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Subject: =?utf-8?Q?Save=20Our=20Startups=3A=20Thoughts=20from=20the=20Chairman=20#2?=
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View in browser (https://mailchi.mp/seedrs/covid19-379021?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/save-our-startups-thoughts-from-the-chai=
rman-2?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
09566e79ca-43129765
https://www.seedrs.com/learn/blog/save-our-startups-thoughts-from-the-chai=
rman-2?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
09566e79ca-43129765
Dear Friends=2C
I=E2=80=99m going to focus this week=E2=80=99s note on Save Our Startups (=
https://saveourstartups.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaig=
n=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-09566e79ca-43129765) =2C a critically impor=
tant new campaign to persuade the Government to help protect our amazing s=
tartup and scaleup ecosystem during the Covid-19 crisis. Seedrs is proud t=
o be a Founding Partner of the campaign together with a number of other in=
dustry leaders.
Tl;dr version: please go sign the SOS Open Letter to the Prime Minister (h=
ttps://saveourstartups.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=
=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&u=
tm_term=3D0_dfb90523ee-09566e79ca-43129765) . You can also follow t=
he campaign on Twitter at @saveourstartups (https://twitter.com/saveoursta=
rtups?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMP=
AIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-0=
9566e79ca-43129765) .
Why Save Our Startups
The growth of the startup (and=2C more recently=2C scaleup) ecosystem has=
been one of the great successes of the UK economy over the past decade.
When Carlos and I founded Seedrs=2C one of the criticisms levied at us was=
that there just weren=E2=80=99t enough good entrepreneurs or would-be ent=
repreneurs in the UK to make the business worthwhile. And while we knew th=
at wasn=E2=80=99t true=2C it was difficult to produce evidence to the cont=
rary. Back then=2C when asked what tech startups the UK had produced that=
had grown to billion-dollar valuations=2C the answer was usually =E2=80=
=9CWell=2C there=E2=80=99s Skype=2C and then there=E2=80=99s=E2=80=A6uh=E2=
=80=A6Skype=E2=80=A6and=E2=80=A6=E2=80=9D
As we entered 2020=2C the landscape had changed dramatically. There were 6=
2 unicorns in the UK last year according to Dealroom (https://blog.dealroo=
m.co/four-new-european-unicorns-in-2019-meet-all-160-unicorns/?utm_source=
=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) =2C and there are countless more successful=2C fast-growing bus=
inesses below that level. As these companies have emerged and grown=2C the=
y have created a wave of jobs across the country=2C put the UK at the fore=
front of innovation in a number of industries=2C and introduced a generati=
on of investors to the returns potential of this asset class.
That great work is now under threat. As in many sectors=2C Covid-19=E2=80=
=94and the economic shutdown that accompanies it=E2=80=94is going to impos=
e substantial harm on many startups. Some=2C of course=2C will thrive in t=
his environment=2C but many others will see their revenues decline sharply=
or evaporate completely. And as all small businesses tend run on fairly l=
imited cash balances=2C these declines could be the difference between col=
lapse and survival.
But even if the problem is common across sectors=2C the right solutions ar=
e different. As I wrote last week (https://www.seedrs.com/learn/blog/thoug=
hts-from-the-chairman-1?utm_source=3DSeedrs+newsletters&utm_campaign=3D095=
66e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_ter=
m=3D0_dfb90523ee-09566e79ca-43129765) =2C the Coronavirus Job Reten=
tion Scheme (CJRS) will be helpful in allowing some startups and scaleups=
to reduce costs by putting employees on furlough. However=2C the Governme=
nt=E2=80=99s main source of emergency funding for small businesses is the=
Coronavirus Business Interruption Loan Scheme (CBILS)=2C which is designe=
d solely for traditional/profitable small businesses. Very few startups an=
d scaleups are going to be eligible for CBILS=2C meaning that as of now th=
ere is no effective government scheme to provide these businesses with muc=
h-needed funding.
Meanwhile=2C investments from the private sector will inevitably slow down=
=2E We have been fortunate at Seedrs that=2C thanks to the size and diversit=
y of our investor base=2C we are experiencing near-normal levels of invest=
ment activity=2C but it is too early to tell whether that will last. And a=
cross the investment landscape=2C we are seeing many investors look to sho=
re up their own portfolios instead of making new investments=2C while othe=
rs are withdrawing from the market entirely.
