NEW YEAR, NEW GOALS/ Entrepreneurs share resolutions for growth and balance P.50
QUIET QUITTING/ Re-engaging for better workplaces in 2025 P.44
UNITED KINGDOM
THE RISE OF AN
AI CENTAUR INSIDE THE JOURNEY OF A FEMALE TECH CO-FOUNDER P.19
HOW TO SCALE A SOFTWARE BUSINESS/ Insights from Phill Robinson P.36
January 2025 / Entrepreneur.com
LAURA HUTTON, co-founder of Quantexa, inspires change and innovation in data analytics, transforming the way businesses make decisions
BOLD BOLD FOR THE
UNITED KINGDOM
Contents/
January 2025
→ LAURA HUTTON,
co-founder of Quantexa, inspires change and innovation in data analytics, transforming the way businesses make decisions
FEATURES P.12
The Rise of an AI Centaur Inside the journey of a female tech co-founder
January 2025 / E N T R E P R E N E U R . C O M / 3
Out now in the UK
DOWNLOAD YOUR DIGITAL EDITION HERE
UNITED KINGDOM
Contents /
January 2025
UNITED KINGDOM
FEATURES EDITOR Patricia Cullen patricia.cullen@bncb2b.com
CEO Wissam Younane wissam@bncpublishing.net MANAGING DIRECTOR Rabih Najm rabih@bncpublishing.net ART DIRECTOR Simona El Khoury EDITORIAL TEAM
Tamara Pupic, Aalia Mehreen Ahmed MEDIA SALES MANAGER
Olha Kovalova olha.kovalova@bncb2b.com REGIONAL DIRECTOR
↑ OREN and YARON ROSENBLUM,
BUSINESS UNUSUAL 14 From Recording Studio to Office Space with Soul YARON ROSENBLUM reshapes work with flexible spaces
36 How to Scale a Software Business
Insights from PHILL ROBINSON , CEO of Broadwave
40 The Road Less Travelled
Turning slow travel into a scalable, flight-free experience
‘TREPONOMICS 28 Lessons from RuleBreaking Leaders
GAIA VAN DER ESCH on breaking
norms and driving change
30 Will AI Replace Jobs or Enhance Roles?
AI amplifies your team’s skills— discover its growth potential
44 Quiet Quitting
Can we put an end to it in 2025?
co-founders of Canvas Offices.
STARTUP SPOTLIGHT
Andy B. andy@bncb2b.com CONTRIBUTING WRITERS
Avion Gray, Tim Duggan, Gaia van der Esch, Dean Richmond, Didier Cossin, Yukie Saito, Duncan Kreeger, Yana Abramova
46 Stirring Success
The Business Show Launchpad £100K winner on growing a successful business
62 5 Simple Steps to Secure Funding
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8 Kickstart Your Business
Entrepreneurs share strategies for setting goals and staying focused to drive growth in the New Year
34 What’s in Store for Business in 2025?
Insights from experts on future predictions for UK businesses
58 What should business leaders focus on in 2025?
Expert insights on key priorities in the year ahead
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All Rights Reserved 2025. Opinions expressed are solely those of the contributors. Entrepreneur United Kingdom is officially licensed exclusively to BNC B2B In United Kingdom by Entrepreneur Media Inc. No part of this magazine may be reproduced or transmitted in any form or by any means without written permission of the publisher. Images used in Entrepreneur United Kingdom are credited when necessary. Attributed use of copyrighted images with permission. All images not credited otherwise Shutterstock.
January 2025 / E N T R E P R E N E U R . C O M / 5
Editor’s Note/ WHAT’S AHEAD FOR ENTREPRENEURS IN 2025? Entrepreneur United Kingdom
W
elcome to the January 2025 issue of Entrepreneur UK, and what an issue we’ve lined up to kickstart the New Year! As we step into a new year brimming with promise, it’s the perfect time to reflect on achievements, recalibrate ambitions, and prepare for the opportunities ahead. Whether you’re plotting your first venture, scaling a thriving business, or refining your strategy, this issue is designed to inspire, challenge, and inform. Our cover story this month celebrates a major milestone for one of the UK’s most innovative companies: Quantexa. Co-founder Laura Hutton shares the journey to Centaur status—a rare feat marking over $100 million in annual revenue. From the seeds of an idea to a global data and analytics powerhouse, Laura’s story offers insights on resilience, innovation, and the power of co-founding partnerships. In a fascinating conversation, we also catch up with the most connected man in UK tech, Phill Robinson, CEO and co-founder of Broadwave, for his take on what’s next for the
6 / E N T R E P R E N E U R . C O M / January 2025
software industry. As AI, cloud computing, and SaaS continue to redefine business, Phill’s predictions for the sector—and advice for entrepreneurs navigating these waters—are not to be missed. On the other end of the entrepreneurial spectrum, we meet Jennie Bayliss, owner of LETTERBOX Cocktails, who shook up the competition at The Business Show 2024 to win the Launchpad prize. Her journey from concept to award-winning brand showcases the creativity and grit needed to succeed in today’s market. We’re also bringing you behind the scenes with the visionary mind behind Canvas Offices. Co-founder Yaron Rosenblum shares the origin story of these innovative spaces that have become a hub for scaling businesses and creative thinkers alike. If you’re looking for inspiration to rethink your workspace or simply want to understand how a bold idea takes root, this one’s for you. But this issue isn’t just about celebrating the big wins—it’s about equipping you for success in 2025. We’re diving into the strategies you need to kickstart your year, from goalsetting techniques to growth hacks tailored to UK founders. As the landscape evolves, we’re also unpacking the implications of AI on everything from customer experiences to hiring practices, ensuring you stay ahead of the curve in a rapidly changing market. And, of course, no new year would be complete without reflecting on the personal side of business. We asked founders across the UK what their New Year goals are answers range from scaling sustainably to empowering women in male dominated industries. Their insights offer both a practical roadmap and a motivational boost as we all gear up for the months ahead. As always, our mission is to champion your entrepreneurial journey, celebrate your successes, and provide the tools to help you tackle challenges head-on. Whether you’re in tech, retail, services, or something entirely unique, the stories and strategies in this issue are for you. Here’s to a year of innovation, growth, and making your entrepreneurial mark. Let’s make 2025 unforgettable. Happy New Year! Patricia Cullen Features Editor, Entrepreneur United Kingdom
EMPOWERING THE VISIONARIES OF THE UNITED KINGDOM
UNITED KINGDOM
In the Loop /
Kickstart Your Business in January and Hit the Ground Running
Entrepreneurs share strategies for setting goals, fostering creativity, and staying focused to drive growth and success in the New Year b y E N T R E P R E N E U R U K S TA F F
→ Emma Parkinson,
CEO of International Energy Products, leads with a focus on strategic goal-setting and agility to drive business growth in a competitive global market
T
he start of the year offers a fresh opportunity to accelerate your business, set new goals, and overcome challenges. January marks a new chapter that allows business owners and entrepreneurs to refocus, refuel, and hit the ground running. To help you maximize the potential of the first month of the year, Entrepreneur UK has gathered advice from successful entrepreneurs on how to implement strategies that ensure growth, creativity, and a strong foundation for success for 2025. Set clear, measurable goals and review them regularly Emma Parkinson, CEO of International Energy Products, believes that a structured goal-setting and review process is essential to kickstart your business in January. Parkinson emphasises that clear, measurable objectives are critical for driving productivity, especially in a fast-paced and competitive global market. She advises breaking down long-term goals into smaller, weekly targets for the team to focus on. “One crucial step to energise a business and boost productivity from the year’s outset is to implement a robust goal setting and review process. At International Energy Products, we’ve found that setting clear, measurable objectives for the quarter, year, and even the next
8 / E N T R E P R E N E U R . C O M / January 2025
SETTING CLEAR, MEASURABLE OBJECTIVES FOR THE QUARTER, YEAR, AND EVEN THE NEXT THREE YEARS AHEAD IS CRITICAL TO NAVIGATING AN INCREASINGLY COMPETITIVE GLOBAL MARKET. WE FIND THAT THEN BREAKING THESE DOWN INTO WEEKLY TARGETS PROVIDES IMMENSE VALUE”
→ James Dooley is an entrepreneur with vast experience of growing multiple businesses in the UK
three years ahead is critical to navigating an increasingly competitive global market. We find that then breaking these down into weekly targets provides immense value.” Consistently evaluating progress is equally crucial. Parkinson’s company holds weekly and monthly reviews to identify and address any obstacles that may arise. She continues, “Regular reviews – we do them weekly and monthly – are equally important.
They allow us to quickly identify and address any roadblocks, ensuring we remain agile in our fast-paced industry.” This approach not only provides clarity for the team but also helps businesses maintain momentum, adapt to changes, and drive consistent progress. Whether you’re part of a well-established company or a startup, setting and regularly reviewing clear goals can be transformative for business growth.
Allocate time for creative thinking and problem solving James Dooley, a serial entrepreneur, SEO expert and investor, stresses the importance of blocking out special time for your team to focus solely on new ideas and problem-solving. Dooley advocates for uninterrupted, creative thinking time, free from meetings and emails. He explains, “If you want to power up your startup, block off special time each
week where your team focuses only on new ideas and fixing problems. This is your ‘must-have’ time – no meetings allowed! Think of it like giving your brain a workout room. Just as athletes need training time, your team needs quiet time to think big thoughts. When the daily rush of emails and meetings takes over, creative thinking gets pushed aside.” This creative block of time encourages innovation and can lead to breakthroughs }}
January 2025 / E N T R E P R E N E U R . C O M / 9
In the Loop / → Iain McCallister, CEO of MAN Commercial Protection, shares insights on leadership and business growth
“ SET 5 PRIORITY ACTIVITIES WITH 100-DAY MAXIMUM DELIVERY
TIME. MOUNT THOSE PRIORITIES, WITH ASSOCIATED ACTIVITIES AND RESPONSIBILITIES ON A PAPER CHART ON THE WALL. BUILD A SMALL TEAM, 6 PERSONS MAX, FOR THE DELIVERY OF THE PRIORITIES” in how your business operates and serves customers. According to Dooley, this strategy fosters a culture of creative thinking where new ideas flow naturally. He elaborates, “Amazing things happen when people have room to dream up new solutions. One team member might figure out a faster way to help customers. Another might spot a problem nobody saw before. Here’s the cool part: When people know they’ll have time to work on their ideas, they get excited.” This practice not only helps the team
10 / E N T R E P R E N E U R . C O M / January 2025
think outside the box but also generates excitement and energy around the company’s growth. By making creative thinking a regular part of the routine, you can cultivate an environment where innovation thrives. Focus on brand awareness and exceptional customer service Iain McCallister, CEO of MAN Commercial Protection, brings valuable advice from over three decades of experience as a business owner. McCallister highlights that, for startups,
it’s essential to focus on brand awareness and deliver outstanding service at every touchpoint of the customer journey. He encourages entrepreneurs to put emphasis on marketing efforts that get the word out and drive traffic to your business. He explains, “As a business owner of 31 years, the advice I would give to any start-up is that it’s imperative to hit the ground running and achieve growth from the outset. The principles behind this are simple; raise brand awareness through effective marketing and deliver exceptional service at every point of the customer journey.” In addition to raising awareness, McCallister points out the significance of monitoring your outcomes and gaining insights from challenges. Businesses can improve by identifying areas for growth and optimising their operations. He says, “It is also important to track
results, learn from setbacks and surround yourself with the best knowledge and talent to propel your business further.” This approach helps start-ups achieve steady growth and sets them apart from competitors. Focused marketing and superior customer service, combined with a willingness to learn from mistakes, can lead to long-term success. Prioritise key activities and stay focused Kevin Gaskell, former CEO of Porsche, Lamborghini, and BMW, advocates for setting specific, prioritised activities that have a 100-day delivery time. He recommends narrowing down the focus to just five key activities and building a small team to execute these goals with maximum efficiency. Gaskell suggests, “Set 5
→ Kevin Gaskell, former CEO of Porsche, Lamborghini and BMW, brings decades of leadership experience, driving business success and innovation
priority activities with 100-day maximum delivery time. Mount those priorities, with associated activities and responsibilities on a paper chart on the wall. Build a small team, 6 persons max, for the delivery of the priorities. Agree within the team that they have the authority for change and are accountable for delivery.” This method helps eliminate distractions and ensures that the team remains focused on achieving critical objectives within a set timeframe. Gaskell’s technique of having a visible, countdown-driven plan promotes accountability and momentum. He emphasises the importance of regular check-ins and addressing obstacles quickly. He continues, “Put a counter on the plan starting at 100 days and counting down each
day. Hold a 10-minute stand-up meeting each Tuesday morning in front of the chart – the meeting begins at 9.30 precisely. No one is allowed to speak for more than 2 minutes and only discuss the blocks and barriers that need to be removed.” By sticking to clear priorities and maintaining consistent accountability, you can quickly move the needle on important projects and achieve significant progress in just a few months. Measure success and adjust strategies as needed Tracking progress and making adjustments based on real-time results is crucial for maintaining momentum in business. As businesses progress, it’s easy to lose sight of original goals or get caught up in day-to-day tasks. Therefore,
measuring success and adapting strategies accordingly is essential for long-term growth. All of the above entrepreneurs emphasise the importance of regularly reviewing and adjusting goals, whether it’s setting weekly targets, conducting team check-ins, or refining marketing strategies based on customer feedback. Success in business often involves staying agile and being willing to pivot when necessary. Gaskell’s approach of using a countdown clock and weekly team check-ins exemplifies this principle by ensuring constant evaluation and swift action. Parkinson’s structured reviews also show the value of staying flexible and responsive to market changes. Kicking off 2025 with a solid, action-driven plan can set the tone for success throughout the year. The tips shared by Emma Parkinson, James Dooley, Iain McCallister, and Kevin Gaskell provide valuable insights into how business owners can harness the power of goal-setting, creativity, focus, and adaptability to drive their ventures forward. By implementing structured objectives, carving out time for ideation, prioritising key tasks, and measuring progress, you’ll be well on your way to hitting the ground running in 2025. With these strategies in play, your business is poised not just to navigate obstacles but to excel and carve out a competitive advantage in the market.
January 2025 / E N T R E P R E N E U R . C O M / 11
S/
Eco
Eco Isn’t Enough:
Why sustainability in retail must be affordable for all Retailers must make eco-friendly products affordable to all, bridging the gap between sustainability and cost. B Y D E A N R I C H M O N D investing more into consumer education to show their audiences that buying green doesn’t have to mean paying more – at least in the longer term. It’s vital for the impact of planet-first practices and products to be put within reach of everyday consumers hit hard by the cost-of-living crisis and inflation in order for environmental initiatives to prove successful. This means not only improving financial accessibility – but improving access through clearer understanding too.
D
espite making significant progress in their green efforts – with 51% of retailers now prioritising sustainable materials in their packaging, according to Deloitte’s 2024 survey – there’s still significant room for growth when it comes to eco-friendly consumerism, particularly in terms of improving access to environmentally friendly products.
