🧠 New fund, Scottish tech army, AdiMo raise, Greentech futures
This week, we hear news from AdiMo, British Business Bank, Panoramic, the Scottish Tech Army, and hear about founder masterminds and some ideas for how to get one going, plus some great resources for startup pitching and fundraising.
Before we begin: Do you like everything in one Campfire email on a Monday or would you prefer shorter emails with different sections spaced throughout the week? Have suggestions or things you'd like to see changed? Let us know!
Here's your Campfire for the 4th of September, 2023.
💼 This issue of Campfire is sponsored by Shepherd and Wedderburn. Be sure to follow the Start to Scale LinkedIn page for useful videos (like this one on commercial contracts) and posts designed to help founders.
🧠 Reflecting on the value of masterminds
By Robert Gelb
For the past 2 years, every Friday at 8am, I've joined a zoom call, eager to get ripped to shreds.
Okay, that's a bit dramatic, but it's not far off. Masterminds are this incredible tool that more founders should use to help them accelerate their thinking and rent some valuable brain-space so they can solve big problems quickly.
I've had masterminds in one form or another since 2015, and see them as a really valuable way to surround yourself with smart people who understand your journey but who have different experiences. They can offer a different kind of independent insight and accountability that helps you power through questions you're just not as efficient getting through on your own.
My current main mastermind group started when a mutual investor of ours (Calum from Techstart) suggested the three of us meet. I had been looking to get a new one started, and luckily, he knew of two others who were in the same boat.
From that point on, we've met weekly, rarely missing a call.
We're reasonably light touch when it comes to format, and found a rhythm that works best for us. Usually it's about 20 minutes to talk about each of our businesses, with more or less time spent on one if needed. We have a pretty simple (now giant) google doc with space for logging the main things we'd like to achieve the following week, and summarising how the previous week went. We fill this out before coming on the call, and take turns going through our week and sharing challenges we'd like to talk through.
Often we find ourselves pointing out and challenging each other in everything from the relevance of certain objectives (you've said you were going to do X for 4 weeks now, does that thing actually matter?) to more hot-seat style quandaries (I'm struggling with this issue, and would love to think through how to approach it), to more existential matters (I don't think you're thinking deep enough about this as a potential issue).
Because we meet every week, we all know about the ups, downs, and challenges each of us are going through, and have a unique ability to serve as confidants and anti-BS truth-tellers. The ultimate opportunity to have an irritating critic who passionately wants you to succeed. It requires trust and a sense of vulnerability, and makes you a better founder. As one person put it, it's like the board you wish you had where you can dig into all the challenges you're facing, and actually have folks able to help who've been through it themselves and who know your business, but who also are not your investors or team members.
If you want one yourself, there are a bunch of ways you can develop a mastermind. Sometimes they involve a commonality between members (sector, stage, or challenge-area), and other times the diversity in the types of people involved are what yields interesting insights (managing a team of 30 vs a solo founder, B2B vc B2C, Bootstrapped vs Series A - each can bring different perspectives to bear).
Masterminds are super useful for learning, insight, and accountability. They have been extremely valuable for me when brainstorming over ideas, holding myself accountable, forced reflection, and learning through the helping of others.
If you're interested in finding other founders to start masterminds with, let us know and we can set up a couple of group calls for folks to meet, greet and get a feeling for one another. If you'd like the reporting template we use in our mastermind, you can find it here.
🤝 Cofounder Curious
New listings this week include:
Seasoned entrepreneur and Product Leader with experience across B2B SaaS, AI/ML, and Mobile. Most recently a Senior Product Director at Series B+ scaleup, former founder of an AI text analytics startup which I successfully exited in 2022
Plus more!
Want to connect with any of them? Be sure to fill out your profile and join our Scottish-based Cofounder Curious list.
🌊 Updates & Opinions
🔭 The Future Fund, established under Covid to provide investment in the form of convertible loan notes to businesses, is coming under fire for apparently requiring businesses to pay back the loans plus a 100% 'redemption premium' after 3 years if another funding round hasn't taken place. Sifted has a perspective from some founders, while The Guardian talks about the wider perceived issues propping up zombie companies.
👂 After Microsoft discontinued its Soundscape service to help those with visual impairments hear what others see, the Scottish Tech Army took up the mantle and has released a new iOS app as a replacement. FS DGT
🎨 Glasgow-based Adimo (digital marketing & ads for CPG brands) has raised an undisclosed amount from FirstPartyCapital and Scottish Enterprise. TEU
💡 More info on the new Scottish Ecosystem fund: £1.6m, projects of up to £50k focusing on helping to develop entrepreneurship. More info here. More info here. FS IN
💰 British Business Investments (from BBB) is investing £30m into Glasgow-based investor Panoramic or their SME III fund as part of their final close of £100m. Aside from early-stage investments, Panoramic participates in management buyouts and replacement capital as well as growth financing. Investments between £2m and £8m in companies with EBITDA of more than £500,000 in the prior 12 months. DBG
♻️ Applications are open for the CodeBase cohort of Edinburgh Greentech Futures, a 'space and community for businesses and entrepreneurs interested in developing green technology" and will feature dedicated learning and creative events. More info here. DGT
🕹️ The number of games development studios in Scotland has grown by 10.2% since December 2021 according to the UK video games industry trade body TIGA. DGT
🤦 Who needs cyber criminals? The widespread UK air traffic failure earlier this week was the result of a single incorrect flight plan that had been submitted by a French airline. DGT
📣 Asks & Offers
📣 We've launched the Founders Survey! Please fill it out, it takes less time than you spend making that artisanal pour-over coffee in the morning. If you have a mailing list of startup founders, and would be willing to share the survey, let us know!
