Svetlana Tarnagurskaja

Paul - Thanks for sharing. As you know, I'm an American living and working in London. I've been here for 20+ years. I did undergrad studies at the University of Washington in Seattle, the University of Maryland in College Park, Maryland and UM in Munich, Germany. Most of my two decades of work in London were dedicated to launching and running my own ventures - I started my first company in 2008 when I was 40 years old. I'll be 56 in September. Here's my high-level take: Things here feel small. - Budgets - Mindsets - Ambitions - Investments - Risk appetites - The list goes on I know. That's harsh and unfair to the many very ambitious entrepreneurs who have taken outsized risks, raised millions of £/$/€ and have built phenomenal businesses. And it's a little unfair to the investor community. But, the numbers speak for themselves. There are too few entrepreneurs and there is too little capital to fund their ideas (hopefully really big ones). Two specific things come to mind that might help move this narrative forward and, in some small way, help to address the problems noted by Tom. 1. Secondary Schools I've heard from my kids, both in the same secondary state school in Hackney, say that their teachers are harping on about the relationship between school attendance and test scores and successful university applications and netting jobs as lawyers, accountants, bankers and related post-graduation. Someone started the companies that employ these people, right? Perhaps our secondary education system needs to emphasise and encourage our children to see entrepreneurial pursuits as real and exciting paths to take as well, with a big focus on software, cloud computing, cybersecurity, data and AI, which should be strategic national priorities. 2. Investment The current government-backed SEIS and EIS tax relief programmes may need to be revamped/replaced to prevent the entrenchment of market-distorting, risk-averse and tax relief-centric class of investors. I know, this is heresy. And, I'll admit, my current company and a handful of UK investors have benefited from these programmes, but I'm worried that these programmes may be hurting more than helping the mid/longer term health and prosperity of the the UK startup ecosystem. In my case, I've decided that my venture's next financing - pursuing it now - will no longer participate in UK tax relief programmes. UK investors will need to be all in, just like non-UK investors, who currently make up 67% of £1.2 million raised to date. Risk appetites need to change. High net worth business leaders and individuals, corporates, VCs, universities, other institutions and, yes, government bodies, too, can all play a role in converting today's sluggish, safe, risk-averse startup ecosystem into something far more vibrant and productive. Yes, it will mean more failures and pain and disappointment (shit happens), but it will also produce more [global] successes. I think it's worth it. James

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5Million for Scottish Start-up, sounds great, right ... My biggest question is: Do the people in charge of dealing with these start-ups have any form of experience of starting a business themselves? If not, then we have a problem. I have had numerous challenges over the years with this kind of entrepreneurial supporting organisation, where they simply don't understand the basic needs and challenges of an entrepreneur, and no it's not just me. I would offer the following advice for entrepreneurial development organisation that is meant to help start-ups get off the ground: - Have at least two entrepreneurs in the team, who had to build from the ground up, make sure it's a woman and man as the challenges will be different. Remember your unique challenges and needs when starting out and then offer that in your service offering. I was once offered support by one of these entities, and then just before launch time, they pulled out, (no phonecall to discuss either, just an email) stating the reason for pulling outbid because I will be charging for my services 🥴. Yes that is what entrepreneurship means. We are not a charity, we charge so we can pay the bills and eventually have a profit to leave a legacy. What would you offer as advice? #entrepreneurship https://lnkd.in/eFDhx97N

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Never underestimate what it means to be replaceable. Early in my career I thought being indispensable was a quality asset to have. I was the solo dev on a project which at the time I thought was a good thing. I lost count of the amount of times I heard: "We'd be stuck if you got run over by a bus tomorrow!" Out of hours calls and holiday interruptions were the norm. When I did leave it was a very lengthy drawn out process that was quite difficult to handover. It created a lot of anxiety that I didn't realise I had until I left. Lesson learned: building a resilient, well-documented, and collaborative environment is far more valuable than being the sole expert. Embrace being replaceable—it’s a sign of strength, not weakness. #developerlife #softwareengineering

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♫ No, I won't be told there's a crock of gold, at the end of the rainbow, or the pleasure and pain, sunshine and rain, might make this UK #tech scene grow ♫ New UK Tech Startups See First Decline Since 2022, Down 11% This Quarter. The nation needs to be very careful of complacency (often its downfall, as history has shown). Read the #technews about a kingdom in peril at TechRepublic: https://lnkd.in/guvbB5qw #startups (Lyrics: https://lnkd.in/ga8mwSUN)

