In this episode, we welcome back Henry Whorwood, Head of Research & Consultancy at Beauhurst. With access to the broad data that Beauhurt collects, Henry has a great overview of trends in the venture capital market over the past couple of years and where we are now.In a wide ranging discussion we talk about:tourist venture investorswhether this is a healthy correctionthe lack of failures and the causestrends in valuations and amounts raisedthe strength in AI and cleantechdifferent patterns by stage of investment and locationwhat's happening in exitsdemand from purchasersAfter a down phase in the cycle over the past couple of years, there is much speculation about whether we are close to, at or past the bottom. Listen and find out what the data says! Enjoy!PS Sorry about uploading the wrong file initially!00:50 Henry introduces himself and Beauhurst02:30 what sort of data Beauhurst has04:50 where is the venture capital market just now?11:00 the lack of company failures13:20 valuations and amounts invested15:00 strength of AI and cleantech21:15 differences across stages23:45 down rounds, convertibles and preference terms30:30 secondary share sales32:30 what's happening in exits38:00 demand from buyers41:40 types of companies being sold43:30 how are the regions doing46:00 green shoots elsewhere 51:30 favourite questionsLinksBeauhurst website - https://www.beauhurst.com/Beauhurst reports page - https://www.beauhurst.com/reports/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaArts and Minds: How the Royal Society of Arts Changed a Nation by Anton HowesBioHenry WhorwoodHead of Research & Consultancy, BeauhurstHenry started and runs Beauhurst’s Research & Consultancy department which produces research on the UK’s startups and scaleups. He has worked on briefs for clients including the British Business Bank, HM Treasury, BEIS and Innovate UK. Henry is an expert on business finance, entrepreneurship and innovation and regularly gives presentations on market trends at events around the country. He studied Classics at the University of Oxford.

This episode is our usual year-end panel. An all-star group of experts get together to discuss what happened in 2024 and the prospects for 2024. This year, Christiana Stewart-Lockhart, Director General of the EIS Assocation; Kealan Doyle, CEO & Director of Symvan Capital and Ewoud Karelse, Specialist-Product at Evelyn Partners bring their knowledge and insight.In a wide ranging discussion we talk about:fundraising in 2024the effect of the budget and how it has brought a focus on tax rather than investmentperformance of the underlying fundshow EIS has become more attractive for IHT planningthe effect on the market of the changes in SEIS limitshow closing deals is taking longervaluations and the availability of fundingexit activityhow AI and climatetech are still popularlooking forward to 2025As usual, the panel bring a lot of knowledge and insights. 2024 was an eventful year so listen and find out what it all means for investors and advisers.00:50 Introductions from Christiana, Kealan and Ewoud 03:00 how has fundraising been08:00 the effect of the budget12:00 the focus on tax rather than investment in 202415:30 performance of the underlying funds19:00 increased attraction EIS for IHT planning24:00 the administration challenge27:30 effect of SEIS limit changes on the market31:50 EIS investing - length of time to close deals36:00 valuations and down rounds, availability of funding38:00 exit activity47:30 hot sectors - AI53:00 hot sectors - climatetech59:30 looking forward to 202562:30 activity in the regions66:15 Predictions for 2025LinksEIS Assocation - https://eisa.org.uk/Symvan Capital - https://www.symvancapital.com/Evelyn Partners - https://www.evelyn.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBiosKealan DoyleKealan is CEO and co-founder of Symvan Capital. He has worked with venture capital companies for 15 years, both in a corporate finance advisory capacity as well as a fund manager. He prefers to invest in a wide range of technology companies, but is also very interested in finding synergies within the Symvan portfolio of companies. Company interests include big data analytics, fintech, SaaS, 3D printing and network security. Before his involvement in venture capital investing, Kealan previously lead a structured equity products team at HSBC, and has worked at Deutsche Bank, Merrill Lynch and UBS. Together with Nicholas, he has since founded his own entrepreneurial businesses to focus on VC investing. Kealan holds degrees from the London School of Economics and the University of Toronto.Christiana Stewart-LockhartChristiana Stewart-Lockhart is the Director General of the Enterprise Investment Scheme Association (EISA). She previously spent more than a decade working in Westminster including ten years at the Institute of Economic Affairs. She also founded EPICENTER, a Brussels based network of some of the most respected think tanks from across Europe. Christiana holds a BA in Politics from the University of York. She is a member of TISA’s Children’s Financial Education Policy Council and also sits on the Advisory Board for the All Party Parliamentary Group for Entrepreneurship.Ewoud KarelseEwoud started his career in financial services with Allenbridge in 2000 and joined Towry Law in 2008 before joining Tilney in 2016, and Evelyn Partners in 2022. Ewoud is responsible for the research and selection of Venture Capital Trusts; (Seed) Enterprise Investment Schemes; Business Relief for Inheritance Tax Planning (AIM and non-AIM), and Social Investment Tax Relief products. He is also well versed in the use of Business Investment Relief for International clients.