38 episodes

For those interested in the UK venture capital industry, particularly the areas that are supported by government schemes. These include the Enterprise Investment Scheme, EIS, Seed Enterprise Investment Scheme, or SEIS, and Venture Capital Trusts. This means we are looking at small, growth companies - often at the startup stage.

We interview leading people in the industry, whether fund managers, company founders or experts from other service providers. The aim is to dig deeply into topics, getting away from the promotional material that predominates elsewhere. Although we’re not going to ignore the pandemic, venture capital investing is a long-term endeavour and we will focus on topics that are relevant at any time. The first few episodes include discussions of angel investing, intellectual property and accelerators. We’re aiming for a new episode every two weeks.

Your host, Brian Moretta, is Head of Tax Enhanced Services at Hardman & Co. The latter a supplier of independent research in the industry and he has examined many EIS funds and companies. His background is an actuary turned fund manager who then moved into equity research. He also has some academic chops, being an Honorary Fellow at Heriot-Watt University where he does some occasional teaching. He has always had a strong interest in getting underneath companies, getting beyond the superficial and understanding how they really work and finds this space fascinating. Some of this is because transparency is hard, some because the industry is not well understood. This podcast is an attempt to shine a bit more light on what is going on.

Every episode will have show notes at hardmanandco.com/podcast. If you want to contact us or give feedback, whether about the podcast or anything else you can email us at enquiries@hardmanandco.com. We want this to be helpful for listeners so any constructive feedback is welcome. We really hope you enjoy the podcast!

The EIS Navigator Brian Moretta, Hardman & Co

    • Business
    • 5.0 • 2 Ratings

For those interested in the UK venture capital industry, particularly the areas that are supported by government schemes. These include the Enterprise Investment Scheme, EIS, Seed Enterprise Investment Scheme, or SEIS, and Venture Capital Trusts. This means we are looking at small, growth companies - often at the startup stage.

We interview leading people in the industry, whether fund managers, company founders or experts from other service providers. The aim is to dig deeply into topics, getting away from the promotional material that predominates elsewhere. Although we’re not going to ignore the pandemic, venture capital investing is a long-term endeavour and we will focus on topics that are relevant at any time. The first few episodes include discussions of angel investing, intellectual property and accelerators. We’re aiming for a new episode every two weeks.

Your host, Brian Moretta, is Head of Tax Enhanced Services at Hardman & Co. The latter a supplier of independent research in the industry and he has examined many EIS funds and companies. His background is an actuary turned fund manager who then moved into equity research. He also has some academic chops, being an Honorary Fellow at Heriot-Watt University where he does some occasional teaching. He has always had a strong interest in getting underneath companies, getting beyond the superficial and understanding how they really work and finds this space fascinating. Some of this is because transparency is hard, some because the industry is not well understood. This podcast is an attempt to shine a bit more light on what is going on.

Every episode will have show notes at hardmanandco.com/podcast. If you want to contact us or give feedback, whether about the podcast or anything else you can email us at enquiries@hardmanandco.com. We want this to be helpful for listeners so any constructive feedback is welcome. We really hope you enjoy the podcast!

    33 - A long-term perspective on EIS and VCT investing with John Glencross

    33 - A long-term perspective on EIS and VCT investing with John Glencross

    John Glencross has been at the forefront of the EIS and VCT world for over two decades, co-launching the first approved EIS fund in 1999. We take advantage of this to get a long-term perspective on how the market and the Calculus investment process has changed over time.
    We start at the launch of their first fund, with the challenges of a product that was even less well known that it is now. John talks about how they found an investor base and avoided the worst of the bursting of the internet bubble.
    The areas that Calculus invest in have evolved over this period. We discuss how these change, the challenge of choosing areas that will be do well over the next few years. We also discuss how economic cycles interact with this, including the financial crisis in 2008 and the more recent pandemic. We also chat about the evolution of the EIS and VCT market, how it has got better and what problems still need addressed.
    Website: https://www.calculuscapital.com/ (https://www.calculuscapital.com/)


    Suggested books:
    https://www.amazon.co.uk/PROPHET-Wisehouse-Classics-Khalil-Gibran/dp/9176376656/ref=sr_1_3?crid=1HDIEW03SNMP7anddchild=1andkeywords=the+prophet+khalil+gibranandqid=1629880980andsprefix=the+prophet%2Caps%2C219andsr=8-3 (The Prophet) by Khalil Gibran
    https://www.amazon.co.uk/Memoirs-Infantry-Officer-Siegfried-Sassoon/dp/0571064108/ref=sr_1_1?crid=2MK6XBAURHYS7anddchild=1andkeywords=memoirs+of+an+infantry+officerandqid=1629881138ands=booksandsprefix=memoirs+of+an%2Cstripbooks%2C163andsr=1-1 (Memoirs of an Infantry Officer) by Siegfried Sassoon
    https://www.amazon.co.uk/Crisis-Deluxe-Chris-Coffman/dp/1736739123/ref=sr_1_4?keywords=deluxe+chrisandqid=1629881073ands=booksandsr=1-4 (Crisis Deluxe) by Chris Coffman

