Homework Magazine Issue 3 by TRUE 212 Ltd

Spring/Summer 2017

L O N D O N

made in LONDON

the big breakfast

What’s next for the world’s greatest business hub?

hit play!

Explore The Record Hall

celebrate our capital #LondonIsOpen

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2017 is proving to be an unforgettable year. The UK is firmly on track to begin its exit from the European Union despite much opposition, the US swore in Donald Trump as President and entrepreneurs cheered as the government dropped the National Insurance increase proposed in the spring budget. Each day brings louder headlines than the last and yet, behind the noise, it is business as usual for Workspace customers. The theme of this third edition of Homework magazine is Made in London — we wanted to step back from the noise and celebrate all that London has to offer, and remind ourselves why our beloved city continues to reign supreme. A world-leading business environment, international investment, a pool of entrepreneurial talent, world-class dining scene, vibrant music scene... the list goes on. Find out what we think makes London so great and how the city is evolving to become a truly 24/7 capital in the long read (page 51). Deputy Mayor of London for Business, Rajesh Agrawal, tells HomeWork magazine why the city will always remain open as a “truly international, cosmopolitan, outward-looking global city” (page 60). We invited a group of leading business minds and envoys from the Mayor’s office to discuss the burning issues affecting London, how the city can boost entrepreneurship and what impact Brexit is having on business owners. Their wealth of experience and original ideas make for a compelling read (page 24), especially their thoughts on what they would do if they were Mayor for a day! Browse the Start Me Up section (page 35) to read about Workspace’s fast-growing customers, and how Club Workspace customers are benefiting from accelerator programmes. Freelancers, our spread on how to properly price your services is a must-read (pages 42 and 43). Tell us what you think of the magazine — tweet @WorkspaceGroup using the hashtag #madeinlondon or email me at homeworkeditor@workspace.co.uk. We will feature a selection of your responses in the next edition, so get tweeting and emailing!

ah arKhalique, fFarah Editor

“London will always remain open for business”

made in

London

huge thanks to…

…this issue’s contributors, Jennifer Bollen, Fleur Macdonald and Joshua Neicho, for sharing their expertise Jennifer Bollen is a freelance journalist specialising in business and finance. She has a particular focus on private equity and venture capital, and alternative investments. Her work has appeared in titles including The Wall Street Journal Europe, Dow Jones Newswires and Investment & Pensions Europe. Her feature on HomeWork magazine’s first ever business breakfast on page 24 details the burning issues affecting London’s businesses

Fleur Macdonald is a journalist specialising in small businesses, particularly those based in London. She also edits HomeWork online, is features editor for TRUEAfrica, and writes for The Economist’s 1843 magazine and the Guardian. Read her interview with fast-growing tech businesses based at Club Workspace, in the Start Me Up section on page 38

Joshua Neicho is a freelance journalist who previously had roles at the London Evening Standard and the Telegraph. He has also worked for The World Weekly, based at Workspace Westbourne Studios, and assisted on two StartUp Britain summer bus tours. His feature on page 51 explores whether London can continue to be a success story in the wake of Brexit

contents

for the record p.16

There’s a new look to the buzzing Garden and apps to meet-and-greet From Hatton social platforms area, make sure to check outevents, what Workspace’s here’s how to build – and maintain – The Record Hall has in storea strong business network

story inside

London is the focus of this issue of HomeWork magazine, that’s why it’s such a packed read!

Start me up Information, inspiration, tips and advice from fellow entrepreneurs you’ll find it all in our special section dedicated to brand new businesses

p.35 www.workspace.co.uk

p.24

London made in

Hear from London’s brightest business minds as to why the city is such a fantastic place to grow your business, and what more can be done to help fuel the city’s growth

also inside…

Dine at Vacherin. p9

p.6 Storyville London in pictures p.10 Workspace Business Insight Meet your peers over a meal p.12 Business rates Decipher your bill and learn about the new appeals process

We’re

rolling Follow our InspiresMe Week protegés as they brainstorm how to make London even better

14 p.

The long read

p.51 HOME TO NEW AND GROWING COMPANIES

Discover why London continues to be the greatest city to grow your business and find out how Mayor Sadiq Khan plans to make the city a 24/7 destination

the big picture

With hundreds of thousands of people talking about London every day on Facebook, millions of tweets and over 70 million Instagrams using #london, the UK capital is the place of a billion stories. It is also the home of thousands of businesses; we celebrate their success in this special ‘Made in London’ edition of HomeWork magazine. Take a closer look at this iconic skyline featuring the city’s prominent business landmarks and you’ll see the faces, places and objects that make up one of the world’s top places to grow and launch a business.

storyville

news talking points

your

Catch up on the latest official news affecting New and Growing Companies and find out how Workspace is helping Generation Z tap into its entrepreneurial spirit

NGCs pray for ‘EU red tape escape’ New and Growing Companies are eyeing up the possibility of a post-Brexit silver lining, in the form of less red tape and greater autonomy over taxes and working hours The UK’s departure from the European Union is imminent, with businesses awaiting guidance. Amid the unknowns is there anything to look forward to? Following the Great Repeal Bill, which will convert existing EU law into UK law upon our leaving the Union, experts are imploring the government to reduce the administrative burden on New and Growing Companies. The Institute of Directors has been supporting businesses since 1903; its proBrexit Director General, Stephen Martin, has publically urged UK ministers to do away with EU red tape and explore trade opportunities with the rest of the world. The National Federation of Self Employed & Small Businesses (FSB), which provides advice to small companies, also laments excessive red tape. Chairman Mike Cherry says, “Across the board with smaller businesses, it’s often not the purpose of any one specific regulation. It’s more the cumulative effect, how clearly they are written or how complicated they can be to comply with.”

“In many cases these practices amount to nothing less than supply chain bullying” VAT simplification would also greatly benefit small companies post-Brexit, according to Daniel Lyons, a partner at advisory firm Deloitte. “The Chancellor has asked the Office of Tax Simplification to look at VAT systems generally to see what could be made less complex, primarily to help SMEs,” he says. The review includes the flat rate scheme and the annual accounting scheme. The FSB also hopes for simpler rules surrounding temporary staff. The Working

Time Directive, which sets minimum standards for working hours across the EU, has led to a disproportionate amount of administration for small companies. Businesses requiring temporary staff currently face cumbersome paperwork, discouraging many from providing opportunities for casual workers. The EU’s Late Payment Directive – rules introduced in 2011 to curb cashflow problems for small companies – is also proving to be a headache. Phil Foster, Managing Director of comparison site Love Energy Savings, urges NGCs to lobby for late-payment reform. The directive requires public authorities to pay for goods and services within 30 days, and enterprises to do so within 60 unless otherwise agreed. But some corporates exploit the rules by deliberately delaying payments, or pressurising small businesses to sign up to unfair contract terms. Cherry says, “In many cases these practices amount to nothing less than supply chain bullying.” n

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Dine with Vacherin Workspace is welcoming Vacherin and its sustainable food know-how which has seen the caterer garner plenty of devotees as well as awards We know that tasty, high-quality food is important to our customers. Workspace has teamed up with catering partner Vacherin to bring you a delicious range of coffees, cakes and high-end deli selections at a number of our business centres. Get ready to flex your tastebuds at the recently renovated The Leather Market and Workspace’s newest business centre, The Record Hall, where Vacherin will provide ever-changing and seasonal breakfast and lunch menus. Vacherin has been awarded a threestar rating by the Sustainable Restaurant Association. Try the I’mPerfect range of cosmetically rejected but utterly delicious

fruit and vegetables; enjoy a coffee in the knowledge that your coffee grounds will be recycled into biofuel; and tuck into Red Meat-Free Monday menus that simultaneously reduce calories and carbon. The people serving you are nurtured too – they are all given time off work to volunteer for causes they care about. Vacherin chefs at Luminary Bakery, a social enterprise in east London, are teaching culinary skills to disadvantaged women. n

Read more about our newest workspace, The Record Hall, on page 16

“Try the I’mPerfect range of cosmetically rejected but utterly delicious fruit and vegetables” HOME TO NEW AND GROWING COMPANIES

Vacherin’s chefs take pride in offering healthy, tasty cuisine with something for everyone!

talking points

“ This is a great opportunity to connect with other businesses, compare notes and share stories”

innovation a celebration of

Product innovation was the hot topic in the most recent event organised by Knowledge Peers and Workspace, which provided guests at Kennington Park with plenty of food for thought

WBI dinners are an opportunity to ask experts in your field the questions that matter to your business

What better way to connect with your peers than over food and drinks? Workspace Business Insight is an initiative that allows customers to network, listen and learn from industry experts and other business owners, over a tasty meal. Chris Dines, CEO of Knowledge Peers, the business network that collaborates with Workspace on the events, crafts the evening to fit the needs of New and Growing Companies. “We’re dealing with businesses of a size that don’t have endless in-house resources or expertise or experience,” Dines explains. “So we bring in people who’ve done it, been there, talk the language and share their experience.” Innovation was the main topic of discussion at the last dinner in January at Workspace’s Kennington Park. The speakers were: Paul Gregory, Dyson’s Global Specification Director; Brooke Roberts-Islam, knitwear designer, fashion tech blogger and Co-Director of Brooke Roberts Ltd; Ben Griffin, Innovate UK’s Innovation Lead For Design; and Dan Bladen, Chargifi’s CEO and Co-Founder. They spoke passionately about the challenge of staying innovative – whatever the size of your company. “From an innovation perspective, the companies who get it right are the ones who go all the way from early-stage strategy to execution,” said the evening’s chair, Ben Sheppard, a partner at McKinsey &

Company, where he leads the company’s UK Product Development and Design practices. “It’s not just enough to have a good team, you have to be very analytical at the beginning; what’s the strategy; what’s the market you’re going after; what’s the size; what’s the growth. Find your pocket. Once you’ve got that, then you get the right to be innovative.” Workspace Business Insight events are also a chance to try out some futuristic tech toys. At the dinner in October, which focused on virtual reality, guests were treated to an exclusive demonstration of Oculus headsets and invited to experience the virtual reality recreation of Barcelona FC’s indoor basketball arena. This was courtesy of Soluis and its Senior Augmented Reality, Virtual Reality and Creative Consultant Greg Williamson, who was also on the panel. Suzanne Holland, the UK General Manager of crowdtesting company Testbirds, based at the Metal Box Factory, explained why she finds the events valuable, “This is a great opportunity to connect with other businesses, compare notes and share stories, and develop new networks. The speakers were truly inspirational.” n Want to attend the next Workspace Business Insight event? Email wbi@knowledgepeers.com for more information about upcoming events

www.workspace.co.uk

Global creative agency Forefront International has decided that there’s never been a better time to set up shop in London This stunning image was designed by creative agency Forefront International. In May 2016, a team of eight from Forefront in Kuala Lumpur, Malaysia, made the plucky decision to set up an office in London. Weeks later, the UK voted to leave the European Union. The result may have caught Forefront by surprise, but it is confident that spreading its wings from Asia to London is the right move. Founded in 2004, the agency provides creative services including CGI imaging, virtual reality, advertising and digital marketing to property developers like S P Setia, which is working on the Battersea Power Station redevelopment. Founding CEO Darien Mah says, “Europe benefits from a prestigious reputation and London is one of the most prominent symbols of it, especially in the property sector.” An increasing number of new developments in London are marketed to Asian investors. Tapping into its home team’s regional property marketing knowledge, Forefront International wants to help British property brands market across Asia Pacific. Contact business development consultant Adrien Saint in Grand Union Studios, Ladbroke Grove, to discuss Forefront International’s services. www.forefront.international

From east to west

Spring budget: What it means for your business The government’s spring budget is a mixed bag for New and Growing Companies, with measures designed to ease changing business rates but also a raid on self-employed workers’ earnings to fund public services. But they scored a victory after the Chancellor shelved plans to hike up National Insurance Philip Hammond tackled the thorny issues of business rates with a £435 million war chest and three key measures: a monthly £300 million discretionary relief fund; a £1,000 discount for virtually all pubs; and a £50 cap on monthly bill increases. Find out more about business rates on page 12. It looked like self-employed workers had the most to lose from the budget, with a 2% hike in National Insurance. However, this has been dropped following widespread opposition. Mike Cherry, Chairman of the National Federation of Self Employed & Small Businesses, had called it “a £1 billion tax hike on those who set themselves up in business.” However, the self-employed workforce faces swingeing cuts to the tax-free dividend allowance – this will be reduced from £5,000 to £2,000 from April 2018. This raises concerns for businesses around staffing and even future growth. HOME TO NEW AND GROWING COMPANIES

