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Why is there no British “Google”?




James Clark – Cass Entrepreneurs Network – December 6st, 2011
Why is there no British "Google"? Presented to the Cass Entrepreneurs Network, 06/12/11
British culture is unsuited to
       entrepreneurs

                              United States –                7.6%
                               United Kingdom – 6.4%
                               Comparative Ave – 5.6%



Source: Global Entrepreneurship Monitor Global Report 2010
We don’t do tech like America…
Shortage of money for start-ups

       Regional Venture Capital Funds     UK High Technology Fund

                                             Early Growth Funds
  Community Development Venture Funds
                                           Enterprise Capital Funds

UK Innovation Investment Fund


            The Aspire Fund
                                        £1 billion
Development of the paper
Why have a Google?
• Google is an exemplar of VC funded businesses
   – Between 1981 and 2001, 0.1% of start-ups employ 10% of
     US workforce
   – By 2008 that became 11% of the private sector
   – 21% of US GDP
   – Lower capital costs, higher potential returns, shorter
     lifecycle
Review and research
• Sponsored by the CTF; academic review by Cass
  Business School
• Researched in 3 phases:
  – Interviews with industry players
  – Extensive literature review
  – Limited survey used as confirmation of certain points
Learning from the experts
The Silicon Valley story                                                                                     Wave 6:
                                                                                                                   World Wide Web
                                                                                                                   • WWW is created
                                                                                                                     at Cern by Tim
                                                                                             Wave 5:                 Berners-Lee
                                                                                             Software              • ARPANET
                                                                                                                     repurposed as
                                                                                             • IBM aligns with
                                                                                                                     Internet
                                                                                               Microsoft MSDOS
                                                                                                                   • Internet
                                                                       Wave 4:               • Compaq releases
                                                                       Hardware                                      commerce arrives
                                                                                               IBM clone;
                                                                                                                   • Search engines
                                                                       • Personal              hardware market
                                                                                                                     dominate
                                                                         computing takes       is flooded
                                                                                                                   • New business
                                                 Wave 3:                 shape               • Bad for hardware,
                                                                                                                     powerhouses
                                                 Integrated Circuits   • Intel = Memory        very good for
                                                                                                                   • Netscape initiates
                                                                       • IBM = Databases       Microsoft
                                                 • Texas Instruments                                                 VC boom
                                                                       • Xerox PARC = GUI,                         • Yahoo created
                                                   and Integrated
                           Wave 2:                                       Workstations,                             • Amazon goes
                                                   Circuits
                                                                         Ethernet                                    from $40k
                           Semiconductors        • The Planar
                                                                       • Altair 8800                                 investment to
                                                   Method
                           • Shockley and the                            inspires the                                $438m IPO in 3
                                                 • Intel created by
                             Traitorous 8                                creation of                                 years
Wave 1:                                            members of
                           • Fairchild                                   Microsoft and                             • Google created in
Valves                                             Fairchild
                             Semiconductor                               Apple                                       1998
                                                   Semiconductor
•   Fred Terman            • Arthur Rock and a
                                                 • Moore’s Law
•   Hewlett Packard          new financing
                                                 • Growth in the
•   Stanford outreach        model
                                                   Valley
•   US Military projects
The “4 Drivers” of Silicon Valley

Culture                        Knowledge and Experience
•   Determination              •   Innovation
•   Pioneering spirit          •   Continuous Regeneration
•   Calculated Risk Taking     •   Clustered knowledge-base
•   Entrepreneurialism



Finance                        Networks
•   Creation of the VC model   •   Rapid distribution of knowledge
•   Equity structuring         •   Closely linked community
•   Reinvestment of wealth     •   Ready access to resources
Google’s advantages
Culture                               Knowledge and Experience
•   Focus on excellence in product    •   Page and Brin studied at Stanford
•   Willingness to “Go big”           •   Investors brought with them
•   Flexible enough to adapt              experience
                                      •   Experience meant confidence in
                                          changing