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Eco-friendly products and services are becoming increasingly important, with 75% of young people aged between 12 and 27 valuing sustainable practices more than brand names, according to social impact consultancy, DoSomething. Nevertheless, green products, services and efforts still tend to come with a price increase associated, which can serve as deterrent or even as a barrier to certain consumers. Even when this isn’t the case, it can seem that way to consumers, with sustainability labels proven to influence buyers’ price perception. Retailers truly looking to increase their green impact must do more to challenge these difficulties, not only lowering prices on sustainable products wherever possible but also
The green price tag: who’s really paying for eco-friendly retail? Retail is one of the world’s largest carbon contributors, accounting for approximately 25% of global emissions. Most of these emissions stem from supply chains rather than in-store running costs, according to the World Retail Congress. However, the burden of going green often still ends on consumers’ shoulders. This is particularly the case for sustainably produced goods, with PwC confirming that 80% of people will pay more for ethical products. The issue is that such price hikes remain a barrier for many, creating an imaginary divide in the population: the virtuous consumers who can afford green products and the less greenfocussed consumers who cannot. The guilt that can accompany resorting to cheaper yet less sustainably positioned resources could even tip those struggling with the cost of living into further poverty, which is not something that a socially conscious retailer
would want to promote. More than just a question of economics, improving access to sustainable products also becomes a matter of ethical responsibility. Beyond the affordability gap, there is also a division in consumer understanding, with Bain & Company revealing that despite 76% of consumers wanting to prioritise sustainable living, the majority don’t know how. People are struggling to identify what sustainable choices look like when funds are limited, concerned that they cannot afford them. Brands need to step up to address this, acknowledging that pricing alone can constitute a form of accessibility – something that must become equal for all, especially when we’re talking about something as vital as green products. To make sustainability viable in the long term, green initiatives must be available across all income brackets. Breaking the green ceiling The financial pressures of green consumerism already appear to be taking a toll, with the Sustainable Consumer report revealing that, compared to last year, fewer consumers are adopting eco-friendly lifestyles due to costs. 61% of those surveyed cited price as the primary barrier to adopting a green lifestyle, with Ipsos confirming that 44% of UK consumers feel sustainable products are out of their economic reach. The research company likewise reported that 39% of buyers feel confused about why greener options tend to cost more. Whilst retailers can’t always bear the brunt of additional production and packaging costs on the consumer’s behalf, they do have a duty to be environmentally and socially responsible. And this means making sustainable choices accessible to all. Sustainability doesn’t have to be expensive. A socially responsible retailer understands that a low-cost, sustainable choice should be just as accessible as high-cost options and,
IT’S VITAL FOR THE IMPACT OF PLANET-FIRST PRACTICES AND PRODUCTS TO BE PUT WITHIN REACH OF EVERYDAY CONSUMERS HIT HARD BY THE COST-OF-LIVING CRISIS AND INFLATION IN ORDER FOR ENVIRONMENTAL INITIATIVES TO PROVE SUCCESSFUL”
when this is not possible, they should be encouraged to find different ways in which to offset these costs for the consumer, such as offering higherquality, longer-lasting sustainable options so consumers don’t have to buy more. Take our small-scale, family-owned business at Pets Corner, for example, where we have begun to bridge the divide between in-house practices and the sustainable practices of our customers by combining 100% renewable energy across all our stores with the best quality products on the market. Consumers might pay more initially in some cases, but their sustainable choices will last much longer – saving them money in the long term. In the end, then, it is us paying for the majority of our environmental contributions, through things like green energy, rather than these costs being transferred to the consumer by asking them to repeatedly make expensive purchases of items that won’t last long. Contributing to social accessibility in small ways like these is really important to us, as we believe that commitment to social improvement is just as important as supporting the environment. That’s why Pets Corner goes above and beyond to give back to both, not only financing the Great British Litter Survey to clean up our natural world, but also restoring local woodlands for the benefit of the community. This is a clear example of how retailers can take financial responsibility for environmental initiatives, as they support communities rather than perpetuating perceived green inaccessibility for consumers. Not all green actions need to centre around
the direct sale of sustainable products, though this can be helpful. It’s all about making a difference through all available actions, including products but also through other charitable or communityoriented actions wherever possible, too. Balancing green goals with social good It’s time we approached green consumerism from more than just a marketing angle. Eco-friendly packaging and green branding initiatives might attract the attention of younger, climate-conscious consumers. But it’s not fair to ask buyers to pay more for these products without the long-term quality to back it up, particularly in light of the current cost of living. Likewise, it’s not fair to request this without explaining the reasons why there may be higher chargers for green products and services, and without showing that as a retailer, you are also making green efforts and lifestyle changes of your own. For more wide-angled impact, we have to tackle the social side of sustainability that’s too often forgotten. In other words, retailers must balance environmental responsibility with social impact, recognising that ESG isn’t just about sustainability but also people – supporting green choices in a way that’s feasible for everyone. Dean Richmond is the CEO of Pets Corner, a UK-based ethical pet care retailer with over 160 stores. Under his leadership, the company focuses on providing high-quality, natural, and sustainable products for pets and their owners. petscorner.co.uk January 2025 / E N T R E P R E N E U R . C O M / 13
FROM RECORDING STUDIO TO
OFFICE SPACE WITH SOUL
↑ OREN and YARON
ROSENBLUM, co-founders of Canvas Offices, have reshaped London's office space landscape with their vision for flexible, design-driven workspaces.
YARON ROSENBLUM TURNED A CHILDHOOD CHICKEN COOP INTO A RECORDING STUDIO. NOW, WITH CANVAS OFFICES, HE’S RESHAPING THE FUTURE OF WORK, CREATING FLEXIBLE, PERSONALISED SPACES ACROSS 16 (AND COUNTING) PRIME LONDON LOCATIONS TO MEET THE NEEDS OF MODERN BUSINESS. b y PAT R I C I A C U L L E N
14 / E N T R E P R E N E U R . C O M / January 2025
Y
aron Rosenblum and his brother Oren started out with a pretty big idea: to shake up the concept of workspaces. They wanted to create more than an office, facilitating an environment that offers people the freedom to work in their own way, with a design that reflects their style, and promotes collaboration. From this vision, Canvas Offices was born. They’ve crafted dynamic workspaces that cater to the unique needs of every business, big or small. The brothers didn’t just build a brand - they built a movement focused on flexibility, innovation, and empowering businesses. Success in business, as Rosenblum has discovered, is rooted in passion and purpose - two forces that have driven his entrepreneurial journey from the start. His fascination with creating personalised spaces began in his teenage years, shaped by his upbringing in the countryside alongside his architect mother. It was here that Rosenblum first transformed an ordinary structure into something extraordinary - turning a simple chicken coop into a recording studio. This marked the beginning of a lifelong passion for reimagining everyday spaces, showcasing his unique ability to see potential where others might not. “When I was 15, we had a derelict chicken coop outside of our house. I was a musician and my mum helped me transform it into a recording studio.” The experience left an indelible mark on Rosenblum, shaping an understanding of the transformative power of personalised spaces. “That was the place I started to play music, and I would continue to create there until I left home at 21,” he recalls. But the space meant more than just a spot to jam; it became a part of him. “What I created there stayed with me — when you design a space that is bespoke to your needs, you unlock so much potential and beauty,” the entrepreneur reveals. His mother’s collaboration in creating this tailored environment sparked a realisation that would eventually lead to the founding of Canvas Offices “I’ve done exactly the same thing on a larger scale. I’ve got more than 2000 people under our rooftops,” he says. However, Rosenblum’s path from playing music to property management was hardly a straight line; rather, it unfolded through a series of serendipitous events that eventually led him to realise his passion for creating personalised spaces could be scaled up. At 27 he moved to the UK and established a music production house, where the transformation began. He recalls one pivotal moment: “I had a small, empty room, and one day, someone came to reception looking for a new space. Their vocal coach had been kicked out of their previous office for making too much noise, and they needed somewhere to go. I brought in my builders, I built exactly what they needed, and they loved it. They stayed there for more than 10 years.” This experience marked a turning point for him,
“After all, the success of a business is measured by its financial performance, so aligning the entire ” organisation around this core focus can help ensure everyone is working toward the same objectives.” revealing the potential for his approach to extend beyond the music industry. “With my ability, knowledge and love for creating safe spaces for people to create, Canvas Offices was born.” Citing “a massive passion for personalisation” and “truly understanding what people need in their space and giving it to them” as differentiators in the market, the company sets itself apart from competitors. “That really makes us different from the cookie cutter approach. A lot of our competitors provide a glass box with desks and chairs, and we don’t do that.” Rosenblum opens up about the challenges of building Canvas Offices from scratch, pointing out the tough challenges of bootstrapping, the balancing act of wearing multiple hats, and the importance of staying focused on the bigger picture. He also emphasises how crucial it is to be passionate, adaptable, and to keep the company’s culture strong and centre as you grow. Starting a business from scratch is never an easy feat, but for Yaron, it was the catalyst for his entrepreneurial journey. “We started with very little,” he reflects, recounting the early days when he and his brother took on every role to grow their company, one building at a time. “It was very meaningful, very purposeful... it made us very happy,” he adds, speaking to the satisfaction of creating something from the ground up. Despite the initial excitement, Yaron quickly learned }} January 2025 / E N T R E P R E N E U R . C O M / 15
↑ Inside a Canvas Office location: a stylish mix of modern design and functionality that creates an
inspiring space for productivity and creativity
one of the hardest lessons in entrepreneurship: scaling is tough, especially when bootstrapping. “It’s very hard to scale fast bootstrapping,” he admits, acknowledging the challenges of growing a business without external funding. “If you want to scale faster, you need to understand the mechanisms... especially the financial side of things.” Yaron emphasises that without the right knowledge, growth can be slower, and businesses often face roadblocks. Yet, he remains a strong advocate for bootstrapping, considering it essential to his growth. “I would not change it, because that was probably what made me who I am today.” As Yaron’s business grew, so did his understanding of what it takes to scale. One key realisation was the balance between being a generalist and a specialist. “When you’re starting a business, you are a super
generalist,” Yaron says, highlighting how he and his brother had to learn every part of the business themselves due to financial constraints. “But the knowledge and the support specialists can give you at scale is so important.” For Yaron, finding the right balance between broad skills and specialised expertise has been crucial to long-term success. Building a team that shares in the vision is another vital ingredient. Despite the challenges, he views creating a strong, unified team as one of his greatest achievements, and he sees his employees as partners. “We decided to do an Enterprise Management Incentive (EMI) scheme, essentially giving shares in the business and options in the business to the employees.” he says, underscoring the importance of nurturing a cohesive company culture. “We truly see our employ-
16 / E N T R E P R E N E U R . C O M / January 2025
ees as partners,” he explains, further stressing the value of mutual investment in the company’s future. Reflecting on the early years of the business, Yaron wishes he had taken a step back from the day to day and focused more on strategy, acknowledging that that is “easier said than done.” The allure of solving immediate problems often pulls entrepreneurs into the weeds of daily tasks, but Yaron now believes that strategic thinking is just as vital for growth. “You need to find these quiet spaces to macro out and see the bigger picture,” he advises, acknowledging how easy it is to get caught up in the urgency of everyday operations. When asked what advice he would give to a new entrepreneur, Yaron offers a few key insights. “You have to find something you’re passionate about,”
he stresses, pointing to the deep satisfaction that comes from working on something meaningful. “If you’re not really, really passionate about what you’re doing... you’re going to end up struggling.” Passion, he argues, is what fuels entrepreneurs through the tough times. He also highlights the importance of sharing that passion with others, whether they’re employees, clients, or business partners. “You need to be able to sell... articulate your passion to the people around you,” Yaron says, noting that alignment with others is essential for success. As for his own journey, the entrepreneur credits his gut instinct for driving many of his decisions. “When you calculate things, sometimes they tell you different answers... we do have this gut that we follow,” he explains, suggesting that sometimes
the data doesn’t capture the full picture. This instinctive drive is something that sets successful entrepreneurs apart, according to Yaron. “You have to have [the guts]... it’s just what sets you apart,” he says. Looking ahead, he reflects on the importance of balancing agility with focus in the ever-changing landscape of entrepreneurship. “You need to always stay tuned to what’s happening and be agile... but don’t lose your focus,” he cautions, noting the challenge of adapting to rapid changes without compromising the core vision of the business. In the fast-paced world of 2025 and beyond, Yaron believes that maintaining this balance will be essential for success. In a world where the future of work is still evolving, there has been a shift to flexible working, which is here to stay and a fixture of modern business. “It’s about the importance of utilising time effectively, whether that be remote or in the office,” he asserts, underlining the ongoing relevance of flexible working arrangements. However, he also cautioned that it’s important to not lose that human element of connectivity and culture. “Energy is the one thing that, if you are detached and in different spaces, it’s very hard to pass on.” His concern is rooted in the impact on younger employees who miss out on the opportunity to engage in face-to-face mentoring, which is crucial for long-term success. “If you’re looking at the next 5, 10, 20 years, think about
the generations of people that didn’t have the opportunity to spend time with more senior colleagues who can mentor them for success.” As we look ahead, Rosenblum is focused on what will be crucial for entrepreneurs to thrive: a balance of focus and adaptability. “The speed of change has never been this fast, and you need to be adaptable,” he notes, but warns that
“That really makes us different from the cookie cutter approach. A lot of our competitors provide a glass box with desks and chairs, and we don’t do that ”
↑ With a focus on both form and function, this workspace combines sleek design with practical features
agility alone is not enough. “Agility combined with focus is key. “ He also advocates for what he likes to call the “Northern Star.” (A clear and consistent guiding principle that aligns with the company’s ultimate goals—primarily profits and revenue.) “After all, the success of a business is measured by its financial performance, so aligning the entire organisation around this
core focus can help ensure everyone is working toward the same objectives.” Finally, Rosenblum’s biggest focus for the coming year is on self-care. “If I don’t take care of myself, how can I be focused on supporting others?” he asks, acknowledging how easily entrepreneurs can neglect their own well-being while managing growing companies.
“Maintaining balance for my next year is important, taking care of myself and my wellbeing in order to be able to continue to support my employees and clients.” From bootstrapping to scaling, Yaron’s journey underscores the importance of self-reflection, the power of partnership, and the need for balance in both personal and professional life.
January 2025 / E N T R E P R E N E U R . C O M / 17
18 / E N T R E P R E N E U R . C O M / December 2024
→ Laura Hutton,
co-founder of Quantexa, inspires change and innovation in data analytics, transforming the way businesses make decisions
THE JOURNEY TO
CENTAUR STATUS
From startup struggles to a multi-billion-dollar valuation, Quantexa co-founder Laura Hutton shares the journey of building a successful AI Centaur and breaking barriers in the tech industry b y PAT R I C I A C U L L E N
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hat does it mean for a technology company to reach Centaur status? In an industry driven by rapid growth and fierce competition, hitting $100 million in annual recurring revenue (ARR) is a rare and significant achievement. It marks a company’s ability to scale, navigate shifting market demands, and sustain long-term success. But reaching Centaur status is not just about numbers—it’s a signal that a company has managed to thrive amid the uncertainties and pressures that define the tech world.
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or Laura Hutton, a co-founder of Quantexa, achieving Centaur status has been a journey defined by resilience and significant personal sacrifice. Helping build a business in the male-dominated tech world while also managing family commitments, Hutton says, has been a unique challenge. “It was my own personal headspace that I had to be comfortable with,” she shares. “I had to make sure I felt I could give what I wanted to Quantexa while also having the family life I wanted.” She credits her success to a relentless focus on long-term goals and the ability to stay adaptable in the face of obstacles. For Hutton, the path to Centaur status has reinforced her belief that success is built on persistence and the courage to forge your own way.
Founded in 2016, Quantexa uses artificial intelligence (AI) and data analytics to help businesses identify hidden risks }} January 2025 / E N T R E P R E N E U R . C O M / 19
and opportunities. Reflecting on her early days as one of the founding partners, Hutton recalls the balancing act that every startup founder faces. “As a young company, it’s a delicate balance,” she says. “How do we stay ahead of
competitors while making sure we don’t overstretch? You’re only as good as the last thing you delivered.”
Quantexa’s inception stemmed from a recurring dilemma that many businesses face: the choice
I’M VERY AWARE THAT I’M ONE OF SIX FOUNDERS AND THE OTHER FIVE ARE MEN. HAD I NOT BEEN IN A GROUP WITH MEN, WOULD MY EXPERIENCE HAVE BEEN QUITE DIFFERENT? I SUSPECT THE ANSWER IS PROBABLY YES.”
between buying rigid off-the-shelf technology or building solutions in-house. The partners’ vision was to build a company that would offer an alternative, one that could provide flexibility, transparency, and long-term scalability.
“Openness, transparency, and scalability are key pillars,” Hutton explains. “Helping clients become self-sufficient with our technology reduces dependencies on vendors and lowers costs. Getting data ready for AI by unifying it, putting it in context, and enabling better decision making.” The company’s focus on customer-centric innovation has been a crucial element of its success. “We’ve made sure the customer is at the center of our roadmap and innovation,” she says. “A
mistake some tech companies make is building a cool piece of tech first and then trying to find a problem to solve. We’ve gone the other way.” Hutton believes that this approach has allowed Quantexa to develop solutions that truly meet the needs of its clients. By listening closely to customers and understanding their pain points, the company has been able to create meaningful, scalable solutions that drive lasting value.
Quantexa’s ability to scale quickly and move beyond its original niche of anti-financial crime also proved critical in reaching Centaur status. A feat that’s even rarer than achieving unicorn status as the company did in 2023. “That was the turning point,” Hutton says. “It moved us from being a financial crime vendor in a vertical to a horizontal capability that underpins better decision-making across organisations.” Utilised across more than 100 countries, Quantexa’s Decision Intelligence platform helps organisations across financial services, technology, media and telecoms, and the public sector, operationalise data at scale, solving business challenges and identifying opportunities for growth. For Hutton, to become a co-founder of
→ The Quantexa Team:
Innovators driving transformative solutions with data and analytics
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WE’VE MADE SURE THE CUSTOMER IS AT THE CENTER OF OUR ROADMAP AND INNOVATION. A MISTAKE SOME TECH COMPANIES MAKE IS BUILDING A COOL PIECE OF TECH FIRST AND THEN TRYING TO FIND A PROBLEM TO SOLVE. WE’VE GONE THE OTHER WAY.”
Quantexa wasn’t an easy one. As someone “relatively newly married,” the question of whether to start a business while planning a family was a major concern. “The biggest concern for me was, is this the right time? I knew we wanted to have a family,” she reveals. “I think this dilemma stops females from committing and going for it. And I suspect it also prevents people from getting funding and getting belief and backing behind them.” Her experience of co-founding Quantexa also underscored the gender disparities that persist in the tech industry. Hutton was one of six co-founders, but the only woman. “I’m very aware that I’m one of six founders and the other five are men,” she reflects. “Had I not been in a group with men, would my experience have been quite different? I suspect the answer is probably yes.”
The entrepreneurial journey for Hutton and her husband Jamie, who is also a co- founder, has also been shaped by their differing approaches to business. “How male entrepreneurs
approach something versus female entrepreneurs is really quite different,” she notes. Gender inequality in tech, she says, is not just about opportunities but also about the confidence gap that often holds women back. Despite these challenges, Hutton urges women to take the leap into entrepreneurship. “Yes, you weigh the pros and cons up. You’re obviously taking a risk-based approach. But my overarching message is to commit and go for it,” she says. Hutton emphasises that taking risks and embracing uncertainty are essential components of entrepreneurial success. She believes that women, in particular, should trust their instincts and not be afraid to disrupt industries or break the mold.
The decision to co-found Quantexa was risky. She and her husband, Jamie Hutton - Quantexa’s CTO - quit their jobs, went without a salary, and took on a significant mortgage. Yet, Hutton felt confident in the decision. “What’s the worst that could happen? It doesn’t work. Let’s imagine a year in, it didn’t }} January 2025 / E N T R E P R E N E U R . C O M / 21
expertise in challenging external biases. It reinforced her belief that once people recognise your value, appearance and background become secondary to your abilities and impact.
work. You can just go and get another job. But in that year, whatever it would have been, we would have learned so much.” In her entrepreneurial journey, Hutton has also learned the value of embracing what makes her unique. “Our uniqueness is our superpower,” she reflects. “At a company level, offering something unique to the market is a valuable advantage.” She encourages others to disrupt the status quo. “Often companies look at what other companies are doing and try to emulate it or try to compete with it. If you’ve got the right offering and you’re pitching yourself...being unique, being disruptive and being willing to be disruptive will set you apart.”
