Melissa Morris - Bettering our NHS!

Melissa and I met at Friends of Ours cafe for breakfast to discuss her move from big corporate career to founder of a health tech startup and her accumulated wisdom along the way. Network Locum is a marketplace that connects doctors and shift work and seeks to address efficiency and affordability within the NHS. Melissa talks about her critical path to actually launching her company, her fundraising advice and how she goes about recruiting and retaining women in her business. 

Meet Melissa

Current Job CEO of Network Locum 

First Job Working in a garden centre behind the tills on Saturday 

Education Business and Economics at Bath University which included two six month work placements which I did in M&A at Lehman Brothers and Citi 

Go to meeting spot Friends of Ours or wherever is close to my office 

Necessary extravagance Hair & nails!  

Favourite productivity tool Trello 

Recent inspiration A conversation I had with my boyfriend recently about how to create a grass roots movement. His advice jumpstarted my thoughts about how to scale our offering to doctors

Favourite tech startup in the UK right now Onfido 

The Journey

Can you tell us briefly about your background prior to founding Network Locum and your biggest learning from these experiences? 

After Citi Group I went to McKinsey and I worked on a lot of projects in healthcare. During my time at large corporates I knew I wanted to start my own company at some point, as my parents were both entrepreneurs, so I was always looking out for potential ideas. When I was working in healthcare I was shocked by the fact by the fact that most of the NHS's spend is on staff and that the NHS is the fifth largest employer in the world. That is nuts, it is just behind the Chinese army and Indian railway! So I decided my company would address NHS staffing. 

When I looked further at the processes for clinical staff I saw it was very manual and expensive because of the reliance on agencies. Locum staffing is when a qualified doctor goes to work on a temporary basis in a medical organisation in order to cover for another medical professional when they are off work, a bit like a supply teacher. Recruitment agencies tend to take up to 30% commission on each GP they place, which has a direct impact on the amount of money that is available to actually deliver primary care. I wanted to make this process more efficient and more affordable for the NHS. 

After working at McKinsey for two years and doing a lot of research and validating my idea with the partners I decided to leave and go work in the NHS to gain first-hand experience before setting up Network Locum. 

I went on a TV game show called The Angel - at the time I had nothing to lose! The prize for the show was £100k worth of investment from John Caudwell, founder of Phones4U. I actually won the show but ended up turning the investment down as it wasn't the right deal for us. So after embarrassing myself, I ended up raising money from angels and friends and family and then going full time. 

What is Network Locum & what was the motivation behind it? 

Network Locum is a marketplace that connects doctors and shift work. It is a workforce management software plus marketplace. So we are solving the problem of empty shifts in the NHS. 

The NHS is something I care about deeply after working in it for 8 years. I want to solve the cost and efficiency of staffing and I believe we are doing that. We have had huge successes in whole boroughs of London, Manchester and Birmingham and are essentially running the entire staff banks in those areas. 

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today?

Do the work
Everyone has to do things they don't want to do

Network Locum

What has been the evolution and milestones to date of Network Locum? 

  • We closed our Series B funding round;
  • We got on to the preferred supplier list to supply to hospitals. It is the biggest red tape we could have concurred. It means we are approved for the next five years to supply doctors nurses and dentists; 
  • We evolved our product from just a marketplace into workforce management software plus marketplace which has changed the metrics of the business;
  • Hiring insanely smart people. We have now got really senior hires who are really passionate and committed and being able to attract that kind of talent is very surreal.

What are some of the KPIs that you measure success by for both the business and your team?

The KPI we focus on is local density and within that the number of transactions through the platform. We used to just look at overall transactions but the key metric really is about how much value you are providing in the area the doctor will travel. 

What values do you hold and what kind of company do you want to build? 

I am about positivity, bringing people together and having a good time solving hard problems. I want to build a self-sustaining and re-enforcing company where those we serve hold the same values as us. 

What do you think the future of healthcare looks like and in that context what is your long term vision for NL? 

It is so hard because it depends on what government we have. But as long as you are creating value, saving money and connecting people there will always be a place for you. We can save each GP practice £20k a year, and we save hospitals £200k a year per department but even more when you include the reduction in fines they face as they are not operating on a skeleton staff as much. 

