Business Leader Magazine: December/January 2024 by Business Leader magazine

DECEMBER/JANUARY 2024 • £6.95

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JAKE HUMPHREY REDEFINING HIGH PERFORMANCE

CANCER IN THE WORKPLACE BREAKING THE TABOO THROUGH LEADERSHIP - P28

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AI IN 2024 WHAT DOES THE NEXT 12 MONTHS HOLD? - P14

GDP FIGURES OUTDATED? THE REAL METRICS BUSINESS LEADERS SHOULD MONITOR- P20

ELITE SERIAL FOUNDERS REVEALING ENTREPRENEURSHIP’S CREAM OF THE CROP - P37

GOHENRY A LOOK INTO THE FINTECH DISRUPTOR - P24

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CONTENTS

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28 Business Leader – The UK’s Voice for Business

LATEST NEWS COVER INTERVIEW: JAKE HUMPHREY The presenter, entrepreneur and podcaster talks failure, imposter syndrome, why high performance may not mean what you think it means, and more.

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DEALS ROUND-UP FEATURE: AI IN 2024 FEATURE: ECONOMY INSPIRATION: LOUISE HILL, GOHENRY CEO FEATURE: LEADERSHIP STRATEGY AGENDA: HOW WILL POLITICS AFFECT BUSINESS IN 2024? FUNDING ROUND-UP TOP 32: SERIAL FOUNDERS We look at the entrepreneurs who have founded and scaled multiple companies and left a mark on their respective industries. FAST TRACK: CHĀMPO APPOINTMENTS ROUND-UP DEBATE: PLANNING FOR GROWTH LEADER IN FOCUS: ROB DANCE DEBATE: SEVEN HABITS OF SUCCESS Business founders discuss their personal journeys to success, what inspires them, and what makes a great entrepreneur different to a good one. BUSINESS LEADER BOOKSHELF

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WELCOME

EDITOR’S COMMENT

MERRY CHRISTMAS AND A HAPPY Q1

EDITORIAL Graham Ruddick – Editor-in-Chief E: Graham.Ruddick@businessleader.co.uk Josh Dornbrack - Editor E: josh.dornbrack@businessleader.co.uk

We took bets as we waited. He’s definitely going to have an entourage of at least four: hair and make-up, a PR person, a social media person, and a videographer. Instead, Jake Humphrey walks into the room solo, apologising that the Tube was late.

James Cook - Digital Editor E: james.cook@businessleader.co.uk

I often find myself saying “this is my favourite interview we’ve done,” but Jake has to be up there. Somewhat of a Marmite character on social media, it’s hard not to lean in and listen a little closer due to his frankness and eloquence. I couldn’t help but slap a must-watch tag on this interview. Love him or hate him, there are countless takeaways that every leader could benefit from in our discussion.

Alice Cumming - Editorial Assistant E: alice.cumming@businessleader.co.uk

Also in this edition, we profile the country’s top 32 serial entrepreneurs, look at what the next 12 months hold for AI and politics, and ask if GDP figures are outdated. We also provide leadership tips for those dealing with cancer in the workplace. As the horrifying stat goes, one-in-two of us will get cancer in our lifetimes, so there’s a good chance that you or one of your team may be affected by the disease. What you are holding in your hand right now is a piece of history As you may have seen in our previous edition, Business Leader was acquired by Richard Harpin. I couldn’t be prouder of what the team has been able to achieve over the years. We’ve been working and tweaking the publication behind the scenes and are very excited to share the next stage in our mission to inspire business breakthroughs. New livery, fresh focus, and we want you to be a part of our community. As they move to pastures new, I want to thank Oli Ballard and Sam Clark for their hard work over the years to make Business Leader what it is today. Without them, we wouldn’t be in the position to take this exciting next step. And thank you for picking up this edition. As always, we want to hear from you. Reach out to us if you have any feedback on this edition through LinkedIn or email info@businessleader.co.uk

Patricia Cullen - Senior Business Reporter E: patricia.cullen@businessleader.co.uk

SALES George Buckingham - Commercial Director E: georgie.buckingham@businessleader.co.uk DESIGN/PRODUCTION Adam Whittaker - Head of Design E: adam.whittaker@businessleader.co.uk DIGITAL & WEB Gemma Crew - Marketing Manager E: gemma.crew@businessleader.co.uk Lee Irvine - Head of Multimedia and Video E: lee.irvine@businessleader.co.uk CIRCULATION Adrian Warburton - Circulation Manager E: adrian.warburton@businessleader.co.uk MANAGEMENT Andrew McLaughlan - CEO E: andrew@businessleader.co.uk Andrew Scott - Chairman E: andrew.scott@ascotgroup.co.uk

Josh Dornbrack Editor Editorial@businessleader.co.uk |

@JDornbrack

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December/January 2024

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NEWS

UK WORKERS MORE ANGRY, STRESSED, AND WORRIED THAN EVER BEFORE A new report from global research consultancy, Gallup, has revealed that full-time employees in the UK are now some of the most emotionally distressed in Europe. The report shows that full-time UK employees scored a 32 on Gallup’s Negative Experience Index, second only to employees in Malta (with a 39). This is up substantially from 23 in 2020. UK employees have contended with massive workplace disruption caused by the Covid-19 pandemic, a cost-ofliving crisis sparked by energy prices related to the war in Ukraine, and years of political upheaval due to Brexit and frequent prime ministerial turnover. What’s more, nearly all UK workers are not enthused by their work and workplace. According to Gallup’s 2023 State of the Global Workplace report, the UK rate of engagement at work (10%) remains one of the lowest in Europe, ranking near the bottom among peer countries (33 out of 38) with countries like the US reporting triple the number of engaged employees (31%). The poor state of disengaged workforces is not unique to the UK, with just 13% of employees across Europe feeling engaged at work, and the lowest rates of engagement were reported in France (7%) and Italy (5%).

NEW STUDY REVEALS SPIKE IN NUMBER OF FEMALE CEOS AND WOMEN ON BOARDS

A new study by SpareMyTime has revealed that the number of female CEOs and women on boards has increased by 83% since 2018. Analysing the number of female CEOs at UKbased FTSE companies, alongside five years’ worth of government data to reveal an 83% increase in female CEOs and women on boards since 2018, with the sharpest increases in 2021 and 2022. Examining female-founded industries that have seen the biggest growth, there’s been a 1300% increase in femtech companies over the past decade. According to Beauhurst, there was only one active company in 2014, growing to 14 in 2023.

UK SMES EXPECT A PROMISING 2024 New research outlined in the Ambition Index from Three Business has revealed that UK SMEs are collectively planning to invest £252bn in growth in 2024. Contrary to the IMF's gloomy outlook, they are planning to invest 27% more funds in growth than they did in 2022. Nearly a quarter (24%) of leaders say they are planning to prioritise investment in recruitment, with an estimated collective spend of £20.4bn, equivalent to an extra 630,000 jobs paying the UK average annual salary of £32,000 per year.

With over a thousand leaders polled, 70% of them feel optimistic about the prospects for their business in 2024, and the same amount say growth is the priority for next year. This comes as SME leaders have shown agility in times of crisis, as nine in ten (90%) said they introduced changes to their business in response to the pandemic and almost three quarters (73%) saying they had to adapt to survive.

December/January 2024

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NEWS

DEMAND FOR ‘BLEISURE’ TRAVEL BOLSTERED BY POST-PANDEMIC FLEXIBLE WORKING TRENDS

ISLE OF MAN MOVES TO PHASE OUT 1P AND 2P COINS

‘Bleisure’, a trend of combining a work trip with leisure activities, is becoming a mainstream and sustained component of travel and hospitality demand, according to new data from global professional services firm Alvarez & Marsal. According to the survey of almost 4,000 global travellers, close to a third (31%) have taken combined business and leisure trips in the past 12 months. When examining the reasons behind the growth, the prevailing motivation was the flexibility afforded by working schedules (41%), demonstrating the profound impact that additional versatility around

working schedules, post-pandemic, is having upon holiday habits. Other motivations included the costof-living (37%), the facilities at the accommodation (36%), and availability of family or friends at the destination (31%). Regarding the approach to bleisure travel, only a minority (27%) indicated the preference for leisure as a precursor to a work-related trip, whilst nearly half (45%) extended their business trips with leisure activities at the end, showing a desire to unwind and explore following work commitments.

The Isle of Man Government is encouraging businesses to round prices to the nearest 5p in a bid to phase out 1p and 2p coins. The Crown Dependency stopped Manx pennies in 2016, as the cost of making them outweighed their value, following the lead of New Zealand and Canada, who stopped production in 1990 and 2012 respectively. While uncertainty swirls around the future of cash, higher denominations are back in demand for now, according to UK Finance. Recent data from the banking body indicates that the cost-of-living crisis has seen many people revert to using physical cash. The Bank of England has maintained a strong stance that cash is here to stay. More than five million adults still rely on cash in the UK and a million households don't have a bank account, according to GB News’ Don’t Kill Cash campaign. However, many business owners argue that cashless is king.

STUDY REVEALS MOST TALKED ABOUT STOCKS ON SOCIAL MEDIA New research has revealed that Disney is the most talked about stock on social media. The entertainment giant has the highest number of videos published and viewed, and the most hashtags used across TikTok and Instagram. The findings come from a new study by online trading provider City Index, which analysed every company in the S&P 500 based on how much content on their stocks and shares had been created and viewed on TikTok and Instagram. The study revealed that there have been 80 million views of videos with the hashtag of #disneystock, #disneystocks, or #disneyshares, the highest amount out of all the 500 companies that were included in the in-depth analysis The second most popular stock on social media is Netflix, which has more than 13 million video views on TikTok and Instagram. The global streaming service is the subject of 1,384 videos about its financial performance, with 4,635 hashtags mentioning #netflixstock, #netflixstocks or #netflixshares. Amazon places third in the ranking with more than 5.9 million video views about its stocks and shares, along with 17,278 hashtags, and 725 published videos.

December/January 2024

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COVER STORY

December/January 2024

JAKE HUMPHREY

FIRED FROM MCDONALD’S TO BROADCAST SUCCESS JAKE HUMPHREY'S STORY HIGH PERFORMANCE IS THE BUZZ TERM DU JOUR ON LINKEDIN AND IN THE BUSINESS COMMUNITY. BUT THE MAN WHO LITERALLY HAS A PODCAST ON THE TOPIC HAS HIS DOUBTS ABOUT WHETHER PEOPLE ACTUALLY KNOW ITS TRUE MEANING.

Jake Humphrey is a former BBC and BT Sport presenter and the Founder of the Whisper Group, a multi-awardwinning company that has emerged as the standout breakthrough broadcast production company of the last twenty years. Besides changing the landscape of broadcasting, the company has also been named Best Place to Work every year since 2017 and worked with a variety of broadcasters including Channel 4, BBC, BT Sport, and Amazon Prime, and produces content for Formula One, NFL, UEFA, and The Paralympics, amongst others. Humphrey’s podcast is a charttopping smash hit that has evolved considerably since its launch in 2021. Hosting the podcast alongside Prof. Damian Hughes, the pair speak to some of the planet's most notable

Business Leader – The UK’s Voice for Business

high performers and turn them into life lessons applicable to anyone. In this exclusive interview, we talk to Jake about failure, imposter syndrome, why high performance may not mean what you think it means, and much more. COULD YOU GIVE US AN OVERVIEW OF YOUR CAREER? I'm a very normal guy from a small village in Norfolk. I was a middle child of three, my mum was a teacher, and my dad was a charity worker. I describe myself as being so normal because it was almost boring growing up. I wasn't awful at school, but I didn't excel, I wasn't on any sports teams, and I didn't do any acting or any drama. Cont. 

COVER STORY

I almost floated through in those early days. I did okay in my GCSEs and then I failed my A-levels… and this is where luck comes into play. I think it's important that we talk about this because there's so much toxic messaging out there about people who are successful. All they want to share on their Instagram or LinkedIn is, “look how hard I worked. Look at my abilities. Look at my sacrifice. Look at my talent.” The truth is that without luck, none of us are successful. When I failed my A-levels, I went back to school to retake them. On the day I returned, a local TV company sent a letter saying that they were looking for people to go and help out on a TV show. I messed up my exams, all my mates were at university or going travelling around the world, so I went for it. The company was Rapture Television and I started working there whilst I was retaking my A-levels. I had a place at university, but I took the leap to not take that place and I went to work at the station for about £5,500. That job led to CBBC, which led me to get an opportunity as a Formula One presenter. I distinctly remember feeling that that was a step too far for my talents and my abilities as a broadcaster. Although I was excited to do it, I remember standing in the pit lane in Australia in 2009, in my late 20s and hearing the famous BBC Formula One theme of The Chain by Fleetwood Mac in my earpiece.

My boss had said to me beforehand that everybody would make their minds up about you as the new face of Formula One in about 10 seconds. In that moment, I remember thinking to myself that I was only there because I failed my A-levels. That was a grounding and nice moment for me that I still carry that with me now. I then moved to BT Sport after that. Again, my boss said to me a few weeks before we launched that BT had paid £1bn for the rights to the football and it all rests on my shoulders. What grounded me was that thought - I'm only here because I failed my A-levels. While I was at Formula One, I set up a production company called Whisper, which is now called Whisper Group. It's got 300+ staff, turning over tens of millions of pounds a year and is a purpose-driven content creation business. I'm only doing that because I failed my A-levels. Just before Covid-19, we created the High Performance podcast, which has grown to be so much more than just the podcast, and I'm only doing that because I failed my A-levels.

▴ Jake Humphrey and Prof. Damian Hughes, Co-Host of The High Performance Podcast

YOU MENTIONED THAT YOU’RE SOMEONE WHO SUFFERS FROM IMPOSTER SYNDROME. DO YOU HAVE TIPS FOR PEOPLE WHO MAY BE IN SITUATIONS AS A LEADER AND FEEL THIS WAY? We're always told that impostor syndrome is a bad thing. “You don't want to feel impostor syndrome.” “Don't be envious of other people's success.” “Self-doubt is a bad thing.” I would flip all those thoughts on their head. Do you have imposter syndrome when you’re pitching to investors or handling an important account at work? Yes. Now let’s change that context. Do you have impostor syndrome about whether you can cook a ready microwave meal? No… because it's easy and you don't really care. The reality is that you don't have impostor syndrome about things that you don't care about. It's time for us to change the language about this sort of stuff. Imposter syndrome is great because it means that you care. Therefore, instead of calling it impostor syndrome, reframe it as “I'm a bit piqued by this.” How fantastic is that? You found something that you care about, you found a bit of purpose and passion. Envy is another one we need to reframe. It's so prevalent now and it’s important to think more about it, particularly for people who are starting out on their business journey. It does you no good at all to sit there, scrolling through Instagram seeing other people's success thinking, “it's never going to happen to me” and feeling anger. For me, the way to look at envy is to see it like a mark on the map. It's a thing that you want. You are envious because you care about this. So, you know what? Apply hard work, explore, be optimistic, be dogged, don't take no for an answer, and be consistent. We've had people on the podcast over time who've spoken about this again and again because it genuinely works. Easy to say, less easy to do. FAILURE IS A PART OF BUSINESS. DO YOU HAVE ANY TIPS FOR PEOPLE GOING THROUGH A TOUGH PERIOD IN THEIR BUSINESS LIVES? It’s easy for me to sit here and talk about the power of embracing failure, I fully understand that, but again, your reaction to that failure is far more important than the failure. The first thing I'd say is to be kind to yourself. There’s so much toxic messaging out there around this bounce back culture but sometimes, if you've really been through a trauma and your business has either taken a battering or you've lost it altogether, give yourself some time… it's a long journey. Don’t think that you can’t write off six months after it’s happened because you’ll fall behind. That will actually be the most valuable because it will allow you to reset and go again.

