Making Waves
What founders really think about SEIS, EIS and VCTs — plus Innovate UK's new prospectus and last call fo the Sunday Times 100
Wave after wave, our Entrepreneurs Survey makes headlines. Just yesterday, following the release of our latest instalment, journalists from Sifted, The Telegraph, and City A.M. all reported on our findings. We don’t measure our success by headlines and quotes (encouraging as they are), but by our ability to impact policy, and — ambitious as it sounds — change the hearts and minds of the country.
To that end, each quarter, we reserve half the survey for questions to dig into a thorny policy issue. This time around we focused on tax breaks for founders, with the results feeding into our submission to HM Treasury’s call for evidence around Tax Support for Entrepreneurs.
I won’t bombard you with every stat, but it’s fair to say that these schemes are seen by founders as essential to unlocking early-stage investment. Huge majorities of those who’ve used the Seed Enterprise Investment Scheme (SEIS), Enterprise Investment Scheme (EIS), and Venture Capital Trusts (VCTs) say they would have struggled to raise capital without them — 84%, 86%, and 78% respectively — and even more believe the schemes helped their businesses scale.
That said, founders don’t think the schemes are flawless. While fees and terms are broadly considered fair for SEIS and EIS, VCT users feel differently — 41% of founders regard VCT terms as unreasonable compared to just 33% who find them fair. Opinions on size limits and eligibility were also mixed, particularly for SEIS, where 39% of founders feel the criteria are not appropriate compared to 36% who think they are.
On capital gains, the founder consensus is clear: over seven in 10 believe Capital Gains Tax (CGT) relief drives startup creation, and when asked what they’d do with the proceeds of a more generous Business Asset Disposal Relief (BADR), 72% say they’d invest in someone else’s startup and 70% would use it to launch a new venture of their own. Only 7% say it wouldn’t change their behaviour.
We aren’t claiming this is the only evidence that HM Treasury will need to decide whether and how exactly to reform these tax breaks. But it does add data where previously there was little — and as our panel of entrepreneurs grows and grows, we’ll be able to get more granular with our questions and findings. If you want to have your say next time round, join us.
On the topic of what next, get in touch with Eamonn Ives to share your thoughts on what policy area we should dig into next time around.
VC on VC
The All-Party Parliamentary Group (APPG) for Entrepreneurship — for which we’re the Secretariat — is launching a series of Evidence Sessions, starting with one led by Victoria Collins MP, a former tech co-founder who sits on the Science, Innovation and Technology Select Committee, on female spinout founders. It’s on Monday at 12pm and we may still be able to squeeze in a couple of people if you’re quick.
APPG Evidence Session: Female Spinout Founders
🗓 Monday, 23 March 2026
🕐 12pm to 12.45pm
📍 Online
ℹ️ An evidence session for the All-Party Parliamentary Group (APPG) for Entrepreneurship, on how the UK can better support women turning academic research into successful businesses — chaired by Victoria Collins MP
⏩ Request a place
The sessions will be held virtually, so location is not a barrier, and over the coming months and years we aim to cover a wide range of policy areas around entrepreneurship. Each session will be led by one or more Officers or Members of the APPG, and following each session we will publish a concise write-up of the discussion.
Sign up to the APPG’s Substack for invites to future evidence sessions, including with Lord Marks of Hale CBE on R&D Tax Credits and Lord Kamall on supporting local communities.
Vernal Velocity
Innovate UK has published its new prospectus this week. Under Executive Chair Tom Adeyoola, the agency wants to make sure British breakthroughs result in globally scaled companies.
It’s narrowing its focus to deep and hard tech businesses and introducing a framework to identify high-potential companies. New Growth Sector teams will bring genuine working knowledge of their portfolios. A new Velocity service will provide ongoing account management for founders throughout their scaling journey. And a connected investment pipeline will link Innovate UK’s deal flow directly to the British Business Bank, the National Wealth Fund and the National Security Strategic Investment Fund. As Adeyoola puts it:
“Our vision is a UK where breakthrough ideas — from research, from labs, from anywhere in this country — can become industry leaders. Industry giants. Where those with potential, realise the potential.”
We’ve long argued that the gap between research excellence and commercial success is one of the most consequential challenges the country faces. This prospectus shows Innovate UK agrees. The direction is right — founders in deep tech should pay attention.
Sunday Best
Over at LinkedIn, Richard Tyler reminded me that today is the deadline to enter the Sunday Times 100, their annual ranking of the UK’s fastest-growing private companies. You’ll need four years of accounts, £5 million plus in sales, and to be in profit to be eligible to enter. Finalists get a networking event at the British Museum in September. Enter here.