Women in Tech

Can you share your fundraising history as well as your experience and advice for women looking to raise capital

I feel like every time we do it I could have done so many things better. My one piece of advice would be to keep control of the process. Try to run a parallel process, don't let investors drag you off and have more meetings. Also remember how many factors are outside of your control so just focus on the ones which you can influence. 

Do you consciously think about building a diverse team and how can we do better to attract and retain more women in those teams?

It is something that is always on my mind and a regular agenda item in senior team meetings. I am very pro hiring women and coaching them because I knew what it was like in an investment bank, being objectified, not having the same opportunities as men. It took having to go to another organisation which are pro-women for me to feel appreciated. We have done a good job in our sales, operations and senior team but it is harder in tech. We have quite a few female designers and product owners but just one female developer.

You have experienced both big corporates and startups - what advice would you give to new graduates? 

Everybody is really down on banking and it can be really miserable. But it is also really amazing training - they teach you for 12 weeks how to do financial modelling, how to produce great presentations and that is a toolkit you can take to other organisations or to your startup. They do invest a lot of energy and effort into their grads. If you are a grad do a couple of years somewhere that will give you that toolkit: how to talk to senior people, how to present, how to do financial modelling.  

What personal qualities to you attribute most to your success? 

I have a lot of energy and can get a lot done in a day!

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Rachel Carrell - Solving Childcare!

Rachel and I had breakfast at Berners Tavern - one of my favourite morning havens. Rachel was the former CEO of the world’s largest online doctor service, which grew to 1.3m paying users in the UK, Ireland and Australia under her leadership. But after having her daughter and hearing friends’ horror stories finding childcare, she was inspired to quit her job in 2016 and she founded Koru Kids, the UK’s first managed nanny share network. We discuss her recent seed funding round, how to be different types of CEO and the merits and drawbacks of corporates and startups. 

Meet Rachel

Current Job CEO of Koru Kids

First Job Babysitting…but my first proper job was working in an aluminium smelter when I was 18

Education Undergrad in Linguistics and Politics from Otago University, New Zealand; Masters and Doctorate in International Development from Oxford

Go to meeting spot I meet everyone in the Café Rouge in Euston station piazza. Not because it’s brilliant but because it’s easy for everyone to get to Euston and it’s 5 minutes from my co-working space

Favourite book Never Let Me Go, by Kazuo Ishiguro

Necessary extravagance HelloFresh, the meal ingredients delivery service. We were very early customers – we’ve been using them for 3 years now

Favourite productivity tool Front, which is our customer services software. It’s hard to make customer services software joyful but they managed it

Top networking tip Always get ‘warm intros’ from a mutual friend wherever you possibly can, rather than approaching people cold. Busy people use warm intros as a way to figure out who to meet (and if you’re a true entrepreneur you’ll figure out how to get one)

Hottest tech startup in the UK right now I’m so excited about Entrepreneur First and the high tech startups they continue to produce like clockwork. I’ve been involved with EF since their beginnings 5 years ago. Their demo days have always been good but lately they are off the charts. If you want to see the future of UK tech, get a seat at one somehow


The Journey

Tell us about your career prior to founding Koru Kids and your biggest take aways from those experiences?

I was at McKinsey for 6 years, working on all sorts of things. It taught me to run teams and projects, and to figure out company strategy. I then moved to the NHS for 15 months, where I ran the Strategy team for London. It taught me how to think about influencing within systems. Finally I was CEO of, the world’s largest online doctor service, for 3.5 years. This taught me how to recruit, lead, run operations, and a lot about digital. 

What is Koru Kids & what was the motivation behind it?

When I was at, I had my daughter. Purely by luck, we happened to find an absolutely amazing childminder who lived near us. She looks after a few kids together at the same time, and my daughter adores it. Growing up with other children has been amazing for her social development, and her language. So my daughter has always had phenomenal childcare. But I saw that my friends who also had kids the same age really struggled to get their childcare sorted out. It’s so expensive – a full time nanny costs £37K on average in London – and if you go the nursery route, it’s very hard to keep going with a big career as you have to be there every day at 6pm for pickup (very tough to achieve) and if they’re off sick, which kids are a lot, you have to stay home with them. There aren’t nearly enough great childminders like my one – in fact there are 10,000 fewer childminders in the UK than there were in 2011. I saw friends quitting jobs they loved just because they couldn’t sort out their childcare. So I decided to found a company to help more families access the kind of childcare I’d been lucky enough to find by chance.

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today?