This theme of uniqueness runs throughout her career. She recalls the challenge of entering investment banking when she was younger and felt her age and appearance were barriers to being taken seriously. “I would bring someone along with me to mimic the people I was presenting to, so they wouldn’t be intimidated by a young, blonde, Northern Irish girl who looked like she was 16.” Despite this, she quickly proved herself. “Within five minutes, they’d totally forgotten about the person I brought in with me, and they were listening to me. They were engaging with me.” Hutton’s ability to overcome these initial perceptions highlighted the importance of confidence and
Now, as Quantexa reaches Centaur status, Hutton reflects on her journey as a female entrepreneur. “I remember when I was 25, I was going into investment banking. I just created a solution that would identify rogue trading, unauthorised trading in organisations.” For her, it was a moment of proving herself, but also learning to embrace her distinct perspective. “I believe that being willing to embrace and celebrate your uniqueness, and having confidence in it— whether professionally or personally—is something I only truly learned in my 30s.” In addition to her entrepreneurial journey, Hutton has also seen firsthand the hurdles that many other women face in the workforce. “There’s a lot organisations can do,” she says when asked about how businesses can better support women. “You’ve got to have supportive processes as people go off on maternity leave and as they come back to work, like offer flexible working.” But she acknowledges that the greatest challenge may be internal. “For me, it was more about how I balanced up in my head, my competing priorities,” she reflects. Hutton believes that the mental load of balancing work and personal life can often be the hardest part, especially for women who feel the weight of societal expectations. She stresses the importance of self-compassion and understanding that there is no one-size-fits-all solution to managing these pressures. Navigating those competing demands required the support of her team and flexibility in the work-
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↑ Celebrating innovation and leadership as Quantexa reaches
Centaur status, a milestone of resilience and growth
place. “I actually think my own headspace was the biggest barrier I had to overcome, not necessarily what my organisation could or couldn’t do for me.” However, she believes that workplace culture does play a crucial role, noting that most companies are aware of the importance of a work-life balance and are striving to improve their approach. “Everybody’s very aware of it and very cognizant of it, and most good companies are doing a lot to really make that experience better.”
When it comes to AI and its future, Hutton sees immense potential but also challenges as organisations look to adopt these techniques. “There’s a desire to be able to do it more powerfully, to do it cheaper, and to make it easier.” But she notes that AI also raises ethical questions which need to be thought through with the appropriate governance in place to ensure it is used in the right way. “The thing that makes people nervous is the ethical and moral considerations. Are we letting computers make decisions that really humans should be making?” Laura sees significant promise and need in the future of AI, as organisations look to do this more efficiently and effectively. In particular, its ability to augment human decision-making, rather than replace it. “I think people have a unique ability to process information and read body language and relate in a way that AI can’t. Maybe with time, but right now human rationale, feeling, emotion and ethics plays a very key role in that.”
OFTEN, COMPANIES LOOK AT WHAT OTHER COMPANIES ARE DOING AND TRY TO EMULATE IT OR TRY TO COMPETE WITH IT. IF YOU’VE GOT THE RIGHT OFFERING AND YOU’RE PITCHING YOURSELF...BEING UNIQUE, BEING DISRUPTIVE AND BEING WILLING TO BE DISRUPTIVE WILL SET YOU APART” For Quantexa, this balance between human intelligence and AI is key to their success. “Our platform automatically unifies the internal and the external data so that that information is fed in a readable, concise, consistent way so that a person can then make the decision they want to make.” This seamless integration of data and human insight is what sets Quantexa apart in the competitive AI landscape, empowering businesses to make more informed, confident decisions. For now, Hutton sees Quantexa continuing to grow and innovate, making strides in AI technology while supporting the people who drive the company forward. As she reflects on her journey, one piece of advice stands out for her: “Commit and go for it. Don’t let ‘what ifs’ hold you back.” This mindset has been central to both her personal and professional growth, and she believes it’s the kind of bold approach that will continue to drive Quantexa’s success in the years to come. January 2025 / E N T R E P R E N E U R . C O M / 23
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Insights
How To Pull Together The Perfect Pitch Deck
A guide to creating a clear, concise pitch deck that grabs investors’ attention by focusing on your vision, the problem you’re solving, and why your team is the right one to lead. b y YA N A A B R A M O VA
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hen it comes to pitching your startup, you’ve only got a few minutes to grab an investor’s attention—on average, just 3.44 minutes, according to DocSend. And believe me, that window’s getting shorter, putting more pressure on founders to make every second count. One of the biggest mistakes I see founders make is saving the most important information for the end of the deck. We need to understand your concept, why it’s essential, and why you’re the best person to
execute it right from the start. Richard Branson used to do “a Napkin Test” test. If you couldn’t communicate your idea on something as small as the napkin, he wouldn’t be interested — most good ideas can be pitched quickly; all the other little details can follow later. Here’s everything you need to know about putting together the perfect pitch deck, because first impressions are everything when approaching investors. RULE #1/ Keep It Simple, Keep It Short. The best pitch decks are
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straightforward and to the point. When you’re putting your slides together, keep thinking of the napkin test – try to communicate your concept and vision in a punchy, clear and concise way. Aim for 10-12 slides in total. Simplicity doesn’t just make for a cleaner presentation; it also builds trust. Investors don’t have time to wade through endless slides—they want to know what you’re pitching and why so they can make an informed decision at that moment. A concise pitch that communicates your vision clearly, even if it’s
mostly bullet points, is far more effective than one that’s crammed with unnecessary detail. RULE #2/Sell the Vision, Not Just the MVP. Many founders focus heavily on their Minimum Viable Product (MVP). While the MVP is essential, it’s your big vision that truly captures attention and drives interest. Why does your company exist? What’s the larger story? Investors want to feel that they’re backing someone with potential, someone meaningful, someone who could lead the company beyond the first launch.
Keep the jargon minimal and make the purpose of your company understandable in one or two sentences—make it human, relatable, and compelling. Think of the phrase: “It does what it says on the tin.” RULE #3/ Tell Them Why You’re the Right Person (or Team) to Lead This Company to Success. Investors invest in people, not just ideas. What relevant skills and hands-on industry experience do you bring? How does your company’s mission resonate with you personally, and what drives you to make it a success? Show, clearly and concisely, why you or your team are the right fit to bring this vision to life. Here’s a breakdown of the ideal slides, ensuring each one serves a purpose in telling your story: 1/ Title Slide } Company name and tagline. } A visually appealing logo or brand element.
THE BEST PITCH DECKS ARE STRAIGHTFORWARD AND TO THE POINT. WHEN YOU’RE PUTTING YOUR SLIDES TOGETHER, KEEP THINKING OF THE NAPKIN TEST – TRY TO COMMUNICATE YOUR CONCEPT AND VISION IN A PUNCHY, CLEAR AND CONCISE WAY”
needs to be addressed. 4/The solution } Explain how your product uniquely addresses the problem. } Highlight key features and explain how they differentiate from those of competitors. 5/ Why now (optional) } Describe the timing. Why is this the perfect time for your solution? } Discuss any market trends, technology advancements, or regulatory changes that make your venture relevant now. 6/Your product } Brief overview of your product with visuals (e.g., screenshots or diagrams). } Highlight any other features that offer value to the user/customer.
2/Mission Statement }A concise statement of your company’s purpose— one or two lines everyone can understand. Aim for simplicity and clarity here. Say what it “does on the tin.”
7/ Market Opportunity } Show the market size and growth potential. } Include Total Addressable Market (TAM), Serviceable Addressable Market (SAM), and Serviceable Obtainable Market (SOM).
3/The problem } Outline the problem you’re looking to solve, including relevant data to back up your claims. } Explain why this problem is significant and why it
8/ Team } Why you’re the right person to lead this company to success. } Introduce your core team and their relevant experience.
} Mention key hires or any advisors who bring credibility. 9/Initial traction } Share any key milestones or metrics you’ve achieved so far. } Use graphs or charts to make data digestible and easy to skim read. 10/Competitor analysis } Who are your competitors, and what are their pros and cons? } What will you do differently? How will your company stand out? 11./Financial projections (optional) & business model } Describe how your business will generate revenue. } Mention pricing strategies, revenue streams, and key financial metrics. 12/ The ask } Clearly state the amount of funding you’re seeking. } Specify how you intend to use the funds to further your mission. Investors want to see founders who are real, passionate, and open about what they’re building. Your pitch deck should feel like you—it’s not just about cramming in info. It’s about pulling them into your story, showing them a
vision that gets them excited and makes them feel like they’re part of something big. Find the sweet spot between giving enough detail and keeping it light. Stick with clarity, keep it short, and be authentic. You’re not just pitching a product; you’re pitching a vision and the hardworking team behind it. Nail that, and those 3.44 minutes will work their magic. Yana Abramova is the founder and General Partner of Pretiosum Ventures [Pretty Awesome Ventures], a seed fund investing in companies breaking new ground to meet the evolving needs of big businesses—what she calls the Future of Businesses. Founded in 2019 and now on Fund II, Pretiosum has already achieved high-profile exits. Previously, Yana worked in a $1.5B investment fund and advised startups expanding into the UK. She holds an MSc in Management from Cambridge University, where she serves on the Cambridge Business School Alumni Board. Fluent in five languages, Yana has been recognized by TechCrunch, the Financial Times, and BBC Newsnight for her leadership in tech and was named by Sifted as one of the few female solo GPs in Europe and the UK. pretiosum.vc
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Wellness
Five Morning Routines to Boost Entrepreneurial Success A c c o r d i n g t o AV I O N G R AY
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1/WAKING UP AT DAWN
I love waking up early and getting started with my day before the rest of the ‘working world’ typically comes online. Why? Because it makes me feel like I’m winning from the outset and getting a head start on the day. Most days I’m tackling my “todo” list, sending emails, etc. but sometimes I’m just thinking/ problem-solving, listening to a podcast, or meditating. It’s also the most quiet and peaceful time of day, when I can hear a pin drop, and really let the creative, visionary part of my brain operate, untethered. I also try to tackle the toughest, most uncomfortable tasks on my list during this time, which often requires immense discipline. It gives me a deep sense of accomplishment and a feeling of “lightness” going into the day. I was inspired to build this habit by my late great friend and mentor, Nick Hungerford, who was a huge proponent of doing the hardest things in the first hour of the day.
2 /TAKING 10 - 15 MINUTES TO DIGEST THE NEWS AGENDA
As a startup founder, it’s easy to be engrossed with everything going on in the business and lose track of the broader context within which we operate. For me, it’s vital to keep a finger on the pulse of world events and the social zeitgeist, in order to best serve our customers and other key stakeholders. On a typical day, I’ll pair my breakfast with an intense period of news gathering, reading and digesting what’s happening in the world around me. Some days, when I have less time, I have to do this on the go and I seek out sources that deliver the news in a format I can easily and quickly digest.
3/HAVING A PROPER BREAKFAST
There’s a reason why it’s called the most important meal of the day. For me, it’s never been hard to make time for a proper breakfast,
as it’s something I really enjoy and appreciate. This practice has morphed into me eating the same thing for weeks on end, until I start fancying something different, but always equally satisfying. My preference goes in waves, and I love just giving in to it, without any judgement. I’ve found that this practice helps me look forward to mornings and starting my day on solid footing, while properly nourishing my body. As of late, I’ve been enjoying having a lightly toasted cinnamon bagel (one-half butter, the other half cream cheese) and a coffee. Sometimes I throw in a side of bacon if I’m feeling daring! It’s important to give my body the fuel it needs to start the day and if I can treat myself while doing so, it’s a win-win.
4/LISTENING TO MY FAVOURITE PODCASTS WHILE I COMMUTE TO WORK I have amassed a small collection of podcasts that I love, which
have become mainstays of my morning routine. Y Combinator’s startup podcast, Your World Within and What Now with Trevor Noah are a few that I listen to avidly. I’ve come to really enjoy the mix of business mentorship, personal motivation, comedy and social commentary that this lineup provides.
5/TENDING TO MY PLANTS
Gardening is my favourite hobby and as a result, I’m now a serial plant owner with a collection of over 60 houseplants. It sounds like a lot, and perhaps it is, but I get tremendous satisfaction from nurturing them and providing the ideal environment for them to grow and thrive. They’re also therapeutic for me, providing the serenity I need to help balance the rigours of entrepreneurship.
Avion Gray is the co-founder and CEO of Belong, a fintech platform aimed at helping millennials build long-term wealth through innovative investment options like the “Boost loan.”
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Lessons from Rule-Breaking Leaders
Gaia van der Esch reflects on the challenges of breaking the status quo, drawing on her experiences and insights from leaders like Christiana Figueres, Becky Sauerbrunn, and Tawakkol Karman, highlighting the resilience and vulnerability needed to drive meaningful change. b y G A I A VA N D E R E S C H
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hallenging the status quo, breaking glass ceilings, and effectively driving change is a hard and often ungrateful job. As a female leader, I’ve been in the position to be the first to occupy specific roles, to showcase a different leadership style, to push for certain changes. I experienced success, but that came with backlash, loneliness and failures along the way. Challenging the status quo isn’t easy – but looking at other leaders who have successfully made ground in leading change and pushing boundaries can help us learn how to use our power to do the same. 28 / E N T R E P R E N E U R . C O M / January 2025
Always believe change is possible Negotiations to address climate change are ongoing following COP29, the 29th Conference of the Parties to the UN Framework Convention on Climate Change (UNFCCC), as scientists, activists, and citizens fear governments may once again fail to agree on the targets needed to tackle the urgency of the crisis. But this hasn’t always been the case: in 2015 the climate agreement reached during COP21 broke the status quo and delivered truly ambitious targets. It was reached under the leadership of former UN diplomat Christiana Figueres. As she took this job, Figueres thought an ambitious
agreement wasn’t possible in her lifetime. But what would the world become if that was really the case? “I saw all my nightmares about social justice become reality,” Figueres told me. “That’s when I decided that not having an agreement in my lifetime simply cannot happen”. And that’s when she started working on herself, to change her pessimistic mindset and become what she calls a “stubborn optimist”. Figueres used her outrage as a lever for action, not paralysis, and inspired world leaders to do the same and deliver results. Since then, she has advocated for holding together outrage and optimism as the key to challenging the status quo.
Focus on what you can control Changing the status quo requires stamina and consistency – while
weaknesses and leveraging our strengths”, said Sauerbrunn. “It is this consistency in my mindset, in training what is under my control, that has allowed me to develop as a player, to transform into a leader, and to get where I am today.”
commitment to ourselves”, von Furstenberg told me. “To own our imperfections and transform them into our assets, to own our vulnerabilities and make them our strength. It’s not aggressive, but it’s powerful”.
Own your vulnerabilities and make them your strength We all have vulnerabilities. They make us feel fragile, especially when we occupy a leadership position – from which we want to showcase strength and decisiveness. So, when people are looking up to us, we hide them, fearing that others might uncover them and attack us at our weakest point. This strategy can make us even more vulnerable. Owning your vulnerability is a better way to go. While speaking to the iconic designer Diane von
See backlash and failure as part of the game Challenging the status quo invites resistance as people cling to familiar ways of life, often out of fear of the unknown. Tawakkol Karman, a Yemeni journalist and Nobel Peace Prize winner, led the 2011 revolution against the dictatorship in Yemen, resulting in a push for democracy. However, soon after, internal power struggles dragged Yemen into a civil war. Karman has been in exile since but sees it as part of the complex journey needed for change, which requires wisdom – to see the bigger picture especially when we seem to be going backwards, and patience – to continue pushing forward. Karman’s motto is to take responsibility for change on your shoulders and not be afraid – even in front of backlash. “It is simply part of being a change-maker, a trailblazer, a revolutionary. Change will come, if you accept backlash and failure as part of the journey and continue pushing long enough.” Challenging the status quo is hard work, requiring perseverance, focus, and resilience. But a work that is always worth doing: if it’s not us that succeeds, we might still be opening doors for others to stand on our shoulders and become the ones that challenge the status quo and win.
CHALLENGING THE STATUS QUO ISN’T EASY – BUT LOOKING AT OTHER LEADERS WHO HAVE SUCCESSFULLY MADE GROUND IN LEADING CHANGE AND PUSHING BOUNDARIES CAN HELP US LEARN HOW TO USE OUR POWER TO DO THE SAME.”
understanding that not everything is under our control. Becky Sauerbrunn, Olympic gold medallist and until recently Captain of the U.S. Women’s National Soccer Team, recently told me that – as a soccer player, and as a leader – working on what she can control is her best chance at maximizing success. Leaders often invest time on what they can’t control – for Sauerbrunn this would be worrying about the weather forecast ahead of her next match, or about her adversary’s fitness level. This drains energy and concentration from what is under your control: your physical/ mental health, your strategy, your character. “I am not particularly fast, tall or strong compared to other defenders. It is not my physical ability that got me where I am, but my capacity to show-up, every single day – while reading the game, understanding our
Furstenberg, she shared her “motto”, as she broke one status quo and tabu’ after the next: “being in charge”. “It is first and foremost a
Gaia van der Esch is a celebrated executive, policy expert and author of Leading Our Way: How Women are Re-Defining Leadership, out now. Through her work and leadership, she is driving change across the public and non-profit sectors to help build a more equitable and sustainable world. January 2025 / E N T R E P R E N E U R . C O M / 29
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Technology
Will AI Replace Human Jobs or Enhance Human Roles? AI is here to amplify your team’s skills, not replace them—see how it can drive your growth! b y E N T R E P R E N E U R U K S TA F F
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s artificial intelligence (AI) continues to transform industries, entrepreneurs face a pivotal question: will it replace human jobs, or enhance the roles people play in their businesses? Leading experts share their insights on how AI will reshape the workplace, offering valuable perspectives on how entrepreneurs can leverage this technology to empower their teams and drive growth.