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

Tom Wilde helped start and now heads up the EIS and VCT tax practice at Shoosmiths. He has seen a wide range legal issues founders, companies and investors make when setting up and receiving EIS or VCT investment. He pulled together some for a recent presentation and we get him to expand on them.In a wide ranging discussion we talk about:starting the right waythe independent investor ruleraising SEIS and EIS funds togetherthe challenges that buybacks presentdoing subsidiaries correctlythe types of shares that can be usedthe current state of the EIS and VCT marketmental health in the workplaceThe Shoosmiths practice is deeply involved in EIS, giving Tom great experience and knowledge. Take advantage of that here!00:40 Tom introduces himself01:35 what Shoosmiths does in EIS03:40 starting the right way04:10 need to use a new company06:10 get founder shareholdings right08:00 independent investor rule11:20 raising SEIS and EIS funds together13:45 risks of buybacks and losing tax reliefs19:10 changing trades25:10 getting subsidiaries right29:15 types of shares that can be used33:50 do the rules work effectively?38:50 state of the market42:15 current challenges for companies47:10 favourite questions - mental health discussionLinksTom on Shoosmiths website - https://www.shoosmiths.com/people/cvdetails/tom-wildeTom on LinkedIn - https://www.linkedin.com/in/tomwildeshoosmiths/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaA Path Through the Jungle by Steve PetersBioTom WildePartner, ShoosmithsTom is the head of Shoosmiths’ EIS tax practice. Tom is one of the UK’s leading experts in this field and has extensive experience advising a wide range of investors and investee companies on structuring and implementing tax efficient investments, reorganisations and exits in compliance with the EIS regime. Tom is also a qualified Chartered Tax Adviser, a member of the EIS Association’s Tax and Technical Committee, and a member of the QCA’s Tax Expert Group.

James Segal cofounded finance-as-a-service house Fin--house and has seen the inside of many startups. His post on 24 founder fails caught my eye, so we asked him onto the podcast to discuss them in more detail. In a wide ranging discussion we talk about:scaling too quicklyforgetting about accounts receivablethe importance of modelling and stress testingconfusing cash flow with profitover-optimising for short-term gainsmisinterpreting break-even pointmisreading profit marginswhat James sees in companies when he starts with themwhen you need a CFOJames's experience from working with many small companies means he has seen all of these and more so he brings great insights. Enjoy!00:56 James introduces himself02:00 what Fin-house does04:50 scaling too quickly06:30 forgetting about accounts receivable10:00 importance of modelling and stress testing / scenario planning14:15 confusing cashflow with profit17:20 over-optimising for short-term gains23:45 misinterpreting break-even point28:00 elasticity of CAC30:45 misreading profit margins34:00 how are companies when you first go in to them40:00 difference between a CFO and financial controller44:00 when do you need a CFO?49:20 favourite questionsLinksFin-house - https://fin-house.co.uk/James on LinkedIn - https://www.linkedin.com/in/james-segal/24 founder fails (LinkedIn) - https://www.linkedin.com/posts/james-segal_24-founder-finance-fails-activity-7254107025771565056-vZeO?utm_source=share&utm_medium=member_desktopSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaGood to Great by Jim CollinsBioJames SegalCo-founder, Fin-houseJames Segal is the co-founder of Fin-House, a company specialising in providing flexible, in-house finance teams tailored to the needs of startups, scaleups, and SMEs. Founded in 2021, Fin-House supports businesses through their growth journey by delivering finance functions that evolve alongside them, integrating seamlessly into their operations.Prior to starting Fin-House, James held finance leadership roles at Benchmark Sport International, Decathlon, and SynergyMode. He is a Chartered Accountant with the ICAEW and holds a BSc in Accounting and Finance from the University of Leeds.