December/January 2024

JAKE HUMPHREY

"EVERYWHERE AROUND ME THERE ARE REMINDERS OF WHO I ACTUALLY AM, SO I DON'T GET CARRIED AWAY WHEN I'VE HAD A GREAT TIME ON THE TELEVISION." recording my podcast on a weekly basis, so I'm constantly reminded about these things. It keeps me honest and stops me from getting carried away. That's a really strong message. By reading books, listening to podcasts, and speaking to people around you, you can build that mental strength.

People who aren't in that place struggle with this idea of failure, but it's about reframing again. If you go to the gym and a PT asks you to bench press to failure, you know that’s where the growth happens, and you understand that next time you’ll be able to go longer and harder… you need to have that mentality about life. We had a brilliant conversation on the podcast with former Nike CMO Greg Hoffman and he said a great line; failure is the price of ambition. Brian Cox says to think like a scientist and try to be proved wrong all the time and try to find that breaking point. Every single thing, good or bad, can teach you something, and you will learn an awful lot more from failure than you can from success.

YOU TALK TO INSPIRATIONAL PEOPLE ON THE HIGH PERFORMANCE PODCAST ALL THE TIME ABOUT MINDSET. HOW MUCH DO YOU WORK ON YOUR OWN POSITIVE AND DETERMINED MINDSET? I think I'm really lucky that I have that humble upbringing, being from a small village in Norfolk. I'm lucky that my sister works for the NHS and works like you wouldn't believe. I'm lucky that my little brother Tom runs a framing gallery in Norwich, and yet he has to fight for every penny that he makes. Everywhere around me there are reminders of who I actually am, so I don't get carried away when I've had a great time on the television, for example.

You also need to separate fault from responsibility… which is quite hard. Loads of things will happen to us in our lives that are not our fault, including the failure of our business, childhood trauma or a difficult relationship with a partner. Just because they're not your fault doesn't mean it isn't your responsibility. Taking responsibility is about taking power. Looking for excuses and looking to apportion blame is about giving up power.

I think what is really encouraging is that you're not born with a high performance mindset. Of course, you have innate talents, but there are enough people who throw away their innate talent, and there are enough people who are born with very minimal talent to do incredible things. Why is that? Because our reaction to life is more important than anything. I think the reason why that's really valuable is because I'm having high performance conversations and

Business Leader – The UK’s Voice for Business

HAS YOUR PERCEPTION OF HIGH PERFORMANCE CHANGED SINCE STARTING YOUR PODCAST? When I started High Performance, I genuinely wanted people to see you have to work hard and you've got to forget all this wishy-washy nonsense, work hard and the results will come. We had the most incredible conversation with Jonny Wilkinson, where he said to us that he thought that struggle, failure, getting knocked down and clawing back up would eventually lead him to success, but all that stuff does is just push you down further leaving you struggling even more. Why do we celebrate balance in our personal lives but celebrate hustle in our business lives? It just kept bringing me back to the fact that high performance is actually about happiness. It actually led to me questioning myself about the title of the podcast. Why talk to people who don't have a relationship with their friends or their partner or sacrifice everything they believed in to be successful and put them on a pedestal? For some people, getting out of bed in the morning is high performance. For some people, walking into a room and having the courage to speak to people is high performance. For other people, building and selling a business for £12bn is high performance. We're all on our own path here. Comparison is the single worst thing we can do because no matter what you do, I promise you someone would have done something better. There are better podcasts than mine and there are more successful TV presenters, but if I spend my time thinking about them, it will diminish what I've achieved. 

ROUND-UP

NORTH WEST FIRM ACQUIRED BY LOGISTICS GIANT ELANDERS DEAL VALUE: £100M

North West contract logistics firm, Kammac, has been acquired by logistics giant Elanders in a deal with an initial valuation of just over £100m. In its accounts for the year ending December 31 2022, Kammac reported turnover of £84.1m. The Skelmersdale firm has seen rapid growth over recent years, with around 20% growth annually in the last three years and good profitability. The company operates from a network of 15 warehouses across the North West and, following the acquisition, the UK will become Sweden-headquartered Elanders’ fourth largest market. The initial valuation, which includes an earn-out based on the outcome of 2024 and, to be paid during the second quarter of 2025, amounts to slightly over £100 million on a cash and debt free basis. The deal will mainly be financed through existing credit facilities and acquisition costs are expected to be around SEK20m (£1.5m).

GLOBAL TALENT SOLUTION COMPANY ACQUIRES SPECIALIST RECRUITMENT PROVIDER BIOTALENT DEAL VALUE: UNDISCLOSED

Global talent solution company The IN Group has boosted its capabilities in the life sciences recruitment industry with the acquisition of BioTalent. A global leader in life sciences recruitment, BioTalent, has offices in the UK, US, and Europe. The company has specialist teams covering areas including biotechnology, digital health, and pharmaceutical, with a focus on research and development, regulatory, quality, medical, clinical, as well as data science and AI. The deal will combine The IN Group and BioTalent’s recruitment practices, creating a life sciences specialist division of over 50 experts. The investment strengthens The IN Group’s presence within the Life Sciences sector, while providing a growth platform for BioTalent within the industry, drawing on The IN Group’s existing portfolio of talent solutions.

▴ (Left to right) Nick Baxter – CEO, The IN Group & James Cox – Co-Founder & CEO, BioTalent

LONDON'S LARGEST LETTINGS AGENT COMPLETES ACQUISITION DEAL VALUE: £10M

Foxtons Group plc announced the successful acquisition of Ludlow Thompson Holdings Limited and its subsidiary companies for a total consideration of £10m. Ludlow Thompson, a high-quality, lettings-focused estate agent with a history spanning three decades, operates across seven branches in London, generating over 70% of its total revenue from lettings. Tandon Hildebrand, a boutique UK corporate and commercial law firm specialising in delivering corporate, business, and employment advice in the UK and internationally, acted for the sellers of Ludlow Thompson in the transaction. The firm's strategic legal advice and expertise were instrumental in bringing this deal to fruition.

December/January 2024

DEALS

EVELYN PARTNERS EXPANDS PRESENCE IN THE SOUTH EAST OF ENGLAND DEAL VALUE: UNDISCLOSED

Wealth management and professional services group, Evelyn Partners, has announced the acquisition of Creaseys Group Limited, a firm of accountants and tax specialists who are based in Tunbridge Wells, Kent. Established over 150 years ago, Creaseys’ team of over 50 people offer a range of assurance, advisory, and tax services to both businesses and individuals, with a particular expertise in advising Private Equity Executives on their tax affairs. The acquisition of Creaseys, is part of Evelyn Partners’ strategy of augmenting strong organic growth in its Professional Services business with selective acquisitions of highquality firms with complimentary expertise

to strengthen the group’s regional presence. As part of this strategy, in February Evelyn Partners acquired Leathers LLP which operates from offices in Newcastle and Harrogate, and in April they acquired Cambridge-based firm the Ashcroft Partnership LLP.

▴ (Left to right) Graham Turpin, Terry Shephard (both Creaseys), Tom Shave (Evelyn Partners), Emma Roberts, Caroline Walmsley (both Creaseys) and Giles Murphy (Evelyn Partners)

VISIATIV UK ACQUIRES MMP TAX DEAL VALUE: UNDISCLOSED

Visiativ UK has announced the acquisition of MMP Tax, the London-based multi-service consultancy helping FTSE 100 and large complex multi-nationals claim technology incentives. Established in 2008 in the UK, Visiativ UK were one of the first R&D tax relief specialists and have helped over 2,000 clients claim a range of innovation incentives, grants, and subsidies.

ENTERPRISE SOFTWARE COMPANY AGREES DEAL WITH ARCION

Established in 2012, MMP Tax specialise in the provision of Intellectual Property based government incentives. They work mostly with listed and multinational businesses based in the UK. Their team of Chartered Tax Advisors and Technical Consultants help clients in media, banking, engineering, food technology, AGRI tech, computer science, and biochemistry.

DEAL VALUE: £100M

Databricks has agreed to acquire Arcion, a Databricks Ventures portfolio company that helps enterprises quickly and reliably replicate data across on-prem, cloud databases, and data platforms. This will enable the company to provide native solutions to ingest data from various databases and SaaS applications into the Databricks Lakehouse Platform.

The move will enable Databricks to natively provide a scalable, easy-touse, and cost-effective solution to ingest data from various enterprise data sources. Building on a scalable change data capture (CDC) engine, Arcion offers connectors for over 20 enterprise databases and data warehouses.

Business Leader – The UK’s Voice for Business

FEATURE

UNLEASHED NAVIGATING THE FUTURE OF BUSINESS IN THE AGE OF CHATGPT AI has the ability to reshape industries. The rapid advances in AI in 2023 with ChatGPT and other large language models have highlighted exciting possibilities but also huge risks as businesses continue to push the boundaries of AI capabilities. “It’s been a big year for Proof of Concept,” says Dragan Gajic, Group CTO at Nortal, “which has helped many organisations to experiment with AI, measure the desirability of products to secure funding and gather resources.” This speed and integration are only going to increase in 2024, and Hana Abdi, Head of Technology at 01 Founders and a recent speaker at the AI Safety Summit expects to “see even more lifelike conversational AI," as well as “improvements in computer vision, speech recognition, and multimodal models that combine language, vision and more.” While Abdi predicts that UK businesses across many sectors stand to benefit from deploying these innovations, “whether for customer service chatbots, analysing visual data, automating business processes or generating content,” businesses are still discovering how to fully utilise AI as employees navigate new technologies in their day jobs. Following the first AI Safety Summit, regulators are also facing scrutiny. RISKY BUSINESS While the potential is vast, businesses must consider the risks and challenges that come with more advanced AI. Abdi warns that “issues

December/January 2024

AI IN 2024

"THE UK GOVERNMENT HAS ALREADY IDENTIFIED AI AS A STRATEGIC PRIORITY, AND WE MAY SEE MORE REGULATION AND GOVERNANCE FRAMEWORKS INTRODUCED TO ENSURE SAFETY, ETHICS AND ACCOUNTABILITY." Hana Abdi

around bias, misinformation, cybersecurity vulnerabilities, legal compliance, transparency and control will likely come under increasing scrutiny.” The risks posed by AI are global. Countries must work together to come up with international, risk-based policies, but this may take some time. For example, a new AI Act is in the advanced stages in the EU. Here in the UK, the Government has no plans to introduce specific legislation or a single regulator for AI, preferring instead to empower existing regulators to come up with tailored, contextspecific approaches. Notwithstanding the specifics, responsible development and deployment of AI will be critical, according to Abdi. “The UK government has already identified AI as a strategic priority, and we may see more regulation and governance frameworks introduced to ensure safety, ethics and accountability as the technology continues rapidly advancing in 2024 and beyond,” she adds. Christian de Vartavan, CEO of the tech and consulting firm Projectis, believes the risk of infiltration of malevolent algorithms into high-security infrastructures is increasing exponentially as every day passes, and so is the even greater risk of seeing AI being used to manufacture lethal molecules and chemicals. “It is possible that security agencies are dealing with such threats

Business Leader – The UK’s Voice for Business

but, until they expressly say so, we must consider that strictly nothing is put in place by Government or Parliament to curtail them for now. Legislation for these threats is a matter of urgency,” he warns. CUSTOMISATION UNLEASHED OpenAI announced several enhancements to its artificial intelligence tools during its first developer conference in November, including the ability for developers to customise ChatGPT. Along with lowering developer base fees and opening a digital store, it also promises to compensate select developers who integrate OpenAI goods into their platforms. What does this mean for business? Alessandro Di Stefano, Senior Lecturer in Computer Science at Teesside University, thinks that businesses will increasingly utilise AI to offer personalised products and services tailored to individual preferences. “This level of customisation will enhance customer experience and boost loyalty,” he adds.

Cont. 

FEATURE

SAFEGUARDING YOUR BUSINESS The AI Safety Summit is a positive step towards raising awareness of the possible risks associated with the technology while also laying the groundwork for its potential to benefit businesses. Di Stefano expects that companies will need to invest in understanding and complying with regulations next year. He thinks ethical AI practices will be “crucial in building trust with customers and stakeholders,” while addressing “concerns related to bias and discrimination” outlined at the recent Summit. Robert Trager, Co-Director of the Oxford Martin AI Governance Initiative, acknowledges the importance of the event while revealing its shortcomings. “The AI Safety Summit represented an extraordinary moment when a broad group of government, industry and civil society leaders expressed concern for both the present harms of current systems and the future risks associated with future generations of AI models. There seemed to be consensus on the need for global rules to govern the technology. “Yet, the Summit did not discuss what those rules should be or what processes should be put in place to develop a global regulatory regime. There are many fora discussing related questions, but it is not currently clear that they are agreeing on effective approaches. In some cases, we've seen expressions of high-level principles, but what we need now are workable standards and institutional solutions,” he says. THE REAL DEAL In the same way that digital transformation will drive regulation, it will also cause a growing focus on “human elements” and Łukasz Koczwara, COO at STX Next, Europe's largest Python and JavaScript development company, advises business leaders to invest in upskilling, and “offer training and development programmes to help employees acquire new skills that are relevant in the age of AI.” Koczwara goes on to say that “fostering an Ethical AI Culture,” where “employees feel confident that AI is being used responsibly and ethically within the organisation” will gain importance and help employees “understand how AI enhances their work and how it aligns with the organisation's goals,” rather than causing fear or uncertainty is increasingly important. Adopting AI to supplement and improve human abilities, rather than replace them, will be crucial. Prakash Pattni, Global MD for Financial Services Digital Transformation at IBM, encourages business leaders to deliver on the human element by focusing on three core factors. Firstly, openness and flexibility are key. According to Pattini, leaders should be open to experimenting with new technologies and processes and accept feedback from employees and customers. Secondly, they must encourage collaboration across different organisational groups, “helping to break down silos and create a culture of innovation.” Lastly, employers must lead by example. Business leaders should be transparent, communicate openly and regularly, and be empathetic to build trust and confidence with their employees.

