neobank and financial technology company that offers banking services for retail customers and businesses. It provides accounts and debit cards that can be used abroad with no foreign transaction fees and a “real” exchange rate with no further fees. Revolut offers a suite of financial services including peer-to-peer payments, currency exchange, foreign exchange, p2p and bank transfers & remittances, ATM withdrawals, donations, hotel and experience booking. The European Central Bank granted Revolut a full banking license in 2021 when its valuation was US $33 billion, making it the most valuable UK tech startup at the time. The company’s customer deposits reached US $15.5 billion in 2022, and as of December 2023, Revolut had more than doubled its headcount, employing over 7,500 people in over 30 countries. 1. 2. FNZ REVOLUT
51 October 2024 / ENTREPRENEUR.COM / 51 September 2024 / ENTREPRENEUR.COM / Sector: Fintech / Mobile Payments Sector: Blockchain / Crypto Exchange Founded: 2016 Founded: 2011 Funds Raised: US $770 million Funds Raised: US $600 million Valuation: US $15 billion Valuation: US $14 billion Founded in 2016 as a consumer-mode e-wallet called CashDash by current CEO Arik Shtilman, VP Arkady Karpman, and GM Omer Priel, Rapyd is a global payments platform which allows customers to utilize various financial services, including payouts, fund pooling, payments, foreign exchange, card issuance, and virtual IBAN accounts. Today, Rapyd has operations in over 100 countries, over 250,000 merchant clients globally, and an expansion of the Rapyd Global Payments Network to over 1,200 payment methods supported by 18 settlement hubs. The company has raised US $470 million, acquired the payment service provider KORTA, and partnered with both MasterCard and Visa, boasting a portfolio made up of Tier 1 enterprise clients including Adidas, Google, Ikea, Meta, Netflix, Rappi, and Uber. Founded in 2011 as “Blockchain.info” by current CEO Peter Smith along with board member Nicolas Cary and Benjamin Reeves, Blockchain.com is a Bitcoin block explorer service, as well as a cryptocurrency wallet and a cryptocurrency exchange supporting Bitcoin, Bitcoin Cash, and Ethereum. The Blockchain.com platform lets you access Bitcoin, Ethereum, and other leading cryptocurrencies, and customers can also use a card or bank account to buy crypto, earn rewards, connect to DeFi, and explore blockchain data. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020 when Blockchain.com had 40+ million wallets created in over 140 countries. 3. 4. RAPYD BLOCKCHAIN.COM
52 / ENTREPRENEUR.COM / October 2024 Sector: e-Commerce / Payments Sector: e-Commerce / Payments Founded: 1991 Founded: 2009 Funds Raised: US $1.3 billion Funds Raised: US $1.5 billion Valuation: US $12 billion Valuation: US $11.0 billion Founded in 1991 by current CEO Chris Bayne, CFO Rob Binns, and CSO Jon Jorgensen, The Access Group is a business software company that provides business management software to over 100,000 organizations across the UK, Ireland, the US, and the Asia Pacific region. The Access Group is passionate about helping organizations thrive and grow, and specializes in serving small and mid-sized organizations, both commercial and not-for-profit. They offer a range of business management solutions that streamline operations and boost productivity, and their dedication to product innovation and service excellence has empowered ambitious businesses like APXpress and the Fawcett Society for over 30 years. Founded by CEO Guillaume Pousaz in 2009 (previously Opus Payments), Checkout.com is a British multinational financial technology company that processes payments for other companies. It offers a global payment platform that supports online, mobile, subscription, and issuing payments. It also provides fraud detection, identity verification, and intelligent acceptance tools to boost your performance and customer experience. In May 2020, Checkout.com acquired Australian company Pin Payments, allowing Checkout.com to expand into the Australian and New Zealand markets. It had a valuation of US $40 billion in 2022, making it the most valuable European fintech startup. 5. 6. THE ACCESS GROUP CHECKOUT.COM
