Sign-up to the Nothing Ventured newsletter and never miss an episode.
Sign-up to the Nothing Ventured newsletter and never miss an episode.
Before founding Form Ventures, Leo was Head of Financial and Physical policy at CBI (Confederation of British Industry) for four years. In 2014, he became the Economic Advisor to the Secretary of State for Business, Innovation, and Skills in the U.K. government.
Later, Leo joined Global Councel as an Advisor for five years. There he led the U.K. office, guiding corporates, investors, and startups through policy and regulation.
After ten years of advising businesses, government officials, and investors on how public policy affects the operation and growth of companies, he founded Form Ventures.
Form Ventures
Created in 2019, Form Ventures is an early-stage VC fund investing in startups taking on regulated markets.
The fund helps businesses and founders navigate through policy complexity. They communicate with policymakers, regulators, and the government to ensure founders have the knowledge to make informed decisions.
The leap.
Leo begins this episode of Nothing Ventured by explaining the motivations behind his transition from public sector policy to the capitalistic sector as a VC.
“It was an unusual journey,” he says.
“The thread that’s common throughout is that I have always sat at that interface between business and politics – I have seen it from every different angle.”
Therefore, the transition happened naturally, and Form Ventures was born. Later, Ringer tells us the thesis behind the fund; “we focus the value we bring to founders on helping them understand and navigate public policy regulation in a broader sense.”
Leo explains the type of businesses he invests in. He focuses on companies with public policy exposure, especially in fintech, digital health, or the climate space. Policy and regulations play a big role in those areas in particular.
Adding value.
Later, Ringer explains that the policy regulatory space is underserved and less understood by VCs.
He says, “in general, the bar is lower in this area than in other areas.”
“We use our network and insight into government and playback to founders useful intel that contributes to the decisions they are making.”
Form Ventures cannot change government decisions. However, they can inform founders of regulations and policies. Leo says that he is always transparent with founders. He states, “we are not going to magic the rules away or change the rules in their favour.”
The challenges of raising a fund.
Ringer talks about the difficulties involved in raising a fund. In the beginning, it is a lot of work with little gain.
“The tolerance for a thin track record is so much lower in the U.K. than in the U.S.,” according to Leo. He explains that he did not have access to capital or the operational knowledge required when starting his fund. Ringer advises listeners that a great network and personal wealth are needed to create a fund.
It’s all about the team.
According to Leo, the team is the most important factor to consider when investing in a company.
“We have to believe that the team is capable of building a big business.”
“We have to believe that every company we back is capable of returning a fund.”
The team needs to have conviction, courage, and ambition.
The future.
Lastly, Leo talks about the future. Access to talent and capital in the U.K. needs to improve. The U.K. government is taking steps to make the U.K. a desirable destination for businesses, such as bringing in the Global Talent visa, but there is still a long way to go, according to Ringer.
Listen to the full conversation on this week’s Nothing Ventured Podcast.
You can also find Leo on Twitter (@LeoRinger) or LinkedIn (@LeoRinger).
Learn more about Form Ventured through their website FormVentures.VC
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“We need more money to be made available to the grass-roots technology industries – because that’s where the next big ‘Googles’ are going to come from.”
Andrew is Founding Partner at 7percent Ventures – an early-stage VC fund investing in technically challenging deeptech and transformative ventures across the U.K., Europe, and the U.S.
Before founding 7percent, Andrew spent over a decade as an entrepreneur and founder of multiple software ventures, including Exiting Worldwide City.com – the world’s first online digital news archive to CMG plc before moving into investing and advising.
In 2019, Andrew co-founded Allocate – a European GP/LP event for tech venture capital funds and those who invest in them.
Jumping the fence.
Andrew begins this episode of Nothing Ventured by recounting his leap from operating and building companies to investing and the motivation behind it.
Andrew had built six startups when he decided to change course to help solve some of the challenges and frustrations he had faced when building companies.