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ominic Wellington, enterprise architect at SnapLogic; a company pioneering AI-led integration for enterprise, Khyati Sundaram, CEO of ethical AI hiring experts platform, Applied and a LinkedIn Top Voice in the field of ethical AI; Dr. Leslie Kanthan CEO and co-founder at TurinTech, a company that develops and provides AI optimisation products and solutions, and Lauren Murphy, CEO of data consultancy firm Friday Initiatives, all agree that AI will enhance rather than replace human jobs. They emphasise AI’s ability to automate tasks, create
new roles, and foster collaboration, ultimately amplifying human expertise and driving business growth. This optimistic outlook comes at a time when AI is increasingly being integrated into various sectors, from healthcare to finance, and the fear of job displacement remains a common concern. However, experts believe that AI will not replace human creativity, emotional intelligence, or strategic thinking—qualities that are essential in decision-making and leadership. Instead, they argue, AI will serve as a powerful tool, streamlining routine tasks and
freeing up valuable time for employees to focus on higher-level responsibilities. For entrepreneurs, this shift presents an opportunity to rethink workforce dynamics, adopt more efficient workflows, and foster a more collaborative environment where human talent and AI work hand-in-hand to drive innovation. AI’S ROLE IN AUTOMATING TASKS – BUT NOT REPLACING PEOPLE AI will streamline tasks, but humans will remain essential in the workplace. SnapLogic’s Wellington acknowledges that while AI can automate specific tasks within industries, he emphasises that the complete replacement of human workers is unlikely in most roles. He cites examples like Klarna, which claimed to have replaced 700 employees with AI, but contrasts this with the reality that approximately 80% of AI projects fail to deliver tangible benefits. For Wellington, the truth lies in a balanced approach, where AI enhances human capabilities rather than completely replacing them. “AI is certainly already capable of automating certain tasks, but very few jobs are made up entirely of such simple tasks,” he says. “In most jobs, people perform a variety of different tasks, and even if all of them could be automated, human input is still going to be required to coordinate between the tasks, and importantly,
evaluate the results.” According to Wellington, AI’s value lies not in replacing jobs but in enhancing them. By automating specific parts of a job, AI can make employees far more productive. The challenge, however, is ensuring AI is implemented thoughtfully. “By automating discrete parts of a person’s job, AI-enabled tools can make them more productive potentially, much more productive. The key is to focus on tasks that will actually deliver business benefits. A technologyfirst approach will almost certainly fail. Instead, user-centric design is required for users to be able to unlock the full benefits of AI,” he advises.
AI AS A TOOL FOR ETHICAL INNOVATION AI is reshaping industries, creating new roles rather than replacing humans. Applied’s Sundaram offers a fresh perspective on AI’s impact, focusing on its ethical considerations and job creation potential. She emphasises AI’s growing presence across industries, while reassuring that it’s unlikely to replace humans anytime soon. “AI is playing an increasing role in all industries. But we needn’t fear that AI will replace humans in the workplace anytime soon,” Sundaram states. “This is because we’re not yet at a place where AI can or should be trusted to make decisions independently. AI models
↓ DOMINIC WELLINGTON, Enterprise Architect at SnapLogic, explores AI's potential to enhance, not replace, human roles
that aren’t trained, monitored, and audited carefully by humans risk amplifying historic biases.” For Sundaram, the key to AI’s future is its responsible application. While AI may not replace jobs, it is certainly opening up opportunities in new, evolving roles. “AI has created ample opportunities for those who want to use ethical models as a tool in new roles, whilst staying vigilant and in control at all times,” she adds. “From smart-assisted sports coaches, to tech fashion designers and metaverse architects—the possible list of future AI-enhanced roles is endless.” Sundaram goes on to say that when it comes to }}
↓ LAUREN MURPHY, CEO at Friday Initiatives,
emphasises AI's role in enhancing human expertise and decision-making
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Technology
→ DR. LESLIE
KANTHAN, CEO and co-founder at TurinTech, champions AI-human collaboration for transformative business success
“ IN MOST JOBS, PEOPLE PERFORM A VARIETY OF DIFFERENT TASKS, AND EVEN IF ALL OF THEM COULD BE AUTOMATED, HUMAN INPUT IS STILL GOING TO BE REQUIRED TO COORDINATE BETWEEN THE TASKS, AND IMPORTANTLY, EVALUATE THE RESULTS.” 32 / E N T R E P R E N E U R . C O M / January 2025
making hiring decisions, the proliferation of AI-assisted CVs and cover letters is already leading many employers, including the UK Government, Unicef UK, and HarperCollins, to switch to fairer and more accurate skills-based recruitment processes. “Skills-based hiring starts with anonymous applications that consist of skills-based questions. Ethical AI can help hiring teams make this process even more efficient and objective. Then, additional tests which don’t easily lend themselves to ChatGPT use - like cognitive ability tests and numerical aptitude tests - can be used to further filter for top talent. For candidates, this will create more opportunities to demonstrate their skills in areas they excel in, and find roles which they will genuinely be able to thrive in. For employers, it will separate out true talent from tech,” she says. COLLABORATION IS KEY AI will transform jobs by handling routine tasks, empowering employees to focus on creativity and innovation. Dr. Kanthan, CEO and co-founder of TurinTech, agrees that AI will not replace human jobs but will undoubtedly transform them. He imagines AI handling mundane and laborintensive tasks, allowing workers to concentrate on more valuable activities like strategy, creativity, and innovation. “Businesses will see AI take over repetitive and
time-intensive tasks, freeing up employees to focus on higher-value work like strategy, creativity, and innovation,” Kanthan explains. “However, the most effective AI systems will be those that collaborate with human expertise.” He highlights that businesses combining AI with Human Intelligence (HI) through feedback loops, collaboration, and validation achieve far better results than those relying solely on AI. He points out that this collaboration ensures that AI-driven outputs are not only aligned with business goals but also enriched by human insights that AI cannot replicate, such as ethical considerations, creative vision, and contextual understanding. Kanthan goes on to say that businesses that integrate AI into their decision-making processes need to ensure that AI outputs are transparent and validated. “Customers want to trust the decisions and recommendations AI makes on their behalf, whether it’s suggesting a new product, automating a process, or optimising their experience. Companies that prioritise AI accountability and collaboration will build this trust while leveraging AI to create more meaningful customer interactions.” ENHANCING EXPERTISE AND EMPOWERING HUMAN INSIGHT AI is key to unlocking experts’ potential according to Lauren Murphy. The
Friday Initiatives’ CEO echoes the belief that AI will enhance human roles rather than replace them. “AI will continue to reshape our operations, and those of our clients, by maximising the value of data, automating complex governance processes, and driving innovation across our services. We envision AI becoming even more integral to decisionmaking, enabling faster, more accurate, analysis while freeing up our experts to focus on nuanced legal, communication, and strategy questions.” Murphy explains that AI excels at handling repetitive, data-heavy tasks, allowing experts to dedicate their time to complex challenges that require human insight. “We firmly believe AI will enhance rather than replace human roles. AI takes on repetitive, data-heavy tasks, allowing our experts to focus on complex issues requiring human expertise,” Murphy says. “The future of governance and compliance is rooted in human-AI collaboration, where technology complements and empowers human insight.” For Murphy, the collaboration between AI and HI is critical to the future of industries like governance, compliance, and beyond. AI’s potential lies in its ability to augment human decision-making, helping
“ BUSINESSES WILL SEE AI TAKE OVER REPETITIVE
AND TIME-INTENSIVE TASKS, FREEING UP EMPLOYEES TO FOCUS ON HIGHER-VALUE WORK LIKE STRATEGY, CREATIVITY, AND INNOVATION.”
→ Khyati Sundaram, CEO at Applied, advocates for responsible AI integration in the workforce
experts navigate complex scenarios with datadriven insights while retaining the need for human oversight and judgment. However, she emphasises the importance of balancing AI’s transformative potential with careful use. “Balancing transformative capabilities with responsible implementation ensures trustworthy solutions. With AI, as the old adage goes - rubbish in, rubbish out. So we’re focused on creating trusted data via dynamic mapping,
getting our clients fighting fit to make the most out of AI.” The consensus from these industry leaders is clear: AI is unlikely to replace human jobs entirely. Instead, it will enhance and transform the roles people play in various industries. Whether through streamlining repetitive tasks, creating new ethical positions, or fostering collaboration between human expertise and AI capabilities, the future of work will depend on a symbiotic relationship between humans and machines.
Far from replacing jobs, AI has the potential to create new ones, particularly in fields where human judgment, creativity, and emotional intelligence remain irreplaceable. As AI continues to evolve, the focus must remain on ensuring that technology compliments human abilities, enabling professionals to focus on high-value, creative, and strategic work. Through thoughtful implementation and ethical considerations, AI can be harnessed to drive innovation and productivity, without diminishing the importance of human oversight. The key will be in striking the right balance - embedding AI into the workplace in a way that empowers workers, while safeguarding the human-centric aspects of work that technology cannot replicate. In this way, AI has the potential to enhance efficiency while fostering a new era of collaboration, where technology and human talent work together, not against each other. The big question then is, what exciting opportunities lie ahead for businesses that harness the power of both humans and AI?
January 2025 / E N T R E P R E N E U R . C O M / 33
In the Loop /
What’s in Store for Business in 2025? Insights from experts on future predictions for UK businesses in 2025 b y PAT R I C I A C U L L E N
A
s the UK braces for another year of economic challenges and opportunities, leading founders from diverse industries offer their visions for what 2025 holds for business. From the rise of artificial intelligence (AI) to the growing demand for purpose-driven businesses, their insights provide a glimpse into the evolving market and how entrepreneurs can adapt to thrive in the coming years.
→ Laura Davidson, co-founder of Tag Digital, on the future of AI and automation in business
34 / E N T R E P R E N E U R . C O M / January 2025
AI, AI, AI…. As we step into 2025, the intersection of AI, purpose-driven enterprises, and sector-spanning innovation is set to shape the future of entrepreneurship. For business leaders and founders, this shifting terrain offers opportunities laced with complexity. AI has transitioned from a buzzword to a core component of modern enterprise, enabling businesses to streamline operations, deliver deeply personalised experiences, and anticipate market changes with remarkable precision. However, entrepreneurs who fail to engage with these tools risk being left behind in an increasingly techdriven world. Laura Davidson, co-founder of Tag Digital, a digital marketing agency that is part of Scale Up Scotland, sees automation and AI becoming a key force in transforming businesses. “For 2025, automation and AI will shift from broad, theoretical discussions to driving systematic change with a clear focus on removing drudgery and upskilling teams,” she explains. She also points out that AI adoption will be increasingly decentralised, with functional teams taking more responsibility for its implementation. “To deepen
understanding and ensure meaningful adoption, we’ll see companies appointing AI ambassadors within each functional team to add more value and recognise productivity gains,” she says. “Additionally, there will be a rapid ramp-up in Large Language Model (LLM) upskilling, particularly in prompting and usage expertise, driven by increased daily interaction and advancements in multimedia inputs.” Data is a valuable resource, and this year, B2B businesses will focus on creating content to build a year-round, engaged community of potential customers, all aimed at providing value. Davidson highlights the value of data in a privacy-centric world. “The shift to a more privacy-centric world means that the data companies own will be potentially more valuable than the business itself,” she predicts. A SHIFT IN FOCUS The UK is set for a turbulent year, with ongoing economic pressures creating both challenges and opportunities across sectors. Danny Campbell, founder of the architecture firm HOKO, believes we’re likely to see significant shifts in the business landscape. “First, we might witness a wave of
to ensure that purpose is not just a marketing strategy but a genuine, measurable commitment. Purpose-led ventures are not only attracting a loyal customer base but are increasingly seen as sound investments by those highlighting long-term value over short-term profits. Eilidh Cunningham, director at the design company POTR, predicts a surge in businesses prioritising purpose and authenticity in 2025.
→ Danny Campbell,
founder of the architecture firm HOKO, offers his prediction for 2025, focusing on AI and industry shifts
businesses either leaving or selling within the UK, reflecting the ongoing challenges of operating in a post-Brexit, highinflation environment,” he warns. He also expects AI to dominate the business scene. “The rise of AI-backed tech companies will dominate, though I predict a tightening of regulations around what can genuinely be called AI, curbing some of the current hype,” Campbell adds. However, beyond the tech sector, Campbell emphasises a resurgence of industries where human skills remain irreplaceable. “I expect a renewed focus on industries that AI cannot disrupt – roles that require a human touch, such as skilled trades and artisan crafts,” he says. “There’s an opportunity here for entrepreneurs to redefine these sectors, creating new growth stories in areas that AI can’t replicate.”
→ Eilidh Cunningham, director at POTR, discusses the rise of purpose-driven businesses
TO B- (CORP) OR NOT TO B Equally transformative is the rise of purpose-led businesses, a trend that reflects a broader societal demand for accountability and ethics. Today’s consumers expect more than just products or services-they seek alignment with brands that reflect their values, whether that’s sustainability, inclusivity, or fair labour practices. For entrepreneurs, this means rethinking business models
“More companies will pursue B-Corp status, reflecting a growing consumer demand for meaningful connections with brands that prioritise sustainability and social impact,” Cunningham says. She believes that this shift will become a key differentiator as consumers seek brands they trust and align with their values. In addition, Cunningham sees a move away from traditional, polished advertising. “Consumers
are increasingly turning toward media that feels raw, real, and relatable almost ‘anti-advertising,’” she explains. “Entrepreneurs will need to innovate with low-cost, authentic ways to reach their audiences, from leveraging viral content to embracing grassroots campaigns.” She also foresees a focus on expanding into new markets. “A slow domestic market will push businesses to seek out new export markets, though this comes with challenges like navigating tariffs and trading restrictions in key regions.” Innovation across industries is also redefining how businesses operate, breaking down silos and creating unexpected partnerships. From technology revolutionising healthcare to financial services embracing green agendas, the opportunities for cross-sector collaboration are vast. Entrepreneurs who can identify and capitalise on these synergies will be well-placed to navigate a competitive market. Success in this evolving environment will demand adaptability and a clear-eyed view of what lies ahead. Entrepreneurs must remain agile, prepared to pivot strategies as new challenges and opportunities emerge. In a world where change is the only constant, those who embrace innovation and purpose at their core will lead the way in shaping the UK’s next business chapter.
January 2025 / E N T R E P R E N E U R . C O M / 35
→ Phill Robinson, CEO
and co-founder of Boardwave, leading the charge to drive positive change in the UK tech sector
How to Scale a Software Business
Insights from the most connected man in UK tech on scaling a software business, shaped by decades of industry experience. b y PAT R I C I A C U L L E N
For nearly four decades, Phill Robinson, CEO and co-founder of Boardwave, a mission-driven organisation dedicated to driving positive change in the European tech sector, has guided the software industry through its most transformative eras. 36 / E N T R E P R E N E U R . C O M / January 2025
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rom the fledgling tech boom of Silicon Valley to the boardrooms of Europe, and now to fostering the UK’s next generation of entrepreneurial leaders, his career is a masterclass in adaptation and foresight. In a landscape where the UK strives to cement its place as a global tech hub, Robinson’s story is both a blueprint and an inspiration for today’s ambitious founders.
Early beginnings: A fortune in timing Looking back on his career beginnings, Robinson recalls, “I was lucky when I left school and decided to do a computer science degree.” This pivotal choice led him to California in the mid-eighties, where he worked as a programmer for Oracle, at a time when the software industry was still in its infancy.
“SOMEONE COMES ALONG
WITH A HALF-DECENT OFFER, THEY’RE SCALING THEIR BUSINESS, AND THEY SELL IT BECAUSE IT’S A LOT OF MONEY. BUT ACTUALLY, THE POTENTIAL OF THAT BUSINESS HAS NOW GONE AWAY TO SOMEONE ELSE” After spending some time in California, he returned to the UK to help US-based software
↓ PHILL ROBINSON speaking at Boardwave Live – Boardwave’s annual member event in London
companies establish a European presence, a journey that would continue to shape his career. “I helped a number of US software firms… there really wasn’t a local European software industry back then.” As he worked with some of the biggest names in the industry, such as Salesforce, his passion for technology grew. “I ended up back in California as a Chief Marketing Officer(CMO)… and then back to Europe,” he said, recounting his years as a CMO at Salesforce. But after two decades of working for American companies, Robinson had a
realisation: it was time to branch out on his own.