53 October 2024 / ENTREPRENEUR.COM / Sector: Data Center / Real Estate Sector: IT Software / Web Development Founded: 1998 Founded: 1998 Funds Raised: n/a Funds Raised: US $439 million Valuation: US $10.5 billion Valuation: US $9.2 billion Founded in 1998, Global Switch is a leading owner, operator, and developer of large-scale network-dense, carrier, and cloud-neutral multi-customer data centers in Europe and Asia-Pacific. Global Switch is one of the world’s highest credit-rated data center providers, with investment-grade ratings from Fitch, Moody’s, and S&P Global Ratings. Its network is home to some of the most forward-thinking public and private organizations of all sizes, who rely on it to house their mission-critical IT infrastructure and connect them seamlessly to a diverse choice of telecoms, internet, and cloud providers. Founded in 1998 by CEO Andrea Pignataro, ION Group is a global financial software and data firm that plays a crucial role in transforming the way businesses operate through automation technology. ION Group provides insights and tools for accessing and analyzing data from global capital markets, enables efficient trading and risk management, facilitates connectivity to exchanges and markets, and streamlines operational processes. By automating repetitive tasks, ION encourages creativity and long-term thinking, challenges boundaries, and questions assumptions to drive transformative leaps. ION Group serves over 100,000 organizations across various sectors and regions globally, and recently raised $276 million through separate loan sales in Europe and the US aimed at distributing cash to shareholders and strengthening its cash reserves. 7. 8. GLOBAL SWITCH ION GROUP
54 / ENTREPRENEUR.COM / October 2024 Sector: CleanTech / Energy Efficiency Sector: Fintech / Mobile Payments Founded: 2015 Founded: 2012 Funds Raised: US $2.5 billion Funds Raised: US $562 million Valuation: US $9 billion Valuation: US $8.5 billion Founded in 2015 by CEO Greg Jackson, Octopus Energy is a renewable energy group that stands out for its commitment to providing great value, green energy, and innovative smart tariffs. Octopus Energy has won more awards for customer service than any other energy supplier, and their standard prices are consistently cheaper than those of other large suppliers as they focus on long-term affordability rather than just fixed-term deals. Octopus Energy already manages £6 billion of green energy projects globally, and plans to invest £15.5 billion in offshore wind projects by 2030. Founded in 2012 by current CEO Daniel Klein, along with Jan Deepen, Marc- Alexander Christ, and Stefan Jeschonnek, SumUp is a financial technology company that offers smart tools to help businesses grow, from taking payments and processing orders, to customer acquisition and managing money. Over 4 million businesses have already chosen SumUp to be their partner as the company provides a suite of financial services including peer-to-peer payments, currency exchange, foreign exchange, p2p and bank transfers & remittances, ATM withdrawals, donations, hotel and experience booking. SumUp raised just under US $307 million in 2023 and aims to use this funding to grow its business both organically and inorganically. The company has plans to launch additional financial services around its existing card readers and other point-of-sale tools, expanding its current offerings which include invoicing, loyalty programs, and business accounts, while expanding its geographical reach beyond the 36 countries where it currently operates. 9. 10. OCTOPUS ENERGY SUMUP
55 October 2024 / ENTREPRENEUR.COM / Don’t forget, these are just the top 10 of 86 active unicorns headquartered in the United Kingdom to date. Bolstered by companies like these being flag bearers for the next generation of startups, the UK’s thriving tech ecosystem showcases a blend of innovative ideas, robust investment, and a willingness to embrace disruptive technologies. This dynamic environment reflects a broad spectrum of opportunities for growth and transformation. Looking ahead, the key questions are how these unicorns will sustain their growth amidst increasing competition and how they will evolve in response to global economic challenges and technological advancements. The future of tech is bright, with many exciting developments on the horizon across the globe.
