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Subject: =?utf-8?Q?Starting=20Up=20in=20a=20Crisis=20=E2=80=94=20Thoughts=20from=20the=20Chairman=20#6?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
Reply-To: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
To: <vince@showfile.com>
Date: Mon, 11 May 2020 16:46:45 +0000
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View in browser (https://mailchi.mp/seedrs/covid19-379577?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/starting-up-in-a-crisis-thoughts-from-th=
e-chairman-6?utm_source=3Dmailchimp&utm_medium=3Demail&utm_campaign=3Dcovi=
dupdate_6&utm_content=3D110520&utm_source=3DSeedrs+newsletters&utm_campaig=
n=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_=
eid=3D[UNIQID]
https://www.seedrs.com/learn/blog/starting-up-in-a-crisis-thoughts-from-th=
e-chairman-6?utm_source=3Dmailchimp&utm_medium=3Demail&utm_campaign=3Dcovi=
dupdate_6&utm_content=3D110520&utm_source=3DSeedrs+newsletters&utm_campaig=
n=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_=
eid=3D[UNIQID]

Dear Friends=2C

Thanks to everyone who attended our latest partnership ThinkIn with Tortoi=
se (https://www.tortoisemedia.com/?utm_source=3DSeedrs+newsletters&utm_cam=
paign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Dem=
ail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6=
&mc_eid=3D[UNIQID]) last week. It was an honour to join Paul Polman=2C fo=
rmer Unilever CEO and now co-founder of IMAGINE (https://imagine.one/?utm_=
source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_=
02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-=
43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) =2C to talk about=
 how the pandemic can spur innovation. This week=E2=80=99s Tortoise event=
=2C on Friday the 15^th=2C will be a half-day summit on AI in a post-Covid=
-19 world and will feature a stellar line-up including=2C among others=2C=
 New York Times columnist and Pulitzer Prize winner Thomas L. Friedman=2C=
 former head of MI6 Sir John Sawers=2C and Skype co-founder Jaan Tallinn.=
 As a member of the Seedrs community=2C you can sign up for free here (htt=
ps://members.tortoisemedia.com/thinkin/the-tortoise-intelligence-ai-summit=
/content.html?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EM=
AIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb9=
0523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID])=
 (enter SEEDRSGUEST when prompted).

I had thought I would be writing this week about the long-awaited details=
 of the government rescue package for startups and scaleups=2C including t=
he Future Fund. Unfortunately we are still a-waiting=2C and the latest ind=
ication is that we will see the first puffs of white smoke toward the end=
 of this week. The timing=2C I am told=2C is down entirely to the hard wor=
k involved in getting this thing right. Treasury has received lots of feed=
back from the ecosystem (including=2C today=2C a letter (https://www.theti=
mes.co.uk/edition/business/start-ups-fear-being-left-on-sidelines-by-chanc=
ellor-w83ngmbr9?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-=
EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_df=
b90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]=
) from UK-based companies who took part in U.S-based accelerator programme=
s and formed an American topco in the process)=2C and while they won=E2=80=
=99t be able to reflect all of the inputs they are getting=2C they are wor=
king to strike the best balance they can.

Starting Up in a Crisis

So while we wait on Treasury=2C I thought I=E2=80=99d turn my keyboard to=
 something a bit different.

In the Tortoise Thinkin last week=2C we had a fascinating discussion about=
 some very weighty topics around the future of growth=2C the transformatio=
n of capitalism and beyond.

But it also got me thinking at a more micro level about the opportunities=
 that crises create for innovative entrepreneurs. As difficult as the curr=
ent circumstances are for so many businesses=2C including existing startup=
s and scaleups=2C it will also give birth to a generation of new businesse=
s that will come to shape the economy of the 2020s and beyond.