The transition to entrepreneurship: Becoming a CEO “wasn’t my plan,” he admits when talking about his transition into entrepreneurship. “But after something like 20 years working for Americans, I just wanted to do my own thing.” For the next 15 years, Robinson would take on the CEO role in three separate ventures, one was early stage venture backed and the last two were private equity (PE) backed businesses. His early experiences were a blend of successes and setbacks, with one venture falling short of expectations. “The first was a venturebacked business, but it wasn’t our biggest success,” he shared candidly. However, his next ventures were more fruitful, as he helped build and sell businesses, including Iris in the UK, one of the largest software companies in the country. Later, he moved to the Netherlands to lead Exact, a 3,000-employee enterprise software company. However, as he navigated the complexities of corporate leadership, he faced personal struggles too. “At the same time as that, I got diagnosed with Parkinson’s,” he explained. Despite these challenges, his }}
January 2025 / E N T R E P R E N E U R . C O M / 37
B/
Growth
→ Veroniek Collewaert,
director of the European Scaleup Institute, champions innovation and growth for Europe’s next generation of businesses
→ JOSEPH VALENTE
and ANT MIDDLETON, best selling author of Military Mindset and leadership expert.
Lessons for aspiring entrepreneurs
↑ The visionary tech leader is
shaping the future of the software industry
entrepreneurial drive remained undeterred. “I carried on… but eventually, I’d come home to the UK.”
The birth of Boardwave: A social enterprise for software CEOs Though officially retired, Robinson's entrepreneurial spirit didn’t slow down. “I retired. My wife often reminds me I'm retired,” he laughs. What was meant to be a simple transition into retirement turned into an entrepreneurial venture that would become a full-time pursuit: Boardwave. “I had this idea at Boardwave, and it’s turned into a full-time job,” he said, explaining how the idea was originally conceived to include a few CEOs supporting one another. “I thought it would be a small programme for a relatively small number of CEOs to help each other,” he noted. However, Boardwave quickly grew beyond Robinson's expectations. “And we’ve now got over 1,900 members
38 / E N T R E P R E N E U R . C O M / January 2025
allowed it to avoid the pressures of profit maximization, which often compromises values in more traditional ventures. “We could have built this with a fund and become a VC… we didn’t do that,” he said, explaining the intentional choice to focus solely on helping CEOs. Rather than chasing profit, Boardwave partners with various organisations to support its initiatives. “We’ve got 90 organisations in our consortium now,” Robinson shares. This diverse coalition includes VC firms, investors,bankers, lawyers, consultants, and other stakeholders, all contributing to the initiative’s success.
across Europe… all of them are founders or CEOs of software companies.” What started as a niche initiative for executives in the software industry has blossomed into something much more significant. “It’s been hugely more successful than we anticipated,” Robinson reflected. With its rapidly expanding network, Boardwave aims to foster the development of a vibrant European software industry. “We are helping each other re-build the European software industry… European software 2.0,” he said, echoing the vision for a new era of European software entrepreneurship. Boardwave operates as a social enterprise, with a clear distinction from traditional for-profit ventures. “It’s not about making money. It’s entirely built for the benefit of its members.” This ethical stance provides a unique advantage. “It gives it an interesting position because it means that you can have a moral authority and a level of independence that nobody else has,” Robinson explains. The autonomy of Boardwave has
Robinson’s recent white paper “How the UK & Europe can lead the global software industry by 2034” offers critical insights for today’s founders. When asked to outline the key lessons, he emphasises the importance of being mission-driven. “At the very beginning… you have to be mission-driven,” he said. He also warned that many founders fall short of their potential by selling too soon. “Someone comes along with a half-decent offer, they’re scaling their business, and they sell it because it’s a lot of money,” he explained. “But actually, the potential of that business has now gone away to someone else.” This premature exit often occurs during the critical scaling phase from start-up to scale-up, a vulnerable stage that is often exacerbated by a lack of support. “The start-up phase will get a lot of support from government, local initiatives and tax incentives, but once you get past that stage of £10m to £100m, there's not a lot of help and support,” he reveals. According to Robinson, it’s crucial for founders to remain focused on their mission and long-term potential rather than short-term
financial gain. For those starting a software business, he emphasised the importance of solving a universal problem, not just a local one. “Great software companies are not vitamins, they’re painkillers,” he said. “They have to solve a problem.” He argues that many entrepreneurs fall into the trap of solving problems that are unique to their local markets, limiting their potential for growth. “If that’s the case, it’s never going to be more than a UK software company,” he warns.
“ IT TAKES 10 YEARS IN THE US TO GET TO $100
MILLION IN REVENUE. IN EUROPE, IT TAKES 15. WE WILL NEVER ATTRACT THE SAME QUALITY OF INVESTOR… UNLESS YOU CAN SCALE AT THE SAME RATE AS THEM”
The challenges of scaling in Europe Scaling a software business in Europe and the UK is notoriously slow compared to the US, and Robinson believes this is one of the key reasons why we haven't yet produced software giants like those in Silicon Valley. “It takes 10 years in the US to get to $100 million in revenue. In Europe, it takes 15,” he points out. The slower scaling process can be attributed to several key factors. Unlike the US, which functions as a unified market with a common language and culture, Europe presents a more complex environment, with diverse languages and cultures that create additional challenges. ”We have to use technology to reduce the barriers to scaling European software companies across our continent, in a way similar to US companies rapidly growing in their own market.” This acceleration
couldn’t come soon enough. “We will never attract the same quality of investor… unless you can scale at the same rate as them,” he said, noting the importance of accelerating growth to attract both European and US-based investors. Fortunately, he's optimistic about the changing landscape, as technologies like cloud and AI are leveling the playing field in Europe, allowing software companies to scale at a much faster pace.
Building a global software powerhouse Despite the challenges, Robinson remains optimistic about the future of European software companies. “If UK companies can scale at the same rate as US companies, I think that they have a real opportunity to be a software superpower.” His advice for entrepreneurs is clear: focus on the mission, solve global problems, and scale rapidly. By doing so, UK software companies can
unlock the potential to compete on the global stage. Scaling a software business in the UK is challenging, but Robinson’s journey shows it’s far from impossible. With a clear mission and a focus on tackling global challenges, there is a real opportunity to produce the next tech giant. The future of innovation knows no borders—it’s driven by ambition, and the country is well-positioned to lead the way.
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Sustainability
THE ROAD LESS TRAVELED
Turning slow travel into a scalable, flight-free experience b y PAT R I C I A C U L L E N
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n a world dominated by fast-paced travel and environmental concerns, Byway offers a refreshing alternative—flight-free, multi-stop trips by land and sea. With innovative technology at its core, Byway is redefining the travel experience while staying true to its sustainable mission.
} What strategies did you use to sustain Byway’s growth during the pandem-
ic, and how do you continue to maintain momentum in today’s competitive travel landscape? Byway was founded in March 2020 so we had to initiate growth, rather than sustain it, during the pandemic. Initially, there was a full lockdown, so we spent that time on customer discovery and product research and built a waiting list of people who wanted to travel with us when the lockdown lifted. We were
→ The Gornergrat
Railway, captured by Joshua Kettle
40 / E N T R E P R E N E U R . C O M / January 2025
able to run our first trips – UK only – in the second half of 2020, and Europe later when things opened up. Initially, we booked people’s trains and accommodation separately as our ABTA bond application was delayed because of the various travel companies in crisis so we couldn’t offer everything together in one financially protected package like we do now. We were lucky enough to have had great press and high demand from the start,
and given how early we were in Byway’s life and how much we had to test and learn, it was actually pretty helpful to have travel restrictions limiting demand to a level we could manage as we got up and running. Today, our momentum continues largely because we offer such a unique product: personalised multi-stop holidays by land and sea, where the journey is part of the experience – and there’s not a flight in sight. This sort of travel has always been
→ Cat Jones,
your commitment to sustainability and authentic, slower travel experiences? Our whole business is about scaling sustainable travel – we’re more sustainable by design, so as we grow, so does our impact. There’s no flight offsetting, as all Byway holidays are flight-free so lower carbon; we prioritise locally-run stays over chains and local transport infrastructure over tourist trains; and we have a ‘hotspot penalty’ that penalises tourist hotspots when we plan trips. On day one, I founded the company. On day two, I applied to B Corp. This was the company I always wanted to build. We don’t judge or
CEO and founder of Byway, leading the way in sustainable travel
THIS SORT OF TRAVEL HAS ALWAYS BEEN MAGICAL: SO MANY PEOPLE LOVE THE SLOWER, MORE RELAXED PACE OF TRAIN TRAVEL AND THE POSSIBILITIES TO STOP OFF AND EXPLORE. THE INTEREST HAS CONTINUED TO GROW OVER THE LAST FEW YEARS AS MORE PEOPLE LOOK FOR RICH EXPERIENCES OVER COOKIE-CUTTER HOLIDAYS”
magical: so many people love the slower, more relaxed pace of train travel and the possibilities to stop off and explore. The interest has continued to grow over the last few years as more people look for rich experiences over cookie-cutter holidays, and of course, more sustainable trips. However, it can be prohibitively complex to organise and book these wonderful multi-stop trips across multiple countries – and that’s where Byway’s unique routing technology
and expert team comes into their own. Our business growth is thanks to this tech enablement – this is the first time tech has powered multi-stop, multi-modal travel – and the fact that people simply love our trips and the great support that goes with them (see our 96% five star reviews!). A large portion of our growth comes from repeat bookings and referrals.
} As an eco-conscious startup, how do you balance scalability with
flight-shame: many of our customers also fly, and we’re happy to offer one-way trips for people who want to almost halve emissions without going overland both ways (e.g. for a recent customer who travelled overland to a conference in Portugal on a mini holiday from the UK, but flew home to get back in time for work). We also offer trips to American travellers coming to Europe: we help them explore overland and enjoy the wonderful rail network
instead of booking short-haul flights while they’re here, but, of course, they fly at the start and end. We see in our data that once you try this sort of travel, you’re a convert – you do it again and you refer your friends. It’s so much lovelier than flying! So anything we can do to help people take that first step to try flight free is really welcome.
} Closing a Series A is a major milestone—what key lessons or surprises came from that fundraising journey, and how are you applying them in Byway’s expansion? We were warned that in this funding climate it would be hard to get backing for a travel company but we were lucky enough to have a lot of interest from existing and new investors in an oversubscribed round. There were a few tricky moments as we closed because we really wanted to get everyone around the table and we weren’t sure we could manage it, but in the end our investors were just fantastic, squeezing up to make space for each other, and we could bring in everyone we wanted. The experience really brought home the value of choosing investors for their values and collaborative spirit over cheque size. Having investors that have your back and believe in your vision makes building the company such a delight }}
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Sustainability
“ IT’S NOT JUST ABOUT HAVING A MORE SUSTAINABLE OFFERING; IT ACTUALLY HAS TO BE A BETTER PRODUCT EXPERIENCE” and generates an extraordinary amount of inbound luck. Many of our investors are also advisors to our company functional leads, and to me, and the value of the challenge and support they provide can’t be overstated. Asking for help and listening is not just valuable in fundraising, but in customer discovery, team-building and everything else you can think of. As my children would say: ‘team work makes the dream work!’.
} What consumer behavior shifts have you observed post-Covid, and how are these shaping Byway’s product offerings and growth strategies? COVID-19 accelerated a lot of the trends that were already growing as we started concepting for Byway in early 2020: the slow food movement, mindfulness, shop local, slow fashion... and of course, sustainability. Byway trips are ‘slow travel’ holidays where the journey 42 / E N T R E P R E N E U R . C O M / January 2025
is part of the experience – they’re about slowing down to experience more – and they tap into lots of these themes. We choose locally-owned accommodation over international chains; we help our travellers lean into a slower pace, being present and valuing the time spent exploring and pausing along the way; we avoid tourist traps and tourist trails, and all of our transport is much lower carbon than flying. 72% of people this year are considering the environmental impact of their travel plans, up from 64% last year*.
} What advice would you give entrepreneurs on turning personal values, like sustainability, into a scalable business proposition in challenging markets? It’s not just about having a more sustainable offering; it actually has to be a better product experience.
If you can figure out how to create a loveable experience that’s simply better than the alternative for your customers – if you can get to 96% five star reviews with repeats and referrals driving your flywheel – and if at its heart, in its design, that better product is genuinely more sustainable, then you’re onto a winner. If customers choose your product because they want to, because they love it, because it’s really better than the alternative (not because they ought to, or should do, or they feel it’s the responsible thing to do), your wonderful product and your customers’ love of it is going to take care of your growth. Byway trips are how I’ve always travelled (I’ve never owned a car) and now I get to share the joy of multi-stop trips by land and sea with all of our customers. As our brand has evolved, our customerfacing messaging has shifted from a focus on what it isn’t (flight free)
→ The Rhaetian Railway, captured by Xavier von
Erla, showcases the stunning landscapes of the Swiss Alps as it winds its way through picturesque valleys and mountain passes
→ MICHAEL BARON,
→ Bernina Express Photo credit: Byway
Commercial Director at BWS, leads the company’s strategic growth and commercial operations.
THERE WERE A FEW TRICKY MOMENTS AS WE CLOSED BECAUSE WE REALLY WANTED TO GET EVERYONE AROUND THE TABLE AND WE WEREN’T SURE WE COULD MANAGE IT, BUT IN THE END OUR INVESTORS WERE JUST FANTASTIC, SQUEEZING UP TO MAKE SPACE FOR EACH OTHER, AND WE COULD BRING IN EVERYONE WE WANTED”
to what it is (a rich, beautiful experience). I suggest that other entrepreneurs with sustainable products focus on the pull motivators ahead of the push ones.
} How did you persuade investors to back a slow-travel startup in a fast-paced world, and what lessons can founders take into their own pitches? The key for us was our first-of-its-kind technology paired with our growth, customer love and fantastic unit economics. Byway has created the world’s first 100% flight-free travel tech that routes holidays based on enjoyment. In the end, the defensibility of that technology and the proprietary data it uses was the core of what got people excited. Our tech integrates locally expert place and journey-based data (over two million miles of it) with customer insights and data in a smart dynamic packaging engine that designs
unique multi-stop, personalised trips. Further developing this tech was a key part of our pitch. Sustainability is an accelerant to a macro, general shift in travel back to the journey and the experience. It gave the pitch some extra sparkle, but it wasn’t the core driver of most of our investors’ decision making. The biggest lesson I can share is to remember you’re choosing your investors at least as much as they’re choosing you – hopefully more! Be picky, and do your homework. The pitch goes over easier when you’re speaking the same language and you have a shared thesis. Max Niederhofer, who sits on our board (GP at Heartcore, who led our Series A), said “We felt called to support Byway’s mission to make tourism both more fulfilling and sustainable, and believe that its technology will become a key pillar for the next generation of online travel.” I think that just about sums it up. January 2025 / E N T R E P R E N E U R . C O M / 43
‘T/
Culture
Quiet Quitting:
Can We Put An End To It in 2025? Quiet quitting reflects a growing need for balance, transparency, and rethinking workplace priorities b y T I M D U G G A N
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n 2022, the Collins Dictionary released its shortlist for its annual word of the year. The dictionary has been publishing new editions since 1819, and the tradition for releasing a list of words that have come to prominence in the previous 12 months began in 2013. That was the year that ‘twerking’, ‘Bitcoin’ and ‘Black Friday’ lost out to ‘geek’ and every year it’s a hotly contested prize.
44 / E N T R E P R E N E U R . C O M / January 2025
} The shortlist for 2022 included “vibe shift” and “Partygate” but was won by “permacrisis”, a term that sums up an extended period of instability and insecurity. However, there was another finalist for word of the year that I believe should have taken out the top spot, mainly due to its ongoing usage instead of peaking and falling away.
The term is “quiet quitting”, a phrase that’s now well and truly entered the lexicon of workplaces around the world. Despite its name, it doesn’t have anything to do with actually quitting your job, it’s the philosophy that instead of leaving, you should just do the bare minimum of work in your job.
} It’s also been called “acting your wage” or “calibrated contributing”, and there was something about quiet quitting that took off in 2022, and hasn’t stopped since. In fact, Google Trends shows that interest in the term has only doubled in the past 12 months. } It’s for good reason too, as no matter which way you look at it, we are caring less about work. Research into workers in 155 countries by Gallup shows that almost two-thirds of us are emotionally detached at work, and only half of US workers said they were really satisfied with their jobs. In the aftermath of the pandemic, almost 40 per cent of people said the importance of work had diminished for them during the Covid years according to the Pew Research Centre. } This discontent with work has been rising for years. In 2013, a forum called r/ antiwork began on Reddit as ‘a quiet corner of the internet to discuss radical leftist ideas about ending work’, complete with a tongue-in-cheek slogan: ‘Unemployment for all, not just the rich!’ By 2019 it had attracted around 13,000 members, a motley crew of contributors who mainly griped about their
work and shared tips on how to avoid doing it. Then the pandemic hit in 2020, upending many people’s workplaces and forcing them to rethink their relationship with work. Over the next two years the number of users on the antiwork subreddit ballooned to over 2.7 million, an increase of over 20,000 per cent.
} Instead of just hosting rants about how to not work, the forum became the focal point for a movement of people to discuss how to leave their jobs, complain about capitalism, or just feel a sense of community where they could share their growing discontent with work in general. In other words, this was ground zero for ‘quiet quitters’. } This year new ways of covertly expressing dissatisfaction with work have bubbled to the surface like ‘coffee badging’. This is what happens when an employee turns up to the office, swipes their badge so they are recorded in the system, and then they head out for coffee on the way back to working from home. } Yet another new trend joined the pile in 2024 ‘quiet cutting’ - to refer to employers who were reassigning resources internally instead of just firing workforces. Some experts have said this signals the shift in workplace power back to employers. } All of these trends focus on blurring the lines of trust and transparency that exists in healthy workplaces. Most
“ YET ANOTHER NEW TREND
JOINED THE PILE IN 2024 ‘QUIET CUTTING’ - TO REFER TO EMPLOYERS WHO WERE REASSIGNING RESOURCES INTERNALLY INSTEAD OF JUST FIRING WORKFORCES. SOME EXPERTS HAVE SAID THIS SIGNALS THE SHIFT IN WORKPLACE POWER BACK TO EMPLOYERS”
of the actions can be seen as ways of expressing discontent in indirect ways, and the message is finally being heard. Instead of going away, in 2025 good workplaces will acknowledge that the needs of workers have been neglected for too long and both sides need to re-engage on better ways of working.
