Creating the next winning deals – views from the venture funders

Innovation and wealth creation in the North can go together.

The proliferation of venture capital should be a symbol of the ambition of a region’s economy, but what are the real prospects of supporting a successful unicorn that builds on the spirit of innovation in the North, alongside the obvious investment appetite?

This session of the Rainmakers Conference looked at the pipeline of ideas and exciting companies in technology, AI, material science and biotech which have world changing potential, and asked what barriers need to be removed to make them a success.

Taking part in a panel chaired by TheBusinessDesk.com’s North West editor, Michael Taylor, were David Foreman, MD and founder at Praetura Ventures, Claire Lewis, co-founder and CEO at Baltic Ventures and Andrew Cope, chairman of Gilbanks.

Lewis highlighted the significance of having a proper ecosystem in place, which can serve as a “hive mind” to offer business founders the best advice and support.

She said such an ecosystem could stop “founders going down the same rabbit holes and making the same mistakes.”

Lewis added that as a trained accountant she understood the importance of being realistic about money. But she also warned: “There are too many investors in the UK who have low expectations of founders and businesses. It takes founders with a lot of belief to power past that.”

Cope said he wanted to see more efforts put into building companies which have the ability to sustain themselves far into the future, regardless of changes in personnel.

He said: “We lack ambition in this country. We need to think about how we can keep more people on that journey to create bigger and more sustainable businesses.”

Foreman responded that it takes a long time to build a great company, adding: “I disagree that there’s a lack of ambition.

“The problem is that people don’t see enough of the success stories. We need to celebrate success stories more rather than rip them down, so they can give back to the next generation.”

He also focused on the need for advice and mentorship, explaining how he had set up a programme to connect early stage business founders with people who had successfully navigated this journey and could share their experiences of what it takes to establish a successful company.

Foreman said the North is still lagging far behind London when it comes to Venture Capital backing, pointing out that currently 80% of this support is in the capital, compared to just 3% in northern England.

TheBusinessDesk.com believe passionately that the jobs created, specialisms developed, and the entrepreneurs unleashed give the Rainmakers community the right to a seat at the table and a voice in the debate on the economy of the North.

This platform, like the 2024 Rainmakers conference, is an opportunity to not only celebrate the contribution from funds raised and deals created, but also to look to the future at the challenges ahead.

Visit rainmakers.thebusinessdesk.com to find out more and subscribe