Tom AdeyoolaGuest
Sue DaleyGuestJohn AbbottGuestSo maybe we should talk about that, what it means and how the satellite application catapult fits in with that change.

So I've, in terms of my career, I've spent pretty much all my career working in startups.

So going back 25 years, uh, working different parts of the ecosystem, trying to build businesses here in the UK and innovate has been a part of that process, giving out grants to different businesses.

And when I had my own startup, which was in the fashion space, so computer vision, machine learning based on trying to create 3d versions of people in clothing and putting them together.


Coming into innovate, the key thing here is how do we focus? How do we set ourselves up for the current world we live in? And actually, as a strategic shift, shift from funding projects to supporting companies? How do we make sure we can accelerate companies to compete internationally?
Well, has there been a problem where we've got people starting up companies or people with good ideas in Britain and they start companies and then something happens whereby they're not growing fast enough or they get pushed overseas? In

my history, the issue has been a lack of growth capital funding, certainly in the later stages.

So myself, I raised 25 million during my process, but 80% of that money I raised from Asia because it was a struggle to raise in the UK.

And also just not just purely a struggle, but the time to raise was slower than other places and equivalents in other countries.

And as a consequence, your trajectory in terms of speed and where you're gonna land, ends up tilting downwards and you don't quite reach the escape velocity needed to become an internationally sustainable and successful business.

And if I think back to my first job out of university as a consultant, I worked on the AstraZeneca merger and That is, I think, if not the biggest company in the UK, it's one of the top five.

And so we need the ecosystem to actually adapt to become the right type of support to enable those companies to emerge.
So maybe we should talk about that, what it means and how the satellite application catapult fits in with that change.

So I've, in terms of my career, I've spent pretty much all my career working in startups.

So going back 25 years, uh, working different parts of the ecosystem, trying to build businesses here in the UK and innovate has been a part of that process, giving out grants to different businesses.

And when I had my own startup, which was in the fashion space, so computer vision, machine learning based on trying to create 3d versions of people in clothing and putting them together.


Coming into innovate, the key thing here is how do we focus? How do we set ourselves up for the current world we live in? And actually, as a strategic shift, shift from funding projects to supporting companies? How do we make sure we can accelerate companies to compete internationally?
Well, has there been a problem where we've got people starting up companies or people with good ideas in Britain and they start companies and then something happens whereby they're not growing fast enough or they get pushed overseas? In

my history, the issue has been a lack of growth capital funding, certainly in the later stages.

So myself, I raised 25 million during my process, but 80% of that money I raised from Asia because it was a struggle to raise in the UK.

And also just not just purely a struggle, but the time to raise was slower than other places and equivalents in other countries.

And as a consequence, your trajectory in terms of speed and where you're gonna land, ends up tilting downwards and you don't quite reach the escape velocity needed to become an internationally sustainable and successful business.

And if I think back to my first job out of university as a consultant, I worked on the AstraZeneca merger and That is, I think, if not the biggest company in the UK, it's one of the top five.

And so we need the ecosystem to actually adapt to become the right type of support to enable those companies to emerge.
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