The combination of reduced private investment and an effectively-inapplica=
ble lending scheme (CBILS) means there is going a dearth of cash available=
to startups and scaleups just at the time they need it the most.
The Ask
Enter Save Our Startups (https://saveourstartups.co.uk/?utm_source=3DSeedr=
s+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_CO=
PY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) =2C which is putting forward three straightforward asks to help startup=
s and scaleups solve their cash problem during this challenging period.
First=2C we are asking that the Government provide an equity-based liquidi=
ty package suitable to save startups and scaleups at risk. This may be som=
ething similar to the Runway Fund=2C which I mentioned in my note last wee=
k (https://www.seedrs.com/learn/blog/thoughts-from-the-chairman-1?utm_sour=
ce=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_2=
6_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) and has gotten significant coverage (https://www.ft.com/conte=
nt/d77102d6-6ea6-11ea-89df-41bea055720b?utm_source=3DSeedrs+newsletters&ut=
m_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=
=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) ; and similar=
examples are available in the French (https://techcrunch.com/2020/03/25/f=
rance-announces-4-3-billion-plan-to-support-startups/?guccounter=3D1&utm_s=
ource=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_0=
2_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) and German (https://www.bloomberg.com/news/articles/2020-0=
4-01/germany-to-help-startups-with-2-2-billion-assistance-package?utm_sour=
ce=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_2=
6_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) initiatives. Or it may take a different form. There will undo=
ubtedly be different views on the best structure=2C but the principle of p=
roviding an appropriate funding structure for these kinds of businesses is=
a clear one.
Second=2C we want to see a fast track for existing payments to startups an=
d scaleups from public funding schemes. Payments like R&D tax credits and=
Innovate UK grants are already an important part of many businesses=E2=80=
=99 cash flow=2C and as other cash inflows decline in coming months=2C man=
y startups and scaleups will rely on these payments even more. In normal t=
imes these payments are often slowed by bureaucratic processes=2C but now=
more than ever it is critical to clear the red tape and get these payment=
s moving.
Finally=2C we are seeking an expansion of the existing tax reliefs=E2=80=
=94EIS=2C SEIS and VCT=E2=80=94that incentivise investing in startups and=
scaleups. The better the incentives available to private investors during=
this period=2C the more they will be willing to accept the inherent risks=
of the current market and keep on investing. Without expanded schemes=2C=
we are likely to see continued contraction of investment levels until the=
crisis is over=E2=80=94which will be too late for many businesses.
None of these three asks=2C or indeed the three put together=2C will have=
a material impact on the Exchequer=E2=80=99s takings. In the context of t=
he overall business relief packages being put together=2C the quantum of t=
hese proposed initiatives is tiny. And only the changes to the tax reliefs=
would result in a net outflow from the Government: any equity-based liqui=
dity package is likely to be accretive to the government in the long-term=
=2C and expedited processing of existing payments loses the Government not=
hing other than the time value of money (which is limited in the current i=
nterest rate environment). So for a relatively small cost=2C the Governmen=
t has the potential to preserve the country=E2=80=99s startup and scaleup=
ecosystem and ensure that it remains vibrant and globally competitive in=
the decade to come.
What You Can Do
A lot of great folks are working on Save Our Startups (https://saveourstar=
tups.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAI=
L_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb905=
23ee-09566e79ca-43129765) . Seedrs is joined as a Founding Partner=
by a range of great organisations whose missions are focused on the conti=
nued growth and health of the startup and scaleup ecosystem:
=E2=80=A2 Capital Enterprise (https://capitalenterprise.org/?utm_source=
=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 Coadec (https://coadec.com/?utm_source=3DSeedrs+newsletters&u=
tm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_mediu=
m=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 Crowdcube (https://www.crowdcube.com/?utm_source=3DSeedrs+new=
sletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01=
&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 Draper Esprit (https://draperesprit.com/?utm_source=3DSeedrs+=
newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY=
_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 The EIS Association (https://eisa.org.uk/?utm_source=3DSeedr=
s+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_CO=
PY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 The Entrepreneurs Network (https://www.tenentrepreneurs.org/=
?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_=
2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e=
79ca-43129765)
=E2=80=A2 Founders Forum (https://ff.co/?utm_source=3DSeedrs+newslette=
rs&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_m=
edium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 Huckletree (https://www.huckletree.com/?utm_source=3DSeedrs+n=
ewsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_=
01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
=E2=80=A2 Tech London Advocates (https://www.techlondonadvocates.org.uk=
/?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN=
_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566=
e79ca-43129765)
=E2=80=A2 The UK Business Angels Association (https://www.ukbaa.org.uk/=
?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_=
2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e=
79ca-43129765)
But organisational support is not enough: the Government needs to hear fro=
m the entrepreneurs who are affected by the Covid-19 crisis and the invest=
ors who have backed them. Over 2=2C000 people have already signed the open=
letter=2C and the more who can do so=2C the more effective the campaign w=
ill be.