I love Steve Blank’s definition of a startup:

“an organisation built to search for a repeatable and scalable business model.”

Focus on this and your job becomes obvious: it’s all about learning. It’s okay that you don’t have a business model finalised yet. Of course you don’t! You’re a startup. But the faster you learn, the faster you find your business. So do anything that accelerates learning. That means creating a culture where people are honest about mistakes, not afraid of trying things, and disciplined about reviewing the results of experiments. If you focus on this, everything else follows. I repeat this like a mantra to my team.


Koru Kids

What has been the evolution and milestones to date of Koru Kids?

It took a while to figure out the specifics of our first service, which is helping parents share their nannies. We help parents who are employing a nanny already, find another family to share the nanny with. This is amazing for the kids, who get a friend who is a bit like a sibling. It also allows both families to save about 1/3rd on the cost of their nanny.

The first nanny share match we made was an amazing milestone. We introduced two people who lived about 5 minutes walk from each other, and they’re all so happy with their nanny share. The nanny loves the kids, and is earning far more money; the parents are saving a ton on their nanny and the kids are totally adorable together. It was the perfect first match for our business.

Finally we just closed our seed round, which feels like a great milestone! We raised £600,000 in seed funding from some of the UK’s top investors, including Michael Pennington, founder of Gumtree; the two founders of Europe’s top accelerator Entrepreneur First and Rocket Internet’s Venture Capital arm, Global Founders Capital (GFC).

Have you changed as a CEO from DrThom to Koru Kids? 

At DrThom I had a team of about 40 people, and I could think ‘big thoughts’ and then rely on the specialists to actually put it into practice. At Koru Kids we started with no specialists… so I had to do everything myself initially, and learn an awful lot of detail very quickly.

What metrics do you focus on? 

Our top priority is making really great nanny shares. So key metrics for us are: number of families in our network available for match; number of shares; and duration of shares. We don’t just take an introduction fee and then never see our customers again - we offer lots of support to families as their share proceeds. It’s hard to communicate this value ahead of time, but in practice there are always changes and questions that arise. We want to be there for the journey.

Biggest challenge so far? 

Being a non-technical founder and needing to hire tech talent. Luckily, I have some amazing technical advisors who have helped a lot. 

What is your long term vision for Koru Kids? 

We are building the world’s best childcare service, bar none. We’ll offer sick cover, holiday cover, and training for nannies. It’ll be affordable, reliable, and easy for parents to arrange.


Women in Tech

Tell us about your fundraising experiences and advice for others looking to raise capital. 

My track record at was very important in my ability to raise capital. At seed stage you’re really just investing in a founding team, not really the idea itself – you’re making a bet that the founders will be able to discover a business. Luckily I had a lot of great people who thought I could probably do this. That’s not to say it was all plain sailing - the legal processes were interminable! But I’ve ended up with a cadre of investors I’m incredibly excited about. Over half are former founders, over half are highly experienced VCs or angels, several are both of these things, and none is neither. 

Will you think about building a diverse team and what can we do better to attract and retain more women in those teams?

One of the things I really want to do with Koru Kids is figure out how to tap into the pool of women who are highly qualified and want a job that works within the school run. It’s criminal how much professional talent is wasted because there aren’t enough jobs like this. I know so many amazing, smart, highly-educated and experienced women who want to work 9-3pm but can’t because jobs don’t do that. I don’t see why not, and I really want to figure out how to provide these job opportunities within Koru Kids. The balance we need to find is that, especially in the early days of a business, it’s also really important to be all in the same room. But I think we’ll get there.

What personal qualities to you attribute most to your success?

A certain doggedness. My chief quality is persistence. If I don’t know it, I’ll learn it. If I can’t do it, I’ll try 100 different ways. I think the answer to most things is out there, you just have to read the right blog or book or ask the right question to the right person. Mostly what I do is just extract information and combine it in new ways, then just keep doing that again and again and again and again until something works.

You have experienced both big corporates and startups - what advice would you give to new graduates?

It’s very useful to experience both. Consulting is helpful as you learn so very quickly when you’re exposed to lots of different types of organisation within a short space of time. Big corporates teach you lots of things ‘not to do’ which you can then avoid building into your startup.

I’ve never planned my own career, it’s just happened. I would say to a new graduate, just take opportunities which look interesting and like you’ll probably learn a lot. If it doesn’t work out, no big deal.  Oh, and work really hard in your 20s – you’ll be glad you did when you have kids. 