He diverted his skills and experience into the world of investing. Since then, he has invested in over 100 businesses.
As an investor, Andrew says, “it can be very helpful to have been a founder. Successes and failures have given me a unique insight into the challenges founders face – that helps me empathise and provide practical advice based on my experiences.”
However, “you don’t always make the lead violinist the conductor of the orchestra.”
Andrew says that many problems can arise when investors meddle in the running of the businesses they invest in.
The ecosystem.
Later, Aarish and Andrew discuss the changes in the venture capital ecosystem.
There has been an expansion in the access to venture capital in recent years, according to Scott.
“Raising money is easier than ever.”
However, raising a fund is never easy. Andrew also explains the similarities between being a founder and a venture capitalist raising a fund.
Ticking the boxes.
Scotts talks about his journey into deeptech. He says, “I’ve always wanted to invest in things that are going to be game-changing.”
“We try to put our money into things that will ultimately make the world a better place and change the way we live, generating a lot of value for us, and our investors.”
Next, Andrew explains the variables he measures before investing.
He says the founder is the most important factor to consider. However, “people are the hardest thing to measure.” The founder must have the determination, ambition, and resilience to build a multi-billion-dollar business.
Scott says there are two types of CEOs; one loves running a business, and the other loves growth.
He also explains the types of businesses he invests in. Brilliant technology is being invented and built every day. It is difficult to predict how far we will dive into the metaverse. There are many issues involved in investing in deeptech, including a lack of trust in Web 3 in the overall population.
Getting people to adopt new technology is always a risk.
Connecting the dots.
Later in the episode, Andrew talks about the birth of Allocate.
It began with a one-day event – Europe’s first-ever pitch event.
Andrew says that “eighty VCs pitched their decks,” proving the demand.
The ecosystem is relationship-driven.
Business is about deep connections, according to Scott.
“You have to spend time with people” – and they aim to facilitate that.
He continues: “our goal is to ensure that the U.K. and Europe are the best in the world to raise money as an ecosystem – and hopefully surpass Silicon Valley.”
Andrew talks about the modernisation and changes that need to occur in the ecosystem for that to happen.
“We need more money to be made available to the grass-roots technology industries – because that’s where the next big ‘Googles’ are going to come from.”
Taking the plunge.
“I’m a believer that you must do something you enjoy doing. We get satisfaction in mastery. Whatever you do, you should strive to be the best at what you do.”
Starting a company is difficult but exceptionally rewarding.
There is no better schooling than starting a business, according to Andrew.
“You don’t need a degree to start a company.”
Take the leap. Don’t wait.
“What do you love doing, and what will people pay you for?” Do that.
Listen to the full conversation on this week’s Nothing Ventured Podcast to learn more about the world of investing, deeptech, and the future of the ecosystem.
You can also find Andrew on LinkedIn (@Andrew J Scott) and Twitter (@AndrewJScott).
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“We need to look at the past and the future to innovate.”
We previously learned about Moaz’s prolific career and life in last week’s episode of Nothing Ventured.
After working across various ventures over the past twenty years, Moaz finally launched MVMT Ventures – a venture studio and fund on a mission to make technology more accessible.
The structure.
Moaz begins this podcast by explaining the mission and structure of MVMT Ventures.
The venture invests and supports entrepreneurs who suffer from disabilities or those building technologies to support people with disabilities.
The goal is to democratise access to capital and offer guidance to entrepreneurs.
Moaz says, “it was a calling. When you are faced with an issue, the goal is to solve the issue.”
Following research, Hamid realised that a venture fund alone would not solve this problem.
Structured as a venture studio, fund, and foundation – they guide entrepreneurs and almost become part of the team while also providing capital.
This is especially beneficial for first-time entrepreneurs.
“Not every start-up that comes our way is venture backable – but we can’t turn them away. We realised we needed a third vehicle – and that’s when the foundation structure arose.”