I am very far from the first person to think or write about how crises can=
 breed innovation and launch great businesses.  Founder Institute publishe=
d a great=2C short blog post (https://fi.co/insight/why-a-recession-is-a-g=
reat-time-to-launch-a-startup?utm_source=3DSeedrs+newsletters&utm_campaign=
=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&u=
tm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_e=
id=3D[UNIQID]) about why a recession can be a good time to build a startu=
p=2C and CNBC published an article (https://www.cnbc.com/2020/05/11/corona=
virus-why-it-might-not-be-such-a-crazy-idea-to-start-a-company.html?utm_so=
urce=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02=
_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) along similar lines=
 today. And there some excellent=2C slightly more academic pieces from Har=
vard Business School (https://www.harvardbusiness.org/innovation-in-a-time=
-of-crisis/?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAI=
L_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb905=
23ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) an=
d Chicago Booth (https://review.chicagobooth.edu/strategy/2020/article/fou=
r-ways-ensure-innovation-continues-after-crisis?utm_source=3DSeedrs+newsle=
tters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&ut=
m_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=
=3Da8a80165d6&mc_eid=3D[UNIQID]) =2C among others=2C that talk about how=
 both big businesses and entrepreneurs can learn lessons about innovation=
 from everything that is happening now.

I=E2=80=99m not going be able to add a whole lot to the general points mad=
e by these and other resources=2C but what I can do is share a bit of the=
 Seedrs experience.

Seedrs was born out of the last financial crisis. The first conversation I=
 had with Carlos Silva=2C who had the idea for the business and who soon w=
ould become my brilliant co-founder=2C came two months after Lehman Brothe=
rs failed. As Carlos and I worked away through late 2008 and 2009 to formu=
late the model and plan for launch=2C the global financial crisis loomed l=
arge around us and informed a huge amount of our thinking. It was a very d=
ifferent time=2C but a few aspects of that experience may be relevant to e=
ntrepreneurs starting out today.

Experience 1: A crisis can encourage openness to new solutions=E2=80=A6eve=
n if the problems they=E2=80=99re solving had nothing to do with the crisi=
s in the first place.

Carlos and I started working on Seedrs because we wanted to solve a specif=
ic problem. We believed that the market for early-stage capital wasn=E2=80=
=99t functioning nearly as well as it could. On one side=2C we saw unmet d=
emand for capital from would-be entrepreneurs=2C and on the other side=2C=
 we saw untapped supply of capital from high-net-worth and mass affluent i=
nvestors (and later non-VC institutions). This was a classic market failur=
e=2C and we wanted to use technology and a bit of creativity to build a ma=
rketplace that solved it.

In substance=2C this problem had very little to do with the crisis that wa=
s going on around us. Of all the areas of the financial system where weakn=
esses were revealed by the events from 2007 to 2009=2C the market for earl=
y-stage capital wasn=E2=80=99t one of them. The problem Carlos and I were=
 looking to solve had existed long before the crisis=2C and there wasn=E2=
=80=99t a whole lot about the bank collapses and the untangled webs of com=
plex credit derivatives that exacerbated it.

But the widespread exposure of problems in other areas of the financial sy=
stem made many people=E2=80=94including investors=2C press and others who=
 could be helpful to us in our early days=E2=80=94more receptive to what w=
e were doing than I think they otherwise would have been.

In some cases this was just down to mistake. I remember some of the pre-la=
unch press we received talking about how we were offering a much-needed re=
placement for banks now that they had stopped lending to startups. In real=
ity=2C even before the crisis banks had rarely lent money to the kinds of=
 high-growth=2C high-risk businesses we work with=2C as equity is usually=
 the more appropriate form of finance for them. But despite our explaining=
 as much=2C the narrative that we were filling a gap left by banks took ho=
ld in some quarters=2C and we gained a good deal of positive attention fro=
m it.

In most cases=2C though=2C the association between the problems of the cri=
sis and the solution we were building was more logical. The challenges fac=
ed by financial institutions during that time led many people to see a nee=
d for new approaches across the financial system in general. So when Carlo=
s and I turned up at the door and talked about the corner of the capital m=
arkets we wanted to change=2C they were much more open to hearing us out=
=E2=80=94and often supporting us=E2=80=94than I think they would have been=
 a few years before.

Experience 2: Reduced opportunity costs=2C a/k/a there ain=E2=80=99t no be=
tter option

In 2007=2C when the market still seemed strong despite initial warning sig=
ns from the U.S. subprime real estate world=2C I decided to go business sc=
hool. I did so because I wanted to make a career change=2C leaving the pra=
ctice of law and doing something entrepreneurial=2C and I thought (and ind=
eed found) that an MBA would be a good way to get broad-based exposure to=
 business thinking and frameworks. But business school also provided a saf=
ety net of sorts: I figured that if I didn=E2=80=99t find the right projec=
t or opportunity while I was there=2C I could always have a soft landing i=
n a traditional corporate role or back in the law.