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Neeta Patel - Helping Future Entrepreneurs!

Neeta and I met for breakfast at Finch's Pub for a very long overdue interview with Breakfast with Tiffany. Neeta is the founding CEO of New Entrepreneurs Foundation, where I was privileged to be part of the 2016 cohort. I will be forever grateful to her for allowing me to embark on a different career, as she was the one to extend an olive branch when I failed to get in with my original application and she gave me a second chance by inviting me to interview – the rest is history! We talk about her career as a corporate entrepreneur, an investor and a change agent; the origins of NEF and its successes to date, as well as her advice for founders of the future! 

Meet Neeta

Current Job Chief Executive of the New Entrepreneurs Foundation.

First Job Aged 12 doing the 4-7pm evening slot after school each day in my parent’s corner grocery shop in Crouch End, North London.

Education Masters degree in Chemistry from Oxford University; MBA in Marketing from Cass Business School; Sloan Fellowship in Strategy and Leadership from London Business School.

Go to meeting spot Finch’s pub

Favourite book Midnight’s Children by Salman Rushdie; The Undercover Economist by Tim Hartford; More Human by Steve Hilton. The latter really resonated with me as it reflected on how we are de-humanising our society in the name of technological progress: making homes, buildings and offices attractive to look at but unsuitable for living and working in; making customer support totally virtual, thereby alienating and marginalising those who cannot participate. Lots of really interesting questions about where our society is moving. 

Necessary extravagance I subscribe to about a dozen magazines – a lot of business magazines, The Spectator, Harvard Business Review, The Economist but also Vanity Fair, Private Eye and so on! 

Favourite productivity tool My watch. I only have 30 min meetings whenever I can due to my very short attention span!

Top networking tip You have to be there in order to meet people, so show up and be present.

The Journey

Can you tell us about some of your experiences prior to New Entrepreneurs Foundation? 

I was lucky enough to begin my career in tech at BT and technology has traversed my career ever since. In 1995 came my first career pivot - my first management job at Legal & General. I was fresh out of my MBA, the Internet was just taking off and I was excited by the prospect. I was head of brand advertising and communications, in charge of a £40m budget and 47 staff. I always used to be described as an agitator within companies later coined an innovator, and I thought we should give the Internet a go! I persuaded the CEO to give me the budget and 2 people to work on it with me. He asked me to step down from my current role, which was a huge corporate job for a FTSE 100 company, if I wanted to pursue this hunch. It was a big risk - I thought it over for about a minute and decided to jump in with both feet. We launched the first ever personal finance website in Europe at a time when there were only 300 URLs registered in the UK. That website won 9 awards and beat the likes of Nike and BA to become the e-commerce company of the year in 1997 – something I am still very proud of. 

That kicked off my interest in the power of the Internet and digital technology. I subsequently joined The Financial Times as part of their digital personal finance team and then ran That set my pathway of going into companies and turning around their digital presence. It also set my own understanding of my attitude to risk – I am a high risk taker – although the older I get, the more measured the risks become. The ability to embrace risk has allowed me to jump into my own ventures even though they failed and to always look out for the next opportunity.

What is New Entrepreneurs Foundation and its philosophy? 

We are a UK educational charity with the aim of developing the entrepreneurial leaders of the future. We are not an accelerator or an incubator – if anything I describe us an accelerator for the individual. Our belief is that if you select bright people who possess an entrepreneurial mindset, place them in an entrepreneurial environment where they can learn from people who have done it before, offer formal training in tools and techniques and, finally, give them coaching and mentoring from people who can help them, they are more likely to not only start their own ventures but are also likely to be more successful. This was the thesis on which NEF was launched. Five years on we have proven the thesis with some exciting results which are published in our annual report.

What’s the single best piece of business advice that helped shape who you are as an entrepreneurial leader today?

My line manager at Legal & General, who was one of the first female IT directors in a FTSE 100 company in the 70s, once told me she would give me just enough rope to hang myself with before she will come to my rescue. It wasn’t meant to be negative but rather advice to suggest  you should always try things but make sure you have a fall back. That has been my philosophy in life – give it a go. Nobody dies in the job we do as we are not in the medical profession. If you have an idea and you are passionate about it, do it! 

What would you like to be remembered for? 