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My imposter syndrome was strong last week… I spoke to Forbes about government support for startups in the run-up to the UK’s general election. I’m from Stockholm and until recently didn’t have much interest in politics. But I’ve always had an interest (some call it an obsession 🤔) in how startups access financial support. And I've worked in the UK for years. First in VC and now with Mimo. It's a challenging market for startups right now. High interest rates. A tight funding environment. An ongoing correction from 2021. Wouldn't it be good to review the support to offset these challenges, to maintain the UK's strong position in tech? Government-backed loans. Tax incentives. Simplified option schemes (esp beyond EMI). If the government could also do something about ‘founder imposter syndrome’...that’d be great too 🙃 https://lnkd.in/ddkJJT5x

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Only 7 days left to, depending on your drive: - Support Jointflows, - Get your hands on some discounted early-days shares of Jointflows. This is how we are currently getting VC intros 🤯: Jointflows allows sales teams to control, accelerate, and win non-linear sales cycles: a $233 billion problem/opportunity just in B2B SaaS. Hockey-stick ARR growth, highly sticky, generating money from expansions, and operating profitably. https://lnkd.in/eQTnKAqE Required legal disclaimer:𝘋𝘰𝘯’𝘵 𝘪𝘯𝘷𝘦𝘴𝘵 𝘶𝘯𝘭𝘦𝘴𝘴 𝘺𝘰𝘶’𝘳𝘦 𝘱𝘳𝘦𝘱𝘢𝘳𝘦𝘥 𝘵𝘰 𝘭𝘰𝘴𝘦 𝘢𝘭𝘭 𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺 𝘺𝘰𝘶 𝘪𝘯𝘷𝘦𝘴𝘵. 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘩𝘪𝘨𝘩-𝘳𝘪𝘴𝘬 𝘪𝘯𝘷𝘦𝘴𝘵𝘮𝘦𝘯𝘵.

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we need to unfuck the UK for business owners and high earners I think a lot is needed: - general support from government (hard and not likely in short term) - need a better ecosystem for entrepreneurs - betted education on setting up companies, holding companies, SEIS/EIS, becoming as tax efficient as possible, even generating wealth in places it won't be taxed until a government change makes it financially sensical to do so - encourage more people to start businesses (most shouldn't be VC but more like mine), little startup costs, small teams, global user base, online first, aiming for 300k/year - which can end up at millions/year, multi-million acquisitions too

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Every tech founder want cash (nothing new here) 😂 Cash comes in many ways: - Revenues - the best form - Equity finance - Debt - Grants I (https://deallite.uk) sit on investor data with relationships built over a long time. Whilst I (Deal Lite) share this data through monthly subscriptions, I avoid investor introductions at all cost due to a number of reasons. I'm currently evaluating a light weight approach of investor introductions for Techcelerate members. Deal Lite also has the ability to include live fundraisers. Just wondering whether there is sufficient demand for us to create a product related service. It could look like below (not finalised - very early research): Product: - Listing on https://deallite.uk (company needs to keep us up to date so the data remain live) - Pitch deck sent to us for a quick review and inclusion with above. Service: For personal introductions, you would need to follow additional process: - Join Techcelerate as a Member. - Build credibility and trust within our community - Sign an agreement on light weight fundraising - Make introductions Of course, I would chat with Stuart Scott-Goldstone to understand legal ramifications. Whatever decided, it has to be a very light weight product related solution to ensure a decent quality of service. No decision has been taken. Just researching at present. I bet David John William Bailey might have some views on this. #fundraising #investment #DealLite

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13books Capital have closed a £121 MILLION fund to fuel the next wave of fintech disruptors 🚀 👏 📲 Continuing their commitment to backing VISIONARY founders reshaping the future of financial services, the new fund will enable 13books Capital to continue supporting the best AND boldest founders who are building tomorrow’s financial technology. 💰 🌐 Investments will primarily be made at Seed to Series A stages, with ticket sizes ranging from £1-7 million and founders benefit from the firm’s NETWORK of 34 world-class founders and industry leaders, such as Limited Partners (LPs), who provide unparalleled entrepreneurial experience, connectivity, and expertise! 👨‍💻 Michael McFadgen Partner at 13books Capital, stated, “It is clear that European fintech entrepreneurs desire a sector-focused, founder-focused venture platform that has meaningfully impactful networks across the industry. We believe European fintech is entering a golden period, and we thank our LPs and founders for their trust and look forward to supporting the next generation of pioneering fintech entrepreneurs.” Find out more on the link below! 👇 #13books #fintechfund #fintechnews #fintech #financialservices #entrepreneurs #fintechecoystem #finanacetechnology #seriesa #seedfunding