By the time my MBA programme started=2C in October 2008=2C that safety net=
 had been pulled away. Suddenly job prospects were bleak=2C and while I tr=
ust I would have found something that ensured I didn=E2=80=99t starve=2C t=
here were now many fewer options if I wanted to turn back from becoming an=
 entrepreneur. And there was also much less temptation to do so: I wasn=E2=
=80=99t (as I might have been a year or two before) surrounded by friends=
 receiving substantial salary offers and being treated to cushy recruitmen=
t weekends.

I will never know how I would have reacted if we had been in a strong mark=
et when Carlos approached me with the idea for Seedrs. I loved the idea=2C=
 and I=E2=80=99d like to think I would have embraced it just enthusiastica=
lly=E2=80=94but the safety and lure of a well-paid role on the corporate l=
adder might have been tougher to ignore. As it happened=2C though=2C we we=
re at a point where opportunity cost was very low=2C so as Carlos and I wo=
rked through the idea and came to understand both its potential and its ch=
allenges=2C it was a lot easier to take the risk involved than it might ha=
ve been in other times.

Incidentally=2C a similar effect was true for our first hires. A few years=
 after we started working on Seedrs and had begun building our team=2C I s=
tarted thinking of myself as a hiring genius. I had recruited this group o=
f amazingly talented individuals=2C at very reasonable salaries=2C to come=
 work for this fledgling little business=2C and they all seemed really hap=
py to be here. I even went on panels to talk about my hiring =E2=80=9Cstra=
tegy=E2=80=9D. As the global economy improved=2C and it was becoming incre=
asingly competitive=E2=80=94and expensive=E2=80=94to recruit top talent=2C=
 I started to realise that our early success had been far less about my ge=
nius than about the fact that the opportunity cost for these great first h=
ires was about as low as it had been for Carlos and me.

Experience 3: Catch a wave and you=E2=80=99re sitting on top of the world

Today Britain is viewed as the fintech capital of the world=2C but in 2008=
 fintech was a rarely-used term (and even then it tended to apply to softw=
are systems that were being sold into large financial institutions). Much=
 of the reason that we got here from there was that as the financial crisi=
s unfolded=2C a whole generation of entrepreneurs started thinking about h=
ow we could use technology to improve the way financial services were prov=
ided. In a few cases these innovations were directly related to the challe=
nges that the crisis was exposing=2C but for the most part these were busi=
nesses that=2C like Seedrs=2C were taking advantage of the things discusse=
d above=E2=80=94receptivity to new ideas and low opportunity costs=E2=80=
=94in order to solve problems that had long existed.

What this meant for Seedrs was that=2C when we came to market=2C we weren=
=E2=80=99t the only new kids on the block asking people to entrust their f=
inancial activity to an unproven startup. As we approached our prospective=
 early adopters=E2=80=94both entrepreneurs looking for capital and investo=
rs looking for dealflow=E2=80=94we found people who were already using (or=
 at least knew people who were using) Transferwise (https://transferwise.c=
om/?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAI=
GN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a=
80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) for their=
 FX needs=2C Nutmeg (https://www.nutmeg.com/?utm_source=3DSeedrs+newslette=
rs&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_m=
edium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3D=
a8a80165d6&mc_eid=3D[UNIQID]) for automated financial advice=2C Ratesette=
r (https://www.ratesetter.com/?utm_source=3DSeedrs+newsletters&utm_campaig=
n=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_=
eid=3D[UNIQID]) for P2P lending and MarketFinance (https://marketfinance.=
com/?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPA=
IGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8=
a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) (then cal=
led MarketInvoice) for invoice factoring.

I think it is difficult to overstate the importance of this. Early adopter=
s are the lifeblood of any newly-launched business. And when you=E2=80=99r=
e building a two-sided marketplace=2C as we were=2C it is a particularly c=
omplex undertaking to recruit enough early adopters on both sides of the m=
arket to create initial traction. I think that had we tried to do what we=
 did before the fintech wave hit=2C we would have really struggled to attr=
act nearly as many people willing to take a chance on us.

