Venture Out
Why hunkering down isn't always the best policy
To hunker down, or not to hunker down, that is the question I explored in our fortnightly Big Ideas feature. While I sympathise with the advice that entrepreneurs should focus on what they can control, I don’t think this means they should just mind their own businesses. Instead, I suggest they venture into the world of policy and find a way to “channel their rage” (or whatever emotions they‘re feeling).
As if to prove my point, yesterday we saw the Government shelve reforms to Companies House that would have required businesses to file their accounts in a more onerous manner. Under legislation brought in by the previous government, small and micro companies would have had to disclose their profit-and-loss statements for the first time as part of their annual accounts.
This volte-face didn’t happen by chance, but because lots of business owners and business groups alerted the Government about the impending problem. While governments don’t listen to every gripe, if we can make a strong case that entrepreneurs are actually aggrieved, and that it will negatively affect the economy and, potentially, as a consequence, politicians’ election prospects, they’re all ears.
Also, many of the UK’s most exciting startups are in sectors where ignoring politics and policy isn’t a choice – whether because they’re in a highly regulated market, or because it’s a completely new one where policy is still evolving.
Here are just three examples. If you want to run a consumer-facing website, game or social app that children might use, you must comply with the Online Safety Act. If you want the NHS to buy your software, devices or supplies, your tender must include a Carbon Reduction Plan. If you want to offer budgeting tools, payment initiation or any service that connects to UK bank accounts, you have to implement Strong Customer Authentication under the FCA’s PSD2 regime.
All that being said, there are exceptions that prove the rule. Just this week, I received a bulleted list from an entrepreneur setting out how to reform the entire tax code. It happened that I agreed with quite a lot of it, but I don’t fancy his chances of convincing the Chancellor when the peerless Mirrlees Review hasn’t succeeded yet. There is no point in fighting a lost cause.
Also, not every idea is one worth pursuing. Entrepreneurs or business groups can come up with bad policies. Sometimes they don't adequately understand the problem or justify government intervention. Sometimes the policies are poorly constructed, too costly or impractical to implement. Sometimes they are impossible due to the political landscape or public sentiment. Sometimes they would undermine good governance. I could go on.
But all in all, we are definitely underweight in getting the insights of the UK’s innovators into government. Those creating wealth, jobs, and on the front line of regulation should have a louder voice. And when we band together, we believe we can make a difference. I ended my article on the other Substack with this quote from Margaret Mead, and I hope regular readers will forgive me for doing so again:
“Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has.”
Lords A-Leaping
This week, we introduced some of the members of the Young Entrepreneurs Forum to investors (including the youngest partner ever at A16z), but now comes the think-tanking. And for that, we need to hear from the next generation. There are three easy steps:
First, join the Young Entrepreneurs Forum by filling out this short form. Second, answer these questions – your insights will shape the report, and you may be quoted or featured as a case study (if you want), which could gain you media attention. Third, once you’ve done that, request a place at the report launch in October.
Lab to Launch
We’re embarking on research for our next report in the Female Founders Forum series. This time we’re focusing on spin-out founders. We want to understand three key things:
What speeds up or slows down the path from research to company?
How do negotiations over equity, support and funding play out?
Are the 2023 spin-out policy reforms making any real difference on the ground?
If you’ve recently founded (or are in the process of founding) a university spin-out in the UK, we would love to learn from your experience. We’re equally keen to hear from those who support spin-outs – whether you work in a TTO or advise academic founders independently. If that sounds like you, drop Anastasia a line.
Here to Help
What is holding back your business from growing? If it’s a policy issue, we will let policymakers know. If it’s not, we may be able to put you in touch with someone from our network who can help.
Our Next Events
Immigration White Paper Roundtable: What Does It Mean For Businesses?
🗓 Tuesday, 15 July 2025
🕐 4pm to 5.30pm
📍 House of Lords
ℹ️ A roundtable chaired by Lord Bilimoria to discuss the implications of the Government’s Immigration White Paper on businesses.
⏩ Request a place
Quarterly Adviser Roundtable
🗓 Wednesday, 17 September 2025
🕐 10am to 12pm
📍 Canary Wharf
ℹ️ Our quarterly roundtable for Advisers and Patrons of The Entrepreneurs Network
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Young Entrepreneurs Forum: Report Launch
🗓 Wednesday, 29 October 2025
🕐 3.30pm to 5pm
📍 House of Lords
ℹ️ An afternoon tea reception in the House of Lords to celebrate the launch of the Young Entrepreneurs Forum’s flagship report
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News and Views
We published our thirty-eighth instalment of Three Big Ideas
John Thornhill reported on our inaugural survey of entrepreneurs, sharing our key finding that just 4% of founders thought the government understood their needs as entrepreneurs
Our Founder Philip Salter wrote about our Entrepreneurs Survey for Forbes
The Department for Science, Innovation and Technology has appointed a new Permanent Secretary
The 10 Year Health Plan is out, featuring an Innovator Passport scheme aimed at slashing red tape so cutting-edge tech and treatments can be rolled out across the NHS more quickly
The first report from the DSIT-UKRI Metascience Unit has been published, with its findings on distributed peer review of grants covered in Nature (Paywall – Nature)
AstraZeneca’s CEO is considering moving its stock market listing to the US (Paywall – The Times)
Synthesia has opened a new London HQ, expanding its UK presence
The British Business Bank has launched a new Open Office Hours initiative for emerging or potential female investors
At RAAIS last month, one of the sessions offered a practical take on AI sovereignty, exploring where countries should focus their limited resources – the recording is now live
Alex Depledge went on Jimmy's Jobs of the Future
Friends of the Network
How to Talk to AI by Josi Livingston
🗓 Tuesday, 8 July 2025
🕐 1pm to 2pm
📍 Shoreditch, London
ℹ️ Join Josi Livingston and IDEALondon for an intro-level workshop on how to work with large language models like ChatGPT
⏩ Request a place
TikTok LIVE HQ: Become a Talent Agency!
🗓 Thursday, 17 July 2025
🕐 3pm to 5.30pm
📍 Barbican,, London
ℹ️ Learn how TikTok LIVE can grow your business
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Green Growth Programme
⏰️ Deadline: Sunday, 31 August 2025
ℹ️ 6 week online programme run by Small Business Britain for SMEs on how to turn sustainability into profitability
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Female Founders Growth Summit 2025
🗓 Tuesday, 16 September 2025
🕐 10am to 6pm
📍 Edinburgh, Scotland
ℹ️ The Summit is geared towards founders who are actively scaling their companies and already generating revenues in excess of £300k per annum or have previously secured approximately £1m of investment or more
⏩ Request a place
Best wishes,
Philip
Philip Salter
Founder
The Entrepreneurs Network