“A £1 billion tax hike on those who set themselves up in business” The good news for smaller businesses is that digitization of taxes is being put on the backburner. The new quarterly reporting requirement will be delayed by a year for those businesses with a turnover below the VAT threshold of £83,000. Mothers returning to work will also be given a helping hand, with £5 million pledged to promote “returnships”, helping people back into employment after a career break. Bigger businesses are being rewarded with a corporation tax cut to 19% in April 2017, and then to 17% in 2020. n

Budget: good & bad

£435m in business rates relief measures £40,000 higher rate tax threshold 19% corporation tax £11,500 personal allowance £7.50 National Living Wage

6 £3,000 cut in the tax-free dividend allowance

talking points

“ The appeals system is changing, with the introduction of a system of fines and fees under the new ‘Check, Challenge, Appeal’ process”

The government will put aside almost half a billion pounds (£435 million) to help companies adapt to changing business rates and keep Britain’s high street alive. Find out how much your rates bill comes to, and get up to speed on important changes that may affect your business

£435m cuts cools business rates row Businesses pay an annual commercial property tax to local authorities to help finance neighbourhood services (similar to council tax paid on residential property); the council collects rates but it is the government that decides how they are calculated. The rating valuations are changing from April for the first time in seven years, factoring in London’s rising property prices. Strong opposition from the business community has prompted Chancellor Phillip Hammond to announce a series of government relief measures in the spring budget to the tune of £435 million, spread out over the next five years. Councils typically start sending out bills from February onwards; here is what you

need to know:

How are business rates calculated? Business rates are calculated based on the property’s Rateable Value (RV), an estimate for the rent a property could let for on the open market. This may not be the same as your actual rent. The tax office’s Valuation Office Agency decides on the final RV figure using market rental figures from a set date – this year it will use figures from 1 April 2015. Therefore, businesses need to be aware that the rates they pay may change in April. Please note that your Rateable Value is not the actual amount you will pay – the actual payable amount is known as the Rates Payable.

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Have you checked your business rates bill? Read our update to understand how it could be changing.

Spring budget relief measures Key takeaways… Any company that no longer qualifies for Small Business Rates Relief because of the revaluation will have their increase in monthly bills capped at £50. A new £300 million fund for local authorities will permit them to give “discretionary relief” for the hardest hit businesses in their area. Pubs will get a helping hand, with a £1,000 discount on business rate bills for all pubs with a Rateable Value of less than £100,000. This represents 90% of all UK pubs.

Read up on business rates The government has a handy introduction to get to grips with business rates and how they affect you and your company. Go to www.gov. uk/introduction-to-business-rates

Do I get any relief? Find out if your business is eligible for a discount, for example if your business only uses one property and the Rateable Value comes to less than £12,000. The threshold for Small Business Rates Relief has been increased so some small businesses might be better off than before under the revamped rules, so it is worth finding out. To ease the pain from any uplifts, the government is phasing increases over the next five years. This is known as Transitional Relief and will limit any uplift in actual paid rates by capping the percentage amount your bill can increase. Even if your business no longer qualifies for Small Business Rates Relief under the new rules, any increase will be capped at an extra £50 a month under Hammond’s new measures. The government is also putting in place a new £300 million fund for local authorities, allowing them to give “discretionary relief” for the hardest hit businesses in their areas. Workspace expects that some customers will see no increase or limited increases in business rates bills, thanks to Small Business Rates Relief. HOME TO NEW AND GROWING COMPANIES

What if I think I’m being overcharged? Your bill has arrived in the post and it looks out of line. What can you do? You still have to pay it, but every business has the right to query the Rateable Value with the Valuation Office. If you can’t come to a mutual agreement you have the right to appeal. It is advisable to seek professional advice first, though; rating valuation is a niche area so exercise caution if employing a no-win no-fee adviser on your company’s behalf. Check the adviser complies with the RICS Code of Practice, or call the RICS rating helpline on 02476 868 555 for half an hour of free advice from a local chartered surveyor specialising in business rates. The appeals system is also changing, with the introduction of a system of fines and fees under the new ‘Check, Challenge, Appeal’ process. This means that businesses who are unable to come to an agreement with the valuation office and decide to appeal, will have to pay a fee to do so, and anyone found to be providing misleading information can be fined. n

Work out how much your business will be charged using an online DIY government calculator. It will first work out the Rateable Value for your property in a matter of seconds, and then estimate the business rate (the Rates Payable). Go to www.gov.uk/ correct-your-business-rates Are you a small business? Find out if your business is eligible for a discount at www.gov.uk/apply-for-businessrate-relief/small-business-rate-relief Want to query your rates bill? Find out more here www.gov.uk/business-rate-appeals UK pubs received a welcome boost in the recent budget

talking points Students were tasked with filming a two-minute video as part of their pitch for a social enterprise to improve London

Generation London The power of video was at the heart of this year’s InspiresMe Week and 2017’s young Londoners didn’t disappoint at the final day event at City Hall – displaying in very impactful and personal ways a great range of ideas that are close to their heart

When students got on stage and proposed a scheme to make work experience a compulsory part of the national curriculum, Daisy Greenaway, Senior Policy Officer at the Greater London Authority (GLA), and one of the brains behind InspiresMe Week, must have sighed with relief. “More experience leads to more jobs leads to more money,” chimed the students. Couldn’t have put it better ourselves. Now in its fifth year, InspiresMe Week is an annual event founded by Workspace and the GLA that is supported by the Mayor of London. Run by Business in the Community (BITC), it allows New and Growing Companies, mostly based at Workspace, to give students valuable experience in the world of entrepreneurship and an opportunity to develop key skills. These businesses are fostering the next generation of young entrepreneurs in London.

Getting stuck in Seventy-nine students took on a week’s worth of work experience in 55 organisations, ranging from the international structural engineering consulting firm Thornton Tomasetti at Exmouth House to the Pill Box-based film production company Sparks, which trains children and businesses to make films.

Students were lucky enough to get behind the scenes at online storage company LOVESPACE, the branding agency Spoke, specialist innovation company Good Innovation as well as many other inspiring businesses. Krupal, from Ark Elvin Academy, said that his mentor at the architecture, engineering and construction firm SSH “gave me advice to create a portfolio. When you apply for a job in design or engineering, you might need to have a portfolio, so I can show what my style is.” Macro Art, one of the UK’s leading suppliers for large-format interior and exterior event branding, which is based at The Light Box, discovered some unexpected benefits to having a fresh perspective. “I hadn’t really considered the benefits of doing this for me and my team,” said Michael Green, Commercial Director at Macro Art. “And whilst we hope that we’ve given them some inspiration, they have certainly inspired us inspired us – and they even gave us very valid criticism/ feedback on our new website!” The week culminates with a day at City Hall. In the capital’s HQ, students were asked to come up with a social enterprise that would make the city a better place for Londoners. The students worked on ideas,

www.workspace.co.uk

supported by an inspiring range of mentors from Eman Kotb, founder of the ballet pump brand Butterfly Twists, to Christina Stone, Head of Customer Service at the ethical car service Green Tomato Cars.

Innovative ideas The judges were former Apprentice winner and motivational speaker Tim Campbell, BITC Chief Executive Amanda Mackenzie, and John Montague, the Managing Director of the social investment arm of The Big Issue. They wanted to reward ideas that would make London a better place but also make money while doing so. Many of the ideas put forward by the budding entrepreneurs were really timely. One of the finalists, Real Talk, wanted to promote digital-free spaces and “encourage offline activities” with an app. This would give people “more time to make a difference”. Crucially, they’d thought of a revenue stream: events companies could market their offerings on it. The proposal from Cooking Cultures was an event-based business that travelled from school to school, teaching people how to cook and helping people learn about different cultures through food. They’d thought of everything: excess food would be taken to local homeless shelters and schools HOME TO NEW AND GROWING COMPANIES

“Some really important issues have come out of today: community cohesion, community activity, mental health” John Montague, event judge

would pay for students to attend, subsidised by funding from local councils. iSmile, the winning team, wanted to tackle the capital’s mental health problems – which really seemed to hit a chord with the judges. The app and helpline would provide resources and information to those with mental health

issues. They even considered an artificial intelligence helpline for those who were a little bit shy. Money would be generated through advertising and promoted posts. Montague summed up the creativity and brainstorming of the day, “Some really important issues have come out of today: community cohesion, community activity, mental health.” He went on to encourage students to keep on thinking and behaving like entrepreneurs, “It would be a shame if people don’t come out of this week and don’t carry it forward. Remember, you don’t need huge organisations behind you.” InspiresMe Week is all part of showing students that they don’t have to limit themselves to traditional careers in order to make a difference. They can be filmmakers, media owners, start-up founders, developers or tech entrepreneurs. And perhaps that’s the point of it. Opening up opportunities is one of the easiest ways we can make London a better place – more diverse, more dynamic and more innovative. n InspiresMe Week is not only a great experience for the students but also an invaluable insight for businesses, so if your company would like to get involved please go to www.workspace.co.uk/community/

inspiresme for more information

the record hall

changing 16

www.workspace.co.uk

Above: Have an informal meeting or relax in the large reception area at Workspaceâ&#x20AC;&#x2122;s newest refurbishment. For more details about The Record Hall, call 020 7369 2343

the record Workspace is once again blazing a trail across Londonâ&#x20AC;&#x2122;s landscape with its latest pioneering development, The Record Hall words: Farah Khalique HOME TO NEW AND GROWING COMPANIES

the record hall

Below, left to right: organise an unforgettable event in the crypt at St Etheldreda’s; The Bleeding Heart takes its wine very seriously. Opposite: General Manager Nicolas Garcia ruling the roost in the crypt

“ It’s old fashioned, but good old fashioned. It’s not old fashioned where nobody smiles at you” Within walking distance of Hatton Garden, Farringdon and Chancery Lane, The Record Hall is set to attract a diverse crowd of customers in one of the edgiest pockets of London. This is where old meets new, fine dining meets street food and lawyers happily mingle with creative types. Tucked away just off bustling Leather Lane on Baldwin’s Gardens – named after a gardener to Queen Elizabeth I – is the entrance to Workspace’s six-floor, 6,000 sq ft development, The Record Hall. A former

record depository, the building is being transformed into office and studio space with high-tech meeting rooms, a co-working lounge, a café and roof terraces offering impressive views of the city’s skyline. Customers can expect Workspace’s usual original touches, including an internal full-height lightwell rooted in the centre of the building that brings plenty of natural light, and tasteful interior fittings supplied by Workspace customer, Rawside, and Viaduct Furniture.

Old-school delights The Record Hall is conveniently located within walking distance of five major tube and train stations – Farringdon, Chancery Lane, Holborn, City Thameslink and Blackfriars. But it offers customers more than just a great postcode. Leave the crowds exiting Farringdon station and wander up Greville Street; the din of the railway station soon fades to reveal a sheltered quarter full of cobbled streets, intrigue and tall tales.

“ We picked Leather Lane because it was an area with a market, and there was a lot of history and culture to it. The area was very up and coming” Ashley Lopez, CEO of the Department of Coffee and Social Affairs

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the record hall

The Record Hall is ideally located near Holborn, Chancery Lane and Farringdon station. The new Elizabeth line is set to start running in December 2018 from Farringdon station; it will take just three minutes to get to Bond Street and eight minutes to Canary Wharf

“Camden Council predicts that Crossrail will result in a ‘substantial increase in the number of pedestrians’”

A stone’s throw from Greville Street is The One Tun pub on Saffron Hill. Established in 1759 and a firm favourite of author Charles Dickens, it made it into his classic novel, Oliver Twist. But it’s The Bleeding Heart eatery that is the crowning glory of this patch, although blink and you’ll miss most of it. Its unassuming burgundy building – The Bleeding Heart Tavern – is merely the first course in an intricate menu of buildings sprawled across the hidden Bleeding Heart Yard, and underground into the nearby crypt of St Etheldreda’s. Legend has it that the courtyard’s name commemorates the murder of Lady Elizabeth Hatton, whose husband’s family owned the nearby Hatton Garden area. Her body was discovered here on 27 January 1626, “torn limb from limb, but with her heart still pumping blood”. Quite how she died is ambiguous, although one popular fable is that she got carried away partying with the devil. First opened in 1983 as a wine bar, The Bleeding Heart has slowly expanded to include the bistro, tavern, restaurant, private

dining rooms that welcome many a celebrity and the crypt, complete with stained glass and religious artefacts. This unique institution offers something to everyone, whether it’s a well-earned evening pint in the tavern or a £1,500 bottle of Bordeaux over French cuisine in the restaurant. “It’s old fashioned, but good old fashioned. It’s not old fashioned where nobody smiles at you,” says General Manager Nicolas Garcia, who hails from France. “So many restaurants nowadays look alike. Bleeding Heart is one of the last independent companies.” Indeed, its founding owners Robert and Robyn Wilson live in a penthouse suite in the courtyard and eat breakfast at The Bleeding Heart every day. “Are you likely to see them? Yes,” says Garcia with a smile.