Moaz continues, “people realised very early on the potential innovation impact that could come out of this space.”
Amazingly, investors have been willing to invest across all three structures.
Challenges faced.
There are many misconceptions about what it means to be disabled.
Disability varies from cognitive to physical – the community is divided.
Moaz explains that “disability touches everyone’s life in some way.”
Eventually, the venture world must realise that supporting people with disabilities is not beneficial for a minority group – it is for everyone.
He continues, “there is no strong voice highlighting the issues within the space. Like the 80% unemployment rate.”
It is difficult to solve a problem that is so widespread yet diverse.
Hamid says, “we are failing people with disabilities today.”
Startups solely focused on assistive technology face many challenges when raising capital. For example, entrepreneurs with disabilities may take longer to make returns at the beginning for various reasons, making investors less willing to invest.
However, Moaz explains, “I’m solving this problem for myself as much as I am solving it for anyone else.”
The problem.
When assessing businesses to support, Moaz says, “first we look at the problem.”
Later they decide which businesses go to the foundation and which to the venture.
“If the problem is not clear enough, there is nothing else you can do,” according to Hamid.
Once they have established that it is an urgent problem in need of a solution, then they listen to the entrepreneur’s idea.
The leap of faith.
“I feel like my entire life and my twenty-year career in smartphone, innovation tech, and entrepreneurship was all just preparing me for the most exciting journey of launching MVMT Venture.”
Starting something new is always a risk – there will always be challenges.
MVMT Ventures is committed to helping with some of those challenges and offering support to entrepreneurs.
Taking that leap of faith can be terrifying.
Moaz talks about his own leap of faith when launching MVMT Ventures and expresses his admiration for other entrepreneurs.
Listen to the full conversation on this week’s Nothing Ventured podcast to learn more about MVMT Ventures and supporting diversity in the ecosystem.
Follow the venture on Twitter (@mvmt.vc) or Moaz on LinkedIn (@Moaz Hamid).
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“We need to look at the past and the future to innovate.”
In the past twenty years, Moaz has worked as a DJ, spent eight years at Palm Inc., over half a decade working at HTC, and five years as General Manager and Partner at Microsoft, followed by eight years at Google.
He has held advisory positions at Samsung Mobile, SoftBank Robotics, Startup Boost, and Yellow Snap Inc. Accelerator.
This episode of Nothing Ventured focuses on Moaz’s story, while a second episode is dedicated to the mission of mvmt ventures.
The backstory.
Moaz was a quiet child. He was almost eleven years old when he started to speak.
His mother was a diplomat, so they had to move around throughout his upbringing. He watched her change the world as they moved from place to place.
Hamid says, “I studied in twenty different schools before leaving high school.”
At a young age, Moaz developed an interest in technology.
One day, his mother came home and found the television dismembered – he had taken it apart to figure out how to connect it to the stereo.
Following that, he says, “she put me in a coding school when I was eleven years old.”
That spurred his passion for technology and building things from the ground up.
Moaz, unfortunately, lost his parents at a young age.
His cousin took on the role of supporting and mentoring him. He introduced Hamid to the world of music and DJing.
“It came naturally to me.”
The evolution.
Later, Moaz talks about his time at Palm Inc., PalmPilots, and the progression of technology.
He marvels at how revolutionary PalmPilots were at the time.
Hamid says, “we need to look at the past and the future to innovate.”
The knowledge and experience Moaz gained at Palm Inc. benefitted him when starting his new role at HTC.
He explains the origin of the HTC device, the challenges they faced at the beginning, and the company’s acquisition.
Moaz relays the full history and evolution of smartphones.
He talks about the smartphone economic boom and later the economic crisis.
“This created a huge disruption in the smartphone market – but then came Apple.”
Apple and Samsung had the financial power to break through the crisis and become the leading providers.
The first steps.
Moaz describes his role in the smartphone’s evolutionary process.
While working at Microsoft, he says, “a lot of my work was internal.”