Finance                               Networks
•   Access to Angels                  •   Advantage of Stanford network at
•   Buoyant VC market                     start-up
•   Private ownership during Dotcom   •   Investment through KP and Sequoia
    Crash enabled cool heads              enabled access to the best networks
•   Model generating revenue          •   Tradition of talent mobility
In search of a British Google
Culture
• British “Reserve”
    – More likely to draw attention to failure than success
    – Following the “traditional” path
• Misperception of risk
    – Stock options; early sales; poor investments by angels; conservatism of GPs and LPs
• Failure
    – Less of a factor and can be misleading – GEM: UK vs US vs Israel
• Ambition
    – Less desire to go “big”
• Dotcom Hangover
    – Investors are highly averse to risk taking
    – Financial “Nuclear Winter”
• HOWEVER
    – Things are changing
    – Risk of losing touch with current generation of start-ups
Knowledge and Experience
• Entrepreneurial teams
   – Strategy and Operational Experience
   – Industry Experience
   – Financing Experience
• Investors
   – Angels
   – VCs
   – Institutional investors (LPs)
Finance
• Seed/Start-up finance
   – Thriving yet inexperienced angel investment
   – Government programs
• Growth Finance
   – Funding gaps
      •   US vs Europe/UK
      •   “Wrong” institutional investors
      •   Flight from risk
      •   Misdirected incentives = misdirected investment
   – Consequences
      • This has nothing to do with debt finance
      • Collapse of venture market
      • Need to sell before IPO
Networks
• Networks as they relate to the other factors
   – Culture
   – Knowledge and Experience
   – Finance
• Stratification of networks
   – Poor understanding of the total network
   – Who knows what?
Summary
Culture                                       Knowledge and Experience
•   Some aspects of our culture can act as    •   Not enough of the “right” kind of
    “inhibitors”                                  knowledge
•   Behave in a way that makes use of         •   You can’t do everything, so seek out
    cultural activators                           partners who complement your skills



Finance                                       Networks
•   Financing gaps at crucial growth stages   •   Networks are stratified and
•   Know your funding options;                    information is poorly distributed
    understand your investors                 •   Be an open networker – share
                                                  information and others will
                                                  reciprocate
Recommendations for
entrepreneurs
Culture
• Embrace failure
  – Learn from it rather than fear it
  – Good investors accept the value of failure
• Manage risk
  – Accept risk, manage it, mitigate it
Knowledge and Experience
• Avoid “Zuckerberg Syndrome”
   – One person rarely has all the skills and knowledge to
     succeed
   – Be willing to use shares to attract staff
   – Potential investors will look for a team
• Learn from failure
   – Failure is only a waste if you don’t learn lessons
• Be where the action is
   – You may be able to find funding locally, don’t take it
Finance
• Take an interest
   – Business structure
   – Keep all financing options on the table
• Know your financier
   –   Banks, F&F, Angels, VCs
   –   Investment should be more than just money
   –   What can they offer you?
   –   What do they want from you?
Networks
• Value your network
  – Get out there and grow it
  – Maintain it
  – Bring others along as well
• Be open
  – Share your ideas
  – Share your network
  – Rewards as well as risks
... and a British “Google”?
Conclusion
• Recommendations are specific to tech
   – Not all start-ups are the same
• Make best use of Britain’s advantages
   – Industrial, human, financial
• Yes, but not yet
   – Slow process but not 60 years
Thank You – Q&A

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Why is there no British "Google"? Presented to the Cass Entrepreneurs Network, 06/12/11