A modern twist Further ahead is Hatton Garden, London’s diamond quarter. Don’t be surprised to brush past beefy, armed security guards; the memory of the audacious £14 million Hatton Garden heist in 2015 is still fresh in people’s

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paradise foodie’s

There’s plenty for the palate in one of London’s hottest food spots

Enjoy a delicious meal at The Record Hall in our customer café, thanks to our new catering partner Vacherin. It will offer a range of deli food, coffee and cakes. If you fancy some hot food or something a bit more exotic, look no further than Leather Lane, a stone’s throw from The Record Hall. Leather Lane is a paradise for food fans, fostering an eclectic group of food stalls, cafés, restaurants and pubs. The market comes alive at lunchtime with the sights and smells of freshly cooked food and the accompanying rush of local workers. There are too many mouth-watering food stalls to mention in one piece, but there is something for everyone. Spanish Tapas, Jerkkies, Carnivore, Food Gangnam Style and El Jugo juice bar are just a few of the stalls where you can grab and go. For a sit-down meal, try KIN restaurant at the far end of Leather Lane towards Clerkenwell Road. Manager Zac describes the standalone restaurant as pan-Asian.

“We’ve got a bit of everything. Thai, Vietnamese, Japanese and a few Chinese dishes.” The restaurant gets hectic around lunchtime but you can expect to be seated after queuing, or take up Zac’s recommendation of the £5 takeaway curry lunch offer. For a working business lunch, grab a seat at the Department of Coffee and Social Affairs at the corner of Leather Lane and Greville Street. Popular with creative types like app developers and jewellery designers, it also attracts high-flying lawyers, according to Manager Kylie Bourke, a native Kiwi with 15 years of coffee experience under her belt. Quietly spoken, she comes alive when discussing coffee. Kylie’s current recommendation is the Ethiopian Wegida Chief espresso that has tropical fruit aromas. “A nice chocolate-based smooth coffee, it blends well and doesn’t lose its flavours. All our coffee is single origin, none of it is blended,” she says. The company’s barista-training programme and dedicated roastery in Mile End ensures consistently good-quality coffee. Download the app to pay for your coffee without opening your purse and collect stamps on the virtual loyalty card. Hardcore fans of the black stuff should check out the Coffee School offering workshops on how to craft an espresso and create the ultimate latte. Perfect for a teambonding event!

Explore the food stalls at Leather Lane. They offer cuisines from all around the world and service with a smile

HOME TO NEW AND GROWING COMPANIES

the record hall

For the record

Fitted with state-of-the-art features, The Record Hall is designed to help you grow your business at light speed Workspace has designed The Record Hall with you, the customer, in mind. Make the most of the large reception area and on-site café, operated by caterer Vacherin, to talk business, or choose from four bookable meeting rooms to have a private conference with colleagues and clients. Buildingwide Wi-Fi means you can work from anywhere in the building and even connect to your servers from other Workspace properties using the same secure Dot 11 network. Expect superfast fibre broadband with speeds of up to 120Mbps delivered to all your devices – PC, laptop or phone. Workspace has achieved this by teaming up with solutions provider Excell, our preferred digital partner at other Workspace business centres including the Metal Box Factory, to offer world-class, secure and reliable connectivity. Customers can enjoy state-of-the-art technology infrastructure and Excell’s managed service for its customers, as well as voice and cloud solutions created specifically for New and Growing Companies.

The building is also designed with your commute in mind. There are plenty of bike-storage facilities – avid cyclists can be reassured of safe road conditions thanks to a nearby highway dedicated for cyclists. Transport for London is extending the North-South Cycle Superhighway, which currently runs from Elephant and Castle to Stonecutter Street, further out to King’s Cross. It will include many main roads – such as Farringdon Road, Saffron Hill and Judd Street – that are close to The Record Hall. Open 24 hours a day, the building also has showers to ensure a fresh start to the working day.

memories. Leather Lane is mere yards away, where traditional traders’ stalls selling clothes and flowers are flanked by suave newer businesses, such as sleek barber’s shop Manifesto and the Department of Coffee and Social Affairs. The flagship coffee shop, which has since spawned another 11 locations across London, started out in December 2010 in an old ironmonger’s space. “It was ideal because it had raw aesthetics [that] we could build on. Look at a lot of coffee shops with exposed bricks, we were one of the first to do that in London,” Ashley Lopez, CEO of the Department of Coffee and Social Affairs tells HomeWork magazine. “We picked Leather Lane because it was an area with a market, and there was a lot of history and culture to it. The area was very up and coming.” Indeed, the nearby development of Crossrail, Europe’s largest infrastructure project, and the opening of the line at Farringdon station is expected to result in a “substantial increase in the number of pedestrians entering and moving through the area,” predicts Camden council. It will provide links to outer London, the home counties, the City, Canary Wharf and three London airports. As many as 140 trains and tubes an hour are predicted to serve Farringdon, with daily passenger numbers set to hit 150,000. Camden council has drawn up a list of areas surrounding The Record Hall that are due a makeover, including Leather Lane South, Hatton Garden and Brooke’s Market, among others. The Record Hall is ideally located in Zone 1, in an area steeped in history and culture that is undergoing a makeover as it moves with the times. Thinking about expanding your business at The Record Hall? n Find out more about Workspace’s redevelopment and the surrounding area by checking out www.workspace.co.uk/ workspaces/the-record-hall or call 020 7369 2343 If you are due to move into The Record Hall, your main contact will be Centre Manager Stuart Lancaster

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the big breakfast

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London calling: back row, left to right, Jack Beaman (Syft), Steve Folwell (LOVESPACE), Andrew Byrne (Uber), Nick Royle (London & Partners), Janet Coyle (London & Partners), Richard Gann (Rawside) front row, left to right Chantal Coady (Rococo Chocolates), Farah Khalique (HomeWork magazine), Ivana Ojukwu (See Fashion)

The Big Breakfast What’s next for the world’s most vibrant place of business? Is London still the place to be for New and Growing Companies? Workspace invited some key customers, entrepreneurs and the Mayor’s envoys to breakfast at Cargo Works for a no-holdsbarred round-table discussion to debate the burning issues affecting London’s businesses. We didn’t find all the answers, but we certainly posed some fascinating questions and reached a consensus that London has an exciting future words: Jennifer Bollen

HOME TO NEW AND GROWING COMPANIES

the big breakfast

A booming gig economy, a business-friendly Mayor and the search for the next Shoreditch… What does London’s growth mean for today’s fast-growing companies and how is the Mayor helping businesses thrive?

london made in

From Uber to LOVESPACE, executives from some of London’s fastest-growing companies are gathered over breakfast at one of Workspace’s central business hubs on the South Bank. With its proximity to Waterloo station and Blackfriars, to Tate Modern and Shakespeare’s Globe – Cargo Works embodies the Workspace spirit: providing entrepreneurs with a thriving hub in the heart of London. This morning, eight business leaders are debating London’s world-leading start-up and growth scene, chaired by HomeWork magazine’s new Editor, Farah Khalique.

She says, “We wanted to hear from a mix of Workspace customers, fast-growth businesses and those that work closely with the Mayor Sadiq Khan in order to find out the burning issues affecting London’s entrepreneurs. How can companies in the city flourish and what are the benefits of manufacturing and operating out of London? The morning was a great success with a diverse range of opinions and the overriding feeling that, no matter what happens in the future, London will still retain its crown.”

“The capital has attracted swathes of entrepreneurs in recent years, putting it truly on the global venture map”

Joining her is Jack Beaman, Co-Founder of temporary-staffing app Syft; Andrew Byrne, Head of Public Policy for the UK and Ireland at taxi app Uber; Chantal Coady, Founder and Creative Director of luxury confectionary maker Rococo Chocolates, and Janet Coyle, Principal Adviser at London & Partners, the promotional company backed by London’s Mayor. With them are Steve Folwell, Managing

Director of storage company LOVESPACE; Richard Gann, Founder of interior-design business Generate Studio and Rawside Furniture; Ivana Ojukwu, Co-Founder and Chief Operating Officer of fashion designer platform See Fashion; and Nick Royle, Head of the London Growth Network, a programme aimed at helping NGCs prosper.

London’s growing economy The Capital is experiencing fantastic growth but which industries are ripe for it? E-commerce and fintech rank among the fastest growing sectors in the city’s economy – how do we ensure this continues? The chief areas of interest for Coyle from London & Partners are technology, life sciences and what she refers to as urban – any product or service a city needs. The technology sector has grown so rapidly that its impact on all sectors is strong. Driving that is a determined talent pool. “The entrepreneurs we work with in that sector, despite whatever’s been thrown at them... have this incredible tenacity and innovative thinking to work through any challenges,” she says.

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“The UK’s relationships with the EU and London’s ability to provide workers with sufficient transport links are burning issues” Left: London & Partners’ Janet Coyle describes the Mayor’s vision for helping companies boost their export success Below: HomeWork magazine Editor, Farah Khalique, asks Uber’s Andrew Byrne how to motivate London’s huge mobile workforce Bottom: Our panel get animated on the subject at hand

HOME TO NEW AND GROWING COMPANIES

the big breakfast

When you’re trying to grow a business, it’s not only about the money, it’s about how you’re going to use that money to scale up”

“Grow more clusters in cheaper parts of business London to make us more competitive with the likes of Berlin”

“[Serial entrepreneurs] are extremely keen to back UK businesses and they take a great amount of pride in doing it”

Ivana Ojukwu, Co-Founder and COO, See Fashion

Nick Royle, Head of the London Growth Network, London & Partners

Jack Beaman, Co-Founder, Syft

For Uber, the poster child for Silicon Valley, London has always had an open door for new businesses, according to spokesperson Byrne. He says, “There’s always been a business ecosystem that means we’ve always felt confident about investing in London for growth.” He praises the UK government’s focus on fintech as a means to boost economic growth. “We’d like to see more focus on particularly high-growth industries in the UK and London, particularly those to turn into global success stories.” London & Partners’ Royle agrees that technology is at the centre of the UK’s growth story – more than half of the portfolio companies he works with operate in the sector.

Supporting NGCs The London Growth Network, due to launch in April, will support international Small and Medium-sized Enterprises and increase their productivity by facilitating collaborations with corporates. In its three-year run it hopes to work with 450 businesses and help create 150 jobs. “Our new programme is going to help them recognise the barriers to growth, look at those barriers, find solutions, link [them] to mentors,” says Royle. Networking is undoubtedly crucial to getting a business idea off the ground and London’s scene of founders that achieved success in the 1990s and 2000s is an invaluable resource for budding entrepreneurs.

Syft’s Beaman finds they are extremely keen to back UK businesses and are very proud to be able to do so. Beaman met four or five serial entrepreneurs who took no more than a half-hour meeting to buy into Syft’s proposition. “They were very happy to come in and they take great pride in doing that.” Coyle has developed a venture capitalist hub to introduce entrepreneurs to investors; she describes her network of venture capitalists and angel investors as “huge”. London & Partners’ efforts appear to be working – it said in its 2015-2016 annual review that over that period it attracted 289 companies to London, leading to 6,337 jobs. Coyle says, “Despite those political

“E-commerce and fintech-related industries rank among the fastest growing sectors in the city’s economy… – how do we ensure this continues?”