AI IN 2024

“In this way, they can create a more human-centred culture that can meet the challenges and opportunities of digital transformation,” Pattni said. STRATEGIES FOR BUSINESSES IN 2024 Although there are legitimate worries about growing automation and job disruption, AI is already felt across all business sectors and will open up new opportunities. What are the significant trends that businesses should be watching out for, and responding to? De Vartavan predicts that in 2024, “business as usual” will be an impossible statement because AI's capacity to enhance productivity is proportional to its self-development. “The question will be for businesses and people to harness this wild power,” he advises. AI will continue to revolutionise the corporate sector - improving productivity and spurring expansion, and according to Gajic, as we move into 2024, the focus will shift “towards practical adoption,” where businesses will aim to demonstrate concrete value through real use cases. “By the end of next year, we'll have a clearer understanding of whether generative AI has lived up to its promise or remained mere hype,” he says. Gajic goes on to say that 2024 will be the year of MVPs (minimum viable products), where generative AI will have what it needs to reach its first users. “Models like ChatGPT have played a pivotal role in democratising AI and data science, making it more accessible to consumers as well as companies and fostering innovation. Next year, the same thing will happen in software engineering. Generative AI will continue to become a tool for broader audiences,” he says. WHAT NEXT? Trager predicts we're likely to see continued development of foundation models, as well as an ecosystem of systems being built on top of those foundation models. “Actors are likely to make AI systems more agentic - able to serve as assistants in a variety of ways, for instance. Of course, fine-tuning and application in particular domains will continue, as will the development of ever more general and multi-modal models,” he adds. Meanwhile, Di Stefano places his bets on AI systems becoming more complex and widely adopted, cultivating a growing need for transparency, predicting that “explainable AI (XAI) techniques will be developed to enable businesses to interpret and trust the decisions made by AI algorithms, especially in critical areas like finance and healthcare." The first AI Safety Summit is just the beginning. The Republic of Korea will co-host a mini-virtual summit on AI in the next six months, with France agreeing to host the next in-person AI Safety Summit in a year’s time. Come what may, UK businesses are well-placed to harness AI for innovation and prosperity as long as human values and oversight remain central to its evolution. 

December/January 2024

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COMMENT

Dominic Bourquin Tax Consultancy and Corporate Finance Partner

TAX INVESTIGATIONS: WHY PROTECTION IS KEY

HMRC could target you at any time for a Tax Investigation It could happen to you. Looking out for you with our Tax Investigation Service. monahans.co.uk/tax-investigation

As HMRC ramps up its tax investigation work, there has been a surge in compliance cases. Last year HMRC collected £34bn from these enquiries and, in the year leading up to 31 June 2023, 316,000 checks had been opened – a 30% increase on the previous 12 months. The government is scrambling to tackle an inflating deficit, so it’s hardly surprising to see efforts to scrape money back intensify. Staggeringly, the record total of £788.8bn in taxes that HMRC brought in in the 2022 year barely scratched the surface of the overall national debt that stands at £2.537trn as of March 2023. Investigations are being further fuelled by the ever-growing reach of HMRC’s ‘Connect’ database which now contains over 55 billion data items. HMRC is pumping £37m into requiring Airbnb, eBay and Uber to provide intel on taxpayers using those platforms, allowing it to carry out more investigations. Why is professional guidance important? Despite misconceptions, there does not need to be a reason for HMRC to check a client's tax affairs, rather any taxpayer who submits a tax return can be picked for investigation at any time. The likelihood of businesses experiencing an investigation has nothing to do with whether they have done anything wrong. Most tax enquiries are generated by computer ‘risk profiling’ which in many cases may sweep up innocent taxpayers. But whether the taxpayer is guilty or not, HMRC’s questions still need to be answered. The process of undergoing a tax investigation can be disruptive and expensive, and prove confusing at times, which is where guidance becomes priceless. If left to face the process alone, business owners could unintentionally supply more information than is necessary. HMRC is only legally allowed to ask for what is ‘reasonably required’ to check a tax return, so, if it is checking a company's corporation tax return, for example, it cannot ask for the director's personal bank statements. But this isn’t always made clear. It’s therefore crucial to engage a professional who will ensure that HMRC is fulfilling its job correctly.

T: 01793 818300 Business Leader – The UK’s Voice for Business

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dominic.bourquin@monahans.co.uk 23

06/11/2023 17:08

INSPIRATION FEATURE

GOHENRY’S DISRUPTION IN THE WORLD OF FINTECH “I WASN’T TAUGHT MONEY MANAGEMENT AT SCHOOL.” THIS IS A LONG-HELD FRUSTRATION BY ALMOST EVERYONE WHO’S ATTENDED FORMAL EDUCATION. BUT ONE COMPANY HAS TAKEN MATTERS INTO ITS OWN HANDS, WITH THE MISSION TO “MAKE EVERY KID SMART WITH MONEY” AND BECOME A HOUSEHOLD NAME IN THE PROCESS.

The entrepreneur behind GoHenry, the financial technology company founded in 2012, is Louise Hill. Targeted at 6- to 18-year-olds, the fintech was born out of frustration after realising that there was nothing in society that could help teach her children how to be good with money in an increasingly digital world. The company now boasts over two million members and continues to from strength to strength. We spoke to Louise about creating a new market, the importance of getting out of the way as a good leader, being on both sides of an acquisition, and much more. COULD YOU GIVE US AN OVERVIEW OF YOUR CAREER BEFORE YOU SET UP GOHENRY? I started my career in retail. Coming out of university, I got a placement with House of Fraser on what they call a Graduate Fast Track course. I went to Cardiff and spent two years working at Howells in Cardiff, moving around all the different departments, and getting whisked off to London to do various training courses and it was a fantastic grounding in all things retail. This experience then led to doing a very large project for an American consultancy, who was helping to launch Next Directory for Next plc.

“AS AN ENTREPRENEUR, AS A START-UP, AS A SCALE-UP, YOU’RE CONSTANTLY GOING BACK TO INVESTORS AND PITCHING THE BUSINESS AND FINDING FUNDS TO TAKE YOUR NEXT STAGE OF GROWTH THROUGH.” 24

I managed that project, which led me into e-commerce. I was lucky enough to be around at the time when the retail industry was transitioning to digital and I was involved in launching the first wave of e-commerce websites and setting up the operations behind the websites for some very familiar names to people in the UK, such as John Lewis and Debenhams.

you need to make sure you raise enough money to start with to give yourself enough headspace to be able to get that next round of funding without having to close or sell the business. So, we went out to angel investors, did an awful lot of pitches, and people often ask me if it’s like Dragons’ Den, and I say that in various ways, the last 11 years has been like Dragons’ Den.

YOU’D IMAGINE GOHENRY TO BE SET UP BY SOMEONE WHO HAS A BACKGROUND IN THE BANKING SECTOR, WHICH YOU DON’T. WHAT MADE YOU TAKE THE STEP TO START THE BUSINESS? I think various things in my background have given me a good basis on which to launch GoHenry. Even though I don’t have a background in banking at all, having worked in retail and e-commerce operations for around 20 years, it does mean that I have a lot of experience in the online world. It also means leading large-scale, cross-functional projects and teams, both of which are hugely transferable skills. I also launched an e-commerce business in 1998, which we managed to sell four years later to a large retail group. I learnt from that process that you needed to build for scale from day one.

As an entrepreneur, as a start-up, as a scale-up, you’re constantly going back to investors and pitching the business and finding funds to take your next stage of growth through. We raised just under £700,000 to start the company, and that allowed us to build the product, create all the relationships with the banking partners that we needed to get to market, and do the first year of marketing.

Being in operations, you learn to stitch a supply chain together, how to build processes, and figure out how things work. You also learn a lot about building and leading big teams. All these things led me to the point where when I saw the gap in the market that was causing me pain as a parent, it gave me the skillset to believe that I could go out there and do it. COULD YOU TELL US ABOUT YOUR EARLY FUNDING JOURNEY? One thing I’ve certainly learnt from the previous company I’d founded was that

FAST FORWARD TO 2016 AND YOU BROKE THE RECORD FOR THE LARGEST EQUITY CROWDFUNDING ON CROWDCUBE, RAISING £4M. CROWDFUNDING WAS IN ITS INFANCY AT THE TIME, WERE YOU DRAWN TO IT AS IT WAS A DISRUPTOR LIKE YOUR COMPANY? Yes, very much so. We looked at crowdfunding, and GoHenry seemed to tick all the key boxes: we had an established customer base, we were a B2C proposition, and we had a mission-led business where people could easily grasp what we were trying to do and buy into that. We fully expected to see what we could raise by crowdfunding and then go to VCs, but as you said, it was a runaway success. At that point in time, you couldn’t raise over €5m (which equated to around £4m) so we actually had to turn the crowdfunding off, and we didn’t need to go to venture capital funds to top up. We then went back in 2018

December/January 2024

LOUISE HILL

Listen to the interview here

to do a second crowdfunding round and raised £6.2m, without the need to go to venture capital funds. Don’t think that crowdfunding is easy. You have to treat it as an intense marketing campaign, but it is a fantastic route to funds. Cont. 

Business Leader – The UK’s Voice for Business

LOUISE HILL

INSPIRATION

a risk for the business and stopping us from growing as quickly as we could.

particularly in the UK. We need to make sure we continue to stay relevant and keep our leadership position. My favourite stat is that one in five children in the UK between the ages of 10 and 12 have got to GoHenry card.

GOHENRY CAN BE REGARDED AS A LOUD DISRUPTOR BECAUSE MOST PARENTS ARE AWARE OF THE BRAND. WERE YOU NERVOUS THAT ESTABLISHED FINANCIAL COMPANIES AND TRADITIONAL BANKS WERE GOING TO SQUASH YOUR PROPOSITION IN THE EARLY DAYS? I didn’t expect negative pressure from big financial service players and banks, but I did fear, in the early days, that as we were gaining traction, some of the big high street banks, with very deep pockets, might see what we were doing think this is a great idea and just blow us out of the water because they would be able to offer it free of charge. However, it just didn’t happen. A few times some of those big names did come to speak to us about either the possibility of us building something for them or partnering with them in some way, but those didn’t go ahead. We effectively created a new market, which has shifted over time and there are more players in the space,

HOW DID YOU FIND THE EXPERIENCE OF HIRING THE RIGHT PEOPLE TO GROW AND SCALE THE BUSINESS? I think for any business, the hiring process and the people you pick to join the team are a critical part of whether you’re successful or not. One of the things I learnt, many, many years ago is not to be scared of hiring people that are better than you or know more than you. I think what that does is put a requirement on to me as a leader to let them do their thing. If you hire somebody who’s incredibly skilled or an expert in a particular area, the worst thing you can possibly do is try and micromanage them. You need to give them the sight of the goals that you’re working towards, but then get out of their way and let them let them deliver. Around five or six years ago, we were growing incredibly quickly, and we hired over 200 people within a very short timeframe. I realised I’d become a roadblock, not because I was deliberately getting in people’s way and stopping their expertise, but because so much of what we did and why we did things was in my head or buried on my laptop somewhere. That was creating

So, I started a campaign across the business, to identify what we call “single points of failure.” Rather embarrassingly, I appeared in it quite a lot. We spent more than six months making sure that we disseminated the knowledge around the business, that responsibilities were clearly delegated, and that more than one person knew how to do things or where things were. That’s a discipline that we’ve maintained today because it’s a way to make sure that your business is as resilient as it possibly can be, but it also means no one individual has a roadblock. YOU’VE BEEN ON BOTH SIDES OF AN ACQUISITION – WHEN YOU ACQUIRED PIXPAY IN 2022 AND WERE ACQUIRED BY ACORNS IN 2023. DO YOU HAVE ANY TIPS FOR PEOPLE GOING THROUGH THE PROCESS? We acquired Pixpay in July 2022, closed our Series B round in November, and then went through the Acorns acquisition. At one point, they were all happening at the same time, and I don’t think I’ve spoken to so many lawyers in my entire life. We’d join a Zoom or Google Meet call and there would be a sea of lawyers on screen. My top tip would be to remember why you’re doing it in the first place. Remember why you want to go into this acquisition or this merger or whatever it is because you can get caught up in the due diligence of the conversations between lawyers. Just keep remembering why you want to do this because I think that steers your decisions and your answers, it steers the risks you’re prepared to take, or not take, the whole way through the process. THE BUSINESS LEADER PODCAST NOW AVAILABLE ON:

December/January 2024

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FEATURE

CANCER

LEADERSHIP STRATEGIES FOR A CANCER-INCLUSIVE WORKPLACE As we enter a new year, many will be happy to see the back of 2023. With a cost-ofliving crisis and devastating global unrest alongside an increase in cancer diagnoses, it’s been a year of unparalleled challenges. The number of under-50s worldwide being diagnosed with cancer has risen by nearly 80% in 30 years, prompting businesses to reevaluate their approach. With more than 178,000 people diagnosed this year in the UK alone, responsible leadership demands more than just compliance with regulations: it requires empathy, flexibility, and proactive measures. “The first and most important thing to do if someone reveals a cancer diagnosis to you is to ask them what they want – do they want it to be kept confidential,” says Dr Hugo De La Peña, a renowned cancer specialist and a fellow of the Royal College of Physicians and a Cancer Research UK ambassador.

MacMillan Cancer Support estimates that there are currently 3 million people living with cancer in the UK, rising to 3.5 million by 2025 and 5.3 million by 2040, painting an unsettling reality with 86% of employees who have had cancer saying that they would have stayed at work for longer if their employer had been more supportive. The study also found that businesses that support their employees with cancer have lower staff turnover rates and higher productivity levels.

cancer? Considering that 40% of cancers are preventable, the most important thing business leaders can do is “educate your staff around cancer and its causes,” according to De La Peña. He argues that employers can take important steps in preventing cancer formation in the first place by encouraging healthy eating and mindset.

Ghazala Anjam, work support team leader at Macmillan Cancer Support, says, “Cancer can impact a person’s life in a variety of ways, and we know that too many people living with cancer face a huge amount of stress, worrying about how their diagnosis could impact their work.”

De La Peña highlights five essential steps to reduce the risk of cancer: refraining from smoking, consuming alcohol in moderation, maintaining a healthy weight, practicing sun protection, and taking care of your immune system, “and these tips can often dovetail into an employer’s ethics around the health and wellbeing of staff.”

