Whether agritech or agtech, agricultural technology is an area that hasn't quite hit the heights of some other areas of technology venture capital. In this episode, Paul Rous of Regenerate Ventures discusses how and why that is changing, with a more promising future ahead.Paul starts by talking about the history of agtech, talking about why it hasn't taken off as it might and what the barriers have been. He then moves onto how the world is changing, with agtech getting increased attention from both entrepreneurs and funders and how this is changing the area radically.We also dig into some of the themes that Paul has seen. He highlights the difference in attention that the consumer side of food has received versus the "upstream" end. We also talk about the agricultural industry, its structure, regulation and how changes in these are now helping agtech develop.Finally, in our favourite questions, Paul puts forth some strong views on the current state of ESG in the EIS fund and VCT industry and what needs to change there.LinksRegenerate Ventures - https://www.regenerate.ventures/Paul Rous on LinkedIn - https://www.linkedin.com/in/paul-rous/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:The Innovator's Dilemma by Clayton M ChristensenBioPaul RousManaging Director, Regenerate VenturesPaul Rous is a Founder and Managing Director of Regenerate Ventures, the UK's only agricultural focussed venture capital fund. He is also a Co-Founder of the UK’s first agritech accelerator, Shake Climate Change and has been a consultant on digital agricultural innovation for international companies.Paul has been involved in investment, innovation, and agriculture for over a decade, having founded two venture capital funds, Fuel Ventures and Blackfinch Ventures. He has also been involved in the launch and scale of tens of companies and had over five successful exits. After serving as an Officer in the Army and at Goldman Sachs, he took an active role in the family's multi-generational arable farm in Suffolk.Paul has an MBA from Imperial College London and is a PhD Candidate at Cranfield University.

In venture capital investing it is easy to focus on the excitement of doing deals, but the reality is all the hard work happens after the investment is made. In this episode, Ben Leslie of Puma talks about how fund managers can support companies and help them achieve their goals.In a wide ranging discussion we cover many areas. Ben discusses how and where he provides support. He talks about the importance of relationships, and how fund managers need to make sure they are the ones that get called for help by adding value when they do. We also dig into the balance investors have to strike between helping businesses and not getting too involved. We talk about recruitment, how that can be a challenge for founders and the different ways a fund manager can help.We also look at how the support that companies requires vary over time. Ben talks about how they invest at a certain stage and specialise in support at that point, but are also prepared to take a company further if necessary.LinksPuma Investments - https://www.pumainvestments.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:Lean Startup Eric RiesJeeves and Wooster books by P.G. WodehouseBioBen LeslieDirector, PPE, Puma Private EquityBen Leslie is an Investment Director at Puma Private Equity, a leading VCT and EIS provider. Ben joined Puma in 2018 from Deloitte and brings a keen focus on social purpose businesses having managed successful investments into Connectr, Everpress, and Puma’s early years education positions. Ben is responsible for the firm’s investment activity in Scotland.

Venture builders has only one representative amongst SEIS and EIS fund managers, but Andy Davidson of Nova strongly believes it will become more important in the future. We get him to explain how venture building works and why he's so bullish.We start off digging into venture building, using Nova's business as an example. We talk about finding founders, founder/venture builder fit and how ideas can be developed. We discuss how doing small experiments can build evidence over time to support companies and justify further funding.Andy also talks about how the model works at a practical level, including how services are provided, how that changes as companies grow and the challenge of when companies should fly the nest. He also highlights the benefits of the model in challenging times and how it can be used to give entrepreneurs more time to develop their product, market or business. In our favourite questions, Andy talks about the challenges of the EIS industry and how he thinks it could be many times bigger.LinksContact Andy Davidson at andy@wearenova.co.ukWe Are Nova (for founders and investors) - https://www.wearenova.co.uk/Nova Growth Capital (for investors) - https://invest.novagrowthcapital.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:Grapes of Wrath by John SteinbeckLean Startup Eric RiesFour Steps to the Epiphany by Steve BlankBusiness Model Generation by Alex Osterwalder, Yves PigneurBioAndy DavidsonCEO, NovaAndy is a serial tech entrepreneur having co-founded more than 100 tech businesses either directly or through Nova throughout his career. Andy started as a software engineer before his entrepreneurial career where he has spent the past 12 years creating and managing growth-focused EIS & SEIS investment portfolios.