❓ Who do you know? Community Lab (open innovation platform) is hiring a Proposition Manager ("Imagine a Product Manager has a baby with a Project Manager and that baby was raised by an Account Manager who had an affair with a Community Manager") Know anyone?? Send them this.
👭 Interested in connecting with possible co-founders? Fill in your listing on Cofounder Curious today! Connect with others for possible cofounder matching here.
✍️ Want to write something for Campfire? Have an opinion you'd like to share? get in touch!
🎓 Useful finds
🤖 Playground AI combines elements of adobe photoshop and Midjourney and Ideogram is finally able to get text displaying correctly in AI generated images.
🖼️ Several investors are making videos walking through the Checkmate deck that they used to raise a $15m series a. Watch an overview here, and see the deck here.
🗣️ VC Nichole Wischoff has a video walking through a great startup pitch she experienced.
🦸 Collaborative, not transactional.
"ShepWedd’s understanding of the unique requirements of a tech startup have been immensely helpful to AdInMo on our growth journey. At each step ShepWedd have provided robust guidance in navigating complex legal and regulatory landscapes, especially around investment and employee compensation schemes.
Their lawyers, particularly Stephen Trombala and Gavin Charlton, have consistently offered astute advice and practical solutions tailored to our unique challenges.
The AdInMo executive team have been pleased overall with the level of professionalism, attention to detail, and personalised care that ShepWedd offers. Our interactions with ShepWedd have always had the feel of collaboration rather than transactional events, and we highly recommend to any ambitious startup aiming for legal expertise." - Kristan Rivers, CEO & Co-Founder, AdinMo
Shepherd & Wedderburn's innovative and personable approach helps companies from first incorporation onwards (including through to an exit – if that’s the goal). Their global reach means they can scale and grow with you, like they have with clients like Epic Games, FanDuel, Parsleybox, and TVSquared.
👉 To learn more, send an email starttoscale@shepwedd.co.uk & set up a chat.
📅 Events
☕ Series: Unfiltered: Connect with members of the local tech community, the coffee is on us!
📆 06/09, 08:30 🗺️ Edinburgh MORE INFO
📆 06/09, 08:30 🗺️ Glasgow MORE INFO
📆 06/09, 08:30 🗺️ Dundee MORE INFO
📆 06/09, 08:30 🗺️ Aberdeen MORE INFO
📆 06/09, 08:30 🗺️ Inverness MORE INFO
📆 06/09, 08:30 🗺️ Stirling MORE INFO
🎢 05/09, 09:30 🗺️ Edinburgh: Preparing for growth and pre-empting the barriers: This interactive event covers: exploring what actions should be taken and when for maximum impact; understanding what platforms to put in place to support the growth journey; pre-empting the hurdles that businesses encounter as they grow. MORE INFO
🏄♀️ 05/09, 09:30 🗺️ Online: Scottish Women in Business September coffee meetup: These meetups are to Connect, Communicate and Collaborate with other smart, successful women in business - and are open networking event is for any woman in business, whether running your own company, freelancing or employed at any level. MORE INFO
🤓 05/09, 17:30 🗺️ Edinburgh: Edinburgh Tech Meetup: We have some interesting speakers, talks and games lined up with lots of time for networking. This month: Investor Panel: David Ovens (Archangel Investors), Amar Chauhan (Find Others & Duo Ventures), Georgina Hollis (Find Others and Duo Ventures), Mark Hogarth (Techstart Ventures) . MORE INFO
👩 07/09, 12:00 🗺️ Edinburgh: AccelerateHER + Techscaler Meetup: Edinburgh and Lothians: Whether you’re working on a fledgling idea for a startup or already in the thick of scaling your tech enterprise, having a community of folks to connect with, share knowledge with, and generally find support amongst is invaluable. For women and non-binary folk in the tech startup world. MORE INFO
🙅♀️ 07/09, 12:30 🗺️ Online: Managing Demands and Saying No: In this 60 minute, online seminar, we explore the thorny issue of managing the demands on our time. In many workplaces it feels like there's a potentially infinite amount of work. To succeed, we need to understand and manage the demands that are placed on us so that we spend our effort on what matters. To do this we need to learn to prioritise, say no when appropriate and manage our own boundaries. MORE INFO
🤓 07/09, 18:00 🗺️ Glasgow: Tech Meetup Glasgow: This month the talks are an How xDesign built Martin Lewis' new AI chatbot by Dan Llewellyn and Emma Chee and Introduction to Svelte by Habib Ogunsola. MORE INFO