LEAD THE WAY So, what does a responsible leadership approach look like when dealing with

Sukhendu Pal, an advisor to CEOs and boards of some of the world's most valuable companies, learned firsthand about leading

December/January 2024

LEADERSHIP

with cancer when he was diagnosed with lung cancer in 2019. He offers examples of what employers can do, including providing support, keeping communication open and offering practical assistance. He emphasises flexibility and patience as key attributes for employers, acknowledging that “your colleague's needs and circumstances may change throughout their cancer journey.” As someone who works with Fortune 500 leaders, and has observed how leaders respond, Pal reveals that “a supportive workplace can make a big difference to people affected by a cancer diagnosis, either for themselves or for those close to them” by reasonably adjusting the workplace or working patterns. At the end of the day, employers still have a business to run and tough decisions to make. “While it may not seem fair, it’s a disservice to the business and the team involved when no decision is made,” Pal says. Alongside these workplace adjustments, Mark Stephenson, CEO at Reframe Cancer recommends employee benefits be continuously reviewed to ensure adequate cancer support is in place. “It’s rarely covered in an EAP programme and even with PMI, which only 13% of employees have, care only commences on diagnosis and stops after treatment.” According to Stephensen, compassionate leadership should focus on “supplementing with dedicated cancer support services” and “providing a safe and supportive environment where employees feel empowered to talk openly about a cancer concern or diagnosis.”

THE LAW’S ON YOUR SIDE If an employee has cancer, the law in the UK considers this as a disability. Anjam says, “Cancer can impact a person’s life in a variety of ways, and we know that too many people living with cancer face a huge amount of stress, worrying about how their diagnosis could impact their work.” Compassion, openness, and practical support are crucial, along with adherence to regulations within the Equality Act 2010 on privacy and equality. By law, employees can negotiate adjustments to their role, such as flexible working hours or periods of leave. Anjam advises that employers should take time to “understand the support that the employee needs, familiarise themselves with the legislation surrounding people working with cancer” and introduce any reasonable adjustments needed.

discrimination, financial hardship, or job security. With one in two people expected to be affected by cancer in their lifetimes, a clear, formal policy on cancer care at work is no longer a “nice to have.”

"A SUPPORTIVE WORKPLACE CAN MAKE A BIG DIFFERENCE TO PEOPLE AFFECTED BY A CANCER DIAGNOSIS, EITHER FOR THEMSELVES OR FOR THOSE CLOSE TO THEM." Sukhendu Pal

Cont. 

A former employee at multinational engineering, procurement and construction company, KBR Inc. (formerly Kellogg Brown & Root), was awarded over £2.5m by an Employment Tribunal in 2021 for being let go while he battled cancer. NatWest Group also faced a £2m-plus compensation claim in 2022 after the banking giant had discriminated against an employee and unfairly dismissed her two days after cancer surgery. LOOKING AT THE NUMBERS Recent analysis suggests that by 2040, almost one in five of the adult population in England is projected to be living with a major illness, an increase of 2.5 million people (37%) since 2019, according to the ‘Health in 2040: Projected Patterns of Illness in England’ report from Health Foundation’s Real Centre. With numbers rising, the stigmas associated with cancer show no signs of abating. A Cancer at Work study found that 50% of those diagnosed were afraid to tell their employer for fear of

"CANCER CAN IMPACT A PERSON’S LIFE IN A VARIETY OF WAYS, AND WE KNOW THAT TOO MANY PEOPLE LIVING WITH CANCER FACE A HUGE AMOUNT OF STRESS, WORRYING ABOUT HOW THEIR DIAGNOSIS COULD IMPACT THEIR WORK.” Chazala Anjam

Business Leader – The UK’s Voice for Business

FEATURE

The need for more workplace awareness and policies is further reflected by a recent Macmillan Cancer Support study, where 86% of employees say that they would have stayed at work for longer if their employer had been more supportive after their diagnosis. The study also found that businesses that support their employees with cancer have lower staff turnover rates and higher productivity levels. BUSINESS LEADERS NEED TO DO MORE Barbara Wilson, Founder and Director of Working With Cancer, advises companies to go beyond providing standard Occupational Health advice, private health and employee assistance programmes. Instead, she says companies should go the extra mile by ensuring “workplace policies cater specifically for those with cancer, both during and after treatment, by training managers and employees on how to support a colleague with cancer. They need to take into account the needs not just of employees with cancer but also employees who are caring for a loved one with cancer.” Three in every four people survive their cancer the first year after being diagnosed, with rates of survival for some cancers even higher, according to NHS England’s latest figures. The overall first-year survival rate has risen 9% to 74.6% in 2020 compared to 2005. Given these promising statistics, not

LEADERSHIP

only will people live with cancer, but they will also have to work with it. LOOKING AHEAD WITH DIGITAL Like all sectors, AI is transforming healthcare with a fresh focus on innovations and personalised digital approaches. Despite the rising numbers, Kelly McCabe, Co-Founder & CEO at Perci Health, the provider of expert care and support for people with cancer, remains positive. She says that “while cancer is more prevalent than ever, digital healthcare providers are already revolutionising this space, and helping employers to support their staff.” The graphs may paint a gloomy picture, but working with cancer is possible with concerted policy action, investment, and new tech. 

LINKEDIN POLL DO YOU KNOW A SENIOR BUSINESS LEADER OR ENTREPRENEUR WHO HAS BEEN DIAGNOSED WITH CANCER?

43%

57%

YES

PLEASE DONATE TO THE ROYAL MARSDEN CANCER CHARITY The Royal Marsden is a world-leading cancer centre pioneering life-saving research and world-leading treatment and care.

"WORKPLACE POLICIES CATER SPECIFICALLY FOR THOSE WITH CANCER, BOTH DURING AND AFTER TREATMENT, BY TRAINING MANAGERS AND EMPLOYEES ON HOW TO SUPPORT A COLLEAGUE WITH CANCER." Barbara Wilson

BIGGEST PROSTATE CANCER SCREENING TRIAL IN DECADES TO START IN UK Thousands of men’s lives could be saved as a major new prostate cancer screening trial is set to get underway in the UK backed by £42m from the government and Prostate Cancer UK. The first-of-its-kind trial - called TRANSFORM – will use innovative screening methods like an MRI scan to detect prostate cancer, and it will see hundreds of thousands of men across the country participating. The researchers will start setting up the trial in the Spring of 2024 and will start recruiting men for the trial later in the year. Prostate cancer is the most common cancer in men in the UK and has no screening programme. With over 12,000 men dying of the disease every year, the trial has the potential to see new screening methods give more accurate results than the current blood tests, which can miss some cancers and often suggest prostate cancer when no cancer exists.

December/January 2024

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COLUMNIST

EMBRACING VULNERABILITY THE STRENGTH OF TRUE LEADERS

▴ Christopher Tang

DISTINGUISHED PROFESSOR AT THE UCLA ANDERSON SCHOOL OF MANAGEMENT, CHRISTOPHER TANG, DISCUSSES HOW LEADERS CAN FOSTER INNOVATION. December/January 2024

CHRISTOPHER TANG

Many people are already leaders or want-to-be leaders in their organisation. The combination of aspiration and the belief that “leaders are made, not born” creates an entire industry to serve this huge market. Besides the memoirs of successful business leaders, there are tens of thousands of books on leadership, team leading, and emotional intelligence. On top of that, there are leadership training and private coaching programmes. With so many resources available out there, how come there are so few leaders in many organisations? THE PERILS OF PERFECTION Many people in leading positions maintain a ‘know-it-all’ image. They have worked smart and hard as they moved up the ranks, so it is natural for them to think they can continue to succeed using the same strategy that got them there. However, this just isn’t sustainable because the scale and scope of the role of a leader keep expanding. Partly because of their insecurities or ignorance, many leaders are often hesitant to acknowledge their weaknesses. This behaviour can put them and their organisations at risk. Many leaders often exert tremendous pressure on themselves to be perfect without asking for help or soliciting suggestions. Even if they do, their subordinates know that this act was ingenuine. These leaders often believe in their own vision and strategy and their subordinates are there to execute, not to think. When things go wrong, they have to spend a lot of energy to cover them up because they cannot be seen as imperfect. Worse, in some cases, they even blame the subordinates for poor execution without acknowledging that their plans were flawed to begin with. When the blame game starts, people start leaving and the organisation is likely to fall apart. WHEN LEADERS LISTEN I am not a leader, but I have learned a few lessons through my first-hand observations of people in leading positions throughout my career, which spans over three decades. Instead of following many leadership gurus who prescribe solutions for people to become better leaders, I shall use examples to suggest what leaders should not do. As leaders, set the goals and direction, but do not prescribe a specific solution. By setting goals and direction, leaders can inspire others. By asking people for help in developing solutions, they feel needed and connected, and they are more willing to develop innovative ideas and solutions that are more likely to be embraced and supported by the organisation. I use the following examples to illustrate my point: Some years ago, my former Dean wanted to develop more international programmes and proposed a partnership programme with a lesser-known school in South America. As faculty and alumni felt that “the train had left the station,” there was a majority support even though various alumni told me that the programme fee was way too high in South America, and the partnership with a lesserknown school would be a challenge. After spending lots of time and cost, the programme was suspended indefinitely after three years, deemed 'unsustainable' due to extremely low enrolment. While this episode was long forgotten, there is a key lesson learned. This unfortunate incident could have been avoided had this Dean asked for advice and suggestions from our alumni in South America, who knew the market conditions on the ground.

Business Leader – The UK’s Voice for Business

INNOVATION UNLEASHED In the era of global competition, innovative ideas are essential for success, and it is impossible for leaders to come up with these all the time. In many cases, a firm can be more successful if leaders can sincerely ask employees and customers for help and suggestions. Asking employees for help can pay dividends. In 2000, it was inevitable for Andersen Consulting to separate from Arthur Andersen. Instead of having top executives or market firms to develop a new company name, Andersen Consulting launched an internal competition by asking all employees to submit suggestions. The name "Accenture", derived from "Accent on the future", was submitted by a Danish employee from the company's Oslo office in Norway. In the same vein, when working at Frito Lay, a large producer of corn chips and potato chips based in Texas, a Mexican janitor suggested the idea for Flamin' Hot Cheetos. His innovative creation became a huge success within the Latino community in the US.

"BY SETTING GOALS AND DIRECTION, LEADERS CAN INSPIRE OTHERS. BY ASKING PEOPLE FOR HELP IN DEVELOPING SOLUTIONS, THEY FEEL NEEDED AND CONNECTED, AND THEY ARE MORE WILLING TO DEVELOP INNOVATIVE IDEAS AND SOLUTIONS"

Asking customers for help can make them become your champions, which will help leaders to succeed. Many start-up firms turn to crowdfunding platforms, such as Kickstarter or Indiegogo, to launch their campaigns to raise funds with the intention of turning creative ideas into innovative products for sale. It has helped Pebble Time, a smartwatch produced by Pebble Technology, to raise over $20m (£16.1m) in 2015.

Based on my joint research that examines 21,000 rewards-based crowdfunding campaigns launched on Kickstarter between July 2013 and February 2016, we found that crowdfunding campaigns are more likely to succeed if the start-up firms describe the product's unique features without presenting the product as a final design. Then by asking customers, known as backers, for feedback, these firms can engage customers on the product so that they can improve the design. The creator of Nura headphones launched a successful campaign on Kickstarter with a prototype. Designed with a wired USB connection, some backers suggested that a wireless Bluetooth connection and a traditional analogue connection also were important. The creator added these features and acknowledged the backers’ feedback on its campaign page. The result was astounding. Nura’s campaign, which had a goal of $100,000 (£80,000), raised $1.8m (£1.4m) from 7,730 backers. It is very stressful as a leader, but asking employees and customers for help and for suggesting innovative solutions can increase the chance of success of both the leader and the organisation. But there are remaining challenges. Can leaders be secure enough to reveal their own weaknesses and not feel vulnerable? Leaders have many proven capabilities and qualities, but can they advocate their own vulnerability as a strength? Yes, true leaders can. 

AGENDA

FORECASTING 2024

WHAT DOES POLITICS HAVE IN STORE FOR BUSINESS?

Illustration courtesy of David Moody

SIMON DANCZUK, BUSINESSMAN, AUTHOR, AND FORMER MP, LOOKS AHEAD AT THE 2024 INTERNATIONAL CHESSBOARD, COVERING THE GLOBAL EVENTS AND THEIR IMPACT ON UK BUSINESS.

November saw the Conservative Government deliver their King’s Speech and Autumn Statement for the year ahead. The former is where King Charles is tasked with reading to Parliament a list of what legislation the Prime Minister wants to see enacted over the next 12 months, whilst the latter involves the Chancellor of the Exchequer presenting to Parliament his economic forecasts and proposals.

December/January 2024

POLITICAL ROUND-UP

They were probably the last plans to come from this Government before a General Election is finally called. So, what should business expect from Rishi Sunak, Jeremy Hunt, and the rest of Government in 2024? HIGH STAKES First and foremost, the drive for economic growth and reducing inflation remains a key priority, they were the first words the King was asked to utter. What this means is whilst we’ll see some tinkering with interest rates and taxes, they will both remain relatively high. Even if a Labour administration takes over, don’t expect much change. The public purse is empty and UK debt is at an incredibly high level following the pandemic and higher energy prices because of the Ukraine war. The upside for business is that wages should be contained, and we should slowly build back to prosperity. To help with this, the Government – and the same would apply whoever is in power – are promising more trade agreements with individual countries, now that we’ve come out of the EU, so companies should find it increasingly easy to do international business as we move through 2024.

"FIRST AND FOREMOST, THE DRIVE FOR ECONOMIC GROWTH AND REDUCING INFLATION REMAINS A KEY PRIORITY, THEY WERE THE FIRST WORDS THE KING WAS ASKED TO UTTER. WHAT THIS MEANS IS WHILST WE’LL SEE SOME TINKERING WITH INTEREST RATES AND TAXES, THEY WILL BOTH REMAIN RELATIVELY HIGH." FROM ACADEMICS TO TECHNOCRATS The most significant business development to expect from Sunak is the emphasis on technology. The King’s Speech mentioned self-driving vehicles, machine learning, digital innovation, and the development of safe Artificial Intelligence. There’s little doubt the PM has an aspiration to make the UK much more tech savvy, an economy at the forefront of digital developments, rather than following behind.

Assuming the Conservatives do stay in power, we’re promised legislation which will provide new oil and gas fields, but also improve energy infrastructure. Expect a focus on better grid capacity and connections, which should mean improved security, reduced peak loads, increased integration of renewables, and lower operational costs. All this will also make it easier to deliver on net zero commitments. If Labour takes control, we should expect a radical shift to reducing carbon emissions, one that could place onerous responsibilities on business.