56 THE TOP 10 MOST ACTIVE VENTURE CAPITAL FIRMS IN THE UK TODAY In the United Kingdom, a vibrant venture capital (VC) landscape has given rise to some of the world’s most active firms supporting the growth of startups and fostering the development of local, regional and global entrepreneurial ecosystems. We dug into the data and present to you the 10 most active VC firms in the UK, highlighting their significant contributions to the startup ecosystem based on the EMEA VC Investor Prominence Rank developed by Dealroom. The algorithm uses a comprehensive analysis that evaluates portfolio size, total value of the current portfolio, total deals, level of activity in the past 12 months, the ability to spot ‘winners’ in the early seed stage, and the number of unicorns and ‘predicted soon- icorns’ backed. Ranking Methodology There are some interesting metrics included in this ranking methodology. The total number of deals completed by the VC firm, particularly those in the last 12 months, measures the firm’s activity level and ensures no zombie VCs are considered. The ability to spot ‘winners’ in the early seed stage is also a crucial indicator, as it evaluates the firm’s foresight and capability to invest in startups with high growth potential early on. Additionally, assessing the number of unicorns that each VC firm has backed reflects the firm’s success in identifying and supporting high-growth potential startups. The ranking also takes into account the number of companies within the VC firm’s portfolio that exhibit the potential to become unicorns in the future, indicating the firm’s ability to invest in promising startups at early stages. To ensure a fair comparison among firms, Dealroom has introduced a dilution factor to this year’s ranking, which adjusts for the success of investments based on the stage at which the VC firm first invested in a company, such as Seed, Series A, or later stages. For example, investing in a startup during the Seed round carries more weight than investing at Series C, reflecting the higher risk and potential impact of early-stage investments. This adjustment accounts for the varying levels of risk and reward associated with different investment stages, ensuring a balanced assessment of each firm’s performance. 56 / ENTREPRENEUR.COM / September 2024
57 September 2024 / ENTREPRENEUR.COM / Investor 1 2 3 4 5 6 7 8 9 10 LocalGlobe Index Ventures SeedCamp Balderton Capital Entrée Capital Northzone Episode 1 Ventures Passion Capital 83North MMC Ventures Companies in Portfolio 277 695 416 291 162 196 87 99 97 125 Estimated Value of Current Portfolio (USD) $38.8 billion $241.4 billion $42.6 billion $64.4 billion $39.8 billion $51.0 billion $3.2 billion $19.1 billion $35.0 billion $10.5 billion EMEA Ranking 1 2 9 12 20 23 29 31 36 44 No. of Exits 61 245 54 143 34 70 20 20 41 27 TOP 10 VENTURE CAPITAL FIRMS IN THE UNITED KINGDOM (AS OF MAY 2024) Now, let’s explore the top 10 most active VC firms in the UK, looking at their investment strategies, notable portfolios, and their overall impact on the startup landscape. It wont’ come as a suprise that every last one of these top 10 VC firms are headquartered in London. Source: Dealroom VC Prominence Ranking 57 September 2024 / ENTREPRENEUR.COM /
58 / ENTREPRENEUR.COM / October 2024 LocalGlobe primarily focuses on Seed-stage and impact investments through two main funds: LocalGlobe Fund for Pre-Seed and Seed investments, and Latitude Fund, a growth-stage fund with an additional US $220 million for breakout and early growth stages. LocalGlobe has closed a total of 402 rounds with a portfolio of companies spanning technology, healthcare, and consumer goods among other industries. They have had a total of 61 exits, including link management platform Bitly, payroll automation solution Pento, tech job search platform Otta, and online kitchen and home portal Food52. Index Ventures invests in companies at various stages, from Seed to Series A, across diverse sectors, from AI, adtech, and fintech, to enterprise, hardware, and more. Some of their notable portfolio companies include cloud storage player Dropbox, OpenAI competitor Cohere, and language translation company DeepL. Index Ventures has made 1,124 investments to date, their most recent being DeepL which raised US $300 million in a Series A round on May 22, 2024. 1. 2. LOCALGLOBE INDEX VENTURES Established: 1999 in London, UK Participated in Deals Totaling: US $11.5 billion No. of Companies in Portfolio: 277 startups Total Estimated Value of Current Portfolio: $241.4 billion No. of Exits: 61 (23% Exit Rate) Established: 1996 in London, UK Participated in Deals Totaling: US $43.6 billion No. of Companies in Portfolio: 696 startups Total Estimated Value of Current Portfolio: $241.4 billion No. of Exits: 245 (36% Exit Rate)