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“There’s plenty for us to go at here… We don’t need to cast our net too wide” Steve Folwell, Managing Director, LOVESPACE

challenges we’re going through we’re still seeing London really opening up.” London & Partners surveyed 100 companies on scale-up programmes – between them they have raised £57 million in the last six months. “We’re seeing more openness and a rise in serial entrepreneurs who are really backing UK companies.” The financing opportunities for today’s entrepreneurs are a far cry from the era before smartphones and crowdfunding. Coady of Rococo Chocolates recalls the challenges of securing a bank loan when attempting to launch her own company. Her business plan impressed her lender, but they needed security and suggested she use her mother’s home. She says, “I went with my tail between

HOME TO NEW AND GROWING COMPANIES

“There’s always been a business ecosystem that means we’ve always felt confident about investing in London for growth”

“With the different platforms of crowdfunding and other kinds of investment… there’s a huge array of opportunities”

Andrew Byrne, Head of Public Policy for the UK and Ireland, Uber

Chantal Coady, Founder and Creative Director, Rococo Chocolates

my legs and said, ‘What do you think?’ and she said, ‘Okay’. It was a huge act of confidence and potentially disastrous for the whole family and it put the biggest amount of pressure on me to make sure the business didn’t go bust. I would hope people don’t get put into that situation now, and with the different platforms of crowdfunding and other kinds of investment… there’s a huge array of opportunities.” Meanwhile, the flexibility of temp and freelance workers – the gig economy – is an important source of staffing for start-ups, New and Growing Companies and London’s growth. A report published last year by the Office for National Statistics illustrated a

significant trend towards casual work. Parttime self-employment increased by more than four fifths (88%) between 2001 and 2015, while full-time self-employment rose by a quarter (25%) over the same period. “The gig economy provides real value for people,” says Byrne. “Just having a flexible labour market where people can work and find work easily… it allows people to access the labour market in different ways.” Employers are competing hotly for the best flexible staff, says Beaman, and key to that is offering the best pay and treatment. He says: “We started from a standpoint of [asking] how much can we pay our workers and at the same time save our clients money

the big breakfast

“Despite those political challenges we’re going through we’re still seeing… [London] really opening up” Janet Coyle, Principal Adviser, London & Partners

from what they’ve traditionally paid? If they look after workers they’ll get access to the best workers.” In January, Syft partnered with employee-benefits platform Perkbox to encourage their staff to book more shifts through Syft. The initiative involves Syft offering free access to more than 200 perks including discounts at retailers and restaurants, free mobile phone insurance and corporate rates at gyms. Tax breaks have incentivised selfemployment, but this growing workforce poses challenges for the government. Byrne adds, “How can we make sure those people are taking advantage of the same social safety net and benefits that typical employees are provided with? How do you make sure they are saving for a pension, saving for a rainy day or making sure their existence isn’t precarious? That’s something that’s going to require businesses, government and organisations like London & Partners and the Mayor’s office to think carefully about.”

“Employers are competing hotly for the best flexible staff” London’s movers & shakers London is home to hundreds and thousands of businesses, including at least 3,000 that manufacture in London. After many decades of decline, the city’s global gateway, skills set and eight-million-strong population are contributing to the revival of London’s manufacturing sector. London’s creatives are a huge part of the resurgence but keeping them in the city, with its cripplingly high rents, is a growing problem. With previous up-and-coming areas such as Shoreditch and Dalston now out of reach for many designers and makers, where else should they look for affordable space? See Fashion’s Ojukwu says east London had traditionally been a cluster for the

fashion industry with designers building a hub by bringing their communities to cheap studios. She says, “They’re looking for another space to grow creatively and be inspired – Camden, Croydon. But speaking to people who work in my area… they’re looking at Tottenham.” Tottenham’s regeneration, particularly the development of Tottenham Hotspur’s new football stadium – and its links to Liverpool Street station and Stansted airport – make it increasingly popular among creative growth businesses. Such infrastructure is crucial to building a cluster, she says. Affordable working space is paramount for start-ups on a tight budget. “You can’t afford to pay everyone the salary you’d want to give them. You’ve got to make sure everything’s affordable.” Croydon is another growing hot spot on the start-up radar, in addition to more traditional locations in east London, like Shoreditch. Croydon Tech City is a growing organisation and community that aims to foster early-stage digital and technology

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KNOWLEDGE PEERS “THE INTERNET OF THINGS” DINNER AT CANTERBURY COURT

AT WORKSPACE WE LIKE TO GET PEOPLE TOGETHER

There are always plenty of business and social events happening here at Workspace, designed to make networking easy, inspire fresh motivation and provide you with the opportunity to learn new skills. Our main priority is to help your business thrive and grow through providing buzzing communities and support networks. We understand that together we’re better and with such an array of exciting and eclectic businesses, our customers can flourish by getting to know each other. Be sure to check out upcoming events at workspace.co.uk/community/events

You can also host your own business events in our striking atrium spaces For more details visit

workspace.co.uk/ meeting-rooms/event-space

the big breakfast

“We’re not going to implode [postBrexit] and that’s where the British are really coming into their own, particularly in London” Richard Gann, Founder of interior-design business Generate Studio and furniture maker Rawside

start-ups, a sign that tech companies are branching out in their search for the next upand-coming area. Coyle works with companies spread out all over the capital, from central London to Greater London. “We are doing a lot of work in Croydon and other boroughs because there is huge talent there and we need to make sure we can harness that and [support growth].” Boxpark, the world’s first pop-up mall, was established in Shoreditch in 2011. It successfully expanded to Croydon in October 2016, offering modern street food, fine dining, craft beer and drinks. The growing demand for locally made craft products – of which beer, gin and furnishings are at the forefront – is further fuelling the need to manufacture in London, says Gann, who spends much of his time working and designing from Workspace. He says, “How can we manufacture something in London where the property prices are so expensive and actually be competitive in our field? You can. If you look at raw materials, machinery, it’s the same across the world. Your only increase is your property cost and your operational staffing cost.” By being based in London, Rawside eliminates the cost of importing its goods in containers from China. Furthermore, it

can proudly tell its customers that they are purchasing furniture designed locally, say in Brixton or Wandsworth. And the best thing about operating in London? Its size, says LOVESPACE’s Folwell. The company benefits from its customers’ small living spaces but sees great opportunity for its own footprint to expand across London. He says, “There’s plenty for us to go at here. We don’t need to cast our net too wide… That’s the dilemma businesses have in London – do you double down here?” Coyle adds, “It’s that balance of keeping scale in London but if you don’t get out to market globally quickly enough, somebody else will take that.”

Looking to the future Confidence in talent – and the appetite to invest in start-ups and growth businesses – is high but how strong is London’s position likely to be in the coming years? With Brexit looming, how deep are concerns surrounding London’s status as a worldclass business destination? Brexit has already had a negative impact on business for some. Coady says retail prices at Rococo Chocolates had to increase following the pound’s depreciation because most of the company’s raw materials are priced in euros.

She says, “It’s looking like it’s not getting better… We have a lot of people who come from outside the UK to work with us so there’s a feeling of uncertainty among the workforce of what’s going to happen. ‘Is my future safe in this country or not?’ I feel a lot more confidence in the Mayor than I do in our Prime Minister.” More than half of LOVESPACE’s team comprises foreign staff. Folwell says it doesn’t take much to persuade non-UK talent to move out of the country – anything from high rents, an inhospitable environment to simply “This isn’t quite the right place to be for us”. Nevertheless, London’s growth is set to outstrip the rest of the country’s over the next decade. The City of London — the financial and commercial heart of the city — alone is expected to grow 2.6% between 2015 and 2025, according to research published by the City of London Corporation. Attracting and retaining the best developer talent – a large proportion of whom come from the technology and engineering hubs of eastern Europe – is paramount in the technology sector. The government understands that, says Beaman. “You have got to have that faith… the government is not silly enough to put something in place that is going to destroy an entire sector.” n

Is London still the place to be for New and Growing Companies? Our group of experts identified a number of challenges facing London’s New and Growing Companies but were overwhelmingly positive about the prospects for the city’s business scene and Mayor Sadiq Khan’s efforts. What are your thoughts? Is London still the greatest city to launch and grow your business? Do you think the Mayor is doing a good job helping London’s businesses prosper? Share your thoughts by emailing homeworkeditor@workspace.co.uk It’s good to talk! If you would like to be part of future roundtable discussions, drop us an email and don’t forget to check out www.workspace.co.uk/community/events for details of future Workspace forums and networking opportunities

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Mayor for a day? We asked our business experts, if you were Mayor of London for a day, what would you do to give entrepreneurs a helping hand? Chantal Coady: “Eye-watering taxes” on empty properties and five-year leases at a fixed price would help solve London’s affordable-housing crisis. Richard Gann: An initiative to provide small apartments at affordable rents, which exists in New York, could also work in London. Nick Royle: Reduce business rates in outer boroughs. Try and grow more clusters in cheaper parts of London to make the city more competitive with the likes of Berlin, where property is cheaper to start with. Ivana Ojukwu: Encourage greater digital skills within the UK by making tech and digital skills part of the national curriculum. Janet Coyle: Efforts to nurture entrepreneurship and improve links outside of Europe, particularly with corporates in the US, will stand London in good stead. Jack Beaman: Put more start-up founders in schools. Teachers are great but ultimately you want people who have been there and done things. Andrew Byrne: London’s getting bigger and bigger... the population keeps growing, so I would put the first spade in the ground on Crossrail Two tomorrow. Steve Folwell: I’d open up proper procurement. I’d re-tender everything on a timetable and give start-ups a fair crack of the whip.

“ An initiative in New York to provide small apartments at affordable rents could also work in London”

start me up… ‘On

the fast track’ feature

How 20% of us will be entrepreneurs by 2018 8 tips for raising capital Club Fleet Street gets a makeover

Husk & Honey granola is freshly baked in London with 100% organic oats and a delicious mix of grains, seeds, nuts and fruits. All blends are free from refined sugar and gluten, using carefully selected jumbo oats from an ancient British water mill. The food start-up was founded by Hedie Howells, right, who quit a career in psychology to concentrate on the business full-time two years ago. She works out of Club Workspace Fleet Street with her business partner and sister Verity. “We wanted a place where we could work together and an environment which was encouraging to work from. It’s inspiring to be surrounded by passionate individuals from a wide range of industries.” Find stockists and more information at www.huskandhoney.co.uk and read the interview in full in the Community section of the Workspace website www.workspace.co.uk/community

accelerated ventures

home to new and growing companies

from small beginnings…

starting out News from the fast-growth world of Workspace

water works

Rejuvenation Water, an amino acid-enriched spring water brand based at Vox Studios, has successfully raised well over its target of £150,000.

Waitrose stocks Remeo Gelato Remeo Gelato, the Italian ice cream brand based at Club Workspace Clerkenwell, has just launched in Waitrose stores. This is following online success on Ocado where two flavours sold out within a fortnight. So watch out, Dark Chocolate, Pistacchio Siciliano and Stracciatella will be coming to a store near you! www.remeogelato.com

Fund your design Design Foundations is a first-of-its-kind grant funding competition from Innovate UK that aims to deliver up to £3 million of support to UK businesses for early-stage design projects. The second funding round will open on 8 May. www.designfoundations.org

Digital influencers unite Club Workspace member Traverse Events is holding its fifth annual conference TRAVERSE 17 in London for the first time. It’s a week-long opportunity held at the end of April for digital influencers and brands to pick up new tips, friends and contacts. Get in touch at info@traverse-events.com

Women on a mission This is an opportunity for female entrepreneurs to present in front of key decision-makers and investors. To be considered, your start-up must have at least an equal gender representation or the majority of the team must be female. Submit your online application by 4 April. www.womenstartupcompetition.com

Best British business The Great British Entrepreneur Awards acknowledges the hard work and inspiring stories of entrepreneurs and businesses in the UK. Last year’s top winner? Shaun Pulfrey, founder and inventor of the detangling hairbrush Tangle Teezer. Entries open in May. www.greatbritishentrepreneurawards.com

Founder Kris Ingham said they decided to raise their second round on the crowdfunding platform CrowdCube “to get as many people on the adventure as possible”. Find out more at www.rejuvenationwater.co.uk

they wear it well Aparito, a Club Workspace tech start-up narrowly missed out on winning in the health category at the DigitalAgenda Impact Awards but has just given a talk on the Wired magazine stage at the Wearable Tech Show. Founded by Dr Elin Haf Davies, the company has developed a wearable device and app that provides vital information for hospitals and researchers without the patient having to go into hospital or face invasive medical testing. Founded two years ago, the start-up has already been awarded the Unltd Millennium Award, the 2015 Nominet Award and Nesta’s New Radicals Award. Stay tuned on Twitter @aparitohealth

Sow a seed Aduna, the nutritious health food brand based at Kennington Park, is launching its first ever equity crowdfunding campaign via Seedrs. The business, which sells natural products like cacao and baobab powder, helps create sustainable livelihoods for small-scale producers in Africa. Demand is expected to be high and the minimum investment is just £10. www.aduna.com

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Celebrity chefs Kit Tomlinson and Ross Newton are the sweettoothed entrepreneurs behind Mighty Fine Honeycomb, the artisan honeycomb makers based at Vox Studios. We’ve already written about their journey, from selling baconflavoured chocolate and tequila truffles to shifting 20,000 chocolate honeycomb bars a month online, on the website - so check out www. workspace.co.uk/community for the full story. Now Kit says they “are delighted to be working with Jamie Oliver restaurants who are using our honeycomb in a special Mighty Fine dessert.” Looks like we’ll be ordering pudding. www.mightyfine.co

the self starters

A new survey has found that there is a real drive for people to start their own business, which means there will be a changing working landscape in the UK

Over half of the UK population are keen to start their own business, according to a 2017 survey by private equity firm Idinvest, which is a major investor in New and Growing Companies and manages more than €7 billion worth of assets. 16% of the UK population have a definite plan to set up a business in the next 12 months, meaning that two in 10 people will strive to be entrepreneurs by 2018.

