Upside #43 - EU Rate Advantage, Naughty Lawyers, AI Copy…right? A UK Defence Reviewer Says What?

Hosts: Dan Bowyer, Lomax Ward, Mads Jensen.

The real news behind the headlines affecting European Venture.

ECB interest rate cuts, IPO market divergence, AI copyright tension, UK Strategic Defence Review, and the NHS starts liquid biopsies.

00:58 – ECB Rate Cuts: So what for Europe and Startups?
8 rate cuts in 12 months signals easing. EU’s sub-2% inflation vs. US’s higher inflation + deficit (~7% of GDP).Fiscal strength = leverage for defence and energy investment.

04:34 – Capital Flows & Sentiment
Will a weaker euro drive more capital to riskier assets?

05:27 – Contrasting the US Volatility vs. EU Stability
Volatility in the US makes EU relatively attractive, but low EU growth remains a concern. Lower rates long-term can push capital into startups and infrastructure.

07:21 – IPO Markets: A Tale of Two Cities
US IPO market is booming (+80%), UK (-80%). 143 US IPOs vs. 5 UK IPOs YTD. $13B raised in US vs. ummm £75M in UK?!

09:11 – Why is the UK IPO Scene Lagging?
US market cap ~17x that of UK; daily trading 50x more.

12:35 – Pisces Liquidity Schemes: Public vs. Private Market Debate
Pisces—a new semi-liquid scheme for startup equity. Private markets aren’t built for public-style trading. Carta tried—failed.

15:11 – Systemic Decline of London’s Public Market
From ~1/3 the size of S&P 500 in 2007 to 1/17 today. Staggering numbers.

21:49 – UK Defence Review: Investment & Opportunity
New £87B plan over 10 years. Will it benefit startups? Still heavily physical (~80%), but £400M earmarked for innovation.

28:24 – Sovereign Tech & Europe's Defence Role
Is £400M enough? Contextualised vs. Anduril’s $2.5B raise.

37:08 – AI Infrastructure in Europe
Links defence with economic growth. EU's €20B AI Superfactory plans underway; Germany’s first data cluster. Huge challenge: power costs & permitting.

40:19 – NHS Liquid Biopsies: Tech Meets Real-World Healthcare
NHS rolling out liquid biopsy for lung/breast cancer patients. Huge potential.

45:54 – The Case for Healthcare Tech Efficiency
NHS productivity is down despite 14% spending increase since 2019.

46:12 – Deals of the Week
MUBI: UK-based streaming platform raises $100M from Sequoia.
Beckley Psytech & Atai merger: A pivotal moment for psychedelics + mental health.
Grammarly: $1B non-dilutive raise led by General Catalyst; Ukrainian roots, US-led round.

Until next week fine people...