I write to you having returned from Singapore and Hong Kong, where in my role as UK Government Dealmaker responsible for Asia, I look to do the deals to bring the best entrepreneurs and technologies to HQ in the UK.
This fits well with my business of running an asset management company because I have hands on experience of investments, dealmaking (we have a private equity fund) and being a fintech entrepreneur (my own investment software sold in over a dozen countries from the UK) as well as a barrister.
Anyway, enough of why I am equipped. Given the Chancellor’s budget one important aspect is to understand what kinds of investments Britain is looking for into the UK.
Speaking for my activities, I am seeking companies that meet these:
One of the Co-Founders/ entrepreneurs will be based in the UK fulltime – who, please name and their current role
2. Indicate a strong willingness to relocate HQ to the UK – what plans, research has been done to date?
3. Clear plan for building the company in the UK – preferably a business plan, P&L, cashflow, balance sheet
4. Potential for high growth – evidence from peer reviews etc
5. Creating highly skilled jobs in the UK aligned with DIT high value criteria – how many people do you think you will employ year 1, 2, 3 at what salaries and job titles.
Pretty tough criteria? Yes, but there’s more:
6. Innovative or disruptive technology with large addressable market – with clear evidence of the same, eg patents, endorsements
7. Aligned to UK strengths in research and/or business sectors
8. Has a strategic/business plan that details plans for international growth – please provide.
9. Generating revenues and has UK clients/customers – please provide in confidence who these are and existing turnover (not projected).
Why so tough? It should be self-evident – we have an open door policy in the UK the best and brightest. So whilst my parents could not get in on these criteria today, their son could. In other words it’s a targeting of a global resource suited to the needs of the country at this time.
People saying, regarding Indian for instance in the media that the UK wants ‘their money, not their people’ may have found a snappy soundbite, but not much by way of truth. Great for grabbing headlines, but nothing else.
The truth is the UK wants to make deals, not just with the EU, but with individual outstanding entrepreneurs and companies. It’s not easy. Dealmaking means both sides getting something. The UK is putting on the table access to networks, R&D, capital, infrastructure, market. They are not putting on the table money for nothing – just as in Brexit.
