British prime minister Rishi Sunak opened London Tech Week on Monday, with a speech urging tech leaders to grasp the “generational opportunities and challenges of AI.”
The PM said the UK must harness innovation to become the best place for tech businesses to invest and grow, in turn growing the economy and creating jobs.
As business leaders and innovators gathered together in London to explore the future impact of AI, other new technology and how new business start-ups can get investment, we bring you some of the highlights and key learnings from London Tech Week.
1. Microsoft UK CEO Clare Barclay on Generative AI – Preparing for the next wave in technology
There’s no doubt about it: AI is the defining technology of our time, one that’ll redefine how we live and work. But beyond the hype of recent months, what does this it look like in practice? Barclay explores what generative AI can do for people, industry and society and how businesses can take advantage of the opportunities it’s creating.
2. Want to understand the importance of data in motor sport?
Chief technology evangelist Matt Watt explains how NetApp pushed Aston Martin’s F1 team to top, in this short video.
3. A thought-provoking panel on ‘Targeting the right VC investors’
Panellist Glen Waters, head of early stage practise at HSBC Innovation Banking UK, shares some of his highlights from the pandel discussion on targeting the right VC investors.
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Understand the investor landscape. Traditional VCs with a LP fund structure will have a different returns and risk profile (i.e. 10x or even 100x at Seed) to VCT/EIS funds (3x-4x). Match your business model and ambition to that of the investors you are outreaching.
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Whilst often reviewed, typically they are ineffective and very rarely lead to investment. Instead surround yourself by players in the ecosystem who can help get you an inroad (e.g. founders at later stage companies, exited founders who can be mentors, connectors such as angels, law firms, the right banks, etc).
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Associate and Principles are often the gatekeepers to “passing go” at a VC firm and how you interact on a human level with all different levels of an organisation shows the type of founder you are and whether you are someone the VC may want to work with in the long-term. Treat everyone with the same level of respect.
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1. Term sheet comparison spreadsheet: if you are fortunate enough to get multiple term sheets – create an excel spreadsheet and line up all the key terms – both economics and control in the term sheet so you can see on a page how they compare and where to focus your time on negotiating.
2. Investor diligence – Get references! Go and call the portfolio companies, not just the ones that are successful because everyone looks like a genius for the ones that worked – talk to the ones that didn’t work, the ones where the going got tough and even failed. Find out how the VC behaved in these situations – this will give you a good sense of the firm and what the person will be like around the table when things are not going well, and inevitable things don’t always go well!
3. Unlocking the potential fuelling UK entrepreneurship
After a record year of investment into European start-ups in 2021, VCs have taken a steadier approach in 2022 with a slowdown in funding and economic growth. Early-stage and pre-IPO funding remains critical for innovation and growth, so as valuations are pulled back how will this impact young businesses in need of funding to scale? What are the barriers keeping investment from flowing into tech high-risk, high-reward companies? How do we close the gaps remaining in domestic investment in venture capital? Technology investment, is it ambitious or cautious? Watch this video to discover more.
5. Fireside chat with (former) Finnish PM Sanna Marin
She became one of the world’s youngest heads of state and her talk contained some valuable leadership principles. One of the London Tech Week delegates shares a few highlights from her inspiring fireside chat…
- Be courageous and do not sell yourself short (on taking on the role of Finnish Prime Minister).
- When navigating uncertainty, gather insights by talking to others.
- Be courageous and do not shy away from making decisions without knowing all the facts. However, pivot / course correct when new information becomes available (navigating COVID-19).
- When making decisions fast, ensure there’s alignment across the board, letting the consensus emerge (even when it’s obvious) to ensure commitment (Finland joining NATO)
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