Replacing all the Nokia devices in the business unit with smartphones prompted the engineers to focus on those devices when building and innovating.
This internal shift in Microsoft created change in many organisations touched by the company.
Having access to documents and emails instantly changed the way people worked.
Other companies realised the power and saw the advantages of giving their employees smartphones quickly and followed suit.
mvmt ventures.
Later, Moaz talks about the launch of mvmt ventures and the inspiration behind the fund.
While working at Google, he was heavily involved in their efforts to help and support new entrepreneurs.
He started mentoring new entrepreneurs – teaching problem-solving and entrepreneurship.
Moaz encouraged the whole Google community to get involved in the support system.
One day, Hamid reconnected with an old friend who was disabled and had just lost their job.
Following research, he realised the unemployment rate for people with disabilities was overwhelming – 80% on average.
Moaz was motivated to find a solution and continued his research.
He says, “I’m talking about 1.3 billion people with disabilities – there must be something we can do here.”
Companies were struggling to integrate people with disabilities into their organisations.
A venture fund and entrepreneurship program alone were not enough to combat this issue, according to Moaz.
“My history of building techs from the ground up made me realise that we had to be an innovation house, not just an investment firm.”
That is how the venture studio model was born.
“Today, we are building a venture studio with a fund and a foundation on the space.”
Listen to the full conversation on this week’s Nothing Ventured podcast to learn more about the history of smartphones and mvmt ventures. You can also find Moaz on LinkedIn (@Moaz Hamid).
Learn more about MVMT Ventures and their mission.
“Smartphones are an extension of our brains. People from hundreds of years ago would look at us as wizards.”
Alec explored questions around simulation theory and artificial intelligence in his TEDx talk, ‘Are We Living in a Simulation.’
Held at Saint Petersburg State University and seen by hundreds of thousands of people, Alec posed the question; what are the chances that we are artificial intelligence beings living in a virtual world?
Furthermore, Maslov recently founded Stellar Dream – an immersive interactive manga NFT project.
Existing in a digital world.
Alec begins the podcast by explaining the origin of his TEDx talk.
He says, “I was a student back then. I’ve learned, and I’ve grown since.”
He continues, “I’m not a physicist or a computer scientist. I’m just an amateur researcher.”
Maslov relays evidence that suggests that the chances of us living in a simulation are higher than we believe.
Throughout the podcast, he touches on deep philosophical questions.
Alec says that if he were to do it all again, he would change the title of his talk to ‘Are We Living in a Metaverse?’ rather than ‘Are We Living in a Simulation?’
According to Maslov, the term ‘metaverse’ is more relevant to pop culture – “it gives a better impression of what I was trying to convey.”
Later, he highlights how far technology and science have come, how much we are yet to discover, and the scepticism that arises with new technologies and theories.
“Some people say; if there is no way to test it or prove it, then we are living in the realm of fantasy.”
However, the relationship between humans and technology is continuously evolving, and we must be open-minded.
The future.
Like most people, Alec is in awe of modern-day technology.
“Smartphones are an extension of our brains. People from hundreds of years ago would look at us as wizards.”
He expresses what he believes the future may hold and talks about emerging technologies.
Maslov asks, “if humans are merging with technology and we are becoming codependent on tech, are we becoming a new species? Is this an evolutionary growth pattern?”
Later Aarish and Alec discuss the pros and cons of developing new, life-changing technologies.
What are you worried about?
There is uneven access to technology which widens the gap between the rich and the poor.
Alec says, “people who can have access (to new technologies) will continue to accumulate wealth and knowledge, and their growth will outpace people who don’t have access.”
This may threaten society and create a detrimental imbalance in civilization.
Another problem that Alec mentions is the potential for humans to get lost in the digital world and “forget the real world.”
The more we jump into the metaverse and live in the digital world, the more we forget where we are and lose the ability to be present.
Surveillance capitalism, the disappearance of privacy, and the loss of social skills are other disadvantages mentioned by Alec.