When an fund manager jumps into a new area, its always tempting to ask why. Blackfinch Ventures has launched a fund focussing on the energy transition, we asked Head of Ventures Reuben Wilcock back on the podcast to discuss it. In a wide ranging discussion we talk about:what the energy transition is and why he thinks its attractivehow he chose the themes to look atwhether the pace of change in the economy is fast enoughwhether there are enough investmentsthe role of strategic investors and their commitmentprioritising returns over impactapplications in industry and storagetranslating science into a good businessthe challenge of sequencingfinding appropriate metricsinvestor interest in environmental investmentsAlthough this is a known area, it is interesting to get the perspective of a new entrant who has analysed the market and found it attractive. There's lots of insights as usual from Reuben - enjoy!01:00 Reuben introduces himself03:00 introduction to Blackfinch Investments04:45 what is energy transition and why chosen08:10 choosing the themes within that09:00 whether the pace of change is fast enough?11:50 are there adequate investments in the sector15:30 commitment of strategic investors17:45 concern over prioritising impact over returns21:20 what other themes he is seeing25:30 science that makes a good business27:10 prevalence of secondaries29:20 technology dependence and sequencing34:00 energy storage40:40 appropriate metrics42:00 investor interest and demand in environmental areas47:10 favourite questionsLinksBlackfinch - https://www.blackfinch.com/Blackfinch Ventures - https://blackfinch.ventures/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaWorking Backwards by Colin Bryar & Bill CarrBioReuben WilcockHead of Ventures, Blackfinch VenturesReuben’s expertise in advising early stage companies has developed through a background spanning academia, technology start-ups and start-up acceleration. He has founded or co-founded four technology start-ups including Joulo, a smart home energy spinout which won the 2013 British Gas Connected Homes award and was acquired by Quby in 2014, and Bar Analytics, an IoT start-up that enables global brands to monitor beer quality and sales.With a PhD in Electronics, Reuben has extensive product design experience with deep technical knowledge of hardware, software and manufacturing. He is an inventor on five patents and named author on over 45 peer reviewed publications ranging from integrated circuit design to genetic algorithms. Before joining Blackfinch, Reuben was a leading figure in entrepreneurship at the University of Southampton where he sat on its IP Panel for five years, guiding the commercialisation of research innovations through licensing and spinouts.Reuben is a Royal Academy of Engineering award winning entrepreneur, and the lifetime membership that affords has offered visibility of some of the most innovative university spinouts in the UK. In 2015 Reuben founded and ran the Future Worlds accelerator, mentoring over 250 entrepreneurs and 50 companies over a four-year period. Companies included 5G silicon IP spinout Accelercomm, AI computer vision company Aura Vision, IoT transport startup Route Reports and HGV data analytics company Dynamon. Whilst at Future Worlds, Reuben also developed the business plan and was the execution partner for the Z21 Fund, run in partnership with the Solent LEP.DisclaimerPlease note this podcast/interview does not constitute a financial promotion and is provided for informational purposes and should not be construed as an invitation or offer to buy or sell any investments. Please be aware that investments into unquoted companies are high risk, long term and illiquid investments.  Your capital is at risk. Past performance is not a reliable indicator of future performance.  Target returns are not guaranteed and forward looking statements are illustrative only and must not be relied upon. Investors should only invest on the basis of reading the full offer documentation.