59 October 2024 / ENTREPRENEUR.COM / Seedcamp supports startups at the Pre-Seed and Seed stages by investing early in world-class founders who are attacking large and global markets through disruptive technology. Seedcamp has an impressive portfolio that spans various industries, and among their notable investments are educational platform MarcoPolo Learning, high-performance time-series database QuestDB, and Ezra AI, which is leveraging AI for medical imaging applications. They’ve also seen significant growth, with wefox raising one of the largest Insurtech rounds at a post-money valuation of US $4.5 billion in 2022, a 50% increase from the previous year. Seedcamp’s unicorn count grew to 9 when viz.ai and Grover joined the herd that same year. Balderton Capital is known for its investments in early-stage Series A technology and internet startups across Europe, and has completed 516 investment rounds since their establishment in 2000. Their notable portfolio companies includes fintech company Revolut, the world’s largest online betting exchange Betfair, and Sophia Genetics, a leader in genomic data analysis for personalized medicine. They have been involved in 3 IPOs and 11 acquisitions in the last 18 months alone, and their most recent investment in cleantech trawa raised €10 million on May 15, 2024. 3. 4. SEEDCAMP BALDERTON CAPITAL Established: 2007 in London, UK Participated in Deals Totaling: US $3.8 billion No. of Companies in Portfolio: 416 startups Total Estimated Value of Current Portfolio: US $42.6 billion No. of Exits: 54 (13% Exit Rate) Established: 2000 in London, UK Participated in Deals Totaling: US $11.5 billion No. of Companies in Portfolio: 291 startups Total Estimated Value of Current Portfolio: US $64.4 billion No. of Exits: 143 (50% Exit Rate)
60 / ENTREPRENEUR.COM / October 2024 Entrée Capital provides predominantly seed-stage funding for innovative startups and companies worldwide. Entrée has backed startups across SaaS, AI, Fintech, Security, Data, Consumer, and more, with over 31 exits and IPOs including monday. com (NASDAQ:MNDY), Deliveroo (LON:ROO), Cazoo (NYSE:CZOO), PillPack (acquired by Amazon), and Breezometer (acquired by Google). From a total of 259 investments, Entrée Capital’s most recent investment was in MagnusMetal in April 2024 when it raised US $74 million in a Series B round. Northzone partners with founders most often for Series A funding rounds across Europe and the US. They’ve made over 300 investments during their journey, and their notable portfolios include music streaming giant Spotify, freight mobility company Einride, and Homa, the world’s leading platform for creating and publishing mobile games. Northzone raised a landmark fund of €1 billion in September 2022 which is furthering investments in fintech, healthtech, SaaS, and consumer tech, and their annual Impact ESG Report contributes to transparency and accountability within the ecosystem. 5. 6. ENTRÉE CAPITAL NORTHZONE Established: 1996 in London, UK Participated in Deals Totaling: US $9.7 billion No. of Companies in Portfolio: 198 startups Total Estimated Value of Current Portfolio: US $51.0 billion No. of Exits: 70 (36% Exit Rate) Established: 2010 in London, UK Participated in Deals Totaling: US $4.3 billion No. of Companies in Portfolio: 162 startups Total Estimated Value of Current Portfolio: US $39.8 billion No. of Exits: 34 (21% Exit Rate)
61 October 2024 / ENTREPRENEUR.COM / Episode 1 Ventures specializes in investing in B2B software-driven businesses at the Pre-Seed and Seed stages. They build relationships early, make decisions swiftly, and engage with founders for the long term, guiding startups toward successful funding rounds. Their portfolio includes clinical research tech company Sano Genetics, global employment platform Omnipresent, and open-source time- series database QuestDB, and they have had several successful exits, including FatMap and SimplyCook. To identify promising founders early on, their data platform has expanded their top-of-funnel by 53% over the last three months and have made approximately 15 investments using their new data-driven tooling, sourcing promising startups. They recently closed their third fund at US $95 million. Passion Capital was established with a mission to bring founder-friendly, operationally-minded venture investing to the UK and Europe and stands out as one of the first operator-led venture funds in Europe with a female founding GP, Eileen Burbidge. Specialized in investing in Seed-stage tech startups, Passion Capital has made 191 investments in startups such as pet health and wellness platform Lassie, and AI-powered video interview analysis tool Retorio, their most recent being in conversational AI platform PolyAI’s US $50 million Series C round in May 2024. 7. 8. EPISODE 1 VENTURES PASSION CAPITAL Established: 2013 in London, UK Participated in Deals Totaling: US $718 million No. of Companies in Portfolio: 87 startups Total Estimated Value of Current Portfolio: US $3.2 billion No. of Exits: 20 (23% Exit Rate) Established: 2011 in London, UK Participated in Deals Totaling: US $1.9 billio No. of Companies in Portfolio: 99 startups Total Estimated Value of Current Portfolio: US $19.1 billion No. of Exits: 20 (21% Exit Rate)