Conclusions

There is very much a limit to how these experiences would apply today. The=
 Covid-19 pandemic is vastly different from the financial crisis of 2007-2=
009=2C and any budding entrepreneur needs to be careful not to fight the l=
ast war.

But even if history doesn=E2=80=99t repeat=2C it does tend to rhyme (as Ma=
rk Twain may or may not (https://quoteinvestigator.com/2014/01/12/history-=
rhymes/?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CA=
MPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee=
-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) have s=
aid)=2C and I suspect that entrepreneurs starting out today may=2C in time=
=2C find some resonance in the experiences Carlos and I had. I wish them t=
he best of luck: there is so much that is difficult about starting a busin=
ess=2C whether in good times or in bad=2C and success is so often dependen=
t on capitalising on whatever opportunities the circumstances of the time=
 make available.

Resources

Instead of a separate list of resources this week=2C I would commend you a=
ll to the articles on innovation in a crisis that I mentioned above:
* Founder Institute=2C =E2=80=9CWhy a Recession is a Great Time to Launch=
 a Startup (https://fi.co/insight/why-a-recession-is-a-great-time-to-launc=
h-a-startup?utm_source=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAI=
L_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb905=
23ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID])=
 =E2=80=9D
* CNBC=2C =E2=80=9CWhy it Might not be Such a Crazy Idea to Start a Compan=
y Right Now (https://www.cnbc.com/2020/05/11/coronavirus-why-it-might-not-=
be-such-a-crazy-idea-to-start-a-company.html?utm_source=3DSeedrs+newslette=
rs&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_m=
edium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3D=
a8a80165d6&mc_eid=3D[UNIQID]) =E2=80=9D
* Harvard Business Publishing=2C =E2=80=9CInnovation in a Time of Crisis (=
https://www.harvardbusiness.org/innovation-in-a-time-of-crisis/?utm_source=
=3DSeedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID]) =E2=80=9D
* Chicago Booth Review=2C =E2=80=9CFour Ways to Ensure Innovation Continue=
s After the Crisis (https://review.chicagobooth.edu/strategy/2020/article/=
four-ways-ensure-innovation-continues-after-crisis?utm_source=3DSeedrs+new=
sletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01=
&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_=
cid=3Da8a80165d6&mc_eid=3D[UNIQID]) =E2=80=9D

***

That=E2=80=99s all from me this week. As always please let me know if you=
 have feedback or contributions=2C and I hope you all stay well and safe i=
n the week ahead.

Best wishes=2C

Jeff Lynn
Executive Chairman & Co-Founder

View this update on our site (https://www.seedrs.com/learn/blog/starting-u=
p-in-a-crisis-thoughts-from-the-chairman-6?utm_source=3Dmailchimp&utm_medi=
um=3Demail&utm_campaign=3Dcovidupdate_6&utm_content=3D110520&utm_source=3D=
Seedrs+newsletters&utm_campaign=3Da8a80165d6-EMAIL_CAMPAIGN_2020_02_26_05_=
31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-a8a80165d6-43129765&mc_cid=3Da8a80165d6&mc_eid=3D[UNIQID])