  • 1. Engine Search Why is there no British “Google”? James Clark – Cass Entrepreneurs Network – December 6st, 2011
  • 3. British culture is unsuited to entrepreneurs United States – 7.6% United Kingdom – 6.4% Comparative Ave – 5.6% Source: Global Entrepreneurship Monitor Global Report 2010
  • 4. We don’t do tech like America…
  • 5. Shortage of money for start-ups Regional Venture Capital Funds UK High Technology Fund Early Growth Funds Community Development Venture Funds Enterprise Capital Funds UK Innovation Investment Fund The Aspire Fund £1 billion
  • 7. Why have a Google? • Google is an exemplar of VC funded businesses – Between 1981 and 2001, 0.1% of start-ups employ 10% of US workforce – By 2008 that became 11% of the private sector – 21% of US GDP – Lower capital costs, higher potential returns, shorter lifecycle
  • 8. Review and research • Sponsored by the CTF; academic review by Cass Business School • Researched in 3 phases: – Interviews with industry players – Extensive literature review – Limited survey used as confirmation of certain points
  • 10. The Silicon Valley story Wave 6: World Wide Web • WWW is created at Cern by Tim Wave 5: Berners-Lee Software • ARPANET repurposed as • IBM aligns with Internet Microsoft MSDOS • Internet Wave 4: • Compaq releases Hardware commerce arrives IBM clone; • Search engines • Personal hardware market dominate computing takes is flooded • New business Wave 3: shape • Bad for hardware, powerhouses Integrated Circuits • Intel = Memory very good for • Netscape initiates • IBM = Databases Microsoft • Texas Instruments VC boom • Xerox PARC = GUI, • Yahoo created and Integrated Wave 2: Workstations, • Amazon goes Circuits Ethernet from $40k Semiconductors • The Planar • Altair 8800 investment to Method • Shockley and the inspires the $438m IPO in 3 • Intel created by Traitorous 8 creation of years Wave 1: members of • Fairchild Microsoft and • Google created in Valves Fairchild Semiconductor Apple 1998 Semiconductor • Fred Terman • Arthur Rock and a • Moore’s Law • Hewlett Packard new financing • Growth in the • Stanford outreach model Valley • US Military projects
  • 11. The “4 Drivers” of Silicon Valley Culture Knowledge and Experience • Determination • Innovation • Pioneering spirit • Continuous Regeneration • Calculated Risk Taking • Clustered knowledge-base • Entrepreneurialism Finance Networks • Creation of the VC model • Rapid distribution of knowledge • Equity structuring • Closely linked community • Reinvestment of wealth • Ready access to resources
  • 12. Google’s advantages Culture Knowledge and Experience • Focus on excellence in product • Page and Brin studied at Stanford • Willingness to “Go big” • Investors brought with them • Flexible enough to adapt experience • Experience meant confidence in changing Finance Networks • Access to Angels • Advantage of Stanford network at • Buoyant VC market start-up • Private ownership during Dotcom • Investment through KP and Sequoia Crash enabled cool heads enabled access to the best networks • Model generating revenue • Tradition of talent mobility
  • 13. In search of a British Google
  • 14. Culture • British “Reserve” – More likely to draw attention to failure than success – Following the “traditional” path • Misperception of risk – Stock options; early sales; poor investments by angels; conservatism of GPs and LPs • Failure – Less of a factor and can be misleading – GEM: UK vs US vs Israel • Ambition – Less desire to go “big” • Dotcom Hangover – Investors are highly averse to risk taking – Financial “Nuclear Winter” • HOWEVER – Things are changing – Risk of losing touch with current generation of start-ups
  • 15. Knowledge and Experience • Entrepreneurial teams – Strategy and Operational Experience – Industry Experience – Financing Experience • Investors – Angels – VCs – Institutional investors (LPs)
  • 16. Finance • Seed/Start-up finance – Thriving yet inexperienced angel investment – Government programs • Growth Finance – Funding gaps • US vs Europe/UK • “Wrong” institutional investors • Flight from risk • Misdirected incentives = misdirected investment – Consequences • This has nothing to do with debt finance • Collapse of venture market • Need to sell before IPO
  • 17. Networks • Networks as they relate to the other factors – Culture – Knowledge and Experience – Finance • Stratification of networks – Poor understanding of the total network – Who knows what?
  • 18. Summary Culture Knowledge and Experience • Some aspects of our culture can act as • Not enough of the “right” kind of “inhibitors” knowledge • Behave in a way that makes use of • You can’t do everything, so seek out cultural activators partners who complement your skills Finance Networks • Financing gaps at crucial growth stages • Networks are stratified and • Know your funding options; information is poorly distributed understand your investors • Be an open networker – share information and others will reciprocate
  • 20. Culture • Embrace failure – Learn from it rather than fear it – Good investors accept the value of failure • Manage risk – Accept risk, manage it, mitigate it
  • 21. Knowledge and Experience • Avoid “Zuckerberg Syndrome” – One person rarely has all the skills and knowledge to succeed – Be willing to use shares to attract staff – Potential investors will look for a team • Learn from failure – Failure is only a waste if you don’t learn lessons • Be where the action is – You may be able to find funding locally, don’t take it
  • 22. Finance • Take an interest – Business structure – Keep all financing options on the table • Know your financier – Banks, F&F, Angels, VCs – Investment should be more than just money – What can they offer you? – What do they want from you?
  • 23. Networks • Value your network – Get out there and grow it – Maintain it – Bring others along as well • Be open – Share your ideas – Share your network – Rewards as well as risks
  • 24. ... and a British “Google”?
  • 25. Conclusion • Recommendations are specific to tech – Not all start-ups are the same • Make best use of Britain’s advantages – Industrial, human, financial • Yes, but not yet – Slow process but not 60 years

Notes de l'éditeur

  1. Alan TuringSir Maurice WilkesTim Berners-LeeLulzsec HackersSteve JobsMark ZuckerbergMike LynchRichard Moross
  2. Saffo from Newsweek in 2002 The valley also recycles its most important resource – people. Observers are quick to lampoon the callow folly of the fallen dot-comers, but they overlook the experience gained by these pioneers. An entire generation of twenty- and thirty-somethings just rocketed through an accelerated business cycle. They got in, shot up, crashed down and now they are out, and 25 | P a g e their careers still lie more before than behind them. Few are rushing to embrace the security of the corporate establishment. Rather, they are busy starting over.
  3. Risk: Mike Lynch, CEO of Autonomy when interviewed for the Wall St Journal: It is all summed up for me in one simple thing. We had someone write a note last year that accused us of running Autonomy with a start-up culture. It was a sell note on that basis. That would be a buy note on an American company. It is just an absolutely beautiful clear-cut case of the different way of thinking. (Rooney 2011)