FOUNDERS FORUM LONDON 2020 Executive Xsummary 21
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FOUNDERS FORUM LONDON 2020 Executive XSummary 21 June 2021 INTRODUCTION Welcome to Founders Forum Founders Forum is a private network of the world’s most inspirational founders, corporate CEOs, global politicians and senior investors brought together to accelerate the positive impact of technology. Forums are held across the world to convene the best and brightest minds to engage in open debate, brainstorming, discussion and problem-solving. Founders Forum is a global community where ideas are shared, supported and brought to life. 2 INTRODUCTION Reflections from our founder Serendipity is back! The days after FF are filled with stories of capital raised, deals struck, creative brainstorming, friendships renewed, and a much-needed celebration of UK tech. As we celebrated our 15th anniversary, it is clear how far the conversation has come since the early days. It is no longer about whether the UK can have a vibrant tech sector, but how big it can become. At this year’s FF the talk was of IPOs and SPACs, past and planned, or what to do for your second, third or even fourth act. Taavet Hinrikus announced Wise’s IPO and we learned of the UK’s 100th unicorn. The UK tech scene has made tremendous progress, and the unanimous feeling is that there’s much more to come. It’s great to be back. Thank you to everyone involved. Now here’s to the next 15 years, Brent Hoberman CBE Executive Chair, Founders Forum 3 TABLE OF CONTENTS Welcome Art, Culture & Society 1 An introduction to FF 19 A $69 million free-for-all? Founders Forum London 2021 Session Highlights Leaders’ Learnings 6 Images from the day 22 The entrepreneurial journey The Great Reset Rising Stars 2021 8 Industries transformed 25 Future game-changers & reimagined A Sustainable Future Full Agenda & Partners 12 Can technology save us? 27 Our community & supporters The Silver Lining? Keep In Touch 16 The future of healthcare 34 Subscribe to Founders News We’d love to talk. This report was prepared by Founders Do you want to know how, at Founders Intelligence, we leverage our insights and unique access Intelligence, the strategic consultancy network to create Sustainable Growth for our clients? that sits within the Founders Forum family. We help clients understand the new technologies, business models and ideas Entrepreneurial Vision Creativity & Rigour Applied Know-How that will drive Entrepreneurial Growth in their industry. Unrivalled insight from top We’ve designed our company We’ve built new businesses and entrepreneurs, leaders and around people who are both launched propositions as Rob Chapman, CEO seasoned investors from the multi-disciplinary innovators and founders, VCs and for industry [email protected] Founders Forum network to structured, critical thinkers. We leaders across sectors. create new opportunity and deliver insights that are fully profit for your business. thought-through and diligenced. For almost a decade we have advised leaders of global companies on creating growth and commercial impact. Selected clients include: foundersintelligence.com 5 SESSION HIGHLIGHTS Founders Story: Fintech and Angel Investing Profitability or Scale: What Does it Take for a Fintech Unicorn to Go Global? Welcome Address: Oliver Dowden (Secretary of Influencers as Entrepreneurs: Abby Roberts, State, Department of Culture, Media & Sport) Taavet Hinrikus (Wise) in conversation with Rory Cellan-Jones (BBC) Arik Shtilman (Rapyd), Victoria Van Lennep (Lendable). Moderated by David Rich Waterworth (TikTok), Grace Beverley (TALA), Trinny Rowan Woodall (TRINNY London) w/ Devran Karaca (Kyra) The F Factor: Hosted by June Sarpong (BBC). Micro-Mobility, Zero-Emissions and Autonomous What to Build Next? Martin Varsavsky (Prelude Fireside Chat: Future of Quick Commerce and The Oxford Vaccine: Sarah Gilbert (VacciTech) in Judges: Maria Raga (Depop), Richard Reed Driving: Richard Barlow (wejo), Alex Kendall Fertility), Mike Lynch (Invoke Capital), Miguel McKelvey Delivery: Tim Steiner (Ocado) in conversation conversation with Tom Hulme (Google Ventures) (Innocent & JamJar Investments), Tej Lalvani (Wayve), Paul Newman (Oxbotica). Moderated (WeWork), Jimmy Wales (Wikipedia). Moderated with Michael Stothard (Sifted) (VitaBiotics) by Shona Ghosh (Insider) by Mariella Frostrup 6 How Tech is Reshaping the Future of Biology? Tim Guilliams (HealX), Peter Donnelly (Genomics), Irina Haivas(Atomico). Moderated by D-J Collins (Milltown Partners) SESSION HIGHLIGHTS Who Will Win the EV Race? Traditional Auto-Makers or New Players? Peter How Tech is Reshaping the Future of Biology: Tim Guilliams (HealX), Peter Why is Institutional Money Flowing Into Crypto? What Rethinking the Internet: Controlled or Decentralised? Rawlinson (Lucid) in conversation with John Thornhill (Financial Times) Donnelly (Genomics), Irina Haivas (Atomico). Moderated by D-J Collins is Different This Time? Peter Smith (Blockchain.com) in Tim Berners-Lee (MIT / Inrupt) in conversation with (Milltown Partners) conversation with Azeem Azhar (Exponential View) Greg