⛓️ 07/09, 19:00 🗺️ Edinburgh: Blockchain dinner & drinks: Join us for dinner and/or drinks in this rather quiet pub, learn new things and make new connections. MORE INFO
☀️ 08/09, 13:00 🗺️ Edinburgh: Hang out and Hack - Climate Hacking @ Codebase: A monthly meetup focused around providing a collaborative, friendly, welcoming space to work on climate-related projects with like-minded people! MORE INFO
⛓️ 11/09, 17:00 🗺️ Dundee: Monthly Scottish Blockchain Meetup (Dundee): "Can you trust a trustless system? An exploration of the assumptions that underlie the blockchain world" by Peter D. from the Ethereum Foundation and "Can blockchain transform Scotland’s Economy?" by Sarah Forbes, Digital Economy Specialist, Scottish Enterprise. MORE INFO
♻️ 12/09, 11:00 🗺️ Online: Circular Economy Workshop in collaboration with Zero Waste Scotland: Workshop designed to bust the jargon of sustainability, provide practical knowledge, tools, and actions for your businesses and allow you to feel confident to plan for a sustainable future. MORE INFO
🎨 12/09, 13:00 🗺️ Stirling: Marketing Meetup with Scunnered Digital - Social Media Strategy: Social media strategy workshop designed for those who feel like they're winging it. MORE INFO
💸 13/09, 10:00 🗺️ Online: Taxation and the EOT: Are you considering the Employee Ownership Trust (EOT) as an exit strategy for your business? If so, this webinar will provide you with vital information about the tax implications of this move. MORE INFO
🔒 14/09, 08:30 🗺️ Glasgow: Scot-Secure West: Scotland's Cyber Security for Business Conference with live keynotes, workshops and exhibition. MORE INFO
🌱 14/09, 10:00 🗺️ Edinburgh: Startup for 10 with Seedrs: An in-person, informal lunch-and-learn style session to find out all about startup fundraising options with Aaron Duke, Seedrs. MORE INFO
💸 14/09, 10:00 🗺️ Online: Selling your business masterclass: Aimed at business owners considering an exit from their company, this session will look at employee ownership as an exit strategy. MORE INFO
👑 14/09, 10:00 🗺️ Glasgow: Startup Leadership Workshop. US Expansion 101: How to get it right: Are you considering US expansion but don't know where to start? Hosted by CMS Scotland who will cover everything you need to know from set up to commercial contracts. MORE INFO
🤝 14/09, 12:00 🗺️ Stirling: AccelerateHER + Techscaler Meetup: Central Scotland: Whether you’re working on a fledgling idea for a startup or already in the thick of scaling your tech enterprise, having a community of folks to connect with, share knowledge with, and generally find support amongst is invaluable. MORE INFO
🥃 14/09, 12:00 🗺️ Edinburgh: Food and Drink Global Market Insights Event: This event is your chance to meet with food & drink specialists from around the globe and learn about Scottish opportunities in the sector. MORE INFO
🚪 15/09, 09:00 🗺️ Edinburgh: YCF 2023: Exists seen from both sides: Presentations by investors (business angels and VCs), young companies at start-up stage, entrepreneurs who have successfully taken their companies to exit and beyond, and a summary of exits across the UK and USA to illustrate norms and trends. Speakers include Ana Stewart, Doug Lawson (MarkToMarket), John McNicol (Kelvin Capital), Sarah Barber (Jenson Funding Partners), Morag McFarlane (Tissue Solutions), Ben Panter (Blackford Analysis), and Russell Childs (Optoscribe). MORE INFO
🎯 Deadlines
🎯 Open 💡 Applications are open for the RBS Accelerator programme MORE INFO
🎯 01/10 ♻️ TechX Accelerator: Cleantech at a tech readiness level of 2-6, up to £100k in grant or SAFE note, 15 week programme with 3 weeks expected in Aberdeen. Looking for "diverse, innovative start-ups that will pave the way in clean energy." MORE INFO
🇬🇧 Upcoming Innovate UK deadlines:
Unlocking Potential Begin (£5k grants for business ideas) Submissions close 6 September
Unlocking Potential Build (£50k grants for business ideas) Submissions close 6 September
Ofgem Round 3: Call for Ideas Submissions close 21 August
India – UK Collaborative R&D for industrial sustainability Applications close 6 August
UK-Israel Eureka Bilateral Collaborative R&D: Round 2 Applications close 13 September
Innovate UK Smart grants: June 2023 Applications close 27 September 2023
Are we missing your event or deadline? 👉 Submit it here!
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That’s all for this week - have a great one!
Team 🔥Campfire