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As much as I love using AI tools, they primarily serve as entertainment for me. But for some, a virtual voice isn't just a diversion but a defining representation of their core identity. When Stephen Hawking was asked why he stuck with the robotic voice, even as synthesizers improved, Hawking said it was part of his identity and changing it would be like a singer adopting a new voice. Thankfully, things have moved on since then, and student Daniel Challis was able to build a synthetic voice courtesy of 'donor' Eli Lane after being fed up with "sounding like a robot". And this is just the start. Modular voices today, brain-computer interfaces and powered exoskeletons tomorrow. So much great technology has come from improving accessibility for those most in need, and AI will make a massive difference in the lives of many in the years to come. #voice #ai #cerebralpalsy #accessibility

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Calling fellow startup founders based in or around London... this is a great event that we (adeus) have attended a few times. It's not your typical start up pitch event. It's the opportunity to intro your business to a really friendly room of business people who are open to sharing ideas and providing advice to founders early in their journeys. ___ Join VOCASOs next MIC NIGHT event in London, near London Bridge on Tuesday 5th November from 6pm. Up to 15 founders each do a 1-minute elevator pitch to our member community of seasoned executives, sharing their company's tale and toughest business hurdle ahead. It's not a pitch for money but an opportunity to gain the insights desired for that next stage of growth. A great chance to connect with potential perfect match mentors or advisors within the community who have the expertise or connections you relish. Spaces are limited. Learn more about the event and RSVP or add your name to wait list here: https://lnkd.in/e3iRy9Uf     VOCASO, a fee-free community of founders and advisors. An ecosystem that brings its members, all senior executives aspiring to become Mentors, Advisors and NEDs together with growth companies seeking wisdom and door opening connections to drive growth. VOCASO kick-starts board careers today to impact the economy of tomorrow.

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The UK is struggling to scale businesses beyond the start-up phase. Despite our strong start-up culture, the drop in funding to a six-year low is a clear signal that we’re not doing enough to support the next stage of growth. If we want to drive innovation and future-proof our economy, we urgently need to inject substantial new capital into scale-up companies or we’ll lose the next generation of UK-born success stories. Interested - how can we (mainly government) fix it? 🔊 https://lnkd.in/dfUcV8M6

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It amazes me how little our Start Up eco-system focuses on the basics when it comes to raising capital. Below Sam Simpson touches on the 'super power' all Start Up Founders have when building Tech or Support Services that help ANY business launch a solution for ANYONE. The narrative that needs to change in Society is about RISK. I have recently debated with UK Pension Lawyer Jade Murray about HIGH RISK Assets being held across various DC Pension products. Back in May 2010 I watched the faces of two FSA Associate Directors change, as I explained my vision for the 3PPS Framework is to provide access to the upside potential of 'HIGH RISK' Illiquid Assets, without adding a single penny of extra risk to mass retail savers. It is fascinating to hear all the pathetic excuses of 'experts' why they don't advertise the success rate of their advisory services at meeting the unmet needs of 9 in 10 workers in the UK, across 2m+ SMEs. Jeremy Hunt said recently that SMEs employ 27m workers out of 32m. Every single one of them have been blocked from accessing the potential upside from 'HIGH RISK' Assets, despite Statutory & Regulatory Laws being quite clear that ANYONE is eligible to participate. Sam has highlighted the basic tax relief advantages, which are 50% (SEIS), 40% (HRT & IHT), 30% (EIS), 25% (BRT), 22% (Loss Relief) or 20% (CGT) tax relief benefits are available depending on an individual's own tax circumstances. The biggest supporters of Start Ups (40%) in the UK are Friends and Family. The second biggest (30%) is the Taxpayer (everyone), via various initiatives. The remaining 30% are professional investors e.g. Angels, VC, PE. Until the Mansion House Reform, which I have been arguing for since 2004, UK DC Workplace Pension Providers have given virtually ZERO F*CKS about supporting innovation and homegrown SME talent. Pension La La Land has been happy selling 5 ⭐️ 'low cost' products, which I predicted in 2010 to the FSA, would continue to fail 9 in 10 workers. The AE chickens have come home to roost, despite all the 5 ⭐️ awards being handed out like confetti, the average shortfall has grown from £200k to £250k (25% worse). The consumer cost to repair Pension La La Land's non-compliance with COBS19.1 over the last decade is an eyewatering £600bn 😱 What does this mean for 45m DC Workplace Pension pot owners? It means that to catch up after 10yrs of #Pensionwashing you will need to pay between 4x to 10x more contributions every payday, than those who secured additional risk free funding. Restitution Funding is the only affordable option for 45m DC Workplace Pension pot owners. If you are reading this, you will have been impacted one way or another. I passionately believe the Start Up eco-system can help millions of affected workers get back on track. If you would like to know more about recovering £60,000+ of lost retirement benefits, please don't hesitate to reach out. #RestitutionFunding #BUOM #TheCherubsAreComing 👼