Williams (Wired) Transforming the Fashion Industry Through Fireside Chat: Future of Retail, Sustainability and A Founder’s Future: Building a Global E- How Can We Make ESGs and Sustainability a Priority in VC? How to Make Sleep and Wellness a Priority? Material Science and Innovation: Eva Communities: Anya Hindmarch in conversation commerce Powerhouse: Matt Moulding (The Hut Bernard Liautaud (Balderton), Richard Curtis (Project Natalia Vodianova (Elbi), Michael Acton Smith Kruse (PANGAIA), Dan Widmaier (Bolt Threads). with Neira Hajro (McKinsey & Company) Everyone). Moderated by Amy Lewin (Sifted) (Calm). Moderated by Alex Wood (Forbes). Moderated by Iain Martin (Forbes) Group) with Thorold Barker (Wall Street Journal) 7 THE GREAT RESET Industries transformed & reimagined 8 “I never thought that I'd be designing a new building in Sao Paulo on Facetime.” Founders Insight Report 9 THE GREAT RESET | KEY INSIGHTS Rethinking the idea of the office will be a key Brand is a talent magnet, and more important competitive advantage. then ever in the global marketplace. Wall Street is commanding its analysts back to the Talent used to migrate to London, but now Zoom office, but most companies will have to inspire if they means talent can work from Leeds or Lima. While hope to build a face-to-face culture. Rather than big some are setting up satellite offices to recruit top marble halls or characterless glass towers, companies talent, others are investing without even speaking to will need to design original, authentic spaces which founders. Brand awareness and relatable role models speak to unique values. are now premium commodities. Wherever you are, e-commerce is coming to Technologies of war & ‘Kapow’ if China gets help you decide who you want to be. out of hand. If you know what you want, and it ain’t too flash, From the race for the highest kWh batteries and EV Amazon is hard to beat. But new e-commerce brands dominance, to geostrategic competition over AI, are doing things differently: from online consultations semiconductors and other key technologies, the and personalised product curations to meeting battle between ‘the West’ and China still hangs in the consumers in the metaverse, D2C brands are balance. Government should help fund early-stage The Great Reset combining data and experience to drive premium innovation, not just regulate it at scale. margins. Location, Location, Location will shape how we work, where we work, who gets funded, as What does this mean? well as the shape of the world(s) we will Implications for founders, inhabit for years to come corporates & investors 10 THE GREAT RESET | IMPLICATIONS Implications What does this mean for… For Founders For Corporates For Investors The charismatic founder is less important now than 'Going Hybrid' is not enough for a back-to-work VCs are differentiating on depth of relationship or metrics that sing. strategy. speed to close. Expectations have risen: customer changes have Young people are not as desperate to get back to Competition amongst VCs has never been fiercer seen adoption curves compress forward. With more the office as some might think but being flexible and VCs saying that they will only invest in companies VCs willing to invest without even meeting in-person, enough to let people 'work from home' is not enough. close to their offices is long gone. Great founders hitting and exceeding those quantitative benchmarks Creative and collaborative work has declined in have so much leverage that VCs are differentiating help startups stand out from the crowd. At the later quality over Zoom but the best talent will demand themselves in two ways: flying out to build deep end of the journey, SPACs are here to stay, even if not more from their workspaces if they are to be lured into connections, or investing fast without having to even all SPAC managers are. resuming the daily commute. meet the team. FF Insight Report 11 A SUSTAINABLE FUTURE Can technology save us? 12 “The goal is not to go from bad to perfect, but to encourage small steps that can compound to create lasting impact. Think of it as Moore’s Law for sustainability.” 13 A SUSTAINABLE FUTURE | INSIGHTS Compounding small steps will have more There is a ClimateTech boom as investors impact than waiting for a perfect solution place their bets on a greener planet The fashion industry is responsible for 22.5% of global Venture funding in ClimateTech grew almost five pesticides, yet half of global fashion brands are stuck times the rate of the overall VC market between 2013 in their old, unsustainable ways. We don’t have time and 2019, as investors realised that what’s good for to wait for the right technology to come along and the planet will be good for their pockets too. This will transform everything: impact needs to start now, with drive frontier and moonshot technologies to achieve small steps that drive change. commercial scale faster. 92% COVID-19 has surfaced new opportunities for public-private collaboration of consumers seek sustainable products The pandemic only increased consumer desires to live sustainably (up from 65% to 92%).