=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=
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rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;">
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=3D"https://mcusercontent.com/b211206c49ae6c040bfb8ae74/images/3814d605-68=
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ding-bottom: 0;display: inline !important;vertical-align: bottom;border: 0=
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                        <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"><span style=3D"color:#7a8288">De=
ar Friends=2C<br>
&nbsp;<br>
Thanks to everyone who attended our latest partnership ThinkIn with </span=
><a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49a=
e6c040bfb8ae74&id=3Da64f38e368&e=3D5ef1148adf" style=3D"mso-line-height-r=
ule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;col=
or: #39a6e6;font-weight: normal;text-decoration: underline;"><span style=
=3D"color:#39a6e6">Tortoise</span></a><span style=3D"color:#7a8288"> last=
 week. It was an honour to join Paul Polman=2C former Unilever CEO and now=
 co-founder of </span><a href=3D"https://seedrs.us4.list-manage.com/track/=
click?u=3Db211206c49ae6c040bfb8ae74&id=3D4e28a368a6&e=3D5ef1148adf" style=
=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoration: unde=
rline;"><span style=3D"color:#39a6e6">IMAGINE</span></a><span style=3D"col=
or:#7a8288">=2C to talk about how the pandemic can spur innovation. This w=
eek=E2=80=99s Tortoise event=2C on Friday the 15<sup>th</sup>=2C will be a=
 half-day summit on AI in a post-Covid-19 world and will feature a stellar=
 line-up including=2C among others=2C <em>New York Times</em> columnist an=
d Pulitzer Prize winner Thomas L. Friedman=2C former head of MI6 Sir John=
 Sawers=2C and Skype co-founder Jaan Tallinn. As a member of the Seedrs co=
mmunity=2C you can </span><a href=3D"https://seedrs.us4.list-manage.com/tr=
ack/click?u=3Db211206c49ae6c040bfb8ae74&id=3D8c68eb5fc5&e=3D5ef1148adf" s=
tyle=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-t=
ext-size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoration:=
 underline;"><span style=3D"color:#39a6e6">sign up for free here</span></a=
><span style=3D"color:#7a8288"> (enter SEEDRSGUEST when prompted).<br>
&nbsp;<br>
I had thought I would be writing this week about the long-awaited details=
 of the government rescue package for startups and scaleups=2C including t=
he Future Fund. Unfortunately we are still a-waiting=2C and the latest ind=
ication is that we will see the first puffs of white smoke toward the end=
 of this week. The timing=2C I am told=2C is down entirely to the hard wor=
k involved in getting this thing right. Treasury has received lots of feed=
back from the ecosystem (including=2C today=2C </span><a href=3D"https://s=
eedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dd=
ac7178fce&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text=
-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weig=
ht: normal;text-decoration: underline;"><span style=3D"color:#39a6e6">a le=
tter</span></a><span style=3D"color:#7a8288"> from UK-based companies who=
 took part in U.S-based accelerator programmes and formed an American topc=
o in the process)=2C and while they won=E2=80=99t be able to reflect all o=
f the inputs they are getting=2C they are working to strike the best balan=
ce they can.<br>
&nbsp;</span></span></span><br>
<strong><span style=3D"color:#222f39"><span style=3D"font-size:18px"><span=
 style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-ser=
if">Starting Up in a&nbsp;Crisis</span></span></span></strong><br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
 neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"color:#7a8288">&nbs=
p;<br>
So while we wait on Treasury=2C I thought I=E2=80=99d turn my keyboard to=
 something a bit different.<br>
&nbsp;<br>
In the Tortoise Thinkin last week=2C we had a fascinating discussion about=
 some very weighty topics around the future of growth=2C the transformatio=
n of capitalism and beyond.<br>
&nbsp;<br>
But it also got me thinking at a more micro level about the opportunities=
 that crises create for innovative entrepreneurs. As difficult as the curr=
ent circumstances are for so many businesses=2C including existing startup=
s and scaleups=2C it will also give birth to a generation of new businesse=
s that will come to shape the economy of the 2020s and beyond.<br>
&nbsp;<br>
I am very far from the first person to think or write about how crises can=
 breed innovation and launch great businesses.&nbsp; Founder Institute pub=
lished a </span><a href=3D"https://seedrs.us4.list-manage.com/track/click?=
u=3Db211206c49ae6c040bfb8ae74&id=3D5f869e9ea3&e=3D5ef1148adf" style=3D"ms=
o-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-a=
djust: 100%;color: #39a6e6;font-weight: normal;text-decoration: underline;=