Raising money through angels or fund managers is something that most management does, at best, infrequently. For SEIS, EIS and VCT money, it is often the first time founders have sought equity. Richard Cooper of Oxford Innovation Finance has advised many companies in the past and is now a fund manager, so has lots of experience to help founders prepare.We start with some of the basics, such as whether a company should be raising money at all and what sort of money it should look for. We then discuss the practical things that can be done, and the importance of the pitch and data rooms. Richard gives some great insights into some of the little things founders can do to impress potential funders. He also highlights the value of education and some of the resources and support founders can get.Richard also discusses the process of seeking a funder. He talks about how to shortlist potential angel syndicates and fund managers and, when you have a choice, how to differentiate between them. He also highlights the advantage of a warm introduction. Finally, we discuss some of the common mistakes that founders make when fundraising, most of which are easily avoided. LinksOxford Innovation Finance - https://www.oxfordinnovationfinance.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:Young Bloods: Revolution 1769-1795 (The Wellington and Napoleon Quartet) by Simon Scarrow (first in series of 4)Lean Startup by Eric RiesBioRichard CooperManaging Director, Oxford Innovation FinanceRichard is the Managing Director of Oxford Innovation Finance. He has been working with early-stage companies for the past twenty years, both in the UK and Australia in both a funding and business advisory capacity. Having developed two early-stage software companies himself, he has advised on hundreds of early-stage companies to develop their growth strategies and raise them funding as a result. This allows Richard to be able to identify companies with strong growth potential and advise them if needed. Richard has an MSc in Marketing from the University of Leicester and post graduate qualifications in applied finance and project management. Richard also has a CFA Certificate in Investment Management and the foundation course in Private Equity from the Australian Venture Capital Association

Although investing on AIM through EIS fund and VCTs would appear to have several attractions, there are very few fund managers who invest in this area. Seneca Partners are one and we get fund manager Matt Currie to talk about it.We cover many areas in the discussion. We talk about the differences in governance between AIM, fully listed companies and unquoted companies and what this means for investors. We then go into the flow of investments, how strong it is, and the how brokers help. Matt also discusses the different level of diligence that's possible and how AIM-listed company management differ in how they and raise from unquoted companies.Matt also talk about what happens after investment. He talks about the relationship with company management and the challenges that some private investors present. We also discuss liquidity and selling shares, how exits on AIM need to be managed and different approaches to doing that. Finally, we talk about the current market and what Matt sees about how companies are behaving. LinksSeneca Partners - https://senecapartners.co.uk/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested booksThe Accidental Billionaires: Sex, Money, Betrayal and the Founding of Facebook by Ben MezrichBringing Down the House by Ben MezrichLegacy by James KerrBioMatt CurrieInvestment Manager, Seneca PartnersMatt joined Seneca from the RBS Structured Finance team in January 2017 where he completed 15 Leverage Finance transactions, being primarily mid-market private equity deals. Working alongside the top private equity institutions in the region, Matt led deals across the Leisure/Consumer, TMT, Professional Services, Manufacturing and Infrastructure sectors. Prior to that Matt spent four years with Deloitte, qualifying as a Chartered Accountant and working on both audit and advisory engagements throughout the North West. Matt graduated from the University of Manchester in 2010 with a degree in Management with Accounting & Finance.

Despite hopes that we may have a quieter year, 2022 turned out to be much more dramatic than 2021. The EIS navigator team have got another all-star panel to discuss what happened. Cristiana Stewart-Lockhart, Director General of EIS Association, Neil Cole, Head of Wealth Planning Solutions, UBS Wealth Management, and Kealan Doyle, Director, Symvan Capital join Brian to pick through the events of 2022 and the prospects for 2032.We chat through what's happened in fundraising, how demand for risk assets is going and how investors are viewing things. We also look at the effect of the falls in valuations, how the disconnection between public and private markets is being viewed and the balance between raising and deploying money. We also look at the renewal of the EIS and VCT schemes and the increase in SEIS limits, progress in ESG and get the panel to make some predictions for 2023.LinksEIS Assocation - https://eisa.org.uk/Symvan Capital - https://www.symvancapital.com/UBS Wealth Management - https://www.ubs.com/uk/en/wealth-management/home.htmlSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenBiosNeil ColeNeil Cole is the Health of Wealth Planning Solutions at UBS Wealth Management. He has individual responsibility for the tax efficient investment world, focused on EIS, VCTs, inheritance tax, ISAs, and other relevant product types, and provides recommendations to UBS Advisers on which of these products should be offered.Kealan 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.Cristiana 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.