So I would ask everyone to please visit the Save Our Startups (https://sav=
eourstartups.co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=3D09566e7=
9ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D=
0_dfb90523ee-09566e79ca-43129765) site and consider adding your nam=
e to the open letter. It will only take a moment=2C and doing so will help=
demonstrate the depth and breadth of community support for these initiati=
ves to the policymakers who will decide whether they become reality. And f=
or those keen to keep an eye on the campaign going forward=2C you can foll=
ow it on Twitter here (https://twitter.com/saveourstartups?utm_source=3DSe=
edrs+newsletters&utm_campaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31=
_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-09566e79ca-43129765) .
Thanks very much for your consideration and support=2C and as always=2C I=
hope you all stay well and safe in the week ahead.
Best wishes=2C
Jeff Lynn
Executive Chairman & Co-Founder
View this update on our site (https://www.seedrs.com/learn/blog/save-our-s=
tartups-thoughts-from-the-chairman-2?utm_source=3DSeedrs+newsletters&utm_c=
ampaign=3D09566e79ca-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3D=
email&utm_term=3D0_dfb90523ee-09566e79ca-43129765)
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100%;-webkit-text-size-adjust: 100%;">
<a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Db7084be814&e=3D5ef1148adf" title=3D"" class=3D"" target=3D"_blank" style=3D"mso-line-height-=
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ding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0=
;height: auto;outline: none;text-decoration: none;-ms-interpolation-mode:=
bicubic;" class=3D"mcnImage">
</a>
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<table align=3D"left" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
<tbody><tr>
<td valign=3D"top" class=3D"mcnTextContent" style=
=3D"padding: 0px 18px 9px;line-height: 150%;mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;word-break: brea=
k-word;color: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=2C Helvetica=
=2C Arial=2C sans-serif;font-size: 16px;text-align: left;">
<p style=3D"line-height: 150%;margin: 10px 0;p=
adding: 0;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit=
-text-size-adjust: 100%;color: #444444;font-family: 'Lato'=2C 'Helvetica N=
eue'=2C Helvetica=2C Arial=2C sans-serif;font-size: 16px;text-align: left;=
"><span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelveti=
ca neue=2Chelvetica=2Carial=2Csans-serif">Dear Friends=2C<br>
<br>
I=E2=80=99m going to focus this week=E2=80=99s note on <a href=3D"https://=
seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D=
b48331d035&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rul=
e: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color=
: #007c89;font-weight: normal;text-decoration: underline;">Save Our Startu=
ps</a>=2C a critically important new campaign to persuade the Government t=
o help protect our amazing startup and scaleup ecosystem during the Covid-=
19 crisis. Seedrs is proud to be a Founding Partner of the campaign togeth=
er with a number of other industry leaders.<br>
<br>
Tl;dr version: please go <a href=3D"https://seedrs.us4.list-manage.com/tra=
ck/click?u=3Db211206c49ae6c040bfb8ae74&id=3D600a8cb290&e=3D5ef1148adf" ta=
rget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;=
text-decoration: underline;">sign the SOS Open Letter to the Prime Ministe=
r</a>. You can also follow the campaign on Twitter at <a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D1=
b6c313e54&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule=
: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
#007c89;font-weight: normal;text-decoration: underline;">@saveourstartups=
</a>. </span></span><br>
<br>
<strong><span style=3D"font-size:20px"><span style=3D"font-family:lato=2Ch=
elvetica neue=2Chelvetica=2Carial=2Csans-serif">Why Save Our Startups</spa=
n></span></strong><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">The growth of the startup (and=2C=
more recently=2C scaleup) ecosystem has been one of the great successes o=
f the UK economy over the past decade. <br>
<br>
When Carlos and I founded Seedrs=2C one of the criticisms levied at us was=
that there just weren=E2=80=99t enough good entrepreneurs or would-be ent=
repreneurs in the UK to make the business worthwhile. And while we knew th=
at wasn=E2=80=99t true=2C it was difficult to produce evidence to the cont=
rary. Back then=2C when asked what tech startups the UK had produced that=
had grown to billion-dollar valuations=2C the answer was usually =E2=80=
=9CWell=2C there=E2=80=99s Skype=2C and then there=E2=80=99s=E2=80=A6uh=E2=
=80=A6Skype=E2=80=A6and=E2=80=A6=E2=80=9D<br>
<br>
As we entered 2020=2C the landscape had changed dramatically. There were 6=
2 unicorns in the UK last year according to <a href=3D"https://seedrs.us4.=
list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D28520c57e3&=