We all have idea of what impact investing means, but how do you measure and systematise it? Conduit Connect is an impact venture capital investor and we have asked Senior Investment Manager Gabby Morgan onto to discuss this. She was hands on in developing their own impact framework and reporting so understands the issues and can talk about how Conduit Connect solved them.In a wide ranging discussion we talk about:approaches to measuring impactdeveloping a theory of changehow to make impact robust in a companyscaling impactbeing intentional about diversitynegative externalities and avoiding themhow to treat items that can't be measuredgreenwashing in the venture industrythe challenges of comparing frameworksWith the new SDR Regulations coming in, this is a very timely discussion. Gabby has thought deeply about many of the issues and applied them in practice, so has some great insights. 01:20 Gabby introduces herself03:30 What is Conduit Connect?09:00 How do we approach measuring impact?11:50 The four buckets of impact in Conduit Connect's framework26:00 The need for fund managers to be intentional about diversity28:30 What are negative externalities and avoiding them32:00 Taking account of what can't be measured35:00 How lockstep works to keep companies impact orientated39:40 Greenwashing in the venture industry41:40 How do investors compare manager frameworks49:00 Prospects for the impact industry in next couple of years54:50 Favourite questionsLinksConduit Connect website - https://www.theconduitconnect.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaRange by Daniel EpsteinMinistry of Time by Kallane BradleyBioGabby MorganSenior Investment Manager, Conduit ConnectGabby is a Senior Investment Manager at the Conduit Connect, responsible for screening and performing due diligence on opportunities for the Conduit EIS Impact Fund. She is also responsible for fundraising and investor relations for the Fund. She is an investor mentor at Carbon13, a leading climate-focussed accelerator, and a Board Advisor at Thalamos, one of the Conduit Fund’s portfolio companies. She has advised early-stage impact ventures through the Huckletree Alpha programme, Village Capital and Founders Intelligence.Prior to joining the Conduit Connect in November 2019, Gabby was an investment research analyst for a US-based impact investing firm called Align Impact supporting their investment research and direct investment strategies. In 2019, She completed her MBA at the Said Business School at the University of Oxford, where she focussed her studies on impact investing and social entrepreneurship. During her MBA, she was a Director of the MBA Impact Investing Network and Training (MIINT), Oxford Said Chapter, and was accepted into the annual Impact Lab run in coordination with the Skoll Centre for Social Entrepreneurship.Prior to getting her MBA, Gabby was a Director at Euromoney Institutional Investor in New York City. In this position, she founded and ran a number of their private investment memberships for wealth managers, family offices, HNWIs, pension plans and large asset managers.Gabby was born in the UK but spent most of her life in the U.S., having grown up in Connecticut and spent four years in Boston for her undergraduate degree.

The Seedrs Portfolio Report gives an insight into how equity crowdfunding in the UK has progressed over the past decade from an idea to a firm part of the venture capital market. Jeff Lynn was a co-founder of Seedrs and has been President since its purchase by Republic. He's ideally placed to give a myriad of insights into what lies behind the data and the report.In a wide ranging discussion we talk about:what the aim of the report ishow the report shows venture is an outlier asset classwhy food & beverage is the most popular sectorhow the variety of crowdfunding companies has improved over timewhy crowdfunding does better than the industry on diversityhow long should investors expect to hold investmentsthe development of Seedrs secondary markethow people use the platform and how that affects their portfolio diversificationthe future for Republic Europe and areas it is looking to expand intoIts clear that crowdfunding will continue to be a meaningful element in the the startup and venture capital market in the UK. That makes this interview with Jeff a must listen for anyone involved in the market.00:50 Jeff introduces himself04:20 Seedrs is now Republic Europe06:20 the motivation behind creating the Portfolio report10:30 the role of outliers 13:00 funding food & beverage companies16:15 do some companies work better for crowdfunding?19:10 Why Seedrs has had more female founders than the market25:50 How long is an investment for? 28:45 what has made the secondary market successful 31:30 investor diversification and the different use cases for platform37:00 how angels and sophisticated investors use the platform39:10 The future for crowdfunding: international opportunities, funds and blockchain44:50 Favourite questionsLinksRepublic Europe (formerly Seedrs) website - https://europe.republic.com/Seedrs Portfolio Report Winter 2023 - https://europe.republic.com/insights/blog/seedrs-2023-portfolio-reportSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Young Wilhelm by John C.G. RöhlGoing Infinite by Michael LewisBioJeff LynnChairman, Republic EuropeJeff Lynn is the Co-Founder of Republic Europe (formerly Seedrs), which he led as CEO from 2009 to 2017 and has served as Chairman since then.  Jeff is a qualified lawyer who began his career practicing corporate law with Sullivan & Cromwell LLP in New York and London. He also serves as the Chairman of The Startup Coalition and as a member of the Prime Minister's Advisory Committee for the King's Awards for Enterprise. Jeff holds an MBA and a BCL (advanced law degree) from the University of Oxford, a JD from the University of Virginia and a BA from the University of Pennsylvania.