The leisure sector faces very different challenges from the more tech focussed companies that most EIS and VCTs focus on. Harry Heartfield of Edition Capital specialises this area and gives insights into its past, present and future.We start by chatting about the challenges that covid brought. We talk about how leisure companies coped with their doors being closed and how they managed finances to survive. We also discuss how companies maintained brand awareness, so people would come back when they were allowed. Harry contrasts the challenges that different businesses had and how they coped.The discussion then turns to the current environment. Harry talks about some of the changes in the market, including relationships with landlords and availability of capital. His inherent optimism comes through, even with a recession coming, underpinned by the belief it will be a lot milder that what companies have been through recently.LinksEdition Capital - https://www.editioncapital.co.uk/Harry on LinkedIn - https://www.linkedin.com/in/harry-heartfield-2275983a/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:Our Mathematical Universe by Max TegmarkPrisoners of Geography by Tim MarshallBioHarry HeartfieldSenior Partner, Edition CapitalHarry has over 15 years’ experience in the leisure sector. In 2011, he joined boutique asset manager Ingenious becoming a Senior Investment Manager in their Live Entertainment Team. At Ingenious, he was responsible for working across several investment funds including several Venture Capital Trusts with a focus on leisure assets. During his time at Ingenious, he also developed and launched several investment products aimed at the retail market, including EIS products which raised more than £25m, and was Head of Investments and Acquisitions for Impresario Festivals plc until the sale of the business to media group Global for more than £28m.He set up Edition alongside the other Edition Partners in 2015. At Edition, he has overseen the development of Edition EIS and Edition Capital Projects, which have raised over £50m between them. He also was appointed as Strategic Advisor to Superstruct Entertainment (a Providence Equity backed company) from 2017 to 2020 as they made their first acquisitions including Sziget Cultural Management (Hungary) and elrow (Spain). In total, Harry has overseen deals in excess of £220m across the UK and Europe. He sits on the board of a number of Edition’s investee companies including WatchHouse Coffee, Borrow A Boat and Tailwise.

The power law is something that most venture capital investors are aware of, but usually only in the most general sense. Graham Schwikkard, CEO of SyndicateRoom, has just written a white paper on the topic using their data driven approach.We start on a bit of background, discussing what the power law is and what motivated the paper. Graham then explains how they approached the data, what decisions they made in their analysis and why. Fortunately it did show that returns fit a power law!We then go into what effect this should have on investors and, most particularly, how they should build a portfolio. We discuss how the characteristics of the power law mean that returns can improve alongside diversification. We also discuss what this says about stock selection and spray and pray approaches. Graham also talks about how different stages of investment give slightly different results and how that influences their investment strategy.LinksSyndicateRoom - https://www.syndicateroom.com/White paper on the power law - https://www.syndicateroom.com/invest/whitepaper-power-lawSubscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested book:The Food Lab by J. Kenji López-altBrian also mentioned The Power Law by Sebastian MallabyBioGraham SchwikkardCEO, SyndicateRoomSyndicateRoom CEO Graham Schwikkard has over a decade of experience with data science and working with large datasets. He has a fascination with the dynamics of the startup investment network and after coming across the Companies House dataset in 2017, he spent many hours designing much of the analysis behind the Access Fund. Graham would like to see Access become a vehicle for delivering efficient capital throughout the network, and increase the odds of the system producing more Unicorns and economic growth. Prior to working at SyndicateRoom, Graham spent seven years as a management consultant, and has significant experience of helping companies develop market strategies and optimise business models. He also has in-depth technical expertise, focused on maximising efficiency.

The lack of secondary market liquidity has been a long term challenge, especially for companies that are not venture scale but still viable. Rufus Pearl is trying to improve that with a new scheme for investors to exit some of these investments and bring forward their loss relief.We start by talking about secondary markets for EIS and venture capital investments. We discuss the challenges, why its hard and what progress is being made. We also talk about different types of progress that companies can have, not just the successes and failures but also the spectrum in between.This leads us onto to talking about PlanD. We chat about the mechanics of how it will work and the likely effects on both investors and the companies they are invested in. Rufus then covers how he thinks it will develop in the near future and what will happen with the new fund.LinksPlanD - https://pland.co/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested book:The Go-Giver: A Little Story About a Powerful Business Idea by Bob Burg and John David MannBioRufus PearlFounder, PlanDHas 20 years of corporate finance experience, including smaller company fund raising and flotations in sectors ranging from media to mining and film to fintech. Rufus was founder & CEO of a multi-award-winning lifestyle accessories business with global sales, and the founder of Pearl Corporate Finance, providing advisory services to investment trusts that grew to c.$75m AUM via a ‘swaps methodology’ that became the foundation idea for planD.

While the business world is an ever-changing place, we seem to be in an exceptional time of flux. Reuben Wilcock has seen many small growth companies pivot and adapt and we tap into his knowledge.Our discussion starts with what drives pivots and what sort of changes we might see. Reuben gives several examples and talks about the evidence that companies should be obtaining to make these changes. We discuss some of the different circumstances that can drive the change and how these might affect what happens.We then move on to how companies manage these changes. We talk about the importance of boards and the role directors should play. Managing staff can also be challenging. Finally, Reuben talks about the common mistakes that he sees management making and what advice he would give to those contemplating pivots.LinksBlackfinch - https://www.blackfinch.com/Subscribe to the EIS Navigator podcast on most services here: https://the-eis-navigator.captivate.fm/listenSuggested books:Influence, New and Expanded: The Psychology of Persuasion by Robert CialdiniBioReuben 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.