"><span style=3D"color:#39a6e6">great=2C short blog post</span></a><span s=
tyle=3D"color:#7a8288"> about why a recession can be a good time to build=
 a startup=2C and CNBC published&nbsp;</span><a href=3D"https://seedrs.us4=
=2Elist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D827f00121a=
&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-size-adj=
ust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight: norma=
l;text-decoration: underline;"><span style=3D"color:#39a6e6">an article</s=
pan></a><span style=3D"color:#7a8288"> along similar lines today. And ther=
e some excellent=2C slightly more academic pieces from </span><a href=3D"h=
ttps://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae7=
4&id=3Dd6c1375cb6&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;=
-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;f=
ont-weight: normal;text-decoration: underline;"><span style=3D"color:#39a6=
e6">Harvard Business School</span></a><span style=3D"color:#39a6e6"> </spa=
n><span style=3D"color:#7a8288">and </span><a href=3D"https://seedrs.us4.l=
ist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dea8e1ee496&e=
=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight: normal;=
text-decoration: underline;"><span style=3D"color:#39a6e6">Chicago Booth</=
span></a><span style=3D"color:#7a8288">=2C among others=2C that talk about=
 how both big businesses and entrepreneurs can learn lessons about innovat=
ion from everything that is happening now.<br>
&nbsp;<br>
I=E2=80=99m not going be able to add a whole lot to the general points mad=
e by these and other resources=2C but what I can do is share a bit of the=
 Seedrs experience.<br>
&nbsp;<br>
Seedrs was born out of the last financial crisis. The first conversation I=
 had with Carlos Silva=2C who had the idea for the business and who soon w=
ould become my brilliant co-founder=2C came two months after Lehman Brothe=
rs failed. As Carlos and I worked away through late 2008 and 2009 to formu=
late the model and plan for launch=2C the global financial crisis loomed l=
arge around us and informed a huge amount of our thinking. It was a very d=
ifferent time=2C but a few aspects of that experience may be relevant to e=
ntrepreneurs starting out today.</span><br>
<br>
<span style=3D"color:#222f39"><strong>Experience 1: A crisis can encourage=
 openness to new solutions=E2=80=A6even if the problems they=E2=80=99re so=
lving had nothing to do with the crisis in the first place.</strong></span=
><br>
<span style=3D"color:#7a8288">&nbsp;<br>
Carlos and I started working on Seedrs because we wanted to solve a specif=
ic problem. We believed that the market for early-stage capital wasn=E2=80=
=99t functioning nearly as well as it could. On one side=2C we saw unmet d=
emand for capital from would-be entrepreneurs=2C and on the other side=2C=
 we saw untapped supply of capital from high-net-worth and mass affluent i=
nvestors (and later non-VC institutions). This was a classic market failur=
e=2C and we wanted to use technology and a bit of creativity to build a ma=
rketplace that solved it.<br>
&nbsp;<br>
In substance=2C this problem had very little to do with the crisis that wa=
s going on around us. Of all the areas of the financial system where weakn=
esses were revealed by the events from 2007 to 2009=2C the market for earl=
y-stage capital wasn=E2=80=99t one of them. The problem Carlos and I were=
 looking to solve had existed long before the crisis=2C and there wasn=E2=
=80=99t a whole lot about the bank collapses and the untangled webs of com=
plex credit derivatives that exacerbated it.<br>
&nbsp;<br>
But the widespread exposure of problems in other areas of the financial sy=
stem made many people=E2=80=94including investors=2C press and others who=
 could be helpful to us in our early days=E2=80=94more receptive to what w=
e were doing than I think they otherwise would have been.<br>
&nbsp;<br>
In some cases this was just down to mistake. I remember some of the pre-la=
unch press we received talking about how we were offering a much-needed re=
placement for banks now that they had stopped lending to startups. In real=
ity=2C even before the crisis banks had rarely lent money to the kinds of=
 high-growth=2C high-risk businesses we work with=2C as equity is usually=
 the more appropriate form of finance for them. But despite our explaining=
 as much=2C the narrative that we were filling a gap left by banks took ho=
ld in some quarters=2C and we gained a good deal of positive attention fro=
m it.<br>
&nbsp;<br>
In most cases=2C though=2C the association between the problems of the cri=
sis and the solution we were building was more logical. The challenges fac=
ed by financial institutions during that time led many people to see a nee=
d for new approaches across the financial system in general. So when Carlo=
s and I turned up at the door and talked about the corner of the capital m=