A generational thing The survey of 1,500 people aged 18 years and above showed that the entrepreneurial drive is particularly powerful among younger people – three quarters of 18 to 24-year-olds said that they are keen to set up a business. The survey also had some revealing insights on why people are motivated to set up their business. The main motivation is to make money (48%), followed closely by the idea of “being free and independent” (47%). For those with more concrete plans, the motivations shifted slightly – and indeed might be familiar to many Workspace and Club Workspace members. For them, setting up a business was motivated most crucially by confidence in their business area, as well as a desire to use their personal time more efficiently.

The gig economy This seems to be backed up by the latest figures from the Office of National Statistics. February employment figures showed selfemployment rising by 125,000 to 4.8 million in the three months to December 2016. Of course many people become freelancers for different reasons – and they’re not always setting up a business or working from a co-working space. That’s why the Taylor Review into modern employment practices, which was launched by the government in November, is so important. The review will “consider the implications of new forms of work on worker rights and responsibilities – as well as on employer freedoms and obligations.” This could have quite an impact on freelancers, entrepreneurs and anyone who’s a fan of Uber or Deliveroo. Even entrepreneurs need desk space. Find out more about Club Workspace at www.workspace.co.uk/co-working

up go clubbing

move on

A record 80 new companies were launched every hour in 2016, according to research from StartUp Britain, and the majority of them are based in London. In this issue of the Start Me Up section, we’re concentrating on how these new businesses are continuing to grow – whether they’re joining accelerators or moving on from Club Workspace to dedicated office space.

Hot-desking is great for small businesses and freelancers but if you start hiring, have confidential high-powered meetings, or just need acres more space for inspiration boards and Post-It notes, an office is sometimes the only option. But that doesn’t mean you’ll be locked down: at Workspace we make it easy to switch spaces according to your needs.

quick draws Draw Creative Design is a retail design studio, which was founded by Christopher Boniface and Jessica Codrington. They met a decade ago working at River Island doing in-house store design. After working freelance and for other design agencies, the two realised they had enough clients to set up their own company in 2015. They have worked for clients such as Phase Eight, River Island, the Arcadia Group and the food chain POD, as well as independent retailers. When and why did you start co-working at Club Workspace Wandsworth? Chris: We had just started the business so we were working from home. It can be quite isolating working alone. It’s much better to put yourself in a separate environment, away from your home. The motivation becomes different. Jess: You get a break between work and home. And being exposed to other types of businesses is a really positive thing. When and why did you move into The Biscuit Factory? Jess: We needed more space to store samples and equipment. We needed space to set up freelancers and an area for presentation and inspiration boards. We have hired freelancers according to our workflow, and setting up computers in a co-working space is quite difficult. It’s also good to have an office where you can bring clients. Chris: It’s close to London Bridge – so that makes it easy for clients. We’re so central so it’s always convenient to do store tours. Where will you be in the next three years? Jess: We’re looking for steady growth and we want to carry on working for clients that we like. We have a few potential exciting projects coming up – including an independent boutique barber’s shop. Who would you like to meet in your business centre? Jess: Entrepreneurs… independent businesses and brands that are on their way up to becoming more commercialised. Any brands that need a voice, really. Chris: We’re not targeting brands that are already established. Jess: It’s a good time to be a bit more entrepreneurial and take more of a risk and we’ve taken that journey. There are lots of new and upcoming brands who are challenging the status quo. Chris: It’s a changing market. We do store design but we also do branding, the website and the rest. We give brands a message.

Find out more at www.drawcreative.co.uk

“It’s a good time to be a bit more entrepreneurial and take more of a risk” Chris

legal ease Meet Neil Williamson, who founded EM Law, which provides commercial legal advice to New and Growing Companies and medium-sized business in London and the Southeast. Sharon Playford, who specialises in working with media, communications and creative agencies, is one of the lawyers at the firm. Neil and Sharon – what do you specialise in? Neil: Commercial contracts, buying and selling companies, tech and software, as well as helping clients do business overseas. Sharon: I help media, PR, digital, advertising and creative agencies. I worked in-house for many years at the Daily Telegraph so I look at things from a very commercial perspective. When and why did you move into Club? Neil: We moved into Club about a year ago to use it as an opportunity to meet potential clients. We also wanted a Clerkenwell address. When and why did you move into Workspace Greville Street? Neil: We moved into Greville Street last September. I wanted a dedicated office in the area to make it easier to network and have meetings. On top of this my wife had just had a second baby and she was fed up of me being in work mode around the house. I think moving saved my marriage! Where will you be in the next three years? Neil: Our workload is growing steadily and we’re getting more and more referrals. I’ll take on another permanent member of staff this year as well as some additional consultants. I think in three years’ time we’ll be three times bigger. Office luxury? Neil: The office is quite minimalist. It’s clutterfree. So I’d have to say the kettle. We’re next to Leather Lane – the bento boxes from my local Japanese takeaway are a highlight.

“ I wanted a dedicated office... to make it easier to network and have meetings” Neil

Who would you like to meet in your business centre? Sharon: Creative, design and communications agencies. Neil: Software suppliers and consultancies. Anyone working internationally and anyone needing general commercial support. We’ve got a real mix of clients and we’ve got other lawyers on the team specialising in areas like employment, share incentive schemes, corporate, private equity etc.

Find out more at www.emlaw.co.uk

www.workspace.co.uk

the

litmus test

DigitalLitmus is a digital growth agency based at Workspace Greville Street. It helps businesses to gain traction and accelerate growth using digital channels. The company moved into Club Workspace in November 2015 when the team was getting the agency up and running. “We chose Club as it was flexible and a nice atmosphere,” Seb Hardman, one of the three partners, explained. “We’re a relaxed bunch and like a laugh, but we are very focused on driving outstanding results for our clients.” The move into Greville Street was motivated by the fact the business is growing fast. “Also we need lots of wall space!” Seb says. “Much of our work requires creative thinking and we use way too many Post-It notes.” In the next three years, it will probably need even more space. The partners see themselves employing 15 to 20 people although “we want to stay small enough that we can deliver really high-quality work. We love the area we’re already in, so probably somewhere in Clerkenwell or Farringdon, just a little bit bigger.” Who would you like to meet in your business centre? “Brian Balfour the Silicon Valley digital growth guru.”

Find out more at www.digitallitmus.com

Even better…

As a Club Workspace member, if you want to take the plunge and rent a Workspace office, you can qualify for a reduced deposit and, where applicable, preferential rates. Just speak to your Club host for more info

top tips for raising capital Fundraising can be a frustrating and time-consuming challenge for any founders growing their business. The “build it and they will come” philosophy does not apply. So how do you gather the right investors and get them to write the cheque?

1. Recognise why you are fundraising Understand your business – numbers, product and customers – and what is needed for the next growth phase. Consider these questions: could growth take place organically without external fundraising? Could friends and family help? Is it a catalyst for reaching your growth milestones quicker? Are you seeking to capitalise on a firstmover advantage? Is your business at the stage where you need a strategic business partner’s experience and funds?

2. Know your cash needs and cash burn If you are fundraising and do not know how much money you need, how long it will take you to achieve milestones and how you will spend it, then investors will be deeply underwhelmed with your proposition. You need to know the burn rate: how long your company will spend capital to finance its overheads before generating positive cash flow. 3. Have the right mindset Understand that fundraising is rarely quick and smooth. Embrace rejection and do not take a “no” too personally. Identify what was said in each meeting and learn how to improve on your inevitable mistakes. 4. Put the right team in place Investors often back teams more than concepts. Regardless of how hard you work and how good your idea is, you will need to

be a good talent scout and surround yourself with others with expertise that differs from and complements yours. 5. Involve trusted advisers early They should be an extension of you in negotiations and demonstrate an understanding of both the complexities of the investment process and the necessary legal documents. They should have experience representing companies and investors to provide balanced advice. 6. Understand what makes an investor pay more An investor is typically willing to pay more for their investment if you are in a sector that is hot and within their scope of interest. Serial entrepreneurs and/or strong management teams can command a better valuation, as they provide investors with faith that you can execute. You must have a fully functioning product and traction. Nothing shows value like revenuegenerating customers! 7. Understand what makes an investor pay less Likewise, an investor is less likely to pay a premium for your company if your sector is highly commoditised, with little margins to be made. Similarly, if your sector has many competitors with little differentiation or you are going to run out of cash soon – don’t leave the fundraising too late!

8. Learn the lessons from historic bad deals Here are two cautionary examples where founder teams made commercial decisions that caused subsequent problems. In one case, a team gave away 75% of the company to investors in a pre-series A round, when a later series A round was required as part of the business plan. In another example the directors gave away more than 70% of the company for a series A investment round of £5 million, when the business model required at least two more rounds of funding for the company to generate a positive cash flow. Don’t give away too much at the start! Fundraising is a time when your trusted legal advisers should be at their most supportive: leveraging their own network of investors; letting you know the market standard for your type of investment; and stressing the importance of ironing out the main commercial and legal terms at the early term sheet stage. n

Nadim Zaman is a fundraising specialist at Keystone Law, 48 Chancery Lane, London, and a Club Workspace Fleet Street customer. Keystone Law has around 50 fundraising mandates on at any one time. If you wish to have a half-hour consultation at no charge, please contact Richard Raban-Williams on richard.raban-williams@keystonelaw.co.uk

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Figuring out your pricing is one of the trickiest parts of freelancing. Too high and you’ll risk putting clients off. Too low and you won’t be doing yourself justice. So how do you hit your pricing sweet spot? Work out your overheads What are your “operational costs”, or general day-to-day expenses? From your rent or mortgage, tax, internet bill, co-working membership and money to live on, jot everything down. You’ll need to figure out the minimum amount of work you need through the door to know what rate to charge. Take a look around Do your homework. You need to get a sense of how much your competitors are charging before you set your own prices. Ask your friends, take advantage of Google and explore freelancer marketplaces like www.unwork.com or www.freelancer.co.uk. Begin to get a better understanding of the average industry day rates in your location, as well as fees for projects or retainers. Remember, higher prices can sometimes carry more credibility with clients. Compared to rock-bottom rates, higher prices give the impression you know what you’re doing. So as long as you do, don’t be afraid to set the bar high. It might just do the trick. How to charge Will you charge by the hour, day or project or work on a discounted retainer where you can enjoy a little more flexibility in the way you work? i) Hourly The vast majority of projects in the freelancer marketplace are charged by the hour. While this will give you flexibility in terms of being able to work here and there, you need a lot of hours and a bigger commitment from the client to earn a decent amount. Charging by the hour is a quick and easy way to get work through the door, but many freelancers would prefer a little more security. ii) Daily In many cases, charging clients by the day is the most common method. Whether you’re working on a short-term contract or project, or a client needs you for three or four days a month, working on a day rate gives you a little more security compared to charging clients by the hour. That said, clients will often feel as if they have a right to know where you are and what you’re doing on that set day. They are, after all, paying you for it.

start me up

iii) Retainer Being retained by a client is sometimes a freelancer’s dream. It’s as close as you’ll get to job security, without ever having it. Retainers can be agreed for a number of months up front, and is your promise to the client that you’ll complete agreed deliverables each month. You won’t be tied to working a set day, and will have the freedom to take on more clients if you have the capacity. You do pay for this freedom though, literally. Retainers are often priced slightly lower than other options, like your day rate.