} So while it’s not time to completely quit on quiet quitting just yet,
next year should see it evolve into a – hopefully – healthier way of communicating between all levels of an organisation. Tim Duggan is a leading expert on work and careers, and author of new book Work Backwards: The Revolutionary Method to Work Smarter and Live Better
January 2025 / E N T R E P R E N E U R . C O M / 45
→ JENNIE BAYLISS, owner of LETTERBOX Cocktails, leads the way in innovative drink offerings
Stirring Success:
LETTERBOX Cocktails’ Winning Formula The Business Show Launchpad £100K winner on growing a successful business b y PAT R I C I A C U L L E N
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J
ennie Bayliss spent over a decade building an entrepreneurial career, culminating in the acquisition of LETTERBOX Cocktails—a business delivering ready-to-mix cocktail kits to homes across the UK. Her journey reflects the changing face of modern entrepreneurship, where innovation meets everyday convenience.
W
inning the £100K Launchpad award at The Business Show London 2024 was a great way to end the year. The prize provides crucial support for the business, including £100,000 in funding, alongside a wealth of business services to aid growth. In 2023, Bayliss acquired LETTERBOX COCK-
ventures, she describes her transition into the world of LETTERBOX COCKTAILS as driven by a desire to find something that had potential. “I was initially looking for a boring business,” Bayliss says, laughing. “I wanted something I could create and sell in the future, and then I came across LETTERBOX Cocktails.” While it certainly wasn’t
the boring project she had in mind, Bayliss has no regrets. Her acquisition of LETTERBOX Cocktails in 2023 wasn’t planned as a grand venture. In her own words, she was looking for something simple, steady, and—ironically—“boring.” Instead, she found a platform brimming with untapped potential. Under her leadership, the brand
BE REALLY CURIOUS. ASK QUESTIONS, LEARN FROM OTHERS, AND NEVER BE AFRAID TO REACH OUT FOR HELP. IF YOU CAN GET A MENTOR, YOU SHOULD DEFINITELY TAKE IT. IT CAN HELP YOU AVOID MISTAKES AND SHAPE YOUR BUSINESS IN A WAY THAT’S MORE SUCCESSFUL”
TAILS, but her entrepreneurial roots stretch back to launching a virtual PA business over a decade ago. This early venture laid the groundwork for her later success, honing her skills in problem-solving and self motivation. Reflecting on this experience, Bayliss explains, “I started my first business 14 years ago. It was a virtual PA company. I wanted to create something I could set up and manage while still doing the work myself.” Despite her diverse
has grown into a spirited player in the cocktail industry, combining the convenience of ready-to-mix kits with an ethos of creativity. Bayliss’s forwardlooking strategy includes a rebrand, new product launches, and a move into the non-alcoholic sector, a burgeoning market ripe for innovation. What started as a side project rapidly evolved into a business that Bayliss believes has the potential to offer something truly unique. “I thought there was so much potential in it. If I can set this up as a business, we can create something really amazing,” she reflects. The entrepreneur acknowledges that one of the toughest parts of running a business is isolation and candidly acknowledges the frequent reality of tackling problems alone. “The hardest part is when you face a problem, and it’s just you solving it,” she admits. “But I’m really good at problem-solving, so that’s }}
← An assortment of LETTERBOX Cocktails, highlighting their range of flavors
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Leader
WHEN WE WERE YOUNG, THEY’D ASK YOU WHAT YOU WANTED TO BE—DOCTOR, TEACHER, ETC. NOW, IT’S LIKE, YOU CAN BE ANYTHING. YOU CAN BE A CONTENT CREATOR, AN ONLINE GAMER, OR A PODCASTER. THERE ARE SO MANY NEW AVENUES TO EXPLORE”
what keeps me going.” However, Bayliss points out that her approach to overcoming the loneliness of entrepreneurship has been through finding connection, so instead of retreating, she has leaned into the power of networks and community. “I found support in networking groups and other entrepreneurs. It’s so important to connect with people who understand the challenges you face,” she says, emphasising that the sense of community and shared experiences can make a world of difference. Her
approach highlights an essential lesson: resilience and resourcefulness are cultivated not in isolation but through collaboration and shared experiences. She credits mentors, peers, and even competitors for helping her navigate the often-unforgiving terrain of business ownership. Her journey is also marked by the lessons she’s learned along the way. When asked what surprised her most about herself, Bayliss shares, “It takes a lot for me to get stressed now. I didn’t think I had that in me when I was younger, but
↓ A LETTERBOX Cocktail margarita delivered to your doorstep
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“ IF YOU CAN GET A MENTOR,
YOU SHOULD DEFINITELY TAKE IT. IT CAN HELP YOU AVOID MISTAKES AND SHAPE YOUR BUSINESS IN A WAY THAT’S MORE SUCCESSFUL”
I’ve learned that resilience is essential.” The rise of non-alcoholic beverages in the market is another area Bayliss is keen to tap into. “There’s definitely a growing market for non-alcoholic drinks. We’ve seen a lot of interest, especially around Christmas, where we offer both alcoholic and non-alcoholic specials,” she shares, noting that demand for non-alcoholic cocktails has already seen a positive response. This forward-thinking approach is reflected not only in her interest in emerging trends like non-alcoholic beverages but also in her commitment to continuous learning and mentorship to ensure business growth. Bayliss emphasises the importance of seeking guidance to avoid common mistakes and to
shape a more successful business. “Be really curious. Ask questions, learn from others, and never be afraid to reach out for help,” she says. She also stresses the importance of mentorship, saying, “If you have the opportunity to find a mentor, take it. It can help you avoid mistakes and shape your business in a way that’s more successful.” Looking at the current landscape of entrepreneurship, Bayliss remains optimistic, focusing on what’s possible, believing entrepreneurship should be taught at school. “It’s an exciting time. There are endless opportunities now,” she says. “I think schools should focus more on teaching entrepreneurship. Every child should be aspiring to have their own
business. The possibilities are endless.” Passionate about entrepreneurship education, Bayliss remembers; “When we were young, they’d ask you what you wanted to be - a doctor, a teacher or a lawyer. Now, you can be anything. You can be a content creator, an online gamer or a podcaster. There are so many new avenues to explore.” Bayliss is part of a new wave of entrepreneurs redefining what it means to succeed. Her rise from running a modest virtual PA service to steering LETTERBOX Cocktails towards national recognition is a case study in grit and vision. Securing the prestigious Business Show £100K Launchpad award caps off a transformative year, giving Bayliss the financial resources and strategic support to take her company to the next level in 2025. But, as ever with her story, it is not just about personal success; it is a broader reflection of how small businesses can adapt, innovate, and thrive in a shifting economic landscape. Winning the Launchpad award also reinforces Bayliss’s belief in the value of seeking support and guidance. Beyond the £100,000 funding, the package provides a vital network of resources and mentorship, helping businesses like LETTERBOX Cocktails scale up with confidence. For Bayliss, it represents not just an endorsement of her vision but an opportunity to cement the brand’s
↓ A LETTERBOX Cocktail negroni
position as a market leader. Bayliss is also vocal about a wider mission—to normalise entrepreneurship as a viable path for younger generations. She sees opportunity everywhere, from the growing creator economy to the rise of independent businesses in underserved niches. This belief fuels her call for entrepreneurship to be taught in schools, a challenge to outdated notions of career aspiration. Why not, she asks, encourage children to dream of becoming business owners alongside more traditional professions? As LETTERBOX Cocktails charts its course for growth, Bayliss’s broader ambition to shape a more inclusive and
innovative entrepreneurial landscape feels strikingly contemporary. At a time when economic uncertainty looms, her optimism and pragmatism stand out. With fresh funding, bold ideas, and a clear vision, Bayliss is proving that with a strong foundation and a creative mindset, small businesses can achieve something extraordinary. Looking ahead, Bayliss is focused on growth for LETTERBOX Cocktails. “We’re looking to rebrand, launch new products, and build on the support we’ve received. This year is all about consolidation—making sure we leverage the help we’ve been given through the 100K Launchpad to take the business to the next level,” she shares. Bayliss also sees collaboration as key to
future success. “We’ve already started working with influencers and brands, and we’re open to more collaborations,” she says, pointing out that they’re open to partnerships that expand their reach. “I think there’s so much potential in collaborating with businesses that compliment ours.” As for her future, with the Business Show’s £100K Launchpad prize in hand, Bayliss is focused on making LETTERBOX Cocktails a key player in the cocktail drinks industry, continuing to innovate and expand her business. “We have big plans this year, and we’re committed to growing LETTERBOX Cocktails into something special,” she concludes. Watch this space.
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Innovation
New Year, New Goals
Entrepreneurs outline their 2025 resolutions, focusing on health, purpose, and personal growth b y PAT R I C I A C U L L E N
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s we begin 2025, many entrepreneurs are setting their sights on fresh goals and intentions. While business growth remains a focus for many, there is a growing trend toward personal development, community empowerment, and resilience. For some, 2025 will be about improving their health, rediscovering their passions, and empowering others. Here’s a look at the New Year’s resolutions of six entrepreneurs, each approaching the coming year with unique perspectives on success, impact, and balance.
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} A focus on health and consistency After years of speaking with inspiring founders, entrepreneurs, and leaders, one entrepreneur, Daniel Ionescu, founder of Millennial Masters podcast and newsletter has identified four key pillars that contribute to success. These pillars, which are centered on physical health, mental sharpness, courage, and collaboration, will guide his resolutions for 2025. For Ionescu, physical health is the foundation of success. “Physical health is everything. Even just 15 minutes of daily exercise can build the consistency that fuels everything else alongside a healthier, balanced diet,” he explains. This simple but effective approach to health can help sustain energy levels and ensure that you remain productive in both personal and professional pursuits. In addition to physical health, mental sharpness and constant learning are crucial. “A sharp mind thrives on constant learning. This year, I’m committing to reading a book a week and tuning my social media consumption to more educational content like
→ DANIEL IONESCU, entrepreneur and founder of Millennial Masters podcast and newsletter
podcasts and YouTube videos,” he shares. This commitment to self-improvement will help enhance his knowledge and stay at the forefront of his industry. Furthermore, Ionescu’s resolutions revolves around courage and risk-taking as he believes real progress emerges from facing challenges head-on. “Growth happens when you take bold risks, even when it’s uncomfortable,” he says, acknowledging that success often requires stepping out of your comfort zone. Ultimately, he plans to engage with individuals
who share similar values and aspirations, while distancing himself from relationships that don’t align with his vision. “Success is rarely a solo journey. Surrounding myself with inspiring, like-minded people while letting go of unaligned relationships is crucial,” he notes. For this entrepreneur, 2025 is all about living these principles and embodying his resolutions.
} Purposeful progress over productivity In contrast to the focus on personal growth and health, Anna Bon, founder of DeHealth, a UK-based health tech company, resolution for
2025 is focused on aligning every business decision with a deeper purpose. This entrepreneur has often found herself measuring success by the volume of tasks completed, but she has decided that in 2025, success will be measured by the meaning behind her work. “My New Year resolution is to focus on purposeful progress rather than simply chasing productivity,” she states. “As entrepreneurs, we often measure success by how much we accomplish, but this year, I want to ensure that every project I pursue aligns deeply
with my values and contributes to lasting change.” Rather than looking at the bottom line alone, Bon is focused on making sure that her efforts have a lasting, positive impact on the communities and individuals she serves. “How can my efforts improve lives in meaningful ways? How do I empower individuals and communities to thrive?” These are the questions she aims to ask herself as she approaches each new project. Her shift in focus isn’t about doing less; it’s about making every action intentional. }}
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“Whether it’s advancing innovations in healthcare or driving initiatives that give back, I want to ensure that the impact of my work goes beyond metrics and speaks to the heart of what truly matters: creating opportunities for empowerment and well-being,” she explains. This resolution is grounded in the belief that true innovation often arises from moments of reflection and connection. “I’ve learned that when you align your work with a deeper mission, it leads to more meaningful impact,” she says. Her hope is that by prioritising purpose over productivity, others will be inspired to do the same. “By prioritising purpose, I hope to inspire others to build businesses and solutions that leave a legacy of positive change,” she says.
} Empowering women in a male-dominated industry For Jacine Rutasikwa, managing director and co-founder of Matugga Distillers, a premium spirits company, her New Year’s resolution is centered on supporting and empowering women within the spirits industry. As the first Black woman to own and lead a distillery in the UK, Rutasikwa understands the challenges of breaking into and thriving in a traditionally maledominated field. In 2025, she is determined to empower more women, particularly those from underrepresented backgrounds, to follow in her footsteps. “My New Year’s resolution is to support more female entrepreneurs, particularly in the spirits industry, by sharing my experiences to inspire the next wave of changemakers,” she says. Having succeeded in an industry where women are still underrepresented, she is eager to give back by offering mentorship and resources to other women. The spirits industry, she notes, thrives on innovation and diversity. Nonetheless, numerous women struggle to find guidance and the necessary tools to excel in the field. “The craft spirits industry thrives on innovation and diversity, yet many talented women struggle to find the mentorship and resources they need 52 / E N T R E P R E N E U R . C O M / January 2025
→ ANNA BON, founder of DeHealth, a UK-based health tech company
“
“AS ENTREPRENEURS, WE OFTEN MEASURE SUCCESS BY HOW MUCH WE ACCOMPLISH, BUT THIS YEAR, I WANT TO ENSURE THAT EVERY PROJECT I PURSUE ALIGNS DEEPLY WITH MY VALUES AND CONTRIBUTES TO LASTING CHANGE” to succeed,” she says. This resolution holds personal significance for Rutasikwa. “This resolution is close to my heart because I know first-hand how impactful encouragement and access can be,” she adds. By providing guidance and support to others, she hopes to foster a more inclusive and diverse entrepreneurial ecosystem in the spirits industry.
} A strategic focus on what works As we begin 2025, a renewed focus on strategic growth is at the core of some leaders’ approach. Saravana Kumar, CEO of Kovai, a technology company known for its innovative SaaS
products, shared that this year he wants to adopt an ‘inch-wide, mile-deep’ focus. “In 2025, we’re refining our approach to prioritise depth over breadth. After analysing the successes of 2024, we’ve decided to concentrate on scaling the initiatives that have delivered proven results. By doubling down on these key areas and dedicating more resources to amplify their impact, we aim to drive sustainable growth rather than diverting energy into untested ideas.” This focused strategy ensures Kovai will continue building on what works best for its business and customers, reflecting their
commitment to optimising the initiatives that drive real value.
} Valuing generalists in the workforce For Dr. Mansoor Soomro, Innovation and Enterprise Lead at Teesside University, the value of generalists in organisations has become his focal point for 2025. After years of research, he is eager to shift the conversation towards the important role that generalists— those with a broad skill set—play in driving
innovation, adaptability, and collaboration within diverse teams. “In 2025 I’m reflecting on the value of generalists in organisations—those versatile contributors often overshadowed by a focus on specialists,” he explains. Generalists are the individuals who bring a wide range of skills and knowledge to the table, allowing them to adapt to changing needs and bridge gaps between different areas of expertise. Soomro believes that in today’s fast-paced and }}
→ JACINE RUTASIKWA, MD, Matugga Distillers
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Innovation
→ SARAVANA KUMAR is
the CEO and founder of Kovai.co, known for products like BizTalk360 and Document360
interconnected world, generalists have a unique ability to drive innovation and collaboration. “Generalists are the glue that holds teams together, adapting to challenges and encouraging cross-functional collaboration,” he notes. “In an increasingly dynamic and interconnected world, the ability to understand multiple aspects of a business is an invaluable asset.” By advocating for more recognition of generalists, this entrepreneur hopes to inspire organisations to foster more adaptable and collaborative teams. “I’m eager to encourage more conversations about how generalists can drive innovation, adaptability, and collaboration in diverse teams,” he says.
} Rediscovering the joy of exercise After a challenging year of balancing business and personal life, Olamide Majekodunmi, founder of All Things Money, an online platform providing young adults with financial tools, is focusing on rediscover-
→ OLAMIDE MAJEKODUNMI, founder, All Things Money
“ GENERALISTS ARE THE GLUE
THAT HOLDS TEAMS TOGETHER, ADAPTING TO CHALLENGES AND ENCOURAGING CROSSFUNCTIONAL COLLABORATION,” HE NOTES. “IN AN INCREASINGLY DYNAMIC AND INTERCONNECTED WORLD, THE ABILITY TO UNDERSTAND MULTIPLE ASPECTS OF A BUSINESS IS AN INVALUABLE ASSET”
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BY THE END OF 2025, I WANT TO FEEL THAT EXERCISE IS NOT A CHORE BUT SOMETHING I DO FOR MYSELF, FOR BOTH MY BODY AND MIND, WHICH I KNOW IN TURN WILL HAVE A POSITIVE IMPACT ON MY BUSINESS TOO”
ing her love for exercise in 2025. Running a business often left her little time or motivation for a regular fitness routine, but she is determined to make health a priority again in the coming year. “My New Year’s resolution for 2025 is to rediscover my love for exercise after struggling to maintain a regular routine this past year,” she shares. “In 2024, life and trying to run a business often got in the way, and I found myself skipping the gym or lacking motivation to go. I know how much better I feel, both mentally and physically, when I’m active, so next year I’m determined to make exercise a consistent and enjoyable part of my life again.” Instead of sticking to a fixed fitness regime, she plans to explore different types of exercise to find something she truly enjoys. “Rather than forcing myself into a rigid routine or workouts I don’t enjoy, I plan to explore different types of exercise until I find something I genuinely look forward to-whether that’s swimming or even trying out a dance class,” she explains. She also aims to set achievable fitness goals to avoid burnout and build fitness steadily. “I’ll also focus on making smaller,
achievable goals to build my fitness steadily without burning out,” she says. Her goal is to make exercise feel like a rewarding part of her life, rather than something she dreads. “By the end of 2025, I want to feel that exercise is not a chore but something I do for myself, for both my body and mind, which I know in turn will have a positive impact on my business too.”