62 / ENTREPRENEUR.COM / October 2024 83North has rich history of backing innovative startups primarily in Series A funding, supporting exceptional entrepreneurs who aim to build global category-leading companies. They leverage data to identify promising startups early on, making informed investment decisions and providing experienced mentorship to their portfolio companies. 83North has made 259 investments since inception in companies including leading ride-sharing platform Via, software commerce platform Paddle, and global marketplace solution Mirakl. Their US $400 million fund closed in 2022 brought their total capital under management to over $2.2 billion. MMC Ventures invests in early-stage, high-growth UK companies from Seed to Series A and distinguishes itself through its commitment to going deeper—both in the technologies they invest in and the partnerships they build with founders. MMC Ventures has made 206 investments in a diverse range of startups like companies that create sustainable choices for customers, including those in the Circular Economy. Some of their notable investments include AI-driven predictive maintenance platform for industrial machinery Senseye, sustainable ventilation system provider Breathing Buildings, and home exchange platform Love Home Swap. MMC Ventures is the first commercial venture capital firm in the UK to qualify as a B Corporation, and their client Gousto became the UK’s first and only profitable B Corp unicorn, delivering over 1.5 million meals every month. 9. 10. 83NORTH MMC VENTURES Established: 2000 in London, UK Participated in Deals Totaling: US $1.8 billion No. of Companies in Portfolio: 125 startups Total Estimated Value of Current Portfolio: US $10.5 billion No. of Exits: 27 (22% Exit Rate) Established: 2006 in London, UK Participated in Deals Totaling: US $9.3 billion No. of Companies in Portfolio: 97 startups Total Estimated Value of Current Portfolio: US $35.0 billion No. of Exits: 41 (43% Exit Rate)
63 October 2024 / ENTREPRENEUR.COM / There is no magical crystal ball to look to in order to assess winning startups to back. The ability of top VC firms like these to spot potential ‘winners’ early and provide the necessary support and resources for exponential growth sets them apart. As more and more firms continue to back the next generation of groundbreaking companies and soonicorns, we look forward to seeing how these venture capitalists and their peers will undoubtedly play a crucial role in defining the UK’s position in the global startup arena.
W hen I was 24, I used my different way of thinking to start a drinks brand with my good friend Jack that totally disrupted the market. This year alone we will sell 40 million cans across 20 international markets. But, for a 12-year-old me, who struggled with school exams, it was a very different story. And that’s because, like 20% of the population, I am dyslexic. Becoming an Unstoppable Entrepreneur How dyslexic thinking helped spark a global drinks brand by ALEX WRIGHT My co-founder Jack and I come from farming backgrounds. When we discovered that 40% of grown fruit and vegetables don’t end up on consumers’ plates, we couldn’t believe that this much ‘wonky’ produce was being rejected and wasted by supermarkets. We also realised that most chilled drinks are stuffed full of sugary, artificial ingredients. And that’s when we had our lightbulb moment: why not use the wonky fruit to create a delicious sparkling drink without sugar or sweetener? And that’s how DASH Water was born. Here are some of the lessons I learned becoming the dyslexic-powered entrepreneur I am today (and how they could help other entrepreneurs too): }Embrace your vision Dyslexics think differently and 84% of us are above average at imagining. We see the big picture, often spot solutions to problems that others don’t see and are good at simplifying. That different way of thinking helped Jack and I imagine an alternative to unhealthy drinks and food waste that’s gone on to capture 58% of the market. But it wasn’t an easy journey. In the beginning, we realised that setting up the facilities to create a wonky fruit-infused canned drink would cost around £17 million. For some people, this is where they turn back, daunted by the road ahead and the IMAGES COURTESY DASH In The Loop/ 64 / ENTREPRENEUR.COM / October 2024
challenge in front of them. So instead, we simplified things – started small, creating batches by infusing wonky fruit into vats of water in our kitchens, and offered tasters from a pop-up table in parks around London for three consecutive months so we could refine our products without significant upfront investment. As an entrepre- neur, your courage and conviction will see you through, even if others can’t visualise what you can. Trust in this. }Don’t be afraid to seek support and build a network I could visualise exactly where we wanted to get to with DASH, because of my dyslexic thinking skills, but needed support to realise this. We pitched our idea to Sir Richard Branson’s Virgin Startup who loved it and provided both the funding and mentorship to get the business off the ground. If you’re in the same boat, seek out