“ Charging by the hour is a quick and easy way to get work through the door, but many freelancers would prefer a little more security”

iv) Project Simply agree on a price for the project, and the amount of time spent working on it doesn’t come into it. If you’re a fast worker and confident you can get the work completed quickly, this can be the perfect pricing model. If you charge by the project, make sure you have a strict agreement and brief in place. You should be charging for add-ons or anything that falls outside of the original brief. Don’t feel obliged to work for free. They wouldn’t, so why should you? Once you have your pricing sorted, be sure to set up short payment terms, and invoice on the day you’ve finished each project. Faster invoicing leads to faster payments. And for every freelancer, experienced or not, cash flow matters... n Ben Smith is a writer at www.getalbert.com, an on-the-go mobile invoicing app for freelancers

the price is right 43

fast

track growth strateg y

the

Tech businesses are speeding up their growth by applying to accelerator programmes. Here’s how two Club Workspace start-ups got in the fast lane

“Social media is used in all industries. But only 10% of insurance policies are bought online” Erik Abrahamsson, Digital Fineprint

When Erik Abrahamsson was working in his university bedroom, he probably didn’t realise that 12 months later he would have $400,000 seed investment, join Club Workspace and then jump to an accelerator to turbo-charge his insurancetech business, Digital Fineprint. Same with Pyry Takala, who was in the midst of his PhD in machine learning before applying on a whim to Entrepreneur First, a “pre-team, pre-idea” accelerator based at Club Workspace Leathermarket – now based in Workspace’s Biscuit Factory in Bermondsey – in the autumn of 2015. A year later he also has significant investment and is on another accelerator run by Microsoft, developing deep machine learning with a team of nine. Deep learning – a bit of a buzzword – is, in very basic terms, a way of helping computers decipher (and thus use) natural language through algorithms. Accelerators are particularly popular in the tech sector, where development can happen very quickly – it’s not like building a car or developing a vaccine. These schemes allow teams to work full-time on their project and usually offer some financial support too, often in return for equity. The term incubator is also bandied about, but these mostly don’t entail funding. “Microsoft Ventures is particularly popular because they don’t ask for equity,” Takala, the founder of machine-learning start-up True AI, tells HomeWork. “They only accept 2% of applicants.” The team had to pitch, prepare a pitch deck and supply references – Entrepreneur First was good practice.

Born and educated in Finland, Takala initially graduated in business and worked at McKinsey & Co and Goldman Sachs before deciding to return to academia to study deep learning. During the course, he studied machine-learning research at Amazon in Seattle. He realised that team sizes that could deal with the amount of data needed were not to be found in universities, but in commercial initiatives. And so, after a summer at Amazon, he jumped ship to Entrepreneur First, fully intending to quit and return to his lectures if it wasn’t for him. Within a few weeks, he’d met his co-founder and embarked on the idea that would become True AI. A machine-learning plug-in, it gives reply suggestions to customer-service operators on email or chat, or any other text-based customer-relations tool. Choosing from a series of options rather than typing out answers cuts reply times by up to a fifth, estimates Takala. After Entrepreneur First, True AI moved into Club Kennington as it was good value for money and they lived close by.

Disrupting traditional industries Digital Fineprint is also a Kennington startup. A former Twitter employee, Abrahamsson founded the company during his MBA at Oxford University with Austin Wellbelove, now the company’s Chief Technology Officer. They soon recruited James Clarke as Head of Sales who had a decade of travel-insurance experience under his belt. “Social media is used in all industries but only 10% of insurance policies are

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Head of Sales, James Clarke, and Erik Abrahamsson will be moving back into Workspace in April

â&#x20AC;&#x153;It has exploded our scheduleâ&#x20AC;?

growth strateg y

“The next generation of BMW drivers are used to communicating by text” Pyry Takala, True AI

Takala with his team of developers, coders and deep-learning scientists

bought online,” says Abrahamsson. Digital Fineprint started off integrating social media profiles into online insurance forms, saving customers the hassle of manually filling in all their personal details. Clarke explains further, “We help customers understand their insurance needs and we help insurers meet those needs.” They initially set up at Google Campus, but the cramped working conditions meant that they had to meet investors around the main coffee bar. Despite noisy conditions, the investors present eventually put money in and Sam Evans, Managing Director of Eos Venture Partners, led the seed round. The investment enabled them to hire more staff and move into Club Kennington. The company has now been accepted as one of the first insurtech start-ups on Accenture’s accelerator scheme, a programme that usually supports more mature businesses.

Accelerating the start-up journey Accelerators are a relatively recent phenomenon that have picked up in popularity as the start-up world has rocketed. The US was a frontrunner, with Y Combinator one of the first and most famous. Seedcamp was set up in the UK in 2007, and since then there have been Telefonica’s Wayra, Techstars and Founders Factory, among others. Specialist accelerators have also thrived – Kitchenette for food businesses, Pi Labs for property, and FrontRow for fashion. Though perhaps not part of the initial trajectory, joining an accelerator has

become part of both businesses’ start-up plan. True AI wants to build its first product demo, establish a team and grow it in the six months that it is on the Microsoft Ventures accelerator programme, based near Liverpool Street. It also gives the team breathing space so they don’t have to concentrate on funding until the end of the year, and could move back to Workspace in the summer. Their plans are ambitious; they want to improve customer conversations in all industries – be that tax and government services (they are in talks with the Finnish Tax Administration) – insurance, retail or even journalism. “I was talking to some grey-haired execs at BMW,” says Takala, “who were saying that most of their customers call them. But their customers are usually above the age of 50. The next generation of BMW drivers are used to communicating by text.” The Accenture accelerator programme has also been fruitful for Digital Fineprint. It has “exploded our schedule,” Abrahamsson grins. They’ve had introductions to Lloyds, RSA Insurance Group and others, and are

planning on getting more clients in addition to Allianz and Hiscox. The team is looking for partners and to generate more interest among investors, while simultaneously launching a new tool, Reckn. This provides consumers with an accurate estimation of various insurance requirements for life, home contents and travel, according to data from customers’ social media profile. Things are moving fast. Abrahamsson got a call from San Francisco-based Plug and Play, the global innovation platform for startups, corporations and investors. They wanted to meet in two days’ time. “They assumed we were a Silicon Valley start-up,” Abrahamsson laughs. “It’s a good sign!” He’s going out to meet them in two months after the accelerator programme is over. And what then? “Well, we’re thinking of moving back into a much bigger office, preferably in Workspace.” n

Digital Fineprint has just confirmed it will be moving back into Workspace in April. To join it at Metal Box Factory, please find out more at: www.workspace.co.uk/ workspaces/metal-box-factory

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Kemp, left, and Wilby take a break from giving the exterior of Club Workspace Fleet Street a facelift

Next time you’re in Fleet Street, venture down to Club where you’ll find a hidden art gallery created by artists Alex Wilby and Paul Kemp, of Krooked Heroes. They’ve brought their large-scale portraiture to Club Workspace. “We both grew up around skateboarding, graffiti, street art and hip-hop culture in the 90s,” explains Kemp (also known as Keshone) who has created artwork for Estée Lauder, Mac and Sky TV. The two friends have known each other for over a decade and started working together two years ago. They’re both available for commission if you want to switch up your office space. n Email paul@keshone.com to discuss ideas

fleet goes street

Club Workspace Fleet Street gets some street-smart art from the Krooked Heroes team

Great spaces make great places The way in which we work has changed beyond recognition, but not all of the places we work in have. Whether you’re into floating sleep pods for optimal hot-desking, an army of robots to supplement your workforce or plastic tractors for staff mobility, the trick is to make the office work – not hard work! Generate Studio aren’t about fads or fashions, we’re about helping you create the space you always imagined you’d want to work in, in whatever shape or form that may be — a space that you can’t wait to show your clients and a space that creates the best place for making the most of your people.

Generate Studio — what’s your perfect space? www.generate-studio.com — info@generate-studio.com

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the long read With talk aplenty in business circles about the UK’s place in the world post-Brexit, can London still continue to be the incredible success story it’s been for centuries? In this issue’s long read, we asked some of the Capital’s brightest business minds about the future of this historic centre of community and commerce

london calling London is open. Three words uttered by the Mayor less than a year ago have taken on a life of their own and become synonymous with all that London stands for, and its positive success story. Joshua Neicho reports on Londonâ&#x20AC;&#x2122;s global appeal, what it has to offer and why it continues to be the best place for new and growing companies

London Mayor Sadiq Khan launched his #LondonIsOpen campaign in July 2016, three weeks after the European Union referendum, to tell the world that London remains entrepreneurial, international and full of creativity and possibility. Theresa May and Boris Johnson quickly gave their backing. Since then #LondonIsOpen has been the hashtag for Apple CEO Tim Cook’s visit to the capital and reports of the Mayor’s spring tour of European cities. Film and music stars have been recruited to spread the message and it has gone up on advertising hoardings and at city attractions. It has also been adopted on social media, as people have used #LondonIsOpen in a variety of broader contexts – in relation to London being open to refugees or LGBT-friendly; even, with irony, in reference to Tube strikes. It’s been used both as affirmation of London’s values, and as confirmation of positive economic news. #LondonIsOpen, with its overtones of entrepreneurialism, globalism and unity, is proving to be a galvanising force.

Power Station redevelopment, taking up 40% of the available space from 2021. CEO Cook visited the UK in February to discuss Apple’s investment in Britain with the Prime Minister and the Mayor of London, tweeting that he was “excited about Apple’s future in London...!” Snapchat’s parent company Snap Inc has set up its largest office outside the US in London, also serving as a base for all markets where the company has no office. Social media giant Facebook is constructing an office in Fitzrovia, due to open this year, where it plans to employ 1,500 people. Facebook’s European head, Lady Nicola Mendelsohn, said at the time of the announcement: “The UK remains one of the best places to be a tech company and is an important part of Facebook’s story.”

Meanwhile, Google has confirmed plans to build a new headquarters in King’s Cross, creating 3,000 jobs. The city has countless direct business benefits for global companies. The UK time zone is convenient for communication with both the US and Asia, and its five international airports offer fantastic connections to the rest of the world. Crossrail will be in operation from the end of 2018, cutting the journey time from Heathrow to Canary Wharf to 40 minutes.

Global star attraction The world’s most innovative corporations are clamouring to invest and grow their brand in the UK capital. Apple is going to establish a campus on the iconic Battersea

“ London remains entrepreneurial, international and full of creativity and possibility”

#LondonIsOpen

London by numbers 2.6%

City of London is expected to grow at 2.6% per annum, faster than most Central London boroughs between 2015-2025

2021

The year Apple’s UK HQ moves into the rebuilt Battersea Power Station

1,500

Number of people Facebook is planning to hire for its new London HQ in Fitzrovia

£85 million

Size of the London Co-Investment Fund, which supports science, digital and tech start-ups

£7 million

How much the Mayor is investing in its digital talent programme Battersea Power Station is set to become the new UK home of Apple

Other new transport routes will follow – an extension of the Northern line, serving Battersea, is due to open in 2020 and an expansion of the Bakerloo line to Lewisham is going through consultation. London's construction wave shows it is ready to welcome new businesses with open arms. In recent years, the City, Nine Elms and parts of the South Bank have been a forest of cranes. London’s business advantages include the lowest statutory tax rate in the G20, flexible employment law and low-cost legal structures. Prime Minister Theresa May has pledged to slash UK corporate tax to the lowest in the G20. Access to funding, lawyers, politicians and technical talent are centred in one place, and investor tax relief and reduced capital gains tax also appeal to growing businesses. As of 2014, London had more than twice the

number of foreign companies’ European HQs than its nearest EU rival, Dublin. London’s economy is quick to adapt. Its gig economy, or the share economy as some prefer to call it, is a growing phenomenon that benefits global companies like ridesharing app Uber. Dozens of other ondemand platforms offer everything from cleaning to collaborative finance. These companies pay their workers as freelancers for each part-time or contract task they perform; high levels of demand and a concentration of start-ups reliant on shortterm workers mean London is fertile ground for the gig economy. Food delivery service Deliveroo talks proudly of developing all of its services from its London base. Saalim Chowdhury, who co-founded the specialist finance and consulting talent platform

Skillbridge, says white collar “gigging” has been accepted more readily in London than elsewhere in the world because of well-established freelancing traditions in the creative industries. Nevertheless, the gig economy is hugely controversial because of lost taxes, the deleterious effects on incumbent industries and lack of employment rights for many who take on gig jobs – leading to tribunal rulings against Uber and delivery firm CitySprint. Supporters hit back that it empowers people with limited employment options, offers attractive flexible working, cuts prices and boosts competition. To end exploitation, says New Economic Foundation analyst Stephen Devlin, why can’t we have new work regulations that offer both flexibility and strong employment rights?