Business should expect tech related incentives, government departments tasked with stimulating this sector and related occupations.

Proposed rail infrastructure investment should also create business opportunities in 2024, as the Government scrap HS2 and put money into Network North – the idea being to better connect northern towns and cities, rather than just Manchester and London.

There is also a promise to initiate what’s called the Advanced British Standard level, which is targeted at 16- to 19-year-olds. It involves a plan to increase the level of English and Maths and bring together A-Levels and T-Levels into a single new qualification, with students being able to take a wide mix of technical and academic subjects.

Perhaps to match these technological aims, expect a big shake up in education. We are told universities will be radically reformed, scrapping ‘mickey mouse’ degrees and boosting technical education. The aim is to close the current skills gap and get our workforce more prepared for the jobs our country has and needs.

Also expect reforms to the welfare state and a push to get the economically inactive back into work. The Government have finally realised that job vacancies can be filled by people not currently in employment, rather than relying upon immigration. Sticking with social policy, the Government have restated their intention to cut waiting times in the NHS. This will be helped by implementing their Workforce Plan for the sector but must also surely be dependent upon the Government’s ability to stop industrial action taking place. “EVENTS DEAR BOY, EVENTS” Labour’s plans regarding technology, welfare, education, and the NHS are less clear, though we’re likely to learn more as we approach the General Election. As well as uncertainty around a change in Government during 2024, business should also expect continued unpredictability from international events. We’ve come to expect turmoil or conflict in other regions adversely impacting our economy and ability to trade. The war between Israel and Hamas is a recent example, the Ukraine war is set to continue, and parts of the African continent remain plagued by conflict. There are other flashpoints to look out for, such as China and Taiwan, challenges around the Democratic Republic of Congo, trouble in countries like Iran, Pakistan, Ethiopia, and Yemen, plus tensions along the Armenian– Azerbaijani border. Many of these could impact energy production, minerals for use in new technologies, and manufacture of key equipment and goods. Finally, there’s the impact from other countries and region’s economies and politics. The United States Presidential Election, the European Union’s, China’s, and many other country’s economic performance will impact how easy or hard it is to do business in the UK. So, as 2024 unfolds it’s likely to look a lot like 2023, with business remaining vulnerable to what our former Prime Minister, Harold MacMillan, famously described as: “events dear boy, events.” 

The hope is that we have more young people coming out of education ready and prepared to contribute positively to business and commerce.

Business Leader – The UK’s Voice for Business

ROUND-UP

FUNDING

FYMA SECURES £1.7M INVESTMENT Fyma, an AI company that analyses real-time video feeds, has closed a $2.1m (£1.7m) investment round led by Quadri Ventures, alongside Second Century Ventures. Fyma was founded by CEO Karen Burns and CTO Taavi Tammiste and is utilised by clients across the globe including QuadReal, Grosvenor Estates and Technopolis. The company will use the investment to fuel its go-to-market strategy, as well as spearhead further product development through a dedicated research and development programme. Quadri Ventures is a Venture Capital Fund established to drive growth for innovative startups utilising Amazon Web Services (AWS), alongside partner tech consultancy VeUP. Second Century Ventures is the investment arm of USA’s National Association of REALTORS, a 1.4-million-member strong trade association with 100 bilateral partnerships across 85 countries.

▴ (L-R) Rob Ellison & Henry White, Co-Founders of xUnlocked

XUNLOCKED RAISES £5M SERIES A INVESTMENT Global leader in professional and vocational education, BPP Education Group, has announced a £5m investment and partnership with UK education technology business xUnlocked, operators of Finance Unlocked and Sustainability Unlocked. The investment will allow xUnlocked to fast-track its growth, focusing on the production of more courses covering all aspects of finance, each co-created and presented by handpicked industry experts, and serving the needs of global financial institutions.

▴ (L-R) Taavi Tammiste, CTO & Karen Burns, CEO

Finance Unlocked was founded in 2017 by Henry White and Robert Ellison. The company, recently renamed xUnlocked, launched its second platform, Sustainability Unlocked in November 2021. This was in rapid response to a growing and urgent need for business training in sustainability, a move aligned with its own B Corp status.

AI-DRIVEN FINANCIAL ANALYSIS PLATFORM RECEIVES £1.2M FUNDING BOOST Eilla AI, a generative AI platform designed to assist M&A, venture capital, and private equity professionals with financial research, analysis, and document creation, has raised $1.5m (£1.2m) in seed funding as it looks to grow the team and scale the company and its offering. The funding round was led by Eleven Ventures and supported by Fuel Ventures, with additional investment from Mark Pearson, Founder & Managing Partner at Fuel Ventures, in an individual capacity. AI is rapidly transforming the global financial industry, which is second only to the tech sector in terms of AI investment and spending. With this trend set to continue, new verticalized financial AI companies such as Eilla AI are well positioned to quickly refine the industry. To date, Eilla AI has been used by advisors and investors from more than 50 M&A banks and VC and PE funds to help optimise specific tasks by researching, aggregating, and analysing information from key industry sources and internal data.

▴ (L-R) Petar Petrov (CCO), Nikola Lazarov (CEO), Nikolay Babulkov (CTO) - Founding members of Eilla AI

December/January 2024

HOW HAVE THE TOP 32 BEEN CHOSEN?

Many successful businesspeople create one company and spend their lives scaling it, but for others, one just simply isn’t enough. As these entrepreneurs progress through their careers, they spot new industries that are worth branching into, take time to pursue what they’re really passionate about, or sometimes, for whatever reason, they just don’t get it right the first time. For our latest Top 32 list, we took a closer look at serial founders.

We asked our audience to suggest exceptional founders who have not only founded and scaled multiple companies but have left a mark on their respective industries. The founders included on this list are based in the UK and have either founded or co-founded at least two companies. This list is in no particular order.

TOP 32

• ALEX CHESTERMAN

Alex Chesterman is behind several of the UK’s most well-known companies. In 2002, he co-founded ScreenSelect, a DVDby-mail and streaming video-on-demand company that after a string of mergers, was eventually acquired by Amazon for £200m in 2011. In 2007, Chesterman co-founded property website Zoopla and after renaming it ZPG Ltd. and floating it on the London Stock Exchange for nearly £1bn, ZPG was sold for £2.2bn in 2018. In the same year, he founded used car marketplace Cazoo, a company Chesterman led as CEO until April of this year.

• ERIC VAN DER KLEIJ

Eric Van der Kleij first became a founder with the creation of Adeptra in 1996. Adeptra tested the boundaries of new technology by creating an automated credit card fraud detection and alert system and was sold to FICO for $115m (£94.7m) in 2012. Adeptra’s success led to Eric being asked by David Cameron to become CEO of Tech City, where he played a significant role in the growth of East London’s ‘Silicon Roundabout’. After a decade of helping other start-ups to scale, Eric became a founder again in 2020, with the launch of Edenbase, a fund investing in emerging technology businesses.

• OLIVER BOLTON

Oliver Bolton is CEO and Co-Founder - along with Lorenzo Curci - at Earthly, the company is on a mission to protect and regenerate 1% of our planet by 2030. Oliver founded B-Corp health company Waterbomb, which produces the 'What A' drinks range, and co-founded the bespoke nutrition brand Vitl with Jon Relph. The serial founder was also a winner of the COP27 ClimaTech prize, a winner in Uplink's 2023 NatureTech prize, and the winner of the $3m (£2.4m) Virgin VOOM award from Sir Richard Branson.

• CASPAR LEE

Born in England and raised in South Africa, Caspar Lee rose to prominence with his popular YouTube channel. After gaining a following of over 18 million, he co-founded global influencer marketing agency Influencer, alongside Ben Jeffries, taking on the role of Chief Vision Officer. He teamed up with fellow YouTube creator Joe Sugg to co-found the talent management company Margravine Management. He also set up South African-based student accommodation company Proper Living and Creator Collective Capital, a VC fund investing in start-ups alongside their syndicate of top creators, musicians, athletes, and actors.

• MARTIJN DE WEVER

After founding the innovative venture capital firm Force Over Mass, which was named the ‘Most active technology investor in Europe’ by the Dow Jones in 2013, experienced investor and founder Martijn De Wever has been working tirelessly to revolutionise the private market with Floww. Floww is a fintech platform which addresses the fragmented nature of the current private market by providing a user-friendly software interface that connects issuers, investors, and intermediaries. Through regulatory innovations, Floww creates special-purpose vehicles, enabling smooth cross-border transactions and access to broader pools of capital beyond UK investors.

December/January 2024

SERIAL FOUNDERS

• GEETA SIDHU ROBB Geeta Sidhu Robb first founded a company with her now ex-husband, but after it folded, she built an organic food and juice programme delivery business, Nosh Detox. Transitioning from a career as a corporate lawyer to running a health and nutrition company, within three years she had qualified as a Raw Chef, Health Coach, and Nutrition Specialist. After qualifying, Geeta set up GSR Coaching to put this experience to use, going on to help nearly 19,000 women achieve the bodies they want whilst improving their mental and physical confidence.

Cont. 

Business Leader – The UK’s Voice for Business

TOP 32

• TIMOTHY ARMOO Best known as the Co-Founder and CEO of Fanbytes, a company that helps brands reach Gen Z through influencer marketing, Timo Armoo sold the firm to Brainlabs in May 2022 for an eight-figure sum. However, his entrepreneurial career began at the tender age of 14, with the founding of Alpha Tutoring, which he grew to 65 tutors in just six weeks. Armoo’s next venture was EntrepreneurExpress, an online business publication which he co-founded and served as Editor-in-Chief. At the age of just 17, Armoo sold the company to Horizon Media in a six-figure deal.

December/January 2024

SERIAL FOUNDERS

• EDUARDO MARTINEZ GARCIA AND MICHAEL GALVIN

Serial founders Eduardo Martinez Garcia and Michael Gavin are two entrepreneurs with vast experience in the finance and technology sectors. The two have previously held senior positions at Accenture and co-founded Geniac, a SaaS platform that helped small businesses in the UK manage their day-to-day administration activities. After successfully exiting the business, they found themselves pulled towards fintech and in 2019, went on to co-found Toqio, a simple and cost-effective SaaS alternative to complex and costly in-house fintech development projects. Garcia serves as the company’s CEO, whilst Gavin is the CCO.

• SIR RICHARD BRANSON

After dropping out of school at the age of 15, Richard Branson launched his first business in 1968, Student Magazine, which provided an alternative to the publications and school magazines of the time. Branson started Virgin as a mail-order record retailer in 1970, under the name Virgin Mail Order, and founded Virgin Records bricks-andmortar stores. The Virgin brand has grown tremendously with notable brands including, Virgin Active, Virgin Atlantic, Virgin Mobile, Virgin Radio, and non-profit foundation Virgin Unite.

• ECCIE AND GINI NEWTON In 2014, sisters Eccie and Gini Newton cofounded Karma Cans, the office lunch delivery company. After three years of building it, they used their experience to establish Karma Kitchen, a project which delivers co-working and commercial kitchen spaces to SMEs in the food and drinks industry. Karma Kitchen raised a whopping £252m in Series A funding back in the summer of 2020. Currently operating across 22,000 sq ft of kitchen space in Hackney and Wood Green, the company plans to open 50 new sites in the next five years to provide affordable workspaces to over 5,000 start-ups and SMEs in food across Europe.

Business Leader – The UK’s Voice for Business

TOP 32

• ELAINE WARBURTON OBE

The current Chair of Edinburgh-based medical devices start-up Javelo Health, Elaine Warburton OBE has co-founded two groundbreaking companies: QuantuMDx, a medtech company that develops diagnostic medical devices, and ReadyGo Diagnostics, a company that was founded in 2021 and is developing a suite of consumer-facing medical devices for rapid yes/no answers. QuantuMDx was founded in 2008 and Warburton is currently a Non Executive Director at the company, although she previously served as CEO for 12 years. In 2021, she was awarded an OBE for her contributions to health innovation.

• STEVE BAKER

Steve Baker launched Ventia Ltd in 2009 after the financial crash. Set up to provide boutique flexible office spaces in central London, it was listed as a Sunday Times Fast Track 100 company in 2014 and 2015, the same year the firm was sold for £14m. A year before Ventia’s sale, Steve launched Eden Sustainable to take advantage of the burgeoning commercial rooftop solar sector. Since 2020, the company’s growth has exploded: turnover to November 2023 is estimated to be around £16m and Baker hopes to surpass the £100m mark in the next three years.

• MIKE GREENE

Mike Greene has enjoyed a stellar career as a Chairman, CEO, Director, and Mentor. His investment prowess spans 30 startups, including Chargemaster, Shazam, and Bolt Learning, whilst he has successfully built several businesses of his own. This includes the Association of News Retailing, the trade group that once represented 19,000 news retailers. Greene also bought “him!”, the insights service that tracks online consumer reviews and their associated product detail, which is now known as Lumina Intelligence. After successfully selling the company to William Reed Business Media in 2011, Greene founded the convenience shop chain My Local in 2016.

• STEPHEN FITZPATRICK

With an estimated net worth of £2.2bn, according to the Sunday Times Rich List, Stephen Fitzpatrick is one of the UK’s most successful serial founders. Best known as the Founder of OVO, the major energy supplier which Fitzpatrick established in 2009, he is also the Founder & CEO of Vertical Aerospace, the first UK company to have built and flown a full-scale fully electric vertical take-off and landing aircraft. Fitzpatrick’s other ventures include intelligent energy platform Kaluza, an energy software company powering the future of energy.

• CHERRY FREEMAN

Back in 2012, Cherry Freeman founded LoveCrafts, the online crafting community which acts as a marketplace for members to buy supplies and share their work. Freeman has successfully grown the business to more than one million customers in 200 countries and has 140 staff spread across London, Kyiv, and New York. In 2019, Freeman co-founded Hiro Capital, the venture capital fund that invests in metaverse technology and game creators who are building the future. In addition to serving as General Partner at the VC fund, she is a Non Executive Director at several gaming and tech companies.

December/January 2024

SERIAL FOUNDERS

• SHARMADEAN REID MBE

Awarded an MBE for her services to beauty and women in 2015, Sharmadean Reid launched WAH Nails in 2009, which evolved out of a hip-hop magazine for girls that she created whilst at university. Her experience building WAH Nails led to her frustration at the lack of technological solutions in beauty booking software, so in 2018, she co-founded Beautystack, a networked marketplace app for influential beauty professionals, with Dan Woodbury and Ken Lalobo. Reid currently serves as the CEO of The Stack World, an online community whose mission is to develop the next generation of women in power, which she also co-founded.