Having had a positive impact on the companies I have worked in as well as on the individuals I have engaged with. I hope that the companies would say that Neeta came in and shook us up and made us think in a different way even if it was uncomfortable at the time. For individuals to say that she helped me think things through, moved my ideas forward, supported my ambitions and pushed me to think beyond my boundaries and comfort zones.

New Entrepreneurs Foundation 

What has been the evolution and milestones to date of NEF? 

It has been evolution not revolution. NEF was launched five years ago based on this hypothesis that Oliver Pawle, Founder and Chairman, had, and in an entrepreneurial fashion we just did it and tried it. Some of the new NEFers coming through don't realise how entrepreneurial and light footed we are. For the first cohort, workshops were being designed a week before they were delivered, we didn’t have venues or providers and there wasn’t a formal coaching or mentoring programme. What this ‘pioneering’ cohort got was very different to what the class of 2017 is going through. The programme has evolved over time in an iterative way, we do reviews at the end of each year and ask participants about what they think and then we change it for the following year.

What are some of the KPIs that you measure success by for NEF? 

One of the difficulties we have is measuring impact on a programme that is about developing skills. NEF is about changing attitude and confidence - how do you measure that? We are not an accelerator so we can’t just measure startup KPIs. It is one metric but not the only one we care about. We borrowed some of the impact metrics from the Goldman Sachs 10,000 small business programme because part of their criteria is how the founders felt their skills had developed and we added our own criteria.

We now have two sets of KPIs, one is the hard data – how many startups, how many are still live, how much money have they raised, how many jobs have they created. We have to report that and we measure it rigorously every year. The second element is a study about how the participants on the programme have developed in terms of their own confidence and skills. There is a structured quantitative and qualitative methodology designed by UCL and we have just completed the second phase of that. We are trying to ascertain if the programme helps NEFers to develop skills that will help them with their entrepreneurial career, build networks and lastly the confidence to feel they can do it.

I am pleased to say the answer is yes to all of the above – the results are really encouraging. On the hard data - there have been 5 cohorts, 155 candidates have launched over 100 businesses of which 63 are live, and they have raised nearly £11 million in early stage seed funding and created over 650 jobs – that is quite amazing. What is incredible is almost 40% of the cohorts have launched a business considering we take people in with just ambition. We have nothing to benchmark against. There isn't an analog organisation but the perception data is also looking good.

What are some of the future ambitions of NEF? 

We have proven the hypothesis and now we want to see if it is possible to scale without losing the quality and personal nature of it. We are now at 43 people in the 2017 cohort. We could never scale to 100 in a single cohort as I feel we would lose the hands-on nature of the programme. With our Trustees, we are looking at various options by which we could scale the programme and reach a wider audience. These discussions are really at a very early stage so watch this space!

Women in Tech

What would your advice be to graduates? 

It has to be follow your passion. If going into banking is what you personally feel you want to do - you should do it, there will always be jobs in banking, consulting, industry and other sectors. It is about self- awareness. What makes you happy and what environment do you want to work in? Think carefully about that. Follow your passion and make sure it has a purpose. 

What tips would you share with female founders looking to start their own business and subsequently raise finance?

Do it. There is a lot of support out there. There are some amazing women coming up in the entrepreneurship space. Be as confident as is needed. Mirror investors. If you have a detailed, cerebral, quiet investor respond that way. If you have someone that feeds off energy give them that energy. I've seen men do it all the time in meetings and interviews and women don't do that because they feel it would be rude.

How can we do better to attract and retain more women in business? 

More role models are needed and media do have a role to play to showcase them but it is deeper than that. Structural change is required. It starts in the home and then in schools. Teachers should encourage STEM subjects; we need to create a narrative that says if you get a degree in physics it doesn't mean you have to go and teach physics. We have to show girls the different paths their careers can take.

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Tracy Doree - Pioneering Equitable Venture!

Tracy and I met for breakfast at Granger & Co. She began her career at Rothschild before moving to MMC to invest in high growth, early stage companies and to be closer to the founders. After four years she took the entrepreneurial leap herself and founded LLUSTRE - a content driven e-commerce company addressing the home design market. 10 weeks post the transactional launch of LLUSTRE, Tracy sold the company to, the then fastest growing e-commerce business globally and market leader in design. Following her transition from MD at Tracy became one of the four founding partners of Kindred - a new early stage venture capital fund based in London that practices equitable venture. In the interview Tracy shares her many lessons learnt, including her recruitment and retentions tips, fundraising advice and shows you how to be ambitious with a huge amount of passion and most importantly, integrity. 

