The Early-Stage Investment Summit - National

London 2024 Highlights

Keynotes

For our London opening keynote address, we were fortunate to have Stephen Welton CBE, Non-Executive Chair of the British Business Bank, who noted, “We can point to angels as a very large group of people who are consistently investing in small businesses. You need the capital, the tax reliefs and you need to be able to realise these investments.”

Next up, we had Innovate UK’s Chief Investment Officer, Scott O’Brien. Scott took us on a deep dive into Public-Private Partnerships, and discussed how to maximise the benefits of the new government’s policies. ‘The businesses that have diverse founding teams, usually have a broader understanding of their market,’ he said, highlighting the importance and impact of diversity in investment.

We were joined by Lai Wah Co, Deputy Agent, Greater London from Bank of England. Lai took a look at the economic outlook for the UK and the key factors likely to drive change over the next 12-18 months during her off-the-record policy briefing. 

Our final keynote of the day was delivered by Matt Adey, Director & Senior Economist at British Business Bank, who provided us with a comprehensive overview of recent trends in equity finance, shedding light on the international competitiveness of the UK venture capital market.

Panels

Eloise Morgan, Director of Ventures at Paragon chaired our first panel, ‘The Green Agenda – Investment Opportunities in Sustainability’ with panellists Cam Ross, CEO at Green Angel Ventures; Douglas Hansen-Luke, Executive Chairman of Future Planet Capital; Susannah McClintock, Investment Partner at Clean Growth Fund, and Richard Halsey, Innovation Director at Energy Systems Catapult.

This panel explored the intersection of profitability, innovation, and environmental responsibility, highlighting the UK’s strengths in leading the green transition.

Douglas emphasised the sector’s strong financial returns, asserting, “this sector is out-performing everything else. This is a profit first, impact follows opportunity.” Susannah echoed this sentiment, advocating for early action, “for me, it’s plain common sense that we should get in first and reap the rewards.”

Richard highlighted the UK’s potential to lead in innovation, commenting, “the UK is well-placed to pioneer the next iteration of the smart digitised energy solutions. We need to focus on the solutions rather than just the technology.” Cam added to this, pointing to the country’s leadership in research and development, saying, “the UK is top of the tree when it comes to academic research and university spin-outs.”

Closing the session, Richard provided a sobering reminder of the energy demands of modern technologies, noting, “every GPT search uses 5x more energy than a Google search.” His remark underscored the urgency of balancing innovation with sustainability.

Our second panel of the day, ‘Attracting and Working with International Investors’ was chaired by Chris Elphick, Head of Venture Capital
BVCA and featured panellists Oli Harris, Partner at Dream Ventures; Jason Kirby, Founder & Managing Director of Thunder.vc; Sonal Pai, Investor at First Spark Ventures, and Jo Slota-Newson, Managing Partner of Almanac Ventures.

Jo noted shifting perspectives on sustainability across the Atlantic, observing that “most industries are past thinking you have to choose between profit and decarbonisation,” reflecting a growing alignment between business goals and environmental responsibility, particularly in the US market.

Jason emphasised the importance of proactive networking when targeting international investors, advising founders to “get those relationships built in the US with those target investors you think will be good for your business.” However, he cautioned “it’s a misconception that it’s easier to raise in the US.”

Sonal highlighted challenges specific to the UK investment ecosystem, commenting on the “heavy drop-off in British investment in later rounds.” She noted that syndicates in the UK operate differently, adding, “I see a lot more dealflow from our investors here,” suggesting the need for UK start-ups to diversify their funding sources internationally.

Oli offered a broad perspective, emphasising openness to working with global talent. “We’re keen to talk to anyone who thinks they can build a disruptive business. We’re not going to limit ourselves with the geography of where those founders are,” he said, signalling the growing inclusivity of international investment firms.

Henry Whorwood, Managing Director – Research & Consultancy at Beauhurst chaired our penultimate panel session of the day on ‘Enhancing Liquidity and Exits’, and was joined by Marcus Stuttard, Head of AIM & UK Primary Markets at London Stock Exchange Group (LSEG); Rupa Ganatra Popat, Founder & Managing Partner of Araya Ventures, and Mark Sims, Senior Director of Funds at British Business Bank.

Mark highlighted a notable slowdown in deal activity, observing that “there’s a lack of competitive tension in the market for most transactions… people are taking their time now.” This sentiment underscored a cautious, more deliberate approach among investors.

Marcus elaborated on how emerging platforms are reshaping the secondary market, explaining that “unlike a lot of secondary platforms already available, the company will be at the centre (of PISCES). They will be able to set their view on pricing… and have some control over which investors they want to participate.” This strategic shift aims to empower companies, giving them greater influence over pricing and investor selection.

Rounding out the discussion, Rupa emphasised the importance of ongoing diligence, stating, “it is important to revisit your opportunities to make sure you still have the same conviction you had when you first invested.” Her advice resonated as a reminder to investors to stay adaptive and reassess their positions in light of changing market conditions.

In our final session, our Executive Chair, Jenny Tooth OBE, was joined by Debbie Wosskow OBE—serial entrepreneur, investor, co-founder of AllBright, and co-chair of the Government-backed Invest in Women Taskforce. These two powerhouses discussed the current landscape for women as entrepreneurs and investors, as well as Debbie’s efforts in leading the new £255m fund. Debbie commented, ‘In my experience, no female founder trying to scale her business has ever said “I’d like a little bit more mentoring”. What we want is more money’. 

Networking

Delegates enjoyed networking opportunities in-between and after the sessions, forging valuable connections within the investment ecosystem and expanding their professional networks. They were also able to visit our event partners exhibiting – Paragon Brokers, Barclays Demo Directory, and BMS Group.

With thanks to our 2024 Sponsors and Partners

The Early Stage Investment Summit
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