Later, they discuss Web3, crypto, NFTs, and where we are heading.
Stellar Dream.
Launching in July, Stellar Dream is an “interactive manga – a Japanese style comic book with an embedded NFT character collection that’s drawn into the story.”
Alec explains the inspiration behind the company and what sets it apart from others.
“We are experimenting with a change in consumer behaviour. We want to explore different styles of ownership where fans can literally own a character.”
Exploring new technologies, Alec thought, “what if fans can own a character, change that character’s appearance, and reflect that appearance in future editions?”
This creates an engaged community where customers are more invested in the storyline.
Later, Maslov talks about the future of Stellar Dream and what to expect.
Taking the plunge.
Lastly, Alec offers an abundance of advice to creators aiming to launch in Web3 or the NFT world;
Listen to the full conversation on this week’s Nothing Ventured Podcast.
You can also find Alex on LinkedIn (@Alec Mazlov) and learn more about Stellar Dream on Twitter and Instagram (@Stellardreamnft) or through their website, Steller/dream.com
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“The statistics around the mental health crisis are depressing, and they seem to be getting worse”.
Before founding Empath, Brom spent seven years running institutional money and first experienced the benefits of psychedelics ten years ago when dealing with family trauma while under the pressure-cooker environment of quant funds.
After graduating with a Master of Science at Georgia Institute of Technology, Brom began hosting the ‘Integration Conversation’ – the leading long-form podcast in the psychedelic space.
The general thesis behind investing in psychedelics is that they are beneficial for treating many mental health issues.
“The statistics around the mental health crisis are depressing, and they seem to be getting worse”, according to Brom.
One in five adults in the U.S. suffer from some form of mental issue.
“The problem is that a lot of the medication is not effective”.
Brom lists the advantages, disadvantages, and origins of certain psychedelics, such as psilocybin, ketamine, LSD, and ecstasy.
Aarish and Rector also talk about the misinformation surrounding these drugs.
Later, Brom explains the vast differences between psychedelics and cannabis, from their functionality to commercialisation.
They are both experiential drugs.
However, psychedelics function through the serotonin system, while cannabis functions through the endocannabinoid system.
Their commercialisation strategies are also very different.
Cannabis is viewed as a recreational drug. While recognised for its function of relieving pain and soothing anxiety, there is no FDA approved cannabis product.
Psychedelics, on the other hand, are closer to being FDA approved than joining the recreational market.
The companies that Brom predominantly works with are biotech startups that happen to be working with psychedelics molecules.
Lastly, cannabis is one plant, whereas the term ‘psychedelics’ describes a branch of many drugs.
Brom relays the history behind psychedelics.
“In the 50s and early 60s, there were over 1000 scientific papers published on the use of psychedelics as mental health therapies.”
He tells us about his personal experience and relationship with psychedelics and walks us through the journey of the creation of Empath Ventures.
He described the challenges involved in investing in psychedelics and the surrounding stigmas.
Brom says the team is the most crucial factor when assessing an investment opportunity.
Often, he asks himself, “is this person crazy awesome, or are they just crazy.”
Rector explains that you need pharmaceutical development experience to work in the psychedelic world.
When assessing a new business, he asks, “has this company identified a real problem, and are the team qualified to execute the vision?”
Frequently, the answer is no.
In the world of psychedelics, he says, “I see so many companies that are not trying to solve a problem.”
Later, Brom explains the use of psychedelics in overcoming opioid addiction, and talks about different companies they have invested in, such as Nue Life.
The barriers of entry seem to be vast in the world of psychedelics.
However, it is a growing industry, and the demand for a talented workforce outweighs the supply.
“Just try to add your voice to the conversation and see where that takes you.”
Brom explains that people are open to talking and to new ideas.
“Add a unique voice and put yourself out there.”
Listen to the full conversion on this week’s Nothing Ventured podcast to learn more about psychedelics and the investment opportunities in that world.