• JULIAN TELLING

One of the founding Directors of Bristol Private Equity Club, Julian Telling has established, listed, and sold several companies. He co-founded Falcon Group PLC in 1983, which was listed on the Alternative Investment Market in 2005 and merged with Lighthouse in 2008. After obtaining a professional pilot’s licence during a two-year sabbatical, the serial entrepreneur helped to establish Centreline Air Charter, which was sold to Steve Lansdown in 2018. Telling also co-founded Mobile Money, a logbook loans company, and helped to build it over seven years before it was sold for £10m.

• SOKRATIS PAPAFLORATOS Sokratis Papafloratos is the brain behind disruptive men’s health brand Numan. Having raised over $75m (£61.2m) in funding and boasting a team of over 150 people, the company offers personalised, integrated care in one digital platform. Before Numan, Papafloratos founded TrustedPlaces, a classifieds business that was powered by the knowledge, insight, and opinions of local people, eventually selling it to the Yell Group (formerly the Yellow Pages) in 2010. He also founded Togethera, a private sharing app for family and loved ones, which was ultimately shut down in 2016. Despite the failure of the business, 18 months later he founded Numan, and the rest is history.

Cont. 

Business Leader – The UK’s Voice for Business

TOP 32

• BRENT HOBERMAN

Brent Hoberman made his name during the dot-com boom of the late 90s, co-founding online travel and leisure retailer lastminute. com with Martha Lane Fox in 1998. Hoberman led the firm as CEO until it was sold to Sabre in 2005 for $1.1bn (£902m). His other notable ventures include Made.com. He co-founded the online furniture retailer in 2010 but left his role as Chair in 2016 before the company’s $1bn (£819m) IPO. In 2015, he co-founded the start-up accelerator Founders Factory, and in 2017, he co-founded the $400m (£328m) AUM seed fund firstminute capital.

• FELIX LEUSCHNER

Before venturing into the world of angel investment and his current role as Venture Partner of Target Global, a pan-European technology investment firm, Felix Leuschner successfully founded and built several companies. He co-founded Gamegoods, the European marketplace for digital currency in 2006, before establishing and leading Stylistpick, a social commerce company that partnered with celebrities, stylists, and influencers to curate personalised fastfashion offers. In 2015, Leuschner founded and then led Drover, the car subscription company that was acquired by Cazoo for approximately £60m in 2021.

• MATTHEW HAYES

As Co-Founder and Managing Director of Champions (UK) plc, Matthew Hayes leads a team of around 75 delivering growth solutions to entrepreneurial owners and their investors. The business works with clients at the consultative level to create and implement strategy-led solutions on their fast-growth journeys. Matthew is a founding investor and Director of Diginius Ltd, a global SaaS technology company specialising in managing PPC & Social Media advertising expenditure. He also co-founded Madison & Mayfair, an e-commerce interior furniture and gifting business.

• NIGEL TOON

Nigel Toon is the CEO, Chairman and Co-Founder of Graphcore, the British semiconductor company that develops accelerators for AI and machine learning. After raising $200m (£164m) in its Series D funding round back in December 2018, the semiconductor firm was valued at $1.7bn (£1.39bn). Prior to co-founding Graphcore in 2016, Toon was the CEO of two successful venture capitalbacked processor companies. In 2002, he co-founded Icera, a 3G cellular modem chip company, which was sold to NVIDIA in 2011 for $435m (£357m).

• STEVEN BARTLETT

Originally making his name as the co-founder of Social Chain, a social media marketing company with revenues of around £532m, Steven Bartlett is the youngest-ever investor to be named on Dragons’ Den and a Sunday Times best-selling author. Bartlett is also known for running Europe’s most downloaded business podcast, The Diary of a CEO. Disruption is at the core of Bartlett’s endeavours, such as his investments in Huel, atai Life Sciences, and UNTIL, and his brand ambassadorship of healthtech company ZOE. Since Social Chain, he’s gone on to create marketing company Flight Story and start-up fund Flight Fund. He also the Co-Founder of web3 app development tool thirdweb.

December/January 2024

SERIAL FOUNDERS

• SHARON PURSEY OBE Back in 2004, Sharon Pursey OBE founded her first company, Buckram and Bump, an interior design business. In 2013, she moved into safety-tech and co-founded SafeToNet, an award-winning company that develops technology to keep children safe through real-time threat detection and prevention. Awarded an OBE in the 2020 New Year Honours List, Sharon co-founded the SafeToNet Foundation in 2018, which supports initiatives and charities working to safeguard children from experiencing harm online.

• RISHI CHOWDHURY

Since co-founding IncuBus Ventures in 2013, Rishi Chowdhury has designed and built over 30 incubators, accelerators, and corporate innovation programmes and spaces. He founded his first company whilst at university and even tasted failure when Remskine Holidays, the student holiday organiser he co-founded in 2008, folded. Undeterred, Chowdhury co-founded the business media company YHP in 2010. Six years later, he co-founded Momentum London, a programme supporting later-stage B2B start-up’s shift from selling into SMEs to acquiring large corporate customers. He co-founded his latest venture, Incube Space, in 2020 and leads the company on its mission to make commercial real estate sustainable, healthy, and productive spaces for everyone.

Business Leader – The UK’s Voice for Business

• MATT JONES

As Founder and CEO of Rebel Lion Advertising, Matt Jones is spearheading an ambitious acquisition journey to become the largest independent agency group in the UK. However, he founded his first creative advertising agency, S3 Advertising, in 2011, grew it into a multi-million-pound national business, and sold it through a management buyout in October 2019. After exiting the business, the multi-award-winning entrepreneur went on to build male skincare brand MESOA Skincare, a company he successfully secured investment for during an appearance on the BBC’s Dragons’ Den. Cont. 

TOP 32

SERIAL FOUNDERS

• SAASHA CELESTIAL-ONE

Saasha Celestial-One is the Co-Founder and COO of Olio, a free app which connects neighbours with each other and with local businesses so that surplus food can be shared, thus reducing food waste. Since launching the company in the UK in 2016, Saasha has successfully grown it to more than 100 team members and seven million users. In 2013, she also co-founded and led My Crèche, London’s first pay-as-you-go childcare provider, which helped fill a gap in the market for parents in need of fully flexible childcare.

• LUKE TOBIN

Starting his first business at the age of 19, serial entrepreneur Luke Tobin has gone on to found five companies in total, the most recent being Digital Ethos and Tobin Capital. Digital Ethos is a B Corp-certified marketing agency that was established in 2016 to bridge the communications gap Luke had noticed between agencies and clients. After achieving an average growth rate of 67% between 2018 and 2022, the company was sold to the DBG Group. Whilst growing Digital Ethos, Luke founded the investment business Tobin Capital, which specialises in consultancy and investment for startups and entrepreneurs.

• MULENGA AGLEY

After nearly a decade in the world’s leading global advertising agencies, Mulenga Agley followed his passion for fast-growth tech and joined the founding team of Monese, the first-ever fully mobile current account. As VP of Marketing & Growth, he grew the business from scratch and successfully exited after a $60m (£49.1m) Series B fundraise, selling his shares to PayPal. He launched Growthcurve in 2017, a company which uses the latest technologies and highimpact growth strategies to grow unicorns and help global clients, such as Chelsea FC, Coinbase, and Unilever tap into a start-up growth mindset.

• EAMON JUBBAWY

Eamon Jubbawy is the Founder and CEO of Isometric, the carbon removal registry and science platform. Prior to establishing Isometric in 2022, the Oxford graduate co-founded several companies, the first of which was Onfido, the identity verification platform for the internet economy. Jubbawy served as the company’s COO for eight years, before co-founding Sequence and Safi in 2021. Safi is an end-to-end solution for trading recyclables across the globe that is backed by the Founders of Revolut and Monzo, whilst Sequence is a B2B billing software platform that raised £16.6m in a seed round last year.

• STEVE BROUGHTON

Starting his entrepreneurial journey at the age of 29, Steve Broughton founded CleanSafe Services, a specialist commercial and industrial cleaning company, in 2004. After recognising the demand for related services, he founded three more companies: WasteSafe, PestSafe, and Superproof. In 2017, Steve brought them all together to form SafeGroup Services and within three years, the company grew into the UK’s largest independent national specialist reactive cleaning and waste management company, employing 120 staff. In the same year, the serial entrepreneur co-founded Legionella and FireSafe, the water and fire compliance business which currently employs 65 people, with Steve Morris.

• RAJEEB DEY MBE

Named the world's Youngest Young Global Leader in the 2012 cohort by the World Economic Forum, Rajeeb Dey MBE has enjoyed a distinguished career as a business founder. In 2005, he set up Enternships, a portal that connects students and graduates to work placements in over 7000 start-ups and SMEs. In 2011, Rajeeb co-founded StartUp Britain, the national campaign to inspire, celebrate, and accelerate entrepreneurship in Britain, which was supported by the Government. He is also the Founder and CEO of Learnerbly, the workplace learning marketplace that empowers employees to access curated content from more than 250 of the best learning and development providers. 

December/January 2024

ADVERTORIAL

THE STORY OF THE FINNCAP AND CENKOS MERGER In late January, two financial professionals convened at the venerable La Famiglia restaurant in Chelsea. The setting, a traditional Tuscan eatery with a history of attracting celebrities and finance professionals, set the stage for a pivotal discussion. The individuals engaged in this tête-à-tête were not seeking mere social interaction; they were there to discuss a significant business matter. Following a recent successful defence against an unsolicited takeover bid initiated by City broker Panmure Gordon, John Farrugia, then CEO at finnCap, spent his holiday season crafting a list of potential

December/January 2024

PROMOTION

partners for a new venture. His dinner companion, Julian Morse, was then CEO at the company at the top of his list – Cenkos. Julian had also been thinking along the same lines and looking to partner to create an outstanding platform. During their encounter, a strong connection emerged between Farrugia and Morse, setting the wheels in motion for a momentous decision. As they walked out of the restaurant, their words echoed with resolve. "Let's do this," Farrugia declared, looking at Morse with anticipation. Fast forward to the present, and the integration of the two firms is now complete. Their new headquarters, located near St. Paul's, embodies the unification of Cenkos and finnCap. The transformation is evident as new signage adorns the reception area, branded stationery reflects the new identity, and staff expertly answer phone calls, demonstrating the swift adaptation to their new environment. The harmony and energy pervading the City's latest investment bank is palpable. This £43m all-share merger between Cenkos and finnCap took place against a backdrop of increased consolidation within the mid-market banking sector. Smaller financial institutions have experienced a notable decline in both deals and listings, adversely affecting many of London's banks and brokerages. For instance, finnCap witnessed a significant drop in revenues, culminating in a loss of £1.7m in its last standalone full-year results. Peel Hunt and Numis, along with other market participants, are encountering similar challenges, the latter recently becoming part of the Deutsche Bank Group. While some view deals like the Cavendish merger as defensive manoeuvres, Farrugia is quick to dispel this notion. He asserts that both Cenkos and finnCap boasted strong balance sheets independently. The collapse of the Panmure takeover attempt served

▴ Julian Morse - CEO, Cenkos

as evidence that they were not desperate to accept the first available offer. Morse acknowledges that synergies play a role in the merger's appeal but notes that he had proposed a finnCap merger to his board two years prior. The failed Panmure deal provided the opportunity to act on that proposal. With approximately 200 employees across offices in London and Edinburgh and around 220 quoted clients, Cavendish now represents a major player in the UK's mid-market sector. Morse and Farrugia have strategically divided their responsibilities to ensure clear lines of separation. Morse leads the firm's capital markets activities, while Farrugia oversees private markets, debt advisory, and M&A operations. This double-leadership model has proven effective in various deals throughout the year, fostering accountability and driving performance. Both leaders share a pragmatic perspective on the current economic downturn, noting early signs of recovery. They highlight the open market opportunities in the mid-market, with new IPO interest gradually emerging as we enter 2024. Behind the scenes, dealmakers are gearing up for a resurgence. Farrugia emphasises the importance of focusing on their own successes and failures, rather than succumbing to external pessimism. Morse, sporting Superman cufflinks, actively participates in the industry's reform conversations, acknowledging the encouraging efforts by the London Stock Exchange to rally stakeholders from various corners of the financial industry.

▴ John Farrugia - Former CEO, finnCap Group

Business Leader – The UK’s Voice for Business

For now, both leaders have their hands full with the task of merging teams and identifying new opportunities in a reviving market. As they adapt to their roles, a sense of serendipity surrounds their partnership. Their children attend the same school, and personal milestones like weddings and shared birthdays further solidify their bond. With all the stars seemingly aligned, Farrugia and Morse are poised to steer their merged entity into a promising future. 

ESS LEA IN

R DE

BU S

FAST TRACK

OLD HEADS DON’T ALWAYS KNOW BEST HOW CHAMPO BECAME THE UK’S FASTEST-GROWING BEAUTY COMPANY In each edition of Business Leader magazine, we profile one UK company that is experiencing exponential growth in a feature called Fast Track. For our most recent edition, we spoke to natural haircare brand Chāmpo. Ranked eighth on The Sunday Times Hundred 2023, making it the UK’s fastestgrowing beauty company, Chāmpo has achieved a compound annual growth rate of 217% over the past three years and sold more than one million products since its 2019 launch. The company, which provides clinically proven formulas for a new generation of haircare consumers, now operates in 20 global markets. NO EXPERIENCE? NO PROBLEM The most-seasoned entrepreneurs have struggled to match Chāmpo’s growth in such a short period of time, but Kuldeep Knox, the company’s Founder and CEO, began her career in Private Equity and Chāmpo is her “first dive into the world of entrepreneurship.” Whilst experience undoubtedly has its benefits for business leaders, Knox is definitive proof that it’s not the only driver of entrepreneurial success. As both Knox’s parents are entrepreneurs, you could say business acumen is in her blood. So, how exactly has Chāmpo become the UK’s fastest-growing female-led private company? Knox attributes channel diversification as one reason for it.

Kuldeep Knox Founder & CEO, Chāmpo

She comments: “Initially, we launched Chāmpo directly to consumers (DTC) and more recently, our focus has shifted towards wholesale. The growth has been significant – we now proudly hold the title of the best-selling haircare brand in Harrods and have become the fastestgrowing brand in Selfridges. Diversifying our sales channels has proven to be a key catalyst in accelerating our growth.”