The Enterprise Investment Scheme (EIS) is now 30 years old! To celebrate, we asked Christiana Stewart-Lockhart, Director General of the EIS Association, onto the podcast to discuss the past, present and future of the scheme.In a wide ranging discussion we talk about:the founding of EISthe progress it has madewhat has made it so successfulrenewal of the scheme and the efforts underpinning itwhy EIS is still not as well known as it should behow awareness could be increasedthe progress with improving diversity and regional investingthe effects of the recent changes to SEIS limitsChristiana brings together both the big picture on the importance of the tax advantaged schemes and the small scale that each company and investor represents. Its a great discussion - enjoy!PS This was recorded before the recent Treasury announcement that the EU has approved the extension of EIS. 00:50 Christiana introduces herself and the EIS Association04:00 The founding of EIS and how it has progressed07:25 Why has EIS been successful12:15 How the Patient Capital Review changed the schemes14:00 Lobbying for the scheme extension18:50 Why EIS is not as well known as we would like26:50 How do we increase awareness30:15 Role of financial advisers34:45 Progress with diversity of founders and expanding into regions41:00 Effect of changes to SEIS limits43:00 Looking forward46:10 Favourite questionsLinksEIS Association website - https://eisa.og.uk/HMRC 2023 EIS Statistics - https://www.gov.uk/government/statistics/enterprise-investment-scheme-seed-enterprise-investment-scheme-and-social-investment-tax-relief-may-202430th Anniversary of EIS event - https://eisa.org.uk/30th-anniversary-of-eis/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaAlchemy by Rory SutherlandBioChristiana Stewart-LockhartDirector General, EIS AssociationChristiana Stewart-Lockhart is the Director General of the Enterprise Investment Scheme Association (EISA). She previously spent more than a decade working in Westminster including ten years at the Institute of Economic Affairs. She also founded EPICENTER, a Brussels based network of some of the most respected think tanks from across Europe. Christiana holds a BA in Politics from the University of York. She is a member of TISA’s Children’s Financial Education Policy Council and also sits on the Advisory Board for the All Party Parliamentary Group for Entrepreneurship.

While fintech has perhaps fallen out of the spotlight in venture capital, it remains a significant part of the UK venture capital scene. It is one of Love Ventures three specialist areas, and in this episode co-founders Marcus Love and Adrian Love give their views on how the sector has developed and what matters now.In a great discussion, Marcus and Adrian talk about:the difference between v1 and v2 of fintechwhy financial services is so attractive for innovatorshow business models have developedmatching founders to the right producthow incumbents are responding to new entrants and the advantages the latter havewhy the UK is doing well in supporting fintechhow AI fits into their investment thesiswhat areas are attractive for investment todayAlthough Love Ventures is a relatively new manager, both Marcus and Adrian have strong backgrounds in entrepreneurship and investing. This experience allows them to being some great insights into how the world of fintech is progressing today.PS This was recorded while travelling, so apologies for the echoes in the background for the host. 00:55 Marcus and Adrian introduce themselves02:55 Love Ventures05:15 versions 1 & 2 of fintech08:50 why financial services is so ripe for innovation11:25 blockages to blockchain in the real world yet14:00 finding the correct business models going forward17:00 importance of product/founder fit19:40 Incumbents vs new entrants22:00 report on corporate venture capital25:10 the UK regulatory sandbox27:10 UK as a model for other countries28:45 how the need for capital hasn't changed33:30 looking for right scale of problem to invest in35:20 role of AI - specialist / small models40:45 data confidentiality - importance of specialist data43:40 prime areas for investing now45:30 Favourite questionsLinksLove Ventures website - https://loveventures.co.uk/Love Ventures on LinkedIn - https://www.linkedin.com/company/love-ventures/Report on corporate venture capital - https://loveventures.co.uk/navigating-cvc/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaThe Power Law by Sebastian MallabyThe