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#LondonIsOpen

“London is seen as a confident player by foreign start-ups” 56

The heart of financing In addition to global business giants, the capital is attracting international investment even in the face of the UK’s decision to quit the European Union. London has attracted swathes of entrepreneurs in recent years, putting it truly on the global venture map. Its growth — a magnet for start-ups — is set to continue to outstrip the rest of the country over the next decade. The City of London is expected to grow at 2.6% per annum between 2015 and 2025, faster than most Central London boroughs, according to research published by the City of London Corporation. More than two thirds of the UK’s fastest growing start-ups are in London and for scale-ups, more evenly spread across the country, the capital offers a hugely diverse set of resources and access to international investor money and expertise. There have been some gloomy

headlines about investment in UK startups in 2016, but London tech companies have bucked the trend. They registered a slight annual rise in the amount of venture capital funding – and that’s before taking into account a shift towards more private equity funding, such as last year's $275 million investment in Deliveroo – as well as crowdfunding. The capital is miles ahead of EU competitors, securing more VC funding than the whole of Germany and almost double that of France. One study of venture capital investment in the UK between the referendum and early October last year found levels to be in line with US and European funding trends. London is continuing to grow as a global player as there is no shortage of funding for quality ventures, says entrepreneur and investor Martin Leuw, the former CEO of the UK’s biggest software house, Iris.

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Leuw says, “This is better than it was in 2013. I do not expect Brexit to have a negative impact on the funding environment.” In the event that the UK does not negotiate a favourable package with the EU and opts for a hard Brexit, the UK and the EU would default to World Trade Organisation rules. The tech sector would be partially protected because cloud software services would remain tariff-free under WTO rules. Russ Shaw, founder of Tech London Advocates, finds reassurance in the postBrexit decision of the $100 billion SoftBank Vision Fund, the world’s largest tech investment fund, to establish its HQ in London. Half of its investment will be made in US companies but its location gives London something of an in-built advantage. Investor money is also pouring into growing tech fields like London’s artificial intelligence scene – three major AI

the long read

acquisitions have been born in London in the past two years – DeepMind ($400 million), SwiftKey ($250 million) and Magic Pony Technology ($150 million). The push now needs to be towards building global tech platforms in this field rather than driving acquisitions, says Alice Bentinck, the Workspace-based co-founder of Entrepreneur First, Europe’s leading pre-seed investment programme for technical founders. London is seen as a confident player by foreign start-ups, particularly in eastern Europe, says entrepreneur and investor Michael Jacobsen of Global Entrepreneurs Agency, who has an office in Bratislava. Lacking a stable investment environment in their home countries, they need access to capital, corporate support and mentoring. He thinks the Mayor is sending the right signal with the high-profile £85 million London Co-Investment Fund that supports innovative science, digital

Opposite clockwise from top left: Brompton Bikes manufactures custom-made bikes in west London; Will Butler-Adams, Managing Director of Brompton Bikes; the Superlight bike. This page, clockwise from top left: Alice Bentinck, Co-Founder and COO of pre-seed investment programme Entrepreneur First; Russ Shaw, Founder of coalition Tech London Advocates; Andrea Rasca, Founder of artisan food market Mercato Metropolitano; Andrew Fisher, Executive Chairman at music app Shazam. London’s leading business minds see great potential in the city’s economy, despite the challenges of the UK leaving the European Union

#LondonIsOpen

a global

dining destination London has more to offer than just clever financing, it also reigns supreme in the food stakes. From world-class fine-dining restaurants to hip night markets selling street food, London has it all

“There are so many cultures co-habiting, innovation happens naturally” Top: A London food market offering street food and cocktails. Above: YFood’s Athena Simpson

The London Evening Standard will launch the UK’s biggest food festival in June with a month-long programme of events sponsored by Westfield, Cobra and Fortnum & Mason. It will feature chefs, restaurants, hotels and bars showing off the capital’s food scene. Londoners can head down to the night market to indulge in an outdoor dining experience, which will be held at a London park over 12 evenings. Hospitality is the fourth largest industry in the UK; the nation’s foodservice-sector is set to be worth £56.2 billion by 2019. London is a fantastic hub to launch a new food business and also drive real change in the food industry. The majority-female, international team at YFood has come together over the past two years to build a platform for those driving disruptive change in the food industry, which has been slower to adopt technological developments than others. They have started an annual Food Tech week – the next one is scheduled for autumn – as well as set up mentoring for start-ups and are working with big businesses to drive innovation, such as Just Eat, which has set up an accelerator. The founders and businesses in the sector are incredibly diverse – there are people from all walks of life, looking

at alternative protein sources, tackling food waste and programming real-time restaurant booking apps. Two of the startups YFood supported were founded by former students: Bump Mark, which has developed a bioreactive expiry label that changes texture when the meat in the packaging has gone off, and bio-bean, which converts coffee waste into biofuel. In London, “there’s so many cultures co-habiting, innovation happens naturally,” says US-born Head of Commercial Partnerships Athena Simpson. They have sparked interest around the globe, including with the Malaysian minister of finance who wants to create a national food-tech industry. n

Do you sell amazing food? If you want to be featured in the night market at Britain’s biggest food festival, register your interest by visiting www.londonfoodmonth.co.uk and emailing info@londonfoodmonth.co.uk The full schedule of events and official partners will be featured in the Evening Standard on 3 May. London Food Month will also promote awareness of food waste and hunger with its charity partner, The Felix Project

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“You can remain an open city, you can remain very global, outward-looking, and trade with the whole world”

and tech start-ups. In December, the Mayor also launched a £7 million talent programme to support Londoners into digital careers; and from 2019, he is looking to take control of skills policy. Rajesh Agrawal, Deputy Mayor of London for business, talks about upskilling the over-60s too, so they are not left behind. Entrepreneurial Londoners, such as Urban Teacher Mark Martin, who offers bespoke ICT training and workshops, and digital sisters Charlotte and Emma Robinson, who do online awareness training, will lead this drive as much as government. The Careers & Enterprise Company, connecting school students at risk of disengagement with business educators, furnishes young people with the knowhow not just to flourish as an employee, but to venture into the start-up sector if they so choose.

the long read

“We have an avalanche of entrepreneurship coming towards us,” says CEO Claudia Harris. What is needed now, says Jacobsen, is for established corporations to provide backing for incubators and other financial support to the start-up sector.

Above: Workspace customer, documentary filmmaker Rogan Productions, tells extraordinary stories in extraordinary ways

London is always open Having argued that the UK must stay in the EU single market until MPs voted to allow Theresa May trigger Article 50 – which they now have – Mayor Khan conceded in his Brexit blueprint in February that he is fighting to maintain best possible access to the single market. Businesses have been comforted by a series of moves on the part of London’s Mayor: the choice of immigration-friendly fintech entrepreneur Rajesh Agrawal as his deputy, and the new £5 million International Business Programme, which supports

“ We have an avalanche of entrepreneurship coming towards us” 59

#LondonIsOpen Workspace networking events are a key part of helping businesses find potential partners for expansion

“Things happen, there are dinners, meetings, networking, politics… in London there are opportunities everywhere you turn” high-growth companies in the life sciences, technology and urban sectors to increase their export success. Agrawal set out the terms of debate when interviewed by HomeWork. “The important thing is that London remains open to talent… Almost one third of all Londoners were born abroad, so London is a truly international, cosmopolitan, outward-looking global city, and that should not change as a result of Brexit. And I think the two are not at odds with each other. You can remain an open city, you can remain very global, outwardlooking, and trade with the whole world.” Nevertheless, polls show almost nine out of 10 people (87%) in the tech start-up sector were against Brexit. Workspace customers James and Soleta Rogan, Creative Director and Managing Director of film company Rogan Productions based at the Metal Box Factory highlight several of the economic and ethical concerns. They have just finished a co-production with a Lithuanian director, a German editor and an Anglo-French director of photography. “The director brought the project to us in London because we can put together exciting co-productions. She was effectively creating work in the capital. We fear that making this more difficult will send people like her to Paris or Berlin.” Some worry that London will lose its draw for smart, free-thinking people

City Hall power duo: Mayor of London, Sadiq Khan, right, and his Deputy, Rajesh Agrawal, are on a mission to boost the city’s business scene and London’s reputation as a leading capital

because of perceptions, as well as actual barriers to immigration. But many start-up founders remain hopeful about London businesses’ prospects, showing a characteristic entrepreneurial appetite for risk and opportunities. Over the past 18 months to two years, London has won out as the dominant European tech centre over Stockholm and Berlin. When German political party FDP sent a van around Silicon Roundabout after the referendum advertising for start-ups to come to Berlin – “Dear start-ups, keep calm and move to Berlin” – there was no flood of departures.

Andrew Fisher of UK tech “unicorn” Shazam – valued at over $1 billion – employs the majority of its staff in Britain. The issue of access to talent after Brexit is merely a subset of a huge global shortage of talent, because the tech landscape is developing so quickly, says Fisher. The Executive Chairman sees Brexit as a good opportunity. He believes that, post-Brexit, foreign investors can park their money here on better terms because the sinking pound translates into more favourable exchange rates for foreign investors. Fisher has met entrepreneurs in North America who have specifically said they are coming to London. PM Theresa May and Secretary of State for Exiting the European Union, David Davis, insist that immigration reform will not hurt the UK economy, and are determined that Britain wins the international war for talent. Before anything is agreed on access for EU workers, there are major headaches for start-ups under the current visa system. Tier 1 Entrepreneur visas require entrepreneurs to have raised £50,000 in investment funds or £200,000 in private capital, and there are only 1,000 Tier 1 Exceptional Talent visas allocated each year. The time and expense of obtaining a Tier 2 work visa is beyond the means of many start-ups – Workspace-based Entrepreneur First has a member of staff working on this full-time for its portfolio companies.

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Workspace trendsetters push for change

Tech-savvy Bess Mayhew, Acting CEO and the brains behind More United

Workspace customers are leading the way in embracing London’s cutting-edge technology scene to make positive changes both here in the UK and abroad. The challenge now is ensuring there is enough talent to fill high-skilled jobs and educating the next generation to make the most of new technology The birthplace of world-famous inventors like John Logie Baird, Tim Berners-Lee, James Dyson and Jonathan Ive, the UK is also a crucible of innovation. London is ideally positioned to bring together bright minds with paradigm-shifting ideas, and enable them to sell them to the world, with many Workspace-based companies leading the way. Workspace Westbourne Studios-based what3words made headlines again last December, when its universal addressing system was adopted by the Côte d’Ivoire postal service – the second country in the world to sign up, after Mongolia. It has since onboarded another three countries – Djibouti, Tonga and Sint Maarten, part of the Dutch kingdom – where it hopes to make a real difference. Around 75% of the world – 135 countries – suffers from inconsistent, complicated or inadequate addressing systems, according to what3words. Around four billion people are invisible; unable to report crime; receive deliveries or aid; or exercise many of their rights as citizens because where they live they simply have no way to communicate. Since it was founded in 2013, it has completed five rounds of funding totalling over $13 million, won awards in Silicon Valley and Cannes, and formed partnerships with a host of other organisations, from courier firms to UN agencies, for issuing additional services. Across the river, Workspace Kennington is where More United first kicked off its

mission to break the mould of UK politics and combat extremist politics. They are crowdfunding election candidates of theoretically any party who are judged by the site’s members to match up to a set of moderate, rational, positive values. They backed Sarah Olney at the Richmond Park by-election last year, whose victory with a huge swing against incumbent Zac Goldsmith gives them confidence that their value-driven approach can achieve traction. Currently with over 70,000 members, the company’s ambitious objective is to become a major force in politics by rallying those who no longer identify with a party. Acting CEO Bess Mayhew loved being in an environment with “so many people buzzing with ideas” rather than a dusty Westminster office.