e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;f=
ont-weight: normal;text-decoration: underline;">Dealroom</a>=2C and there=
are countless more successful=2C fast-growing businesses below that level=
=2E As these companies have emerged and grown=2C they have created a wave of=
jobs across the country=2C put the UK at the forefront of innovation in a=
number of industries=2C and introduced a generation of investors to the r=
eturns potential of this asset class.<br>
<br>
That great work is now under threat. As in many sectors=2C Covid-19=E2=80=
=94and the economic shutdown that accompanies it=E2=80=94is going to impos=
e substantial harm on many startups. Some=2C of course=2C will thrive in t=
his environment=2C but many others will see their revenues decline sharply=
or evaporate completely. And as all small businesses tend run on fairly l=
imited cash balances=2C these declines could be the difference between col=
lapse and survival.<br>
<br>
But even if the problem is common across sectors=2C the right solutions ar=
e different. <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=
=3Db211206c49ae6c040bfb8ae74&id=3D90889baab8&e=3D5ef1148adf" target=3D"_b=
lank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-w=
ebkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;text-decor=
ation: underline;">As I wrote last week</a>=2C the Coronavirus Job Retenti=
on Scheme (CJRS) will be helpful in allowing some startups and scaleups to=
reduce costs by putting employees on furlough. However=2C the Government=
=E2=80=99s main source of emergency funding for small businesses is the Co=
ronavirus Business Interruption Loan Scheme (CBILS)=2C which is designed s=
olely for traditional/profitable small businesses. Very few startups and s=
caleups are going to be eligible for CBILS=2C meaning that as of now there=
is no effective government scheme to provide these businesses with much-n=
eeded funding. <br>
<br>
Meanwhile=2C investments from the private sector will inevitably slow down=
=2E We have been fortunate at Seedrs that=2C thanks to the size and diversit=
y of our investor base=2C we are experiencing near-normal levels of invest=
ment activity=2C but it is too early to tell whether that will last. And a=
cross the investment landscape=2C we are seeing many investors look to sho=
re up their own portfolios instead of making new investments=2C while othe=
rs are withdrawing from the market entirely. <br>
<br>
The combination of reduced private investment and an effectively-inapplica=
ble lending scheme (CBILS) means there is going a dearth of cash available=
to startups and scaleups just at the time they need it the most.</span></=
span><br>
<br>
<strong><span style=3D"font-size:20px"><span style=3D"font-family:lato=2Ch=
elvetica neue=2Chelvetica=2Carial=2Csans-serif">The Ask</span></span></str=
ong><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">Enter <a href=3D"https://seedrs.us=
4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3De5ed82c6e=
c&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactl=
y;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89=
;font-weight: normal;text-decoration: underline;">Save Our Startups</a>=2C=
which is putting forward three straightforward asks to help startups and=
scaleups solve their cash problem during this challenging period.<br>
<br>
First=2C we are asking that the Government provide an equity-based liquidi=
ty package suitable to save startups and scaleups at risk. This may be som=
ething similar to the Runway Fund=2C which I <a href=3D"https://seedrs.us4=
=2Elist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D0c5d2850ee=
&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly=
;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;=
font-weight: normal;text-decoration: underline;">mentioned in my note last=
week</a> and has gotten <a href=3D"https://seedrs.us4.list-manage.com/tra=
ck/click?u=3Db211206c49ae6c040bfb8ae74&id=3D97b804efe4&e=3D5ef1148adf" ta=
rget=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;=
text-decoration: underline;">significant coverage</a>; and similar example=
s are available in the <a href=3D"https://seedrs.us4.list-manage.com/track=
/click?u=3Db211206c49ae6c040bfb8ae74&id=3D8151fb0d8d&e=3D5ef1148adf" targ=
et=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust:=
100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: normal;te=
xt-decoration: underline;">French</a> and <a href=3D"https://seedrs.us4.li=
st-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Da13d50ba31&e=
=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-=
ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;fo=
nt-weight: normal;text-decoration: underline;">German</a> initiatives. Or=
it may take a different form. There will undoubtedly be different views o=
n the best structure=2C but the principle of providing an appropriate fund=
ing structure for these kinds of businesses is a clear one.<br>
<br>
Second=2C we want to see a fast track for existing payments to startups an=