Meet Tracy

Current Job Partner at Kindred

First Job Unofficially - hairdresser in Essex; officially - tech analyst at Accenture 

Go to meeting spot Granger & Co.Good & Proper TeaShoreditch House 

Favourite book Give and Take by Adam Grant

Necessary extravagance Fortnightly manicure

Favourite productivity tool Pen (Caran d'Ache) and paper 

Recent inspiration I recently took a two week holiday for the first time in five years. And it reminded me the importance of having space to think more creatively.  

Top networking tip Business and life is about people. Spend more time with people that give you energy!  

The Journey

How and why did you enter the investment paradigm the first time round at MMC? 

My Uncle had a business when I was at school and he told me that it was the worst and most difficult moment when he was selling it. Whilst building the business, he had been used to being the leader and the expert, and then at the moment when value was going to be realised, he was leading an unfamiliar negotiation where he felt like an amateur. That's kind of nuts! Thinking about it now as an entrepreneur, you get to f*** up every day, but that's ok because you get to try again tomorrow. But when it comes to raising funds you probably only have a couple of shots at raising money and exiting your business. 

So my Uncle said to me if you are ever going to build a business you better learn how to sell one first. 

So I went to Rothschild. I then decided that I wanted to be closer to the people that were building and running the companies. I had an offer to go and work for a big private equity firm, but after spending a couple of days there I determined it wasn't for me. One guy had five cans of coke during an hours meeting with me! It was a very different environment to how I wanted to spend my days. 

A lot of people choose the next bit of their career in the abstract, what they would be proud to say, or what might lead them to what they think success looks like, and then forget that on a random Tuesday you have to get up and spend your day doing that, so you better love it. I began to speak to mid cap private equity firms which is more about people and through that I met a firm called MMC. They were five people in a house in Kensington and they were growing really quickly. I joined the team in 2008 and spent four years there. I had no idea if I would go back to venture as when I left I was totally single-minded about the concept of LLUSTRE, but I really loved my time there. 

Can you share with us the whirlwind that was LLUSTRE and subsequently lessons learnt from your time spent at 

I learnt everything; it was like 10 years compressed into two. We started working on the concept in June 2011, we sold to FAB in June 2012 and I had left FAB 18 months later. 

  1. I learnt that you can get a lot done in a day. You can wake up with a mammoth number of tasks that can seem like an impossibility but even with a small number of people you can close the day completely differently from how you began it.
  2. I learnt that when choosing your investors, if you choose the right ones they effectively become part of your team and they truly help you when you need to make both small and big strategic decisions.
  3. I learnt to hire for passion and raw talent rather than experience.
  4. I learnt how to hire. I had only ever led the recruitment process for a couple of people previously and for incredibly defined roles but at LLUSTRE I learnt how to build out an entire organisational structure in a fast growing, constantly changing organisation. We hired 60 people in 6 weeks! We had to become really smart at it really quickly.
  5. I learnt first hand the importance of diverse groups when you are trying to do something difficult. In our team of 50 in London as LLUSTRE we had 12 different nationalities and by the time we were 200 people in Berlin as FAB we had 22 different nationalities.
  6. I learnt that meritocracy can exist which is something I had always hoped to be true. That in a fast growing team you can always give people new opportunities and the most satisfying thing is when a junior member of the organisation is the obvious leader for a significant piece of the business.
  7. I learnt that's what I love doing - finding inspiring people and then helping them.
  8. Finally I learnt the importance of having clarity of vision and of transparency, not for its own sake, but to empower people within the organisation and the challenges that come when you don't hold true to that. 

How did you inspire people to join you during your recruitment process?  

As a founder you are always selling, to your investors, suppliers, customers and to team members. The best talent is always in high demand, so your recruitment is always a selling pitch to them. You must always be structured and disciplined so that even when you are at scale you are still giving enough thought to those individuals considering your organisation. They could be customers or suppliers and it is a long game - you have no idea how that person might come back into your organisation, so treat them respectfully.

What has been your motivation throughout your career? 

My overriding goal has been meritocracy. I cannot imagine another industry that I could work in that is better than technology, and within that venture capital, where you really can create something from nothing in a short space of time and you can earn the right to opportunities that you couldn't imagine in other industries. 