} Supporting loved ones through tough times Lastly, for Matthew Smith, a 10-time serial tech entrepreneur, investor, and CEO of UPitch, a networking app that safeguards your ideas, his New Year’s resolutions are profoundly personal, centered on supporting his wife through a difficult health battle while also pushing his own physical limits. His first resolution is centered around helping his wife publish a book that chronicles her experience with a life-threatening brain tumour. “One of my resolutions is to support my wife, who recently had a brain tumour, in getting her book published,” he says. The book, titled Brainworm – A Patient with a Sense of Tumour, tells his wife’s powerful story, and he is committed to helping her share it with the world. “I
want to help her share her journey, and I’m committed to making sure her voice is heard through this book,” he explains. Alongside this personal goal, the entrepreneur is also focused on a physical challenge - completing five consecutive muscle-ups in the gym. “At age 52, my goal is to complete 5 consecutive muscle-ups in the gym,” he shares. This physical goal is not just about strength but about resilience - both in the gym and in life. For
Smith, 2025 is about supporting his loved ones and pushing his own limits. “Through these two resolutions, I’m hoping to strike a balance between supporting my family and challenging myself physically,” he says. As these entrepreneurs set their goals for 2025, it’s clear that their resolutions go beyond business growth. Whether it’s prioritising health, empowering others, or supporting loved ones through difficult times, their resolutions reflect a more holistic approach to success. For these founders, the New Year is not just about business - it’s about personal growth, creating positive change, and supporting those around them.
→ MATTHEW SMITH, serial tech entrepreneur and investor and CEO of UPitch
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Technology
Navigating the Post-AI Bubble: Key Strategies for Startups in a Shifting Market
The artificial intelligence (AI) startup landscape is undergoing a major shift, with many companies facing flat or down rounds. In this quickfire Q&A, Ivan Nikkhoo, managing partner at Navigate Ventures, shares his thoughts on how AI startups can navigate the changing landscape, as the excitement of the AI bubble gives way to more realistic valuations and strategic acquisitions. b y PAT R I C I A C U L L E N
} Which firms will thrive, which will be acquired, and how can entrepreneurs position themselves for long-term success in the evolving AI market? There are two parts to this answer. One has to do with funding; the other, product market fit and commercialisation. Silicon Valley dominates the number of top AI startups largely because funding is
most readily available in that region. The availability of capital is attracting the best players, and the top venture capitalists (VCs) will continue to support them. These startups will have the best probability of eventual success. There are other pockets in the secondary tech ecosystems where brilliant founders are developing AI enabled platforms addressing big problems and large markets. They will achieve product market fit faster and will be able to monetise.
} You’ve suggested that the ‘AI bubble’ may have already burst. Can you elaborate on the key signs indicating this shift has occurred and what it means for current startup valuations? As with previous cycles, a small number of “leaders” will emerge attracting the majority of capital and commanding higher valuations. These companies will evolve into dominant platforms. Meanwhile a second tier of “laggards” will establish solid businesses but will not merit leadership positions. Their valuations will be at a discount compared to the leaders. Beyond these groups, many ventures will ultimately fail. Institutional capital consistently seeks the most favourable risk-reward profiles. Companies that become sector leaders, demonstrate better unit economics and growth profiles than their smaller, lesser competitors. This attracts more capital, better talent and creates an expansion cycle, allowing the leading platform to acquire and absorb the smaller ones at significantly lower valuations. } Many AI startups are facing flat or down rounds. What strategies should these companies employ to navigate potential M&A interest and avoid stagnation? As the “leaders” and platforms begin executing their strategies, they will actively seek acquisition targets. 56 / E N T R E P R E N E U R . C O M / January 2025
For companies that lack the potential to become leaders themselves, the best approach is to proactively position themselves as attractive acquisition candidates. Timing is critical, once the leaders complete their acquisition moves, the pace of transactions and valuations will decline significantly, leaving fewer opportunities for smaller players to exit at favourable terms. The first step in positioning your company for acquisition is gaining a clear understanding of the sector’s landscape. Start by identifying key players and competitors, analysing how much capital they have raised, and determining their key investors. Next closely track their M&A activity to understand patterns and preferences. The key step is to evaluate your product line and roadmap to assess potential strategic alignment with top players. This alignment could take many forms: geographic expansion, features and functionalities, specific industry vertical expertise or converted client base. Once a strategic fit has been identified, actively work to ensure your company is visible. Demonstrate how an acquisition would be accretive to their business by clearly articulating how your offering addresses their strategic goals. By positioning yourself as a valuable and indispensable addition to their platform, you increase the
likelihood of attracting interest and securing a successful exit.
} What factors differentiate the high-performing AI startups poised to thrive from those likely to struggle or face acquisition? Accelerated path to product market fit, repeatable sales model and large and growing mode. Additionally the ability to on-board new enterprise clients in an efficient and timely manner, and providing world class customer success are key. For enterprise SaaS startups, reaching the first $1M is often the hardest milestone. Scaling from $1M to $3M, and then to $6M, $10M becomes easier, but it presents its own challenges. Many founders underestimate the complexities of scaling, often remaining overly focused on perfecting the product rather than addressing evolving customer needs. This misalignment can lead to stagnation in growth, churn in the existing client base and a failure to upsell or expand within current accounts, all negative signals for investors and the market. } How do you see leading venture capitalists reshaping their investment approaches to focus on future platform leaders in the AI sector? VCs, by nature, focus on backing winners. This means they prioritise supporting companies
they believe have the potential to become future platforms while allowing others to fend for themselves. Historically this has led to a concentration of capital flowing toward a select few businesses that demonstrate the greatest potential for outsized returns. The underlying rationale is all about risk versus reward. With limited capital to deploy, smart investors aim to maximise returns by doubling down on their top-performing portfolio companies.
} Can you explain why sustaining high valuations for top-performing AI startups is crucial for the broader venture ecosystem and its long-term investment cycles? Sustaining high valuations for top-performing AI startups is crucial for the broader venture ecosystem because it fuels innovation, attracts capital and supports the development of the ecosystem. In the short term, the ongoing hype will sustain high valuations, enabling startups to raise additional capital and attract funding to new entrants, thereby creating growth and strengthening the ecosystem. As AI becomes embedded in everyday technologies and transitions from being a “disruptive” technology to “mainstream,” much like the Internet did, valuations will inevitably shift to being based on tangible
returns rather than hype. Over time, the ecosystem will mature, and capital will flow toward companies demonstrating superior product-market fit, sustainable growth and strong unit economics.
} What advice would you give to emerging entrepreneurs in AI who are looking to position themselves for long-term success? AI is a set of tools. Identify a big problem in an industry you have a connection with and understand well, and use the latest tools, technology, and AI to solve that problem. This begins by identifying who are the potential customers that will benefit from this transformation, and if they are willing and able to migrate to the new technology. These platforms will not be incremental improvements to existing solutions, rather complete transformation of how these enterprises use technology, more user friendly, live data, interactive, and continuous feedback. This will require significant and professional education and customer support and smooth and frictionless onboarding. The ideal scenario is creating an AI enabled vertical SaaS overlay platform to solve a problem in an industry with a large market. This allows for a faster path to product market fit and monetisation, on-boarding and consistent growth.
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In The Loop/
What should business leaders focus on in 2025? Expert insights on key priorities for business leaders in the year ahead. b y PAT R I C I A C U L L E N
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s another year begins, many business leaders are focusing on their plans for the months ahead. With the evolving expectations of employees, customers and society, organisations must keep pace if they are to remain competitive. But
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in a world with increasing demands and stretched resources, where should leaders be turning their attention in 2025? Here, experienced professionals have identified four key focus areas to integrate into business plans this year.
PAY AND REWARD As workplace transparency and fairness take centre stage, pay and reward strategies are under increasing scrutiny. Making the shift from subjective methods toward frameworks that promote clarity and equity will be key to improving employee trust, retention, and long-term engagement. For Rameez Kaleem, founder and CEO of pay and reward consultancy 3R Strategy, developing robust and data-driven frameworks for pay decisions should
“ ORGANISATIONS SHOULD FOCUS ON BUILDING A COMPREHENSIVE JOB ARCHITECTURE THAT LINKS SKILLS AND CONTRIBUTIONS TO PAY. THIS TRANSPARENCY IN CAREER PROGRESSION WILL BE CRUCIAL FOR RETENTION AS EMPLOYEES SEEK CLARITY ABOUT THEIR GROWTH POTENTIAL AND PAY PROGRESSION OPPORTUNITIES”
be a priority in 2025. This means moving away from gut-feeling decisions and towards structured and fair approaches that can be clearly communicated to all employees. To share these pay frameworks effectively, organisations should develop clear communication strategies and train managers to have open conversations about pay.
gaps across all demographics, highlights Kaleem. With the Labour government hinting at this in its manifesto, organisations should be proactive rather than waiting for new legislation. PURPOSE AND SUSTAINABILITY As the demands on modern leaders grow increasingly complex,
→ RAMEEZ KALEEM, founder and CEO at 3R Strategy, specialising in pay and reward consultancy
“According to our recent report, while 57% of companies communicate about pay to some extent, there’s a significant opportunity to improve both the reach and quality of this communication, to ensure employees understand how they can progress their pay and careers,” notes Kaleem. “Organisations should focus on building a comprehensive job architecture that links skills and contributions to pay. This transparency in career progression will be crucial for retention as employees seek clarity about their growth potential and pay progression opportunities,” he adds. In 2025 and beyond, leaders should prepare for increased scrutiny of pay
sustainability has become a guiding principle not just for environmental practices but for how organisations manage their people and energy. For Josefine Campbell, executive coach and author of 12 Tools for Managing a Selfish Leader, prudent leaders must prioritise sustainability in all facets. “Aligning business goals with meaningful objectives that can shape people’s lives in a positive way now will be essential, reflecting a broader societal shift toward ethical and sustainable practices,” she says, but this is not solely in environmental terms. This should also include how they manage people and organisational energy. “Key focuses include cultivating resilience within teams, fostering trust, and ensuring }} January 2025 / E N T R E P R E N E U R . C O M / 59
In The Loop/ → Josefine Campbell, executive coach and author, shares her insights
mental agility to navigate uncertainty.” Leaders can protect this energy by focusing on employee engagement and creating environments where individuals feel valued and heard. Campbell concludes that investing in leadership development to enhance awareness and agility will be crucial for sustaining momentum and driving long-term success. ↓ JEREMY BLAIN, CEO of PerformanceWorks, emphasises the shift from strategy to execution for leadership success
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DIGITAL IMPLEMENTATION The question of leadership effectiveness is shifting from defining goals to mastering execution. Success in 2025 will hinge not only on what strategies organisations pursue but on how they implement them. As Jeremy Blain, CEO of PerformanceWorks and co-author of OpenHR notes, the leadership question for 2025 has moved from what needs to be done to how to do it. Strategies succeed 1 in 3 times, and for Blain, that failure rate is all about the implementation. “The more leaders focus on the how and execution element, the greater success in transformational terms as much as business growth terms we will see,” he says. To accelerate digital transformation and increase effective implementation, leaders need to focus on unleashing the power and potential of talent across the organisation. This includes empowering individuals with autonomy and accountability to implement transformation, as well as closely integrating the rising wave of freelance, specialist talent. “Incorporating these elements gives the best chance for leaders to protect short-term success with long-term, secure and customer-centred growth for the future,” Blain points out.
“ IN 2025, BUSINESS LEADERS NEED TO PRIORITISE BUILDING A RESILIENT WORKFORCE BY MODELLING RESILIENCE AND COMMUNICATING THAT RESILIENCE AS A BUSINESS COMPETENCY IS A PRIORITY AND NOT JUST THE FLAVOUR OF THE MONTH” ADAPTIVE AND RESILIENT LEADERSHIP As the business landscape continues to evolve, leaders are increasingly tasked with navigating uncertainty while fostering innovation and connection. In this environment, resilience has emerged as a critical competency, both for employees and organisations. Leadership coach and author of ReThink Resilience Beth Benatti Kennedy emphasises that resilience is not just a personal trait but a strategic priority, vital for building adaptable and future-ready teams. “In 2025, business leaders need to prioritise building a resilient workforce by modelling resilience and communicating that resilience as a business competency is a priority and not just the flavour of the month,” argues Benatti Kennedy. Resilience can be developed with systemic
training that is designed to appeal to different learning styles and is part of a continuous learning culture. Resilience is key to adaptive leadership, Kennedy says, which will be crucial to harnessing diverse perspectives and fostering connection and innovation. Being adaptive means listening to employees to understand their individual drivers and motivations, which is key to increasing retention. Furthermore, in the new hybrid work environment, the most successful companies will avoid rigid rules and instead focus on building robust, adaptable organisations where individuals can leverage their skills and knowledge to make a meaningful impact. “By focusing on these areas, leaders can build organisations that are resilient and ready to meet future challenges,” Kennedy concludes. As businesses prepare for the future, the need for visionary and adaptable leadership has never been clearer. The challenges of 2025 will be defined by rapid technological advancements, changing workforce dynamics, and growing demands for transparency and fairness. To succeed, leaders must shift from traditional methods of management to embrace a more holistic, people-centric approach that prioritises resilience, sustainability, and purposeful growth. At the core of this transformation is the
importance of transparency in organisational processes, particularly in areas like pay and reward. As employee expectations evolve, so too must the systems that underpin their trust in leadership. Companies that develop clear, fair frameworks for pay decisions and communicate them effectively will not only improve employee satisfaction but also position themselves as leaders in the increasingly competitive landscape. Transparency, however, extends beyond compensation; it’s about fostering an open, honest dialogue between leaders and employees about opportunities for growth, career progression, and the values that drive the organisation. Businesses are increasingly being called to align their operations with broader societal and environmental goals. Sustainability is no longer a fringe issue but a critical part of how companies operate, influencing everything from employee treatment to the long-term direction of the business. Leaders must engage with the complexities of sustainability, ensuring it is integrated into both corporate culture and decision-making. This involves building a resilient workforce that can navigate uncertainty, while fostering a culture of trust and shared purpose. In the age of digital transformation, success
hinges not only on adopting new technologies but on executing strategies effectively. The rapid pace of change demands leaders who are not just strategic thinkers but also skilled implementers, able to navigate their teams through the complexities of disruption. Empowering employees with the autonomy and resources to drive change, while fostering diverse talent across the organisation, will be key to staying competitive. Companies that invest in developing their workforce’s skills will be best positioned for long-term success. Finally, as the business environment becomes increasingly volatile, adaptive leadership will be crucial for success. Leaders must embody resilience, cultivating a
culture that values flexibility, encourages innovation, and empowers employees to thrive in uncertainty. This approach will help businesses not only survive the inevitable disruptions ahead but also turn them into opportunities for growth. The path ahead may be complex, but it offers endless potential for organisations that are willing to prioritise transparency, sustainability, and adaptive leadership. The future belongs to those who can navigate uncertainty with purpose, cultivate strong, resilient teams, and build organisations that are as agile as they are forward-thinking. Will your organisation be ready to embrace these challenges and lead the way?
→ BETH BENATTI Kennedy, leadership coach, highlights the importance of building resilience as a core business competency
January 2025 / E N T R E P R E N E U R . C O M / 61
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How To
5 Simple Steps to Secure Funding Duncan Kreeger, founder at TAB offers key strategies to attract investors, craft compelling proposals, and secure financial backing for your projects b y D U N C A N K R E E G E R
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AB is an award-winning prop-tech platform for borrowers, brokers and investors that addresses the limitations of traditional real estate through tailored specialist finance and fractional ownership investments.
With a combined 50 years of lending experience and over £550m of written loans, TAB leverages innovative AI technology to provide quick, responsive financial solutions. By
assessing project potential, using advanced technology, mitigating risks, and crafting compelling investment narratives, we have built an impressive portfolio of loans, made
possible by our innovative funding solutions. Securing funding requires a strategic approach that goes beyond traditional models. At TAB, we have developed diverse funding
sources from institutional investors including a £300m funding line from NatWest, as well as family offices, high-net-worth individuals, self-invested pensions, and retail investors. This enables us to provide specialist finance solutions across all asset classes.
HERE ARE OUR FIVE STEPS TO FUNDING: 1/Product: Develop a balanced product with considered risk and reward structures that align the interests of borrowers, you, and investors. } Ensure the financial model creates value and incentives for all parties involved and focus on creating flexibility in the product design to cater to varying borrower needs while ensuring strong investor returns. } Conduct regular market research to adapt products to evolving industry trends and regulatory changes. } Incorporate ESG considerations into product offerings to appeal to sustainability-conscious investors. } Provide clear scenarios and stress-testing data to highlight resilience in various economic conditions. 2/Expert advisory: Recognise your limitations and surround yourself with skilled advisers. } Engage advisers with a proven track record in similar funding environments or industries and leverage their expertise, contacts, and
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strategic insights to expand your funding opportunities and develop comprehensive financial strategies. } Establish a dedicated advisory board to provide ongoing strategic guidance. } Host regular strategy workshops with advisers to align on key funding goals.