d scaleups from public funding schemes. Payments like R&D tax credits=
and Innovate UK grants are already an important part of many businesses=
=E2=80=99 cash flow=2C and as other cash inflows decline in coming months=
=2C many startups and scaleups will rely on these payments even more. In n=
ormal times these payments are often slowed by bureaucratic processes=2C b=
ut now more than ever it is critical to clear the red tape and get these p=
ayments moving.<br>
<br>
Finally=2C we are seeking an expansion of the existing tax reliefs=E2=80=
=94EIS=2C SEIS and VCT=E2=80=94that incentivise investing in startups and=
scaleups. The better the incentives available to private investors during=
this period=2C the more they will be willing to accept the inherent risks=
of the current market and keep on investing. Without expanded schemes=2C=
we are likely to see continued contraction of investment levels until the=
crisis is over=E2=80=94which will be too late for many businesses. =
<br>
<br>
None of these three asks=2C or indeed the three put together=2C will have=
a material impact on the Exchequer=E2=80=99s takings. In the context of t=
he overall business relief packages being put together=2C the quantum of t=
hese proposed initiatives is tiny. And only the changes to the tax reliefs=
would result in a net outflow from the Government: any equity-based liqui=
dity package is likely to be accretive to the government in the long-term=
=2C and expedited processing of existing payments loses the Government not=
hing other than the time value of money (which is limited in the current i=
nterest rate environment). So for a relatively small cost=2C the Governmen=
t has the potential to preserve the country=E2=80=99s startup and scaleup=
ecosystem and ensure that it remains vibrant and globally competitive in=
the decade to come.</span></span><br>
<br>
<span style=3D"font-size:20px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif"><strong>What You Can Do</strong></=
span></span><br>
<br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
neue=2Chelvetica=2Carial=2Csans-serif">A lot of great folks are working o=
n <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49=
ae6c040bfb8ae74&id=3D57640e97f7&e=3D5ef1148adf" target=3D"_blank" style=
=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: unde=
rline;">Save Our Startups</a>. Seedrs is joined as a Founding Partner by a=
range of great organisations whose missions are focused on the continued=
growth and health of the startup and scaleup ecosystem: <br>
<br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dbf0bf34f01&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Capital Enterprise</a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dc659f5ed3c&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Coadec</a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D3c7cea1dc8&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Crowdcube</a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D24e7f63c06&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Draper Esprit</a><br>
=E2=80=A2 The <a href=3D"https://seedrs.us4.list-manage.=
com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D91ace3d8a7&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-siz=
e-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight:=
normal;text-decoration: underline;">EIS Association </a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D799f8d1efb&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">The Entrepreneurs Network </a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dd67a47c5d2&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Founders Forum </a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3De487c8ddf2&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Huckletree</a><br>
=E2=80=A2 <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D13eb19aaee&e=3D5ef1148adf"=
target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-size-ad=
just: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight: norm=
al;text-decoration: underline;">Tech London Advocates</a><br>
=E2=80=A2 The <a href=3D"https://seedrs.us4.list-manage.=
com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dcdaf8d0bd3&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-siz=
e-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight:=
normal;text-decoration: underline;">UK Business Angels Association</a><br=
>
<br>
But organisational support is not enough: the Government needs to hear fro=
m the entrepreneurs who are affected by the Covid-19 crisis and the invest=
ors who have backed them. Over 2=2C000 people have already signed the open=
letter=2C and the more who can do so=2C the more effective the campaign w=
ill be.<br>
<br>
So I would ask everyone to please visit the <a href=3D"https://seedrs.us4.=
list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dbff48b75e1&=
e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;f=
ont-weight: normal;text-decoration: underline;">Save Our Startups</a> site=
and consider adding your name to the open letter. It will only take a mom=