You can also find Brom on Twitter (@therealbrom) and LinkedIn (@Brom Rector).
Find out more about Empath Ventures at Empath.VC
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“Provided that you’re a motivated individual, if you assign a lot of work to be completed in a certain period of time, you will get it done.”
Previously an engineer and founder – Nancy immersed herself in the world of investing in 2013.
Currently an Advisory Board Member of Bastion Capital and Empath Ventures, Nancy stretches time and acts as a Partner at Flight Ventures and Gaingels – a leading LGBTQ+ investment syndicate and fund.
Time is a construct.
Nancy begins this episode of Nothing Ventured by explaining how she achieves so much in such little time.
She says, “time is a construct – it is about what we choose to prioritise.”
Fechnay mentions ‘Parkinson’s Law’ – the concept that work expands to fill the time allotted for its completion.
She says, “provided that you’re a motivated individual, if you assign a lot of work to be completed in a certain period of time, you will get it done.”
She gives homage to the support system around her in helping her achieve her goals.
Alumni Ventures
Later, Nancy educates us on her current role at Alumni Ventures.
Since its inception, the firm has deployed almost one billion dollars in capital into the start-up ecosystem.
Nancy says, “it is breaking down barriers for LPs who want to get involved in top-tier deals but can’t afford the minimum cheque size.”
Though it is less established in branding, she chose to work at Alumni as it allowed for a healthy work-life balance (which is rare in the venture world).
Alumni Ventures does not lead deals which makes the due diligence process lighter than in larger firms such as Kleiner, where Nancy previously worked.
Later, Aarish and Fechnay discuss the importance of branding for investment funds in maintaining relevance.
Changes in the ecosystem.
“Everybody is getting into venture,” according to Nancy.
She thinks there will be a major market correction as the enormity of the money and evaluations being made cannot be maintained.
“I’m waiting for the bubble to burst,” she says.
Later, Aarish and Nancy discuss the changes in diversity in the ecosystem.
At eighteen years old, Nancy attended engineering school where the ratio of women to men was 1:12.
Later, she found herself in the world of venture, which is overwhelmingly male-dominated also.
When asked about the lack of diversity and discrimination in venture, Nancy responded, “it’s something I feel passionate about because I have experienced it myself.”
She says, “we can create a better world if we put people from diverse backgrounds together. It creates more innovation and better returns for your investors – which most people don’t realise.”
If everyone doesn’t work toward changing the problem of discrimination, nothing will change.
Nancy explains that she started addressing the issue in 2015 when she began the ‘Female Founder Dinner Club.’
She says, “I started being active and intentional about my decisions to impact the imbalance.”
The UK versus the US.
Fechnay talks about how working in different geographics changes your scale and gives you perspective.
She says, “you see the best of the best (in terms of companies) and the bottom of the barrel.”
Your standards and knowledge of investing grow the more you see.
She continues, “if you’ve never seen the best of the best, you’re going to think good is the best, and you’re going to invest in every single one.”
There are generalisations and different characteristics embedded in every culture.
Knowing them helps Nancy make better decisions.
She lists some examples;
Some founders are more humble based on their nationality.
According to Nancy, founders from the U.K. are less open to talking about their achievements than founders from the U.S. – and you need to know that to assess them on an equal playing field.
The focus is on a “big dream and amazing team” in the U.S, whereas the U.K. takes a more sceptical and logical approach.
Trust your gut.
Nancy uses due diligence, pattern recognition, and her gut feeling when assessing a deal.
She offers golden advice to founders when pitching to VCs;
“Make a list of the VCs that might be interested in your company, check that they are not investors in your competition, and then rank them from 1-3 (from the VCs you are least excited about to the most).”
She then advises founders to first pitch to the 1’s, then the 2s, then 3s to create momentum and to practice their pitch.
“It creates a fire” – generating the ‘Fear Of Missing Out’ strategy.