SET CLEAR DEADLINES AND MAINTAIN PROJECT MOMENTUM. USE TECHNOLOGY AND PROJECT TRACKING TOOLS TO MONITOR PROGRESS, ENSURE ACCOUNTABILITY, AND DRIVE INITIATIVES FROM CONCEPTION TO COMPLETION. REMEMBER, THE OFFER IS JUST THE FIRST STEP”
} Create a detailed roadmap with specific milestones to ensure alignment among all stakeholders. } Schedule regular progress reviews to identify potential bottlenecks early } Develop contingency plans for key risks to avoid delays or disruptions. } Use performance metrics to assess the effectiveness of initiatives and refine strategies. } Build post-project reviews into the process to gather insights and continually improve execution.
3/Data transparency: Prioritise data accessibility and transparency. Provide investors with clear, comprehensive information to build trust. Start by demonstrating your capabilities on smaller projects and systematically building a credible track record before scaling up. } Utilise data visualisation tools to present key metrics in an easily digestible format. } Maintain a live dashboard for investors to track real-time project updates and performance. } Publish regular performance reviews to highlight achievements and address concerns. } Offer case studies from completed projects to highlight practical results and successful outcomes. 4/Management team: Assemble a diverse, experienced management team with complementary skills. A strong leadership group provides critical insights, supports strategic decision-making, and enhances investor confidence. } Identify and fill gaps in the team by recruiting talent with niche expertise, such as AI or ESG. } Provide ongoing training to ensure the team stays ahead of industry developments. } Foster a culture of accountability by defining clear roles and performance benchmarks. } Highlight the track record of the team in marketing materials to bolster investor trust. } Build a pipeline of future leaders to ensure succession planning and long-term stability.
By following these five key steps, focusing on product design, expert advisory, data transparency, strong management, and precise execution, you can build funding source capacity that enables a flexible, transparent business with intelligent financial solutions that create value for all stakeholders.
5/Execution: Set clear deadlines and maintain project momentum. Use technology and project tracking tools to monitor progress, ensure accountability, and drive initiatives from conception to completion. Remember, the offer is just the first step.
“Ensure the financial model creates value and incentives for all parties involved and focus on creating flexibility in the product design to cater to varying borrower needs while ensuring strong investor returns ” January 2025 / E N T R E P R E N E U R . C O M / 63
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Governance
The Investor Magnet:
How to Set Up a Board That Attracts Investors Building a board that attracts investors by fostering resilience, diversity, and strategic foresight. by DIDIER COSSIN AND YUKIE SAITO
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oday’s business environment is marked by heightened uncertainty, driven by changing political landscapes, accelerated technological advances, and shifting consumer expectations. Geopolitical tensions and economic fluctuations are reshaping the corporate world, demanding agility and foresight. The return of Donald Trump to the political stage introduces a new layer of unpredictability, prompting global businesses to brace for potential volatility that could ripple through markets and induce changes in industries.
I
n this complex environment, governance has never been more critical. Investors are now looking beyond short-term financial gains; they prioritise alignment with companies with boards that share a conviction of values, have a clear long-term vision, and exhibit both the resilience and agility needed to withstand and respond to unexpected challenges, transforming these into opportunities. With heightened selectivity, investors increasingly focus on boards that excel at mitigating risks while simultaneously seizing return-seeking potentials of shocks. Boards that embrace diversity and lateral thinking are especially well-positioned to identify unconventional opportunities and drive growth beyond traditional strategies.
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This article explores the essential qualities of investorattractive boards — those that foster the ability to sustain effectiveness in an uncertain world. THE FOUR PILLARS OF AN INVESTOR-ATTRACTIVE BOARD Drawing on years of experience and close collaboration with board leaders, we at IMD’s Global Board Center have identified four essential pillars critical to a board’s effectiveness: People, Information, Structures & Processes, and Group Dynamics. Each of these elements plays a vital role in strengthening governance and enhancing a board’s appeal to investors. The accompanying table outlines diagnostic questions to assess board effectiveness across each pillar.
“ INVESTORS ARE NOW LOOKING BEYOND SHORTTERM FINANCIAL GAINS; THEY PRIORITIZE ALIGNMENT WITH COMPANIES WITH BOARDS THAT SHARE A CONVICTION OF VALUES, HAVE A CLEAR LONG-TERM VISION, AND EXHIBIT BOTH THE RESILIENCE AND AGILITY NEEDED TO WITHSTAND AND RESPOND TO UNEXPECTED CHALLENGES, TRANSFORMING THESE INTO OPPORTUNITIES” 1ST PILLAR – PEOPLE/ The Foundation of Governance A diverse and strategically composed board is the cornerstone of effective governance, bringing together a range of experiences, perspectives, and approaches to tackle complex challenges. Despite recognising the importance of diversity, our recent survey reveals a gap in practice. The majority of boards rate themselves as merely “good” or “average” in effectively leveraging diverse skills, with only 5% considering themselves highly effective. Moreover, a skills matrix—a critical tool for identifying talent gaps and aligning with company strategies—remains underutilized, with nearly half of surveyed board members reporting they do not employ it. In today’s dynamic business environment, investors are particularly drawn to boards that integrate deep industry expertise with lateral thinking, fostering innovative and forward-looking strategies. The ability to creatively address challenges, anticipate disruptive trends, and identify unconventional opportunities has become a defining advantage. For example, Elon Musk’s acquisition of Twitter (now X)
highlights his strategic decision-making in navigating complex political and economic landscapes. By leveraging the platform for strategic political influence, Musk has aligned narratives with the Trump administration’s priorities, potentially securing regulatory advantages for his companies and positioning himself as a key figure in technological and economic policy. This illustrates how decisions driven by lateral thinking and boundary-pushing ideas can transcend traditional business objectives. 2ND PILLAR - INFORMATION/ Designing Intelligence Framework For a board to make well-informed, proactive decisions, it needs a comprehensive information framework that strategically structures information flow to monitor risks and growth opportunities. Leading boards incorporate January 2025 / E N T R E P R E N E U R . C O M / 65
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Governance
“ IN A WORLD WHERE STRONG GOVERNANCE IS A KEY PERFORMANCE
DIFFERENTIATOR, BOARDS MUST EVOLVE TO MEET THE HIGH STANDARDS INVESTORS EXPECT. BY COMMITTING TO EXCELLENCE IN GOVERNANCE, BUSINESSES CAN BUILD INVESTOR TRUST, MAXIMIZE PERFORMANCE, AND THRIVE IN AN EVER-EVOLVING MARKET”
insights from both management reports and independent sources, helping them to connect the dots on diverse developments on the competitive landscapes, including geopolitical and regulatory changes, as well as technological advances. Investors value boards that make forward-looking decisions rooted in an effective information architecture, combining internal data with external insights. Our findings from discussions with board members consistently highlight a persistent gap in the effectiveness of the information pillar compared to other governance areas. Boards that prioritize relevant, timely information are better equipped to align with investor expectations for agility and strategic awareness. 3RD PILLAR - STRUCTURES AND PROCESSES/ The Backbone of Governance The board’s structure—including its size, independence, and specialized committee composition—demonstrates its commitment to strong governance. Boards that establish targeted committees focused on
for risk management, scenario planning, and stakeholder engagement, boards can focus on significant issues, align with strategic goals, and navigate emerging challenges effectively.
areas like sustainability, technology, and cybersecurity signal their proactive governance. For instance, the number of boards with standalone science and technology committees has grown to 17% of S&P 500 companies in 2024, up from 10% five years ago. For a board to remain
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effective in a fast-paced environment, its processes must foster agility. Regular performance evaluations, third-party assessments, and continuous feedback loops support swift, informed decision-making, building investor confidence in the board’s adaptability. By implementing frameworks
4TH PILLAR - GROUP DYNAMICS/ Cultivating Board Culture The culture within a board is often a decisive factor in governance quality. Investors are increasingly attuned to board culture as it shapes how directors interact, make decisions, and respond to challenges. A board that fosters open dialogue and constructive dissent encourages challenging assumptions, airing of potential issues, and leads to a vital exchange that promotes quality decision-making. Investors favour boards that prioritize these cultural dynamics, recognizing the impact on performance and governance quality. Boards with a culture of probing discussion can better pinpoint the real issues when it comes to both risks and opportunities, enhancing their ability to navigate complex challenges. The chair is of course
vital to fostering this productive culture, breeding the right balance of psychological safety and open challenge, to ensure accountability and alignment. MAKING THE CASE TO INVESTORS Attracting investors requires more than just assembling a skilled board; it demands a compelling demonstration that governance is integral to the company’s strategy and growth. By embracing these four pillars, boards can position governance as a strategic asset essential to the company’s long-term resilience and success. In a world where strong governance is a key performance differentiator, boards must evolve to meet the high standards investors expect. By committing to excellence in governance, businesses can build investor trust, maximize performance, and thrive in an ever-evolving market. KEY QUESTIONS TO EVALUATE BOARD EFFECTIVENESS 1st Pillar/ People } Do you have confidence in your fellow board members to guide the company in the right direction?
} Is each board member genuinely passionate about the company? } Are you clear about the role of each committee? } Do you understand where the unique value you contribute lies in the board? } Does your board represent a diverse mix of skills, personalities, and expertise? } Do you have a clear understanding of the role of your board? } Does your knowledge align with what is expected of an ideal board member for the company? 2nd Pillar/ Information } Are you well-versed in current competitive, regulatory, technological, and stakeholder trends? } Were you actively involved in designing your board’s information architecture, along with other board members? } Do you have a thorough understanding of the business and its core value drivers? } Do you have access to information beyond what management provides? } Have you established effective informal channels to gather relevant
“ In today’s dynamic business environment,
investors are particularly drawn to boards that integrate deep industry expertise with lateral thinking, fostering innovative and forward-looking strategies. The ability to creatively address challenges, anticipate disruptive trends, and identify unconventional opportunities has become a defining advantage”
information? 3rd Pillar/ Structures and Processes } How effectively are the following processes managed on your board? a. Compliance with regulatory standards b. Stakeholder engagement c. Strategic planning d. Risk management e. Performance evaluation f. CEO succession g. Audit procedures h. Onboarding and offboarding i. Ongoing board education } Are reporting lines within the board structure reliable and effective? } Does your board have the right committees with the appropriate expertise in place? } Do you have a comprehensive understanding of each process essential to the board? 4th Pillar/ Group Dynamics } Does your board culture support productive meetings and balanced participation from all members? } Do you listen to and respectfully challenge others’ views, while maintaining positive relationships? } Is your board energetic? } Does each board member make a strong, valuable contribution? } Do you communicate concisely and stay focused on relevant points during discussions? } Do you feel comfortable addressing overlooked issues, even when they relate to the chair’s role? Didier Cossin, IMD Professor of Governance, and Yukie Saito, IMD Senior Research Writer. Didier Cossin is the author of High Performance Boards: A Practical Guide to Improving and Energizing Your Governance, out now, published by Wiley January 2025 / E N T R E P R E N E U R . C O M / 67
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Ethics
THE RIPPLE EFFECT
Turning a simple idea into clean water for millions worldwide. b y PAT R I C I A C U L L E N
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uncan Goose’s journey to founding One Water began with a harrowing encounter with disaster. In 1998, while traveling on a motorcycle, he found himself in the heart of Hurricane Mitch, one of the deadliest storms in history. The devastation he witnessed—particularly the widespread lack of access to clean drinking water—left an indelible mark on him. Struck by the scale of the crisis and its impact on vulnerable communities, Goose returned to his life in marketing with a new sense of purpose. In 2005, driven by the desire to make a tangible difference, he launched One Water, a social enterprise committed to funding clean water projects in the developing world. What began as a response to tragedy has grown into a movement that has raised millions of pounds and transformed the lives of millions of people. → Duncan and the
One Water team
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ince its inception, One Water has raised over £30 million, funding initiatives that have improved the lives of more than 5 million people. Despite facing the complexities of balancing business growth with social impact, Goose’s vision has remained clear: to ensure that clean water reaches those who need it most. As the company nears its 20th anniversary, Goose reflects on the broader evolution of ethical business and consumer attitudes toward sustainability. His journey proves that business can be a powerful tool for social change, turning a simple idea into a global force for good. One Water’s success continues to demonstrate
→ Duncan Goose is the founder of ethical
hydration brand One Water and The OneFoundation
THE FACT THAT WE’VE NOW CHANGED THE LIVES OF OVER 5 MILLION PEOPLE IS SOMETHING I NEVER THOUGHT WOULD BE POSSIBLE. FOR ME - IT’S SIMPLY ABOUT SEEING THOSE NUMBERS TICK UP. EVERY LIFE IS IMPORTANT AND EVERYDAY WE CHANGE SOMEONE ELSE’S”
the power of purposedriven entrepreneurship in transforming lives worldwide. What inspired you to launch One Water, and what challenges did you face in the early days of building a brand with such a strong ethical mission? I left an account director role at a marketing agency in 1998 to motorcycle around the world. During that trip many things happened, not least that I was
caught in Hurricane Mitch in Honduras - a natural disaster responsible for killing
20,000 people. I witnessed the devastating effects post-event too, people living in
temporary accommodation without access to clean drinking water and having their livelihoods destroyed. Having returned back to my marketing career role in 2000, I felt that I owed something back to the world, but wasn’t quite sure in what form, or how to do it. The realisation came in December 2003 when I saw a photograph in The Guardian newspaper of a young girl sitting next to a padlocked water tap in Kibera, Africa’s largest slum in Nairobi, Kenya. That photo was taken by award winning AFP photo journalist, Marco Longari. The photo, with my experience in a disaster zone, inspired me to start One Water to raise funds to help people across the world gain access to safe, clean water. Next year we’re celebrating our 20th anniversary and over £30 million raised. It was a great honour that Marco and I went back to Kibera many years later and, incredibly, we were able to track down Ann, the girl who inspired it all.
“ The challenge is that I really want
to have my cake and eat it. But, in all seriousness, it’s always a juggle - trying to balance the needs of the business to grow as well as donate the funds we do is tough” January 2025 / E N T R E P R E N E U R . C O M / 69
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Ethics
→ The One Water team, united by a shared mission to bring clean water to communities in need
One Water has made a significant impact by funding water projects worldwide. How do you measure the success of your social mission, and how do you balance this with the company’s financial goals? The brand was called One, because I set out to change one person’s life, one day at a time. The fact that we’ve now changed the lives of over 5 million people is something I never thought would be possible. For me - it’s simply about seeing those numbers tick up. Every life is important and every day we change someone else’s. Along that journey, we also change the lives of our team and our customers - some of whom get to see the impact in person. It’s always a very humbling experience. The challenge, as I often explain to the team when they ask about business priorities, is that I really want to have my cake and eat it. This is usually met by a rolling of the eyes….and then they get on with it. But, in all seriousness, it’s always a juggle - trying to balance the needs of the business to grow as well as donate the funds we do is tough. As a business owner, you’ve witnessed both the growth of the ethical consumer movement and the evolution of the bottled water industry. How do you think consumer 70 / E N T R E P R E N E U R . C O M / January 2025
attitudes towards sustainability and ethical businesses have changed over the past two decades? From a consumer perspective, it’s always a degree of ‘what I say versus what I do in reality’ and from a trade perspective it’s always ‘we love the halo, but we don’t want to pay for it.’ The core of ethical consumers has always been there - but as Kantar show’s in their ‘Who Cares, Who Does’ annual survey - it’s growing. It continues to grow, except during a cost of living crisis when it rapidly declines, but I think consumers are generally on board of doing good, as long as we - the producers - make it simple for them and we don’t overly penalise them financially. The Co-op used to do a great bit of research which showed the growth in ethical brands by value - given they were the original pioneers of ‘good’ all the way back to 1844, it’s been a long journey - but every generation makes the world a little bit better. The ethical bottled water market has grown increasingly competitive. What strategies have you employed to maintain One Water’s position as a leader in this space, and how do you differentiate your brand from others? I don’t think it has become more competitive to be honest. When we started out it was us, Belu, Frank
Water, later to be joined by Thirsty Planet and Life Water. It’s the same gang today. The strategies and ownership may have changed but the mission remains the same for all of us - to bring clean water to those who need it most. I admire all of them for different reasons, they have their niche to fill and whilst occasionally there is a bit of healthy competition, it’s rarely problematic. We are not the cheapest, but we’re proud of what we are achieving on the ethics front if you look under the skin of things. Looking ahead, what is your vision for One Water in the next five years, and are there any exciting new initiatives or partnerships on the horizon that you’re particularly excited about? Five years from now takes us to 2030 and the end of the SDGs (Sustainable Development Goals) - I was in Addis when they were being negotiated and in New York when they were being signed. It feels like a good time for me to bow out and let younger members of the team take over - we’ve given away £30 million and changed over 5 million people’s lives. Even if that didn’t change in the next 5 years, I’d be pretty proud of what we’d achieved. As to partnerships, yes, a very exciting one is in the pipeline, but it’s a little way off being made public. Tune in next year! As Duncan looks ahead to the future, he remains committed to ensuring that the work of One Water continues to make a meaningful difference. Even as the ethical consumer movement grows and the competitive landscape shifts, the core values of the company have remained unchanged. The success of One Water proves that sustainability and social impact are no longer niche ideals but essential aspects of modern business. Duncan’s legacy will be one of transformation, not just through the water projects funded, but by inspiring a new generation of entrepreneurs to embrace the power of business as a force for good.
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