Anxious Generation by Jonathan HaidtBiosMarcus Love, Co-Founder, Love VenturesIn the first part of his career he spent nearly 10 years in Paris working in consulting for Cap Gemini then in a start-up and in various sales roles. In 2005 he moved back to London and worked for 14 years in the City selling global equity research to fund managers.He started angel investing in 2015 and built up an angel portfolio of 20 companies, building an angel syndicate along the way. HE formed Love Ventures in March 2020 at the start of the pandemic and hasn’t looked back since.He loves helping portfolio companies where he can, and is super excited by the growth of their first two funds and their super team! Outside work, he enjoy sports, culture and travel. Most recently he cycled 458 miles in eastern Turkey for a charity called 1morechild.Adrian Love, Co-Founder, Love VenturesThe early part of his career was spent at The Instant Group, a high growth pioneer within the global flexible workspace sector where he focussed on enterprise sales before its acquisition by MML Capital – their digital assets have now merged with IWG Group. From 2016, he worked at Dorrington PLC, a £1.4Bn private investment company, where he was an investment manager of a £200m portfolio of assets.During this period, he began his own entrepreneurial journey within property development and also started angel investing, building up an angel syndicate alongside his brother Marcus. Having been in business together since 2009, they co-founded Love Ventures in 2020 and enjoy using their extensive networks to help the founders across our portfolio.Outside of the world of start-ups, you can usually find him on the sports pitch whether it’s regular five-a-side football, squash, golf or skiing. He also loves an adventure and has been recruiting founders for a round the world cycle to Sydney, starting off with London to Paris in September.

Eos Advisory are rapidly building a solid reputation in science-based venture capital investing. In this episode, Partner Mark Beaumont discusses their roots, philosophy and how that translates into practice, with lots of real-life examples.In an in-depth discussion, Mark talks about:how the Eos investment philosophy developedthe strengths of the Scottish venture capital eco-systemwhat makes good founders and how he assesses thatgetting alignment between managers/investors and foundersdetermining whether there is a big enough markethow to give a company an international outlook as early as possiblethe mistakes founders makechanging management mindsets as a company progressesMark's background gives him a very different perspective, both individually and as part of a team that brings very diverse experiences. His insights into the people side in particular are tremendous. There is much for any founder or investor to learn here.01:00 Mark introduces himself04:50 where Eos is now07:20 how their investment philosophy developed10:30 lack of competition for deals in Scotland11:50 Scottish eco-system - current strengths16:20 what they are looking for in founders 20:30 separating people from company24:20 alignment between founders, investors and managers27:40 how do you determine a market 32:15 internationalising - when and how36:15 how to line up international investors38:40 what mistakes founders make41:00 challenges of funding44:50 changing mindsets in companies as they progress49:25 favourite questionsLinksEos Advisory website - https://eos-advisory.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books and mediaCoffee First, then the World by Jenny GrahamBioMark Beaumont, Partner, Eos AdvisoryMark Beaumont became a Partner at Eos Advisory in 2019 and has helped lead the business through a period of significant growth, investing in predominantly Scottish science and technology companies addressing key global issues in healthcare and environmental health. Mark Beaumont spent the first chapter his career building teams around sporting success and is publicly known as an athlete and BBC broadcaster. He still holds the 18,000-mile circumnavigation cycling record in a time of 78 days. Mark’s degree education was in Economics & Politics, and for a decade and a half worked with a leading UK mid-market private equity firm. Mark is Patron for Entrepreneurial Scotland, Honorary President for Scottish Student Sport, Fellow of the Royal Society of Edinburgh and was honoured in the Queens New Year’s honours for services to sport and charity.