    • 53 min
    32 - Building a second multi-million pound exit and lessons learnt with Scott Weavers-Wright

    32 - Building a second multi-million pound exit and lessons learnt with Scott Weavers-Wright

    Scott Weavers-Wright is a serial entrepreneur. When we had him on last year (https://www.hardmanandco.com/12-building-a-family-company-into-a-70m-exit-scott-weavers-wright-of-haatch/ (episode 12)), we only managed to discuss one of his first exit so we had to get him back for more.
    We pick up his story from where we left off, with Scott getting into investing with his business partner Fred. He explains how this led to him funding the creation, then running Elevaate, a platform that allows online stores and brands to manage and monetise product placement.
    We discuss the challenges that this brought, many of which were different from his previous business. We discuss the challenge of managing the company prudently when there is money in the bank. We also talk about keeping staff motivated when sales and business is slow to appear and why the company took venture capital funding. Scott also talks about how he raised the company's profile and how this helped generate interest for an exit.
    Finally, we chat about the lessons Scott has learned, include the need for patience and belief, and how he applies these to his investing.
    Websites - https://haatch.com/ (https://haatch.com/)
    https://scottweaverswright.com/ (https://scottweaverswright.com/)

    • 59 min
    31 - How legals can solve investor and founder problems with Anthony Rose

    31 - How legals can solve investor and founder problems with Anthony Rose

    Investors and founders all-to-often see legals as a necessary evil. SeedLegals is changing that, thinking about how how to get better and solutions for all parties. In this episode its Founder, Anthony Rose, talks about what they are doing and how they have developed one the past few years.
    We discuss what the aims of legal documents really are, how investors and founders should think about them and how they are involved in a kind of social engineering. We also chat about how good legal documents can help solve problems and the mistakes that investors and founders make when creating them.
    As well as what it does for investors, SeedLegals is still a relatively new business. Anthony also talks about product development, how they balance automation and customisation and how playing the long game is paying off for them.
    Website - https://seedlegals.com/ (https://seedlegals.com/)
    LinkedIn - https://www.linkedin.com/in/anrose/ (https://www.linkedin.com/in/anrose/)
    Twitter - https://twitter.com/anthonyrose (https://twitter.com/anthonyrose)

    • 1 hr 3 min
    30 - What to look for when video game investing with Steve Iles

    30 - What to look for when video game investing with Steve Iles

    Video gaming is a huge market, but relatively niche within EIS. Steve Iles has spent his whole career working in and helping the video games industry and his current focus is at the intersection with funding.
    We start off by talking about the history of video gaming and how it has shaped the industry as it stands today. This leads into the attractions of the different business models and what what does or doesn't make a good video game. Steve then talk about lower risk ways create games, trends, how investors should or shouldn't diligence video game companies and why gaming hasn’t taken off in EIS yet.
    Website - http://originvp.com/ (http://originvp.com/)
    Suggested reading:
    https://www.gamesindustry.biz/ (https://www.gamesindustry.biz/)
    https://newzoo.com/ (https://newzoo.com/)
    https://gamasutra.com/ (https://gamasutra.com/)

    • 55 min
    Bonus - An advisor's perspective on EIS and VCT product selection with Stephen Jones

    Bonus - An advisor's perspective on EIS and VCT product selection with Stephen Jones

    EIS and VCTs have been described by several guests as one of finances best kept secrets, which makes the job of advisers challenging when they recommend them. Stephen Jones has a lot of experience dealing with these, and has won several awards for the quality of his services in the tax-advantaged area.
    This is the second part of a really good discussion which is split over two episodes (see episode 29 for the first part). In this one, Stephen goes into more details about some aspects of EIS and VCT product selection. We talk about how he looks at fees and what fee structures he likes, past performance and the challenges of getting good reporting systems.
    Website - https://www.clearsolutionsifa.co.uk/ (https://www.clearsolutionsifa.co.uk/)
    Phone - 01283 730080
    Suggested books:
    https://www.amazon.co.uk/Family-Inc-Business-Principles-Maximize/dp/1119219736/ref=sr_1_1?crid=2IT1E5YQV3MKPandkeywords=family+incandqid=1625837248andsprefix=family+inc%2Caps%2C164andsr=8-1 (Family Inc) by Douglas McCormick

    • 39 min
    29 - An advisor's perspective on making EIS and VCT investments with Stephen Jones

    29 - An advisor's perspective on making EIS and VCT investments with Stephen Jones

    EIS and VCTs have been described by several guests as one of finances best kept secrets, which makes the job of advisers challenging when they recommend them. Stephen Jones has a lot of experience dealing with these, and has won several awards for the quality of his services in the tax-advantaged area.
    We had a really good discussion which will be split over two episodes. In this one, Stephen talks about the framework that he uses for giving advice and how and where tax-advantaged investments fit into that. We discuss some of the issues around suitability and how to choose between EIS and VCTs. We also talk about product selection at a high level, but will dig into that more in next week's bonus episode.
    Website - https://www.clearsolutionsifa.co.uk/ (https://www.clearsolutionsifa.co.uk/)
    Phone - 01283 730080

    • 31 min

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