Many thanks to Sam Smith highlighting .. "There are exciting things happening in the UK if you choose to see them" ... ✅ largest ever investment into a UK AI tech company. $1bn Series C fundraise (yes fundraise not valuation) into Wayve, a UK based Automative AI business. ✅ £800m raised for Abound, a UK based fintech lender/credit score business ✅ £270m for Awoca, another UK based fintech lender. A mixture of debt and equity from a variety if investors. #growth #funding #UK #ambitionnation #scaleupbritain #largestfundraise #entrepreneurship

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I totally agree with Tom Blomfield the founder of Monzo Bank. Most founders I know develop a very clear view of the world and how things should work. They are contrarian, and they will not agree with you just so you’d like them. The best founders are truthseekers, and also truthtellers. Being kind also is not being polite, it is to tell you the truth and try to fix things that are broken. For most people it’s uncomfortable but the best founders are comfortable in being uncomfortable and misunderstood. #founders #contrarian #startups #leaders #entrepreneurship

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I met the UK Gov Secretary of State for DSIT aka the 'Tech Minister'. And he’s got an AI Strategy brewing. It's top of the agenda, which is refreshing to see, considering the super-charged levels of expectation on this new government. Decisions and plans around it will shape the lives of millions across the UK for years to come. Will the UK government capitalise on the opportunity AI brings? How fast can they act. How inclusive can they be with their approach. I was thankful to attend a Department for Science, Innovation and Technology (DSIT) ministerial event last night and meet the Tech Minister Peter Kyle to hear more about those plans. They’re gearing up for a so called “bold and inclusive approach”, but that’s going to require a mindset shift, delicate balance of regulation and skills development, and airtight comms plan. It’ll no doubt start with AI adoption in the public sector but ensuring the UK is bringing industry and government to train the next generation of AI talent, whilst spreading skills across existing workforces, is key! Whether it’s navigating the services you use to coordinate free childcare or upskilling yourself on how you grow your business, we’ll see AI powering this moving forward. Ace to catch up with some friendly faces, Dorothy Chou, Deborah Okenla, Jemma Waters, Phil Smith CBE, Katie Gallagher OBE, and Faye Van Flute. Looking forward to seeing what's on the horizon. #DSIT #AIStrategy #UpSkilling

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UK is growing again 🇬🇧 In 2024, investments in UK startups increased by 16%, reaching £7.4bn ➛ UK remains the top destination for tech investment in Europe, making up about a third of all European VC funding this year. ➛ after two years of decline, confidence in British businesses is coming back. ➛ UK tech companies raised more money than those in France and Germany combined, and five times more than in Switzerland. ➛ big funding rounds include Wayve’s £840m Series C and Monzo’s £340m late-stage investment. ➛ British Business Bank reports that the UK is now the third largest VC market in the world, surpassing India. ➛ despite challenges, investments are stabilizing at over £2bn per quarter for smaller businesses. ➛ UK has also overtaken China to become the second-highest funded tech ecosystem globally, just behind the US. What’s your biggest challenge in securing funding right now? ♻️ Share with your network of start-up founders #Entrepreneurship #Startups #UKBusiness #BusinessGrowth #NewBusinesses #BusinessTrends #StartupSuccess #BusinessStrategy #Innovation #uk #tech #growth #product #fundraising

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Political change is almost here but what does the future hold for UK startups? No one knows for sure, but startups must be a crucial part of any new government's agenda. Thankfully, Dom Hallas and the team at the Startup Coalition have produced a comprehensive Startup Manifesto to guide our new leaders on what needs to be done. With the UK ranking third globally for VC investment, our AI sector valued at £72bn and our ClimateTech sector worth over £26bn, there’s plenty to suggest we're on the right path. But there's so much more to address – across talent, funding, regulation, and innovation. 📈 So that British startups can remain competitive at the forefront of the global tech revolution. 🌍 Have a read of the full manifesto below and do your bit to promote it, so that whoever is in charge on Friday hears about it too. 📢

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