What would you like to be remembered for? 

I would love to be remembered for Kindred and I would love for that to be known for being the first place people go to when they are building their business. 


Tell us about Kindred, your differentiated investment philosophy and founding team

We are an early stage technology investor. We invest in 10-12 companies a year, between £200k-£1m and we have a separate fund that is for follow on funding to the portfolio businesses. We are focused on the UK but that is not to say that we wouldn't back companies in other geographies. 

We back exceptional people early and then help to build an army around them so they can build globally significant businesses. That army consists of the of the four founders of Kindred; we are all founders and operators ourselves and we hope that experience is directly useful or at least we can empathise with the crazy that is building something. We have collectively made 100 investments prior to Kindred and through that developed a fantastic network and best practices that we can share with the entrepreneurs that we back. We have a Head of Community whose job it is to facilitate the sharing of the tools and a Head of Talent to help our companies become magnets for great talent. We also have three advisors, which may grow to five or six this year, who are the operators of today. We believe in the importance of currency of knowledge. As soon as you step outside of building a business, the ways you approached things can become redundant quite quickly, so these operators who spend a day a month with portfolio companies is really game changing. 

Then the most important thing that we do is share the profits of our fund back with the founders that we back - we call it equitable venture. Those founders naturally share so much information with their peer group, it is incredibly important to us to give back to those individuals. 

What was the catalyst to set up the fund and what drew you back to investing? 

I met Leila at MMC in 2010 when she spent a summer there during her MBA at Harvard. She then left and moved to San Francisco to become GM of a Kleiner and General Catalyst backed consumer internet company and then co-founded a business in the health tech space. We stayed friends over that time and I really used her counsel during my period of growing my business and vice versa. We found ourselves back in the UK at a similar time and we started spending time with entrepreneurs that we thought were doing really cool stuff and advising them or investing in them, often both, and we increasingly were doing that with two other individuals - Russell Buckley and Mark Evans. We discovered that the four of us were attracted to the same type of entrepreneur but went through an investment decision in a really different way. Having a diverse group of people enables us to make better quality decisions.

We all wanted to build something that was bigger than us as individuals. Having been founders and having spent time variously raising capital we wanted to build something that we would have wanted when we were going through it. 

What stands out to you when assessing early stage companies? 

It is always about the team. At the stage at which we invest there are some things which are certain; the market is going to change, the product is likely to change or evolve significantly, the route to market will change, but hopefully the constant is the founding team. So spending a lot of time with them and developing a relationship is so important to determine if we enjoy getting in a room together and solving problems before we enter into a 10 year relationship.

I look at whether they have done exceptional things before, not taken the obvious path, if they have shown grit, determination, hustle, integrity and openness and whether we believe they will employ this combination of factors when building their business. We find people who have an obsession with the problem they are solving and we make it our job to help them build a business around that. 

What are 3 things that have most surprised you about great founders who build great companies?

  1. Their energy levels and their ability to sustain that over such an extended period of time
  2. The application of their energy to thinking big and having frameworks, which could include spending time with certain individuals, to force themselves to step back 
  3. They remove the bullshit as quickly as possible and create process around it to allow them to spend as little time as possible on it


Women in Tech

What advice would you share with female founders looking to raise finance? 

One bit of advice I would give to everyone is start with your own network. Some bits of research have shown that men are better at using their network than women are, I don't know if that is true but be mindful of it and practice. Watch your best friends face when you tell them your story and notice the parts which resonate and continue to iterate around that. 

Specifically for female founders recognise the fact that cognitive bias does exist, that if you go to a venture fund and there is a female investing partner they are 3x more likely to back you. If you are in a room full of guys, especially if your product is designed for women, use data and remove the emotion from the conversation so you can take someone logically through the opportunity you are pursuing.

Finally,  momentum is incredibly important - leverage your network and get early commitments from those who empathise with the problem you are solving and are keen to back you. 

What support networks do you value? 

The real and rather soppy answer is my husband who is my biggest cheerleader and my biggest critic. Around him and around us there are a dozen or so other individuals who I would call our extended family, who bring independent advice, support and encouragement and really honest feedback and I love that and I ask for it. 