Our Next Events
Ecosystem Builders Meetup: Level39 (Canary Wharf)
🗓 Thursday, 9 April 2026
🕐 9.30am to 11am
📍 Canary Wharf, London
ℹ️ An informal morning meetup at Level39 — a workspace and network for innovators, investors, and industry experts in Canary Wharf
⏩ Request a place
Ecosystem Builders Meetup: Exeter
🗓 Friday, 24 April 2026
🕐 11am to 12.30pm
📍 Exeter Innovation Hub, Exeter
ℹ️ Our first Ecosystem Builders Meetup in Exeter
⏩ Request a place
News and Views
In her Mais Lecture, the Chancellor pledged more fiscal devolution to mayors, extra investment for quantum computing and closer integration with Europe
As youth unemployment hit its highest level in 11 years, the Government announced a scheme to offer businesses £3,000 to hire out of work under-24s
Plans to allow AI companies to use copyrighted works to train their models with an opt-out option for rights holders were shelved
Britain’s innovation funding agency said it will now focus its budget on helping only several thousand of the country’s most promising companies (Paywall — The Times)
Peers voted to curtail the Government’s ability to influence how retirement savings are invested in specific UK markets and infrastructure projects (Paywall — The Times)
Officials confirmed that lower tuition fees for EU students studying at British universities are on the table as part of Brexit reset discussions (Paywall — Financial Times)
High street banks increased gross business lending to £17.5 billion in 2025, up from £16.1 billion the previous year
Join Us
If you haven’t already, it would be great if you would consider joining The Entrepreneurs Network. Our Supporters, Advisers and Corporate Partners are essential in helping us understand what entrepreneurs need to flourish and are closely connected with our work. If you already support us — thank you.
Friends of the Network
International Trade Awards
⏰️ Deadline: Friday, 20 March 2026
🏆 Border Innovation Award, Excellence in Customs Award, Food & Drink Trader of the Year Award, Manufacturing — Trade Impact Award, MSME-Business of the Year Award, Sustainable Trade Award, Rising Talent in Trade Award
ℹ️ The Chartered Institute of Export & International Trade is delighted to invite you to nominate yourself, or a fellow business, for an International Trade Award, with shortlisted entrants invited to a celebratory reception in the House of Lords in the summer
⏩ Find out more
UK Deaf Business Expo 2026
🗓 Monday, 13 April 2026
🕐 9am to 4.30pm
📍 Birmingham
ℹ️ Organised by Shezad Nawab MBE, UK Deaf Business Expo brings together Deaf entrepreneurs, professionals and organisations to network, share business knowledge and explore opportunities for enterprise development
⏩ Find out more
Pitch at SCALE EXPO & SUMMIT 2026
🗓 Wednesday & Thursday, 22–23 April 2026
🕐 9.30am (pitches start 2.30pm)
📍 Business Design Centre, London
ℹ️ Pitch live to investors and an expert judging panel committed to championing diversity and inclusion in entrepreneurship, plus a room full of people who have built, backed and funded great businesses
⏩ Find out more
KPMG’s Tech Innovator in the UK 2026
⏰️ Regional Heats: Monday, 11 May 2026 to Tuesday, 12 June 2026
🏆 One UK Winner will be selected to go to the Global Finals in Lisbon in November 2026 where they will also attend exclusive KPMG and sponsored events with business luminaries and CEOs from leading fast growth private global businesses
ℹ️ A competition that identifies fast growing, innovative tech and tech enabled scaleups and supports their growth through participation in a local and global pitching competition
⏩ Find out more
Support for UK Entrepreneurs
We’re often asked where founders should go for practical help beyond policy change. That’s why we’ve curated this list of government websites and trusted organisations we regularly signpost entrepreneurs to. Each week I’ll share a section. Think we’re missing something? Let us know.
Finance, Funding & Capital
British Business Bank provides government-backed finance programmes and a Finance Hub to help smaller businesses access loans, equity investment and guarantees.
Start Up Loans provides government-backed loans of up to £25,000 alongside free mentoring to help new businesses get off the ground.
Finance & Support for Business provides an official searchable resource to find free finance support, training, workshops and loans by business stage and region.
ThatRound provides a platform that helps early-stage founders raise equity faster by connecting them with the most relevant angel networks, syndicates and VC funds.
Scottish Enterprise provides grants, co-investment funding and financial support to help Scottish businesses innovate and grow. (Scotland only)
Development Bank of Wales provides loans and equity funding to help businesses start, strengthen or expand in Wales. (Wales only)
Invest Northern Ireland — Funding provides grants, loans and co-investment support to help Northern Ireland businesses grow and innovate. (Northern Ireland only)
Best wishes,
Philip
Philip Salter
Founder
The Entrepreneurs Network