BVCA series
As part of its University Spin-out Conference, the BVCA (British Private Equity and Venture Capital Association) asked 15 of the UK's most successful spin-outs to reveal what they wished they'd known when starting up their business.
Ian Underwood
Scientists are necessary to the long-term benefit of the company as they are the developers of new technology and products on which the company’s future revenues will depend.
Jed Hurwitz
Invest in people, identify their potential and make them feel that they are part of the success - financial reward is not the only factor; external recognition, training and responsibility are often equally, if not more important.
Ernie Richardson
If there isn't an element of illogicality in what you're doing then you're probably on the wrong path. There needs to be something inside you that "burns" to do this.
Gwyn Humphreys
Indeed it is the success that you should be driven by - and in business that will bring its own financial rewards, which should really be viewed as a secondary, although gratifying result.
Marc Moens
When you are about to start a company, just as when you are about to invade a foreign country, there are, to quote Donald Rumsfeld, known knowns, known unknowns, and there are unknown unknowns.
David Tatchell
The vast majority of successful founders of businesses are not in it primarily for financial success - they want to "change the world" in some way, and the getting rich (if it happens!) is a by-product of success in achieving their vision.
Sir Robin Saxby
Business plans are not just about raising finance. You need to build operational (short term), tactical (medium term) and strategic (longer term) plans, and then continually check progress, and, as you gather more experience and data, change, improve and
Dr Andy Richards
The business world loves its dogma's and so you will have to "talk the talk" and give lip service to the current business axioms to be an accepted member of the tribe. But know that when business seems certain, change is usually underway.
Alasdair Rawthorne
The common perception of top-tier VCs is of people with large address books, who can call influential people in your industry on your behalf. That was mine, too. But when you have one of these people on your side, you actually get far more.
Dr Ian Muirhead
The starting point for most academic university spin-out companies is the negotiation of the licence to the technology that the new company is going to be built on.
Alex Hoye
In a fast-moving business, you could easily spend all of your time being reactive, but it gets in the way of moving your business forward - you can't focus ahead constantly looking over your shoulder.
Adrian Critchlow
When I set out in business I wish I knew "pricing is an art not a science". There is no black or white when it comes to pricing.
Sherry Coutu
Make sure that the persons on your board have the time and inclination to help you grow your company as quickly as the opportunity will allow.
Steve Purdham
There is an implicit fear of failure in the UK and the potential stigma associated with it basically freezes most people into a state of indecision and paralysis.
Professor Jeremy Stone
"I wish I'd started younger and I wish I appreciated how much family and friends would support me beyond what was reasonable or fair. I wish I'd known it was OK to have fun and in so doing not taken myself quite so seriously – the journey is often
Professor Peter Denyer
"Without wishing to make it sound like a game show, life as an entrepreneur is a continuous series of challenges. Lots of them. All the time."