ent=2C and doing so will help demonstrate the depth and breadth of communi=
ty support for these initiatives to the policymakers who will decide wheth=
er they become reality. And for those keen to keep an eye on the campaign=
going forward=2C you can follow it on Twitter <a href=3D"https://seedrs.u=
s4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D4764eb27=
4d&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exact=
ly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c8=
9;font-weight: normal;text-decoration: underline;">here</a>.<br>
<br>
Thanks very much for your consideration and support=2C and as always=2C I=
hope you all stay well and safe in the week ahead.<br>
<br>
Best wishes=2C<br>
<br>
Jeff Lynn<br>
Executive Chairman & Co-Founder</span></span></p>
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<a class=3D"mcnButton " title=3D"View this=
update on our site" href=3D"https://seedrs.us4.list-manage.com/track/clic=
k?u=3Db211206c49ae6c040bfb8ae74&id=3D75c42cacd9&e=3D5ef1148adf" target=3D=
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t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
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ot;Trebuchet MS"=2C Verdana=2C sans-serif;font-size: 12px;color: #AAA=
AAA;text-decoration: none;text-align: center;margin: 10px 0;padding: 0;mso=
-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-ad=
just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dbb40fcd57e&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
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ext-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
<table border=3D"0" cellspacing=3D"0" class=3D=
"mcnTextContentContainer" width=3D"100%" style=3D"min-width: 100% !importa=
nt;background-color: #F2F2F2;border: 1px solid #7A8288;border-collapse: co=
llapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 1=
00%;-webkit-text-size-adjust: 100%;">
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<td valign=3D"top" class=3D"mcnTextCon=
tent" style=3D"padding: 18px;color: #7A8288;font-family: Helvetica;font-si=
ze: 14px;font-weight: normal;line-height: 150%;text-align: center;mso-line=
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100%;word-break: break-word;">
<div style=3D"text-align: left;"><=
span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans=
-serif"><span style=3D"font-size:14px"><span style=3D"color:#7a8288">Inves=
ting involves risks=2C including loss of capital=2C illiquidity=2C lack of=
dividends and dilution=2C and should be done only as part of a diversifie=
d portfolio. Please read the </span><a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D09eb0b0ea4&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weig=
ht: normal;text-decoration: none;"><span style=3D"color:#1b82e6">Risk Warn=
ings</span></a><span style=3D"color:#7a8288"> before investing. Investment=
s should only be made by investors who understand these risks. Seedrs does=
not make investment recommendations to you and any investment decision sh=
ould be made on the basis of the full campaign. No communications from See=
drs=2C through email or any other medium=2C should be construed as an inve=
stment recommendation. Tax treatment depends on individual circ=
umstances and is subject to change in future. </span></span></span></=
div>
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pacing=3D"0" style=3D"max-width: 100%;min-width: 100%;border-collapse: col=
lapse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 10=
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<td valign=3D"top" class=3D"mcnTextContent" style=
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k-word;color: #FFFFFF;font-family: Helvetica;font-size: 12px;text-align: c=
enter;">
<div style=3D"text-align: left;"><span style=
=3D"font-size:14px"><span style=3D"color:#7a8288">Seedrs Limited is a=
uthorised and regulated by the Financial Conduct Authority. Seedrs Limited=
is a limited company=2C registered in England and Wales (No. 06848016)=2C=
with registered office at Churchill House=2C 142-146 Old Street=2C London=
EC1V 9BW.<br>
<br>
This message and any attachments are confidential=2C and may be prote=
cted by legal privilege. Nothing in this message shall be considered an of=
fer to sell=2C or a solicitation of an offer to buy=2C any security to any=
person in any jurisdiction to whom or in which such offer=2C solicitation=
or sale is unlawful. Seedrs does not provide legal=2C financial or tax ad=
vice of any kind=2C and nothing in this email constitutes such advice. If=
you have any questions with respect to legal=2C financial or tax matters=
relevant to your interactions with Seedrs or its affiliates=2C you should=
consult a professional adviser. <br>
<br>
Don't want to receive any Seedrs General Updates? </span><a href=3D"h=
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To manage your Seedrs marketing communications please visit your </span><a=
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