Rise to the skills challenge As technological advances fuel great new business ideas like what3words and More United, there is also the need to equip the workforce and the next generation with the skills to make the most of that new technology. For instance, the CBI/ Pearson 2016 Education and Skills survey found that 69% of companies – a record high – are not confident about filling their high-skilled jobs in future. With its tech ecosystem, London is in a strong position to rise to this challenge, seizing educational entrepreneurship opportunities and obtaining a flexible, capable workforce at the end of it. n

“So many people buzzing with ideas” the long read

Three guys WHAT3WORDS was founded by Chris Sheldrick, Jack Waley-Cohen and Mohan Ganesalingam, who are on a mission to revolutionise the world’s address system. Chris worked in the music industry for 10 years; Jack led the operations of translation company Lingo24 for eight years and Mohan spent most of his career at Trinity College, Cambridge, where he was a research fellow. He designed the what3words system.

United we stand MORE UNITED was founded by a cross-party group of MPs and non-MPs including politician Paddy Ashdown and environmentalist Jonathon Porritt, after the UK voted to leave the European Union in the 2016 referendum. More United launched a crowdfunding campaign in November to raise money to support budding political candidates; a month later, it had raised over a quarter of a million pounds.

Mega tech minds

Does London have the tech edge? Find out at London Tech Week, which runs 12-16 June. A festival of live events across London, it celebrates the best of tech while providing networking social, learning and business opportunities. The city’s official promotional company, London & Partners, teams up with coalition Tech London Advocates and Informa’s knowledge and networking division, KNect365, to bring a mega-tech festival.

#LondonIsOpen

“It’s a very vibrant, creative scene and we can be very proud of the standard of everything we have, from food shops to theatre to art to museums to culture. It’s just a fabulous city to be in” Addressing this issue, for example with the proposal to allow umbrella organisations like accelerators to sponsor an applicant, would help send the signal that the government is sincere in believing that London is open.

Unforgettable London A PwC study last year ranked London the top global city for culture, entertainment, infrastructure, health and general happiness, both on quantifiable factors and the perceptions of high-net-worth individuals from 16 countries. Its cultural clout is unparalleled, with vibrant multicultural food, media and pop scenes alongside established theatrical, literary and classical music traditions, and all the entrepreneurial opportunities that those delights present. For a major city, it is a very green and liveable place, with 3,000 parks – 47% of its area is green space. Talk to directors of London businesses about the attractions of the capital, and again and again its diversity and dynamism come up, in expressions like “cosmopolitan”, “vibrancy”, “richness of experience”, “the most international city in the world”. By some

counts, more than 300 languages are spoken in London. Former CEO of Tech City Eric Van der Kleij sees London’s diversity as one of its “superpowers”, citing this as an ever-more important factor when an entrepreneur looks at where they can locate their HQ and best grow their business. Will Butler-Adams, Managing Director of Brompton Bikes, which has manufactured in London for 30 years, calls the city the home of “mad ideas”. “Things happen, there are dinners, meetings, networking, politics. In York, where I come from, there are opportunities; in London there are opportunities everywhere you turn.” Garib Kheder of Lana Fashions, which has made clothes for Mary Katrantzou, Peter Pilotto, Erdem, Richard Nichols and others, testifies to the success of London’s fashion industry as a centre for high-end small-run manufacturing as well as design talent. When he started 15 years ago in Edmonton, there were only two or three factories doing designer work; today there are a few dozen like his in north, east and south London. The

clincher is a Made in England label – which customers want to see – to distinguish what they’re buying from what they could find anywhere on the high street. Chantal Coady OBE, Founder and Creative Director at Workspace customer, Rococo Chocolates, says, “I spent all my adult life in London and I love being in the centre and being able to jump on a bicycle and go to places and meet people… It’s a very vibrant, creative scene and we can be very proud of the standard of everything we have, from food shops to theatre to art to museums to culture. It’s just a fabulous city to be in.” n

What do you think makes London so unforgettable? Share your thoughts on social media using the #madeinlondon hashtag and remember to mention @WorkspaceGroup! We are always keen to hear from London’s incredible companies, so if you think your business should be featured in our next issue, drop Editor Farah Khalique a line at homeworkeditor@workspace.co.uk

www.workspace.co.uk

24/7

London goes

The next step for London is to become a truly 24/7 city. The city is getting a step closer to that dream, with the rolling out of the night tube under the watchful eye of “Night Czar” Amy Lamé London is arguably strongest in the fields of culture, heritage and entertainment – for example, tourist spending hit a record £11.9 billion in 2015. The much-anticipated opening of the night tube and the appointment of Amy Lamé as “Night Czar” spell the start of a drive to develop London’s night-time economy. A report by London First calculated that it was worth as much as £26.3 billion annually and deserved to be taken more seriously. Research showing that half of London’s nightclubs shut in the last five years and 35% of its grassroots music venues closed in the period 2007-2015 has caused a stir.

the long read

Lamé has been consulting with venue owners, developers and local authorities, who feel broadly optimistic about the future. “My ultimate vision for London as a truly 24-hour metropolis is a place where you can not only party or enjoy live music all night, but a city where you can visit a museum, go to the theatre or even get your hair and nails done at 2am!” she says. You can dine day and night at restaurants like Duck & Waffle and Vingt-Quatre, check out midnight matinees at the Globe and screenings at the Prince Charles cinema, and even get your hair done at Neil Cornelius’s

London’s “Night Czar’” Amy Lamé is determined to make London a truly 24/7 city. Lamé described how she had “the most constructive conversations with people in the most unlikely places” in her early consultations with developers and local authorities, and praised the nightlife of areas like Croydon

#LondonIsOpen

Bond Street hair salon. Andrea Rasca, who runs artisan food market Mercato Metropolitano in a warehouse near Elephant and Castle, would operate 24 hours a day if he could. He compares night markets, several of which have recently appeared in inner London, to the 7-11 stores that were seen as “lighthouses” when they opened in Japanese cities after the war – “the more life, activity you have, the fewer criminals”. He’s lived in Spain, Japan and the US but considers London, with its unique mix of people and possibilities for everyone, as his second home. With 28 carefully selected vendors of Italian, English and global food, cookery lessons, a gym, a cinema and a co-working space, Rasca’s market is “not a touristic place, it’s a place for community”. The Mayor of Southwark even paid a visit to try his hand at making pasta. Located in 45,000 sq ft of industrial space near Elephant and Castle, Mercato Metropolitano was opened by Italian businessman Andrea Rasca. Indulge in stracchino cheese and yummy gelato until late

Meeting resistance The major block to more late-night and 24hour venues is that the licensing regime is the domain of local authorities and police borough commanders who are responsive

to local residents, not businesses or cultural visionaries. Following the closures of MODE and, temporarily, Fabric, Alan Miller, Chair of the Night Time Industries Association wants to see a stepped approach, as recommended by the Home Office, rather than venue closures whenever a disturbance happens outside them. He calls for 24-hour “destination hubs” for avid clubbers, as Amsterdam has outside the city centre, but also “a smart, joined-up urban-planning approach” across London, with amenities such as 24-hour gyms and crèches. Last year, the closure of music spots plateaued. Husband-and-wife team Keiron Marshall and Hannah White show there is life in new London venues after they crowdfunded over £12,000 in six weeks to start the Sound Lounge in Mayor Khan’s backyard of Tooting. They are also offering a bar, café, workshops and exhibitions – nonetheless, having previously run a space in Merton, they know how hard they will have to work to pay performers, business rates and their music licence. n

www.workspace.co.uk

“A place where you can not only party or enjoy live music all night, but a city where you can visit a museum, go to the theatre or even get your hair and nails done at 2am!”

Night numbers £26.3 billion

Estimated worth of London’s night-time economy

Friday 19 August 2016

The day the night tube started running on the Central and Victoria lines. It now also runs on the Jubilee, Northern and Piccadilly lines

1,965

Number of jobs Transport for London estimates the night tube will generate

£12 million

Estimated annual additional output generated by the night tube

1 in 8 jobs

are supported by London’s night-time economy

the long read

Spring/Summe

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your homework

HomeWork, issue #3, Spring/Summer 2017 Editor/Features writer Farah Khalique Art Director Dom Salmon Contributing editor Fleur Macdonald Original photography Dom Salmon, Neil Massey Sub-editor Vanessa Harriss Publisher/Advertising Dan Reeves, dan@true212.com HomeWork is published by TRUE 212; true212.com The magazine is printed by Alban House Print, 105 Farringdon Road, London EC1R 3BU At the time of print every effort was made to ensure the information contained in the magazine was correct.

Thanks to all the Workspace customers featured in this issue Vacherin, The Record Hall and The Leather Market. Darien Mah, Adrien Saint at Forefront International, Grand Union Studios, Ladbroke Grove. Dan Bladen, Chargifi, Quality Court. Thornton Tomasetti, Exmouth House. Sparks, Pillbox. Spoke, Vox Studios. Michael Green, Macro Art, The Light Box. Stephen Folwell, LOVESPACE, 60 Gray’s Inn Road. Chantal Coady, Rococo Chocolates, Parkhall Business Centre. Richard Gann, Rawside Furniture, Kennington Park Business Centre. Alice Bentinck, Entrepreneur First, The Biscuit Factory. James and Soleta Rogan, Rogan Productions, Metal Box Factory. WHAT3WORDS, Westbourne Studios. Jacopo Cordero di Vonzo at Remeo Gelato, Club Workspace Clerkenwell. Michael Ball at Traverse Events, Club Workspace. Elin Haf Davies at aparito, Club Workspace Chancery Lane. Andrew Hunt at Aduna, Workspace Kennington Park. Kit Tomlinson and Ross Newton at Mighty Fine Honeycomb, Vox Studios. Nadim Zaman at Keystone Law, Club Workspace Fleet Street. Christopher Boniface and Jessica Codrington at Draw Creative, The Biscuit Factory. Neil Williamson and Sharon Playford at EM Law, Workspace Greville Street. Seb Hardman at Digital Litmus, Workspace Greville Street. Erik Abrahamsson and James Clarke at Digital Fineprint, Metal Box Factory. Pyry Takala at True AI, Club Workspace Kennington. Alex Wilby and Paul Kemp at Krooked Heroes.

London’s home to

New and Growing Companies With over 65 properties offering flexible office, co-working and meeting room solutions, we are dedicated to providing our customers with the perfect type of workspace to help them grow their business. Join our network of 4,000 companies and discover everything you need to take your business to the next level, from unrivalled digital services to a supportive, dynamic environment that fosters collaboration and creativity stay flexible

Make it happen at Club Workspace, a stimulating network of creative co-working business clubs in fantastic locations across London – ideal for mobile working, freelancers and business start-ups

tailored workspaces

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also from Workspace… Something to suit everyone Make your move; from offices and studios to light industrial and workshops. Many of our business centres also offer co-working and meeting rooms Instant community Fit straight into a network of more than 4,000 businesses in 80 locations across London. Be part of a wider community where you can collaborate instantly with like-minded businesses

Wait. There’s even more Base your business at Workspace and gain access to business insight, events, and our key partners’ services that we have handpicked to help you grow

Hold focus groups in comfort and style, with state-of-the-art communications technology and capacity for up to 16 participants and 10 observers in The Observation Room in Top Hat meeting room, Fleet Street This market-research facility is designed to host focus groups of up to 16 people. Record your group audio with seamless communications technology and take away your findings on a complimentary USB stick Moveable tables allow you to lay out the group in any format and an 80” LED screen is on hand for presentations. Complete with business grade Wi-Fi and Clickshare, a wireless presentation tool, your group will be hosted without a hitch The Observation Room seats 10 in a comfortable, spacious room behind a mirrored window, and refreshments can be provided thoughout the day by the delicious on-site coffee bar Read more at www.workspace.co.uk/meeting-rooms/observation-room

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a desk is…

… a table that works really hard. So we called ours, ‘Worktable’.

Simple stuff. Built brilliantly. To last.