December/January 2024

CHĀMPO

Of course, growth on the scale that Chāmpo has achieved is seldom down to one reason and Knox highlights two other key growth drivers for the company: new product development and market expansion. She continues: “At the core of our expansion lies a deep commitment to research and development. We've invested substantially in new formulations that have redefined the natural haircare landscape. We proudly pioneered the introduction of a highperformance, natural bond-building complex to the market with our Leave-in Perfecting Cream, setting a new standard in natural styling. “We've ventured into new markets, both in our DTC and wholesale channels, guided by data insights that highlight untapped demand. Our entry into the US and EU markets have proved to be an important step in accelerating growth.” THE IMPORTANCE OF GROWING SUSTAINABLY No business can begin without at least some start-up capital and Knox’s parents provided her with a loan to get Chāmpo off the ground. But other than taking on some venture debt, the company’s growth, driven by Knox’s firm belief in the market potential and customer need for Chāmpo, has primarily been organic. Crucially, the company’s leader has also ensured it has been sustainable. For the fast-growing companies that do not expand sustainably, growth can fade away just as quickly as it’s attained. Knox comments: “Our approach as a business has been focused on sustainable growth. We've demonstrated that it is possible to deliver rapid growth, profitably. In order to maintain an efficient capital structure and ensure we had the necessary cash flow to expand business infrastructure and support fast growth, we took on some venture debt.”

Chāmpo’s success is epitomised by its inclusion in the top ten of The Sunday Times Hundred, an accolade boasted by few businesses. The great thing about accolades such as this is the recognition they provide, and according to Knox, being named on this list has had a really positive impact. She explains: “It's garnered substantial interest from retailers, customers, and investors worldwide. Our team takes immense pride in this achievement, as it's a reflection of nearly four years of unwavering, consistent growth. Achieving the eighth position among the UK's fastestgrowing companies is a testament to our product performance and dedication to our customers, and it has positioned us for exciting opportunities in the future!” NEVER UNDERESTIMATE THE POWER OF LOYALTY But no successful journey is without obstacles: bumps in the road will always appear eventually. Of course, obstacles are there to be overcome, and Chāmpo has faced challenges head on. Knox continues: “As our business expanded, one of our primary challenges was maintaining a robust supply chain and ensuring we remained well-stocked to meet customer demand. We tackled this challenge by establishing strong relationships with our suppliers and continuously optimising our supply chain processes.” As a company grows, it becomes necessary to hire more staff for growth to be sustained. But taking on new people can mean the management style needs to change, new premises are required, or in the case of Chāmpo, difficulties maintaining company culture. Substantial growth can also put a strain on a company’s cash flow, but fortunately, they’ve managed to take care of this.

"OUR TEAM TAKES IMMENSE PRIDE IN THIS ACHIEVEMENT, AS IT'S A REFLECTION OF NEARLY FOUR YEARS OF UNWAVERING, CONSISTENT GROWTH. ACHIEVING THE EIGHTH POSITION AMONG THE UK'S FASTEST-GROWING COMPANIES IS A TESTAMENT TO OUR PRODUCT PERFORMANCE AND DEDICATION TO OUR CUSTOMERS."

Business Leader – The UK’s Voice for Business

Knox says: “To capitalise on the opportunities that came our way, we needed to grow our team strategically without diluting our company culture. Cultivating a positive environment where people can perform and work collaboratively is so important to successful growth. Managing cash flow is a critical aspect of sustaining growth too, and it presents its own set of challenges. However, we addressed this by implementing rigorous financial planning and always having strong financial governance in place.” Seemingly no business has been immune from the impact of the cost-of-living crisis and Chāmpo is no exception. However, customer loyalty is one thing that can help any business through periods when consumer spending power is limited. Knox continues: “We have seen the ‘lipstick effect’ in action, and consumers have started increasing their spending on prestige haircare, viewing it as an accessible luxury. Many of our customers are experiencing fine or thinning hair and are looking for an effective solution that really delivers results. Our commitment to delivering value to our customers, coupled with product excellence, has nurtured a loyal customer base. This loyalty has proven invaluable, providing resilience during challenging economic times.” A BRIGHT FUTURE AHEAD With Knox predicting the global markets for higher-quality haircare products to grow in the years ahead, and prestige haircare distribution evolving in the UK, 2023 might not be the only year Chāmpo finds itself featured in The Sunday Times, particularly if their future plans for the company come to fruition. Knox concludes: “Our current focus is all about our customers and ensuring they get nothing but the best products and experiences. Our primary goal is to keep bringing exceptional products to the market and to elevate the haircare experience for as many customers as we can. From a commercial perspective, we're in a solid position, and our strategy for the next three years is clear: we'll keep investing in new product development, exploring opportunities to expand into new markets, and diversifying our distribution channels.” 

ROUND-UP

TECHNOLOGY

NATUREMETRICS PICKS NEW CHIEF EXECUTIVE Global nature intelligence provider, NatureMetrics, has announced the appointment of Dimple Patel as new its chief executive. Dimple will spearhead the company’s global growth and digital expansion, in response to the rapid demand for nature monitoring, following new nature reporting obligations such as CSRD and TNFD. Former CEO of global ecommerce brand, Trouva, Dimple led the business through the acquisition to Made.com, and then subsequently to Re:store.

RETAIL

ETHICAL FASHION MOVEMENT BRAND APPOINTS NEW CFO Refined Brands has appointed Tyrone Sarucan as CFO. Founded in February 2021, Refined Brands are digital pioneers of the ethical fashion movement, with a clear focus on sustainability, British heritage, and high-quality manufacturing. The group includes Celtic & Co., Turtle Doves, Kettlewell Colours, and Frugi. Sarucan joins from PVH where he’s held positions since 2015, most recently as VP of Finance and Operations, Northern Europe (UK, Ireland, Netherlands, Nordics, and Baltics). Prior to this he was leading auditing teams at PwC in the UK and Australia.

FINANCIAL SERVICES

INVESTMENT MANAGER CONFIRMS NEW MANAGING DIRECTOR Triple Point, the purpose-led investment manager, has announced that Toby Furnivall has been appointed Managing Director of Triple Point Private Credit. Neil Richards has stepped down from his role as Head of Private Credit, having made a significant contribution to the firm over the past decade. In his role as Managing Director of Private Credit, Toby will work alongside the 50-strong Private Credit team to ensure a seamless transition and continued success. Toby previously held the position of Chief Commercial Officer in the Private Credit team and has 17 years lending experience. During Neil’s tenure, he has played a pivotal role in establishing and guiding the Private Credit team, positioning Triple Point as one of the foremost non-bank lenders in the UK.

December/January 2024

APPOINTMENTS

LOW CARBON

TERESA HARTMANN JOINS CARBON RATINGS AGENCY AS CHIEF RATINGS OFFICER BeZero Carbon has announced Teresa Hartmann as its Chief Ratings Officer. Teresa has dedicated her career to funnelling finance into climate action and will bring her wealth of experience working in policy and across NGOs to BeZero’s world-leading ratings team. Teresa began her career in a bootson-the-ground role in Kakum National Park in Ghana - which is now a forest carbon project. She realised that in order to truly protect the forest and deliver genuine climate impact, a career scaling markets and developing policy was essential and transitioned to a role at UNHQ and later the UN Environment Programme. Since then, Teresa has operated at the forefront of carbon market development, leading the Natural Climate Solutions Alliance at the World Economic Forum and building their carbon market portfolios, before moving on to act as Director of Voluntary Carbon Market Formation at IETA.

FINANCIAL SERVICES

PRAETURA ASSET FINANCE PROMOTES RIC SIMMONS TO MANAGING DIRECTOR

TECHNOLOGY

NEW CFO APPOINTED AT MEDIUS

Praetura Asset Finance (PAF) has appointed Ric Simmons as managing director, following a sustained period of growth. Ric Simmons is one of the original members of the team that established PAF almost ten years ago and has worked in the finance industry for over 20 years. The appointment is part of PAF Group’s long-term organic growth

strategy and consolidation in the sector. The Group became one of the UK’s largest asset finance lenders, following the acquisition of Kingsway Asset Finance and an expansion of the Group’s funding origination capacity in 2019. The securitisation facility with NatWest Markets increased to £100m in 2022, helping drive record figures for the group in 2021 and 2022.

Business Leader – The UK’s Voice for Business

Provider of AP Automation and wider Spend Management solutions, Medius, has confirmed the appointment of Emma Brown as CFO. She will be responsible for guiding the company through its ambitious plan to double turnover by 2025. As a leader of digital transformation throughout her career, Brown will champion product development, representing the views of core Medius customers, as CFOs seek increased productivity and financial control. Brown holds 14 years’ of experience scaling high growth global technology and people-based businesses. She joins Medius from consumer intelligence accelerator platform Talkwalker, where she acted as the Group Chief Financial and Operating Officer and retains a board position. Prior to Talkwalker, Brown worked in the tech sector in both the UK and Australia, including at MedicalDirector, Smartways Logistics and Altium.

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"WE’RE OPTIMISTIC AND READY TO GO FORWARD" UK SMALL BUSINESS LEADERS ARE PLANNING FOR GROWTH ROUNDTABLE ATTENDEES Stacey Sterbenz General Manager, UK Commercial at American Express Kit Lewin Strategic Partnerships at Capsule Cover Rachel Watkyn Founder at The Tiny Box Co Chris Purcell Managing Director at Carescribe Helen Puddefoot COO at Be the Business Chris Ormrod CEO at Cakesmiths Tomas Cochrane Sales and Marketing Director at Hummingbird Travel Jacqueline O’Donovan Managing Director at O’Donovan Recycling Bridie Cunningham Founder and CEO at Portman Scott Joanna Jarjue Co-Founder of So93 agency Rachel Ringstead Head of Comms at Small Business Britain

The respected economist Paul Krugman famously said, “Your spending is my income” – a simple phrase that provides a blueprint for a successful economy. To spend and invest though, requires confidence from both consumers and businesses. To assess current sentiment and confidence of the latter, American Express, in partnership with the Small Business Saturday campaign, runs its annual Business Barometer – surveying 1,000 SME owners and decision-makers which covers everything from optimism levels and current priorities, to how leaders view the importance of culture in their companies. To delve into the findings further, American Express teamed up with Business Leader for a roundtable discussion to hear from those running small businesses, along with industry experts, to explore their current perspectives and experiences. SME LEADERS NEED MORE SUPPORT AND RECOGNITION Small and medium-sized businesses make up 99% of the UK business population – yet their leaders don’t always feel understood or appreciated for the work they do. When owners and leaders were asked if they thought the general public understood the challenges and hard work involved

in being a small business owner, Amex survey respondents were divided, with 50% agreeing and 30% disagreeing. Furthermore, a significant 82% believe entrepreneurship should be celebrated more, with over three quarters (76%) calling for greater support from the Government with measures that encourage small business growth. Rachel Ringstead, Head of Communications at Small Business Britain, believes more needs to be done to support entrepreneurs: “They need to be valued more as they are creating amazing products or services while generating wealth and jobs.” Chris Ormrod, who has built and sold seven businesses and is currently CEO of Cakesmiths, a cake manufacturer, added: “More needs to be done to showcase the realities of being a small business owner. Learning about setting up your business and cash flow and VAT are important if we’re going to encourage entrepreneurship.” LEADING WITH OPTIMISM Regardless, entrepreneurs are feeling confident about the year ahead, as pointed out by Stacey Sterbenz, General Manager, UK Commercial at American Express: “What stood out to me in this year’s research

December/January 2024

PLANNING FOR GROWTH

Jacqueline O’Donovan OBE, Managing Director of O'Donovan Waste also expressed strong optimism about the period ahead: “I'm really positive about the future. People kept telling me the UK will go into recession and I said it wouldn't - we need to get away from the doom and gloom.” One characteristic that shines through is that business leaders are agile and adept at finding reasons for optimism. Rachel Watkyn, Founder of sustainable packaging business The Tiny Box Co, admitted: “This year has presented challenges that we’ve never encountered before, interrupting our usual upward trajectory. It's been a perfect storm of internal structural issues, a drop in customer numbers, and some hiring decisions that didn’t pan out as expected. We've re-strategised though and I'm optimistic and ready to go forward.” GROWTH AMBITIONS DESPITE CHALLENGES American Express’ Business Barometer revealed that a significant number of respondents (79%) are defying the odds and believe their business is currently in good shape, up 5 percentage points from a year ago. ▴ American Express’ Stacey Sterbenz welcomes attendees

Steady growth requires entrepreneurs to keep their finger on the pulse of changing customer behaviour and adapt accordingly

– which includes hiring more people to meet customer demands. Bridie Cunningham, Founder and CEO of Portman Scott – an executive recruiter – supported these findings. She says the business is on course for a strong year: “We’re seeing a shift in mindset amongst businesses from the challenges of recent years but now they want to grow and are going to invest and hire.” Challenges undoubtedly remain; over onethird (35%) think running a business has become harder over the last year. Inflation is playing its part with over half (53%) of respondents citing the rising costs of goods, services, and energy as the biggest challenge to running their business, along with fixed costs such as business rates and taxes (25%), and labour (23%). Helen Puddefoot is Chief Operating Officer at Be The Business, a charity that supports businesses with leadership to boost productivity and performance. She believes that the current positivity is due to firms having navigated so many challenges over the past couple of years: “They have got through this and the feeling among many leaders is ‘whatever comes at me, I can deal with it’,” she says. Cont. 

was that almost eight in ten (79%) expect to grow their business over the next 12 months – an uplift of 13 percentage points yearon-year. It’s great to see this optimism and momentum.” Joanna Jarjue, the Co-Founder of Leedsbased marketing agency So 93, supported the survey findings: “There is more optimism now and it feels like business owners have come over the hill, having dealt with so many challenges. Yes, the environment is not perfect but the founders I'm talking to are positive.”

▴ (L-R) Oli Ballard & Rachel Ringstead

Business Leader – The UK’s Voice for Business

▴ (L-R) Bridie Cunningham, Tomas Cochrane & Helen Puddefoot

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PLANNING FOR GROWTH

THE IMPORTANCE OF CULTURE One survey finding surprised some around the table: only 15% of respondents said that “establishing the right culture” was the top piece of advice they would give to fellow business owners when starting out. Rather, 39% said budding entrepreneurs should focus chiefly on customer service, while 32% suggested marketing activity should be the top priority. Sterbenz said: “Culture is an important part of any business, so it’s striking that respondents recommended fellow small business owners focus on other areas when starting out. However, I believe the results reflect a desire to establish strong foundations and profitable growth, meaning business leaders can then focus on building a winning culture through hiring the right people.” Kit Lewin, Head of Strategic Partnerships at Capsule Cove, an insurance partner, concludes on this point: “We have grown rapidly in a short space of time, and we’ll continue to grow. Every hire for us matters and makes a difference and as we take our business to the next stage, we must be focused on building and maintaining our culture.” LOOKING AHEAD The American Express research uncovers

American Express backs small business owners and entrepreneurs with its products and services, as well through grant programmes, mentoring support, and technical assistance.

Visit: americanexpress.com/uk for more details ▴ (L-R) Chris Ormrod & Rachel Watkyn

that many of the UK’s small business leaders are displaying resilience and determination. And this was palpable in the experiences and insights revealed by the entrepreneurs attending our roundtable, who are actively focused on driving growth. The discussion shed light on the optimism and adaptability that define the UK’s small business community. While the journey of entrepreneurship and small business ownership is never a smooth one, there was a concerted call to champion and support it further - a cause which we should all get behind. 