I make time every year for some personal introspection to re-assess things on a regular basis. Thinking that it will happen by accident means it never does - you have to give dedicated time to it like anything else. Every Christmas I ask myself what do I want to be when I grow up and I try to remove myself from my normal life situation. If the answer is to do what I am doing I ask how do I want to do it; I think about what I have done previously that is positive or negative against that particular defined goal and work hard on it. 

How can we do better to attract and retain more women? 

Building a game changing business requires all types of smart

It is on us to demystify technology as an industry - it is not just about being an engineer. There are lots of different roles required in order to build these companies. In order to do that it is largely about role models. For anyone that has a team encourage those at different levels and in different departments to be exposed to inspiring people and take time to make those connections. 

Follow Tracy! 

Salone Sehgal - Building the Future of Gaming!

Salone and I met at Fernandez & Wells for breakfast. We talk about her move from VP in banking to Founder and CEO of an innovative gaming start-up for a female audience - pushing on the status quo. The interview covers her thoughts on accelerators, hiring and fundraising advice as well as our discussion on the future of gaming. 

Meet Salone

Current Job CEO of Truly Social

First Job I was an analyst at KPMG in India, where I started my career, I was part of the transaction services team working on corporate M&A and diligence.

Education I completed my Economics undergraduate degree in India and I did my MBA at IESE Business School in Barcelona – the best two years of my life! 

Favourite book The Hard Thing About Hard Things by Ben Horowitz – it is the most truthful account of what it is like to be a CEO of a company – I would recommend it to any entrepreneur.

Favourite productivity tool Trello  

Recent inspiration The story of Yusra Mardini - a Syrian refugee who swam her way to Greece and then became part of the Refugee Olympic Athletes Team. 

Top networking tip Be confident and ensure to follow up to establish your credibility that you keep your word. 

Hottest tech startup in the UK right now Blippar

The Journey

What was the motivation to leave the corporate banks behind to co-found TrulySocial - did you perceive it as a big risk? 

I was so fed up, I had been in banking for over 6 years; I had pulled enough all nighters and was living such a bad lifestyle. What bothered me the most was starting to feel like a small cog and not feeling like I was having an impact. On the one hand you are paid well but on the other you don’t have the time to enjoy the money. At a point your learning curve also stops and that is when you start to feel that you want to do something meaningful. I was a VP when I quit and a lot of my friends and family asked me what I was doing! I thought I might want to try start-ups but I had no job nor plan when I left and at the time it did feel foolish.  

What is TrulySocial & what was the inspiration behind it? 

We are a casual mobile gaming studio – so we build mobile games. Sebastian, my co-founder is a passionate gamer and serial entrepreneur. He realised innovation was lacking in the gaming industry – people were just re-skinning successful game genres - no one was creating something different or new. We wanted to dispute the notion that gaming was a male bastion – that women don’t game. We wanted to come up with immersive, exploratory games for a casual female audience. At the macro level it makes huge sense - globally 55% of causal gamers are women who spend more money on mobile games than men. But the vast majority of games targeted at women are either puzzles or dress up! There is a market for something different. Our first title is this contemporary social world roleplaying game. It is very much like if your life was a sit com, what would it look like! 

What was your experience of Startupbootcamp and what was your thought process behind choosing which or if an accelerator was right for you?

We took part in Startupbootcamp's mobile accelerator. It was helpful in a lot of ways. We were outsiders in the gaming industry, which is renowned for being a small, close-knit and complex community. There are probably only 10 incumbents who have been in it for the last decade and you need some serious backing to go up against a King a Tencent or a Supercell. So we thought an accelerator would be a great platform for credibility and grooming as we were first time entrepreneurs. It helped us think about the business and look inwards – that was the time that I took over as CEO. We met a lot of interesting people, however, very few people understood games specifically, most were focused more on tech, mobile and entrepreneurship generally and less on the nuances of games and that was a bit inadequate for us but it was a superb stepping stone and a great launch pad. I would encourage people to go through an accelerator program simply because if you are two founders it is a great stress test. It is in hindsight a lot of equity to give up but you make the best decisions at the time with the information available to you. 

What’s the single best piece of business advice that helped shape who you are as an entrepreneur today?

You have to drink your own kool-aid. If you don’t believe in your product, business and vision chances are people are not going to believe in you either. This self-belief is necessary. Another great piece of advice is to always look forward instead of going back and thinking you could have done things better. 


What has been the evolution and milestones to date of TrulySocial?