A long way to go.
Lastly, Aarish and Nancy circle back to diversity in the ecosystem.
According to Nancy, founders have the most impact in creating diversity.
Fechnay says there are no excuses for the lack of support for minority founders – “women funding companies from first-round capitals portfolio outperform companies funded by men by 63%.”
Though progress has been made, there is still a long way to go.
Listen to the full conversation on this week’s Nothing Ventured Podcast to learn more about venture capital, diversity in the ecosystem, and the cultural differences that may affect investment decisions.
You can also find Nancy on Twitter and LinkedIn (@NancyFechnay).
Our team can help. Share your deck and access our network of VCs and Angel Investors.
“Optimism and the ability to back yourself is a privilege.”
Ada Ventures funds early-stage, U.K. based technology ventures with bold ideas – writing cheques from £250,000 to £1million.
The fund supports ventures built by overlooked founders in overlooked markets.
Prior to launching Ada in 2018, Matt was immersed in the private equity and venture capital ecosystem, working with firms such as Octopus Investments, Hermes, DN Capital, and Downing.
Today, Matt and Aarish dive into topics such as descrimination in the ecosystem, Ada Ventures, and shifts in the venture capital landscape.
The beginning of Ada
This week’s podcast begins with the origin story of Ada.
Matt explains how the fund developed.
Previously, he had spent twenty years in private capital because it was “the cool thing to do,” but later, he discovered his skill set and passion in venture capital.
Matt tells us the story about how he met his co-founder, Check.
Thirty six deals and three years later, Check and Matt had developed a great working relationship aligned with love, trust, and respect, and Ada was born.
He explains that the fund took fifteen months to raise, and from the beginning, their ethos differed from other funds – “we were not pattern-matching to what worked in the past”.
Later, Aarish and Matt discuss the process of finding your passion – it’s a journey.
Aarish says, “do something that you are great at. Take chances because you don’t know when serendipitous moments will strike.”
The funding gap.
“There is structural racism, structural sexism, and multiple other structural prejudices built into our society,” according to Penneycard.
Eighty nine pence in every pound spent in the U.K. goes to white, male founders.
Change takes a long time. There is a subconscious bias built into most funds, and it takes bravery to break the cycle.
Matt talks about challenges he faced when backing underprivileged founders and working with LPs.
“Optimism and the ability to back yourself is a privilege,” he says.
The ambition of Ada is to create a more diverse and fair ecosystem.
Later, they talk about the importance of risk taking, losing the fear of failure, and the democratization of access to funding.
Fast thinking informed by slow experience.
Matt says that he reviews approximately two hundred pitch decks per month.
He talks about the pros and cons of personal biases when assessing businesses.
Penneycard wants to be challenged to break the autopilot approach.
Matt and Aarish also discuss the rejection process and the reluctance of founders to approach VC’s.
However, there is a growth in demand for venture capital in recent years.
“Venture is the only scaled solution to funding the unprofitable business models for that period of time before they turn profitable, and sometimes they never do.”
Matt says venture capital is like selling rocket fuel – not every engine is built to work at maximum velocity.
Founders need to be educated on venture capital to decipher whether it is appropriate to acquire for their business or not.
Shifts in the Landscape.
“Everyone wants to be in a start-up – entrepreneurship is cool.”
Matt says the creativity in the world and companies right now are mind blowing.
“I’m seeing more sophistication in the capital market.”
To finish the podcast, he discusses the rapidly changing landscape within venture capital.
Penneycard says, “venture capital used to be scary, but the demand is growing exponentially.”
More people are diving into entrepreneurship because the barrier is shrinking.
Listen to the full conversation on this week’s Nothing Ventured Podcast to learn more about venture capital, discrimination in the ecosystem, and Ada Ventures.
You can also find Matt online ([email protected]) or on LinkedIn (@MattPenneycard).
Our team can help. Share your deck and access our network of VCs and Angel Investors.