▴ Chris Purcell

ALIGN YOUR BRAND WITH THE UK’S VOICE FOR BUSINESS Business Leader will connect you with the entrepreneurs who are the UK economy’s energy and heartbeat via print magazine, our virtual and live events network, and digital opportunities. Our goal is your success: Talk to us on 020 3096 0020 or email sales@businessleader.co.uk

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Jason Samuels, Head of BKL Advance Jason.samuels@bkl.co.uk 020 8922 9335 www.bkladvance.co.uk

leader in focus

LEADER IN FOCUS

December/January 2024

ROB DANCE

LEADING BY EXAMPLE

ROB DANCE CEO AND FOUNDER OF ROCK

Rob Dance is the CEO of ROCK, one of the UK’s biggest technology consultancies. Rob started ROCK in his parents’ garage and has grown it into a globally recognised eight-figure business with more than 100 employees. We spoke to Rob about his leadership style, his tips for growing a business during a recession, and much more. YOU FOUNDED YOUR FIRST COMPANY AT 13. CAN YOU TELL US A BIT ABOUT IT? The first business I set up was a tennis academy. By that point, I’d gained enough knowledge of tennis to be able to support other people in the game. I coached people of all ages, whether that was one-to-one or what they call ‘squads’, where you have a group of people that come together. This fuelled a passion for seeing other people flourish, which is probably one of the reasons why I wanted to set up a business, and that kind of approach has really stuck with me. I strongly believe that feeling satisfied in life comes from making

Business Leader – The UK’s Voice for Business

money from what you do in the first few years, then making money using what you know, and then you start wanting to help other people. DO YOU FEEL A BIG MOTIVATING FACTOR FOR YOU IS STRIVING TO BE THE BEST YOU CAN? 100%. My partner often says that I take things to the extreme when I want to improve things. I want to research everything and improve it, and then help my staff to do the same. Tennis is very much like that. You can break it down into different parts, so your serve, backhand or forehand, and then try to improve each one, which ultimately improves the overall game. That continuous improvement has stuck with me, not just on a holistic scale but breaking everything down to the end degree and improving every smaller part as well.

Cont. 

LEADER IN FOCUS

WOULD YOU SAY YOU’VE ALWAYS WANTED TO RUN YOUR OWN COMPANY?

HOW WOULD YOU DESCRIBE YOURSELF AS A BUSINESS LEADER?

Definitely. After the tennis academy, I was 17 and started building computers for high-profile clients and big corporations. So, I’ve always had a side business, although I also worked for a local company building computers for the NHS during this time. This taught me how to take things apart and build them, which gave me an advantage over many people who were doing a similar thing.

For me, it’s important to lead by example. A lot of people have praised me for my work ethic since starting the business and say that my passion is infectious. But it’s not just about working hard. It’s about doing the right things, treating people well, and being aligned to our values.

Soon after that, I went traveling with two guys and all we talked about was business. The three of us now have companies and I think that came from us talking about it and getting excited about what we could do. After travelling, I did a business degree, and sandwiching that with the passion I already had, the businesses I had set up before, and the discussions with my friends, made me really excited about setting up a business. DO YOU THINK HAVING THAT DIVERSITY OF EXPERIENCE HELPED YOU AND WOULD OTHERS BENEFIT FROM IT? The more experience you have, the better. But when I set up ROCK at 25, I didn’t know much about sales, marketing, operations, finance, and those sorts of things. When you grow the company, there's always a new problem. When you start, you’re thinking I need to sell some stuff, so I need to get good at sales. For me, it'd be a case of going on Amazon and getting the top 10 rated books on sales, reading them, and taking in that wisdom. Then you grow a bit, and you need policies and procedures because you've taken on staff, so you do the same thing again. I didn’t have it all at the start, but I had the passion to do good things and spent a massive amount of time reading and learning, which I still do today.

Thankfully, I’ve never been on the other side of the coin, but I have seen it in other businesses where leaders aren’t leading by example. If you want to do really good things, then do them and others will replicate that. HAS YOUR LEADERSHIP STYLE CHANGED OVER THE YEARS? I’ve always been a kind person, so I’ve always wanted to give back, but my leadership style has changed. When you set up a company, you don’t really have time to fail: if you fail once or twice, you’re pretty much out of business. So, in the first couple of years, I was more dictatorial in my approach. But after we increased our staff number to around 30, we started taking on experienced people to run sales, marketing, and the other teams in the business. At that stage, I had to flip my style. I’d taken them on because they knew more than me, which meant I was happy to be guided in those areas by them. It wasn’t about telling them what to do, rather

it was empowering them and providing them with the resources they need to do good work and allowing them to have the failures which we couldn’t afford at the start. A brilliant idea is not always going to come out of your head the first time. It can take a couple of failures, iterate that, improve on a few things, and then it becomes a success. HOW HAVE YOU MANAGED TO GROW ROCK FROM YOUR PARENTS’ GARAGE TO THE GLOBALLY RECOGNISED BUSINESS IT IS TODAY? There are many aspects to this, but in its most simple form, there are three things that have made the big difference, and they're less about business and more about the way that I’ve worked, and others have replicated. Firstly, I’ve always been relentless and I’m not proud of this, but I’ve had about 30 days of annual leave in the past 15 years, which is probably less than most CEOs. The next one is making sure you execute your day, every single day. Every night I’ll meticulously plan the next day, breaking down each point into how long it will take me to complete that task, and if I complete that list, it will be an amazing day. Thirdly, constantly improving. The other day I was asked what the biggest failures I’ve experienced in business are. I struggled to answer, not because we’ve not experienced

"A LOT OF PEOPLE HAVE PRAISED ME FOR MY WORK ETHIC SINCE STARTING THE BUSINESS AND SAY THAT MY PASSION IS INFECTIOUS. BUT IT’S NOT JUST ABOUT WORKING HARD. IT’S ABOUT DOING THE RIGHT THINGS, TREATING PEOPLE WELL, AND BEING ALIGNED TO OUR VALUES."

December/January 2024

ROB DANCE

"ONCE YOU’VE GOT A BUSINESS, YOU ALSO NEED TO CONSERVE CASH WHERE YOU CAN, SO YOU CAN INVEST HEAVILY IN THE OPPORTUNITIES THAT YOU KNOW WILL MAKE A BIG DIFFERENCE."

major failures but because every small challenge we’ve come up against, we’ve tried to improve on what we’re doing, so eventually it turns out to be a success. HAVING STARTED ROCK AT THE BEGINNING OF THE 2008 RECESSION, WHAT ADVICE WOULD YOU GIVE TO SOMEONE WHO’S STARTING OUT OR WANTING TO CREATE A COMPANY DURING AN ECONOMIC SLOWDOWN?

intelligence, which is a sector that is experiencing significant growth. Once you’ve got a business, you also need to conserve cash where you can, so you can invest heavily in the opportunities that you know will make a big difference.

WHAT WOULD YOU LIKE YOUR LEGACY TO BE WHEN ALL IS SAID AND DONE?

Try and look out for opportunities that wouldn’t usually present themselves. Immerse yourself in the world around to try and find these problems, speak to new people, and read widely. Also, find the right business model because you need to be cautious of what type of business you go into, as some industries might be declining whilst others are on the up. Around five years ago, we had a decision to make on whether to go into telecoms, but because it was a declining market, we decided not to. However, we are currently launching promising new ventures, such as a SaaS product that utilises artificial

way for 15 years. It goes up and down and you constantly need to tinker with it. Often, business leaders think they need to dictate the culture, but for us, it’s been amazing to watch the team build our culture and the leaders guide it. Creating the company’s values with the team is much better than creating it yourself.

When I was younger, I had zero confidence, no money, connections, or experience, and basically had to figure it all out for myself. So, as cliche as it may sound, I’d like to support younger people and help them overcome the fears and challenges that I had in the early days. This is why I’m doing a lot of stuff on my social media at the moment.

IF YOU HAD ONE GROWTH TIP FOR ENTREPRENEURS, WHAT WOULD IT BE?

I’ve also got two young sons and it’s difficult to be a young lad these days, so whether it’s being a role model to my children or other children, I’d like that to be my legacy. 

It comes down to the people. The culture at ROCK is brilliant, but it’s not been that

Business Leader – The UK’s Voice for Business

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"WE ALL END UP SOMEWHERE IN LIFE BUT ONLY A FEW GET THERE ON PURPOSE AND THAT IS WHAT SETS THE WINNERS APART" Jonathan Covey’s book ‘Seven Habits of Highly Successful People’ is up there with ‘Think and Grow Rich’ as one of the most enduring business books ever, having inspired and motivated many in business. To celebrate the ideals of the book, we partnered with BCMS – a UK-based M&A advisor – to bring together five founders who are all on their own personal journeys to success, to find out what makes them tick, what inspires them, and ultimately, what makes a great entrepreneur different to a good one. The event was titled – with great originality – Seven Habits of Successful Businesses, which were: •

Innovation as standard

•

Have a vision, write it down, and (mostly!) stick to it

•

Follow the data

•

…and build a detailed business plan

•

Empower your people

•

Listen to the market and learn

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Get external advice

Here are some of the key takeaways. WHAT SETS THE WINNERS APART? Jonathan Dunn is the CEO of BCMS and his experience of exiting many companies has given him a unique perspective on what makes the winners stand out. He opened the event by saying: “Everyone who builds a business of value has achieved

something amazing already because not many people can do that. We all end up somewhere in life but only a few get there on purpose and that is what sets the winners apart. They are deliberate, they know what they are going to do, they plan for it, and they are purposeful.” A simple but profound statement. HAVE A VISION One of the seven habits was the importance of having a vision, something which was reflected in Jonathan’s opening statement. Chris Forbes and his wife Julie Chen set up a company called The Cheeky Panda in 2016. The company manufactures and supplies products made of bamboo and Chris says the vision has always been clear: “Why cut down trees to make products? Julie and I complement each other well and our vision is to become the most recognised brand in this space by always innovating. We’re now selling across 25 countries and selling half a million units each month.” Rob Dance is the Founder of Rock IT and also shared his thoughts on vision: “Of course having a vision is really important because it sets the tone for everything. I learnt the hard way though as my first business plan was 250 pages long. Every year, we write a new plan.

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December/January 2024

HABITS OF SUCCESS

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Business Leader – The UK’s Voice for Business

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HABITS OF SUCCESS

"One piece of advice I would give is to write one vision and plan for the bank and one for yourself. Make sure to keep referencing back to the one you wrote for yourself. You should communicate it to your employees too because some people will be motivated by money, some by helping the company grow, and others by supporting their community.” Elaborating on having a vision being a key habit of success, Raissa de Haas, who set up the fast-growth drink business Double Dutch with her sister Joyce, comments: “We have generally always both agreed on the vision for the company. However, Joyce tends to be longer-term focused and I am focused on the short-term. We wrote an original plan but didn’t end up following anything. You need to have an ultimate goal and be flexible.” LISTEN TO THE MARKET AND LEARN A worrying trend in business is for businesses to raise lots of investment without achieving product market fit and then struggling thereafter. Establishing your place in the market and meeting customer needs is a fundamental but often forgotten business must. Forbes comments: “In business, a key habit to achieve success is to look for the white space, even if it’s a crowded market, and do things differently. We continue to iterate too, so it’s not just one product we’re offering, and this helps to drive sales. Cash is king too and too many people in business don’t have a grip on this. If you can establish productmarket fit, listen to your market, and have good cash management – you’re developing winning habits.”

"FOUNDERS NEED A MENTOR, BUT YOU NEED TO KNOW WHAT YOU NEED TO LOOK FOR, IT’S NOT A CASE OF BEING BROAD AND LEARNING EVERYTHING BUT FOCUSING ON ONE THING AT A TIME." Rob Dance

GETTING EXTERNAL ADVICE One of the seven habits of successful businesses is receiving external advice, not always an easy thing to do for a busy business builder. Rob Dance comments: “It is hard to look outside for inspiration in the early days of growing a business because you’re so focused on internal matters. Founders need a mentor, but you need to know what you need to look for, it’s not a case of being broad and learning everything but focusing on one thing at a time.” Lewis Raymond Taylor, the Founder and CEO of Coaching Masters, also joined the panel, saying: “There is a misconception of what a coach is. A mentor or consultant will often share what has worked for them and give advice based on this. A coach will ask challenging and provoking questions, so the entrepreneur can start to answer them for themselves. A coach is about removing those barriers because the only thing that will get in your way is yourself – imposter syndrome, fear of failure, insecurity, and doubt. He continues: “We’re wired to take the path of least resistance and a coach can give another view and highlight any blind spots, and not tell us what to do but empower us as an individual and help us grow. It’s really important to get support but to also remember that analysis can be paralysis and you can put too much into your brain than you need to.” EMPOWERING STAFF An entrepreneur will have the idea, but it is hard to execute without an engaged and driven team. Forbes talks more about this: “As you build the business, it requires different employees and who you have can also be dictated by who you can afford. But whoever you have, you must reward them, to celebrate their work but also understand that the people you have at the beginning might not be with you at the middle stage. Stock options are a good way to retain talent because if you give them a stake in the business, they are more likely to stay.” BCMS is an employee-owned business and Jonathan Dunn agrees: “The business is thirty years old, but we have been employeeowned for just over a year and it has been a joy to see the impact this has had. People are bought into the business in a totally different way from how they were previously.

“Our big bang moment came 18 months ago, and we realised that we were all about impact because an exit creates an opportunity for people who founded and invested in the business and that’s what we’re about. Being an employee-owned business has given us a point of difference and you can see the beginning of something special here.”

"I BELIEVE IT IS IMPORTANT TO INVEST IN TRAINING FOR PEOPLE TO ENSURE EMPLOYEES CONTINUE TO LEARN AND DEVELOP IN THEIR OWN CAREERS." Raissa de Haas

Mara Alves is the Founder of Nova Commercial Cleaning, another business that is growing fast. On how she empowers her staff, she says: “My story is empowering because I came to the UK when I was 20 and worked as a cleaner and I have worked in every part of my business. Recruitment is harder now because of Brexit but we tell our story this way alongside all of the positive things we do for our staff. Marketing and social media provides a good way for us to do this.” De Haas finishes by saying: “To empower our people, we ensure we are super flexible and give our people autonomy. However, we also realise that some people like structure and we ensure we offer this where needed. I also believe it is important to invest in training for people to ensure employees continue to learn and develop in their own careers. Nobody wants to work from 9-6 anymore, so making sure we’re offering flexibility is important too.” 

WATCH THE FULL DISCUSSION HERE

December/January 2024