like minded people who believe in your mission and don’t be afraid to seek support. Leading a startup can be incredibly lonely, but there are loads of us out there! }Tell a compelling story When we first started doing pop-ups back in 2017, no one was talking about food waste. But it was this exact messaging that resonated with consumers. Dyslexic Thinkers are often great at connecting with others and telling compelling stories, so this helped me understand what mattered to our customers, when the big drinks brands didn’t. Ensure your brand is aligned with a purpose and clear values, and share these publicly – this is what will build a loyal customer base and differentiate you from larger competitors. DASH is now a proud B-Corp and also a carbon neutral business. Disruptive brands are purpose-led brands! }Leverage your strengths and trust in your team I was lucky enough to know from an early age that I am dyslexic, but 80% of people leave school without their dyslexia being identified. Not knowing you are dyslexic can lead to low self-esteem and confidence issues. Before my dyslexia was identified, I struggled with things like languages in school. I felt stupid and humiliated. As a perfectionist, trying to perfect exam results in a system designed to measure my weaknesses (like spelling and writing) was tricky. In the UK, 35% of dyslexics pass GCSEs in English and Maths, meaning 65% are labelled as failures, when in reality, they are struggling to succeed in a system that is not set up to help them harness their unique skills. In fact, Made By Dyslexia’s own research found that only 1 in 10 teachers truly understands dyslexic strengths. As I’ve gotten older, understanding the way my brain works helps me focus on the things I’m good at and employ other people to fill the gaps. I don’t beat myself up over something I find challenging, I surround myself with individuals whose skills balance my own and have built a strong team who specialise in areas that I don’t. Don’t be afraid to be open about your AS AN ENTREPRENEUR, YOUR COURAGE AND CONVICTION WILL SEE YOU THROUGH, EVEN IF OTHERS CAN’T VISUALISE WHAT YOU CAN.” “ 65 October 2024 / ENTREPRENEUR.COM /
66 / ENTREPRENEUR.COM / October 2024 In The Loop/ weaknesses – this approach will strengthen your business strategy and is something many other entrepreneurs do, including Richard Branson (who, as an ambassador for the charity Made By Dyslexia, said: “I am blessed to have dyslexia”). }Don’t take no for an answer Dyslexic Thinkers are natural changemakers because our determined minds often don’t accept the status-quo, something entrepreneurs around the world have in common. I recently spoke to Dyslexic Thinking expert, Kate Griggs, on her podcast Lessons in Dyslexic Thinking, where she told me 40% of entrepreneurs are dyslexic. It’s a mind-blow- ing statistic, but given just how many Dyslexic Thinking traits lend them- selves to successful entrepreneurship, it’s actually not surprising at all. As AI continues to change the way we learn and work, the skills we need are projected to change by 50% by 2030. In fact, the World Economic Forum’s Future of Jobs 2023 report found that Dyslexic Thinking skills (like imagining, visualising and communi- cating etc.) are a direct match for the top 5 sought-after skills in business. As an entrepre- neur, recruiting and hiring the right people is a skill in itself – so look past typos and consider the candidate that thinks differently next time! Without dyslexia, Jack and I wouldn’t have been able to imagine a drink that’s good for people and the planet. Like many entrepreneurs, activists and campaigners before us (like Erin Brockovich, Muhammad Ali and NYC Mayor Eric Adams, who are all dyslexic) we didn’t accept that sparkling drinks had to be bad for your health and bad for the environment. So, as Kate told me, if you’re an entrepreneur, maybe even a dyslexic entrepreneur: ‘find what you love and do it, and don’t take no for an answer.’ I’ve recently worked with Virgin and Made By Dyslexia on a free course designed to help entrepre- neurs develop vital Dyslexic Thinking skills, as part of their new University of Dyslexic Thinking, or DyslexicU – a free platform built by the Open University to teach the most sought- after workplace skills, skills that dyslexics naturally over-index in but others can develop. Because you don’t have to have dyslexia to think like a dyslexic! Alex Wright is the CEO and co-founder of DASH Water. You can listen to his episode of the Lessons in Dyslexic Thinking podcast with Kate Griggs here. Take the free DyslexicU Entrepreneurs and StartUp Mentality course and find out more at www.madebydyslexia.org/ dyslexicu/. WITHOUT DYSLEXIA, JACK AND I WOULDN’T HAVE BEAEN ABLE TO IMAGINE A DRINK THAT’S GOOD FOR PEOPLE AND THE PLANET.” “
YOUR ENTREPRENEURIAL JOURNEY STARTS HERE FOLLOW ENTREPRENEUR UNITED KINGDOM ON SOCIAL MEDIA entrepreneurMediaUK entrepreneurUK entrepreneurmedia-uk entrepreneurmedia.uk UNITED KINGDOM
The voice of entrepreneurship around the world Access fresh content daily on our website