Connecting, inspiring & sharing - lessons from SVC2UK 2022

Well, that was the week that was. A week of connecting scale ups from across the UK to investors, serial entrepreneurs, corporate innovation leaders and policy makers. It was SVC2UK's 17th year so the question on my lips a week ago was - is there still a need to bring this community together to share challenges, learnings and to support the growth of UK scale ups? The community provided the answer for me last week with a resounding "YES".

We held seven events over the course of the week with different themes and audiences, engaging 1000 business leaders overall. We asked the scale ups in advance what topics would be most helpful to them - they answered with....

a) how to grow a business during challenging economic times,

b) raising funding, and

c) scaling with purpose and measuring impact.

I have provided a summary below of the tips shared under these three themes with the aim of sharing the valuable learnings with a wider audience. Please do share with any scale ups who you feel might find this useful. Thank you.

Keep on growing

"If you can survive tough times, when you come out the other side you will be in a really strong position”?

Pete Flint, NFX

• There are sectors that have experienced speculative bubbles, but at the early stage the opportunity is as big as ever. This is still the moment for start-ups to shine.
• Listen to your investors but remember that you are always the person with the most information about your business.
• Accept that the world is changing and change your plan accordingly. Founder psychology is always a key part of the success of a company. When you think about successful companies, they have strategy and execution, but the psychology of the company is fundamental to that success.
• Open up the problems of the company to your employees – embracing that transparency provides the foundation of future growth.

"Being able to hire the best people from around the world supercharges your growth." Matthew Wilson, Founder and CEO Omnipresent

Many scale up leaders were asking what they should be doing as a business and what resilience really means. According to Terra Allas CBE at McKinsey, there are four things that help businesses to survive hard times:?

• Play defence. Shore up your balance sheet and look for efficiency savings where they are to be made?
• Build in agility so that you can pivot quickly when opportunities arise?
• Continue to invest in growth. Don’t cut R+D, innovation ?
• Focus on talent. Companies that look after their people do better in tough times

We learnt some great tips on resilience from Anne Boden at the CEO Summit who shared her story and her tenacious focus on the end goal.

"It’s the people who keep going who change the world. Those who don’t stop when it gets hard. That’s the business we’re in" Anne Boden, Founder and CEO Starling Bank

Accessing funding in challenging times

We heard that there are two types of companies and these times will show what kind you are. Are you solving a real problem with a real solution, or trying to create economic value without doing that? According to our speakers - the latter won't survive.

According to Pitchbook, there is about $290 billion sitting on the side lines in the US. We heard that things are still happening – great companies are still being funded. And next year, companies that raised in 2021 will need to raise again.

“In the end, great companies will always be able to raise money”? David Hornik, LobbyVC

Other tips from our investors in our community...

• US Investors at Series A onwards are becoming more and more comfortable investing in a UK Limited company.
• Build relationships with investors way before you are fundraising. If you can, avoid it being a solely transactional relationship ?
• It takes a lot of time. You need a list of minimum 100 investors that are a good match for your start-up. Remember that rejections are not permanent and are not a rejection of you personally?
• Remember that investors are looking to invest! They are hoping that you’re going to be the one that is their rocket ship?

There will be investors who invest in you personally, even if they don’t think your current business is going to work. That’s why it’s so important to keep the relationships warm, Angel Gambino, AWS?

Good Growth

• Find a framework that works for you choosing the SDG goals or other frameworks that better suit your business.
• Look at your company in a holistic way. It is important to have a framework to measure what works and what doesn’t. We learn when things go wrong, and from there you can really consider what you can do better.
• Educate your employees about the impact you’re driving so that people understand and can go on that journey with you. Ensure your values and impact are deeply rooted in the organisation.?
• Tie your sustainability objectives to your core business, and make them a critical measure of success”?

We are changing the way to deliver sustainable development. There's a better way to do business. Natalie Campbell MBE, Belu Water

• For investors - the biggest opportunities to invest are always a combination of profit and purpose. You can have social impact and still make a lot of money.
• For entrepreneurs - be thoughtful over which investors you speak to. If you’re building an impact based business, make sure you’re connecting with investors who truly care about impact.

Building a business can be stressful, but it is so exhilarating - great businesses can truly change the world. Be passionate, lean in, and build something extraordinary. Michael Acton Smith OBE, Co-Founder Calm

We look forward to building this community and continuing to support UK scale ups to access the peer to peer learning, investors and potential new customers.

What better way to close this article than a quote from Sherry Coutu CBE.

Find a problem worth solving. I’m not a fan of campaigns, I’m a fan of putting together an awesome product, falling in love with your customer, and solving a problem for them. Sherry Coutu CBE, Founder & Chair Founders4Schools & Workfinder

If you have any learnings from the SVC2UK summit last week please do share them and comment below. Thank you.