arkets we wanted to change=2C they were much more open to hearing us out=
=E2=80=94and often supporting us=E2=80=94than I think they would have been=
 a few years before.<br>
&nbsp;</span><br>
<span style=3D"color:#222f39"><strong>Experience 2: Reduced opportunity co=
sts=2C a/k/a there ain=E2=80=99t no better option</strong></span><br>
<span style=3D"color:#7a8288">&nbsp;<br>
In 2007=2C when the market still seemed strong despite initial warning sig=
ns from the U.S. subprime real estate world=2C I decided to go business sc=
hool. I did so because I wanted to make a career change=2C leaving the pra=
ctice of law and doing something entrepreneurial=2C and I thought (and ind=
eed found) that an MBA would be a good way to get broad-based exposure to=
 business thinking and frameworks. But business school also provided a saf=
ety net of sorts: I figured that if I didn=E2=80=99t find the right projec=
t or opportunity while I was there=2C I could always have a soft landing i=
n a traditional corporate role or back in the law.<br>
&nbsp;<br>
By the time my MBA programme started=2C in October 2008=2C that safety net=
 had been pulled away. Suddenly job prospects were bleak=2C and while I tr=
ust I would have found something that ensured I didn=E2=80=99t starve=2C t=
here were now many fewer options&nbsp;if I wanted to turn back from becomi=
ng an entrepreneur. And there was also much less temptation to do so: I wa=
sn=E2=80=99t (as I might have been a year or two before) surrounded by fri=
ends receiving substantial salary offers and being treated to cushy recrui=
tment weekends.<br>
&nbsp;<br>
I will never know how I would have reacted if we had been in a strong mark=
et when Carlos approached me with the idea for Seedrs. I loved the idea=2C=
 and I=E2=80=99d like to think I would have embraced it just enthusiastica=
lly=E2=80=94but the safety and lure of a well-paid role on the corporate l=
adder might have been tougher to ignore. As it happened=2C though=2C we we=
re at a point where opportunity cost was very low=2C so as Carlos and I wo=
rked through the idea and came to understand both its potential and its ch=
allenges=2C it was a lot easier to take the risk involved than it might ha=
ve been in other times.<br>
&nbsp;<br>
Incidentally=2C a similar effect was true for our first hires. A few years=
 after we started working on Seedrs and had begun building our team=2C I s=
tarted thinking of myself as a hiring genius. I had recruited this group o=
f amazingly talented individuals=2C at very reasonable salaries=2C to come=
 work for this fledgling little business=2C and they all seemed really hap=
py to be here. I even went on panels to talk about my hiring =E2=80=9Cstra=
tegy=E2=80=9D. As the global economy improved=2C and it was becoming incre=
asingly competitive=E2=80=94and expensive=E2=80=94to recruit top talent=2C=
 I started to realise that our early success had been far less about my ge=
nius than about the fact that the opportunity cost for these great first h=
ires was about as low as it had been for Carlos and me.<br>
&nbsp;</span><br>
<span style=3D"color:#222f39"><strong>Experience 3: Catch a wave and you=
=E2=80=99re sitting on top of the world</strong></span><br>
<span style=3D"color:#7a8288">&nbsp;<br>
Today Britain is viewed as the fintech capital of the world=2C but in 2008=
 fintech was a rarely-used term (and even then it tended to apply to softw=
are systems that were being sold into large financial institutions). Much=
 of the reason that we got here from there was that as the financial crisi=
s unfolded=2C a whole generation of entrepreneurs started thinking about h=
ow we could use technology to improve the way financial services were prov=
ided. In a few cases these innovations were directly related to the challe=
nges that the crisis was exposing=2C but for the most part these were busi=
nesses that=2C like Seedrs=2C were taking advantage of the things discusse=
d above=E2=80=94receptivity to new ideas and low opportunity costs=E2=80=
=94in order to solve problems that had long existed.<br>
&nbsp;<br>
What this meant for Seedrs was that=2C when we came to market=2C we weren=
=E2=80=99t the only new kids on the block asking people to entrust their f=
inancial activity to an unproven startup. As we approached our prospective=
 early adopters=E2=80=94both entrepreneurs looking for capital and investo=
rs looking for dealflow=E2=80=94we found people who were already using (or=
 at least knew people who were using) </span><a href=3D"https://seedrs.us4=
=2Elist-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D56b1f3730e=
&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-size-adj=
ust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight: norma=
l;text-decoration: underline;"><span style=3D"color:#39a6e6">Transferwise<=
/span></a><span style=3D"color:#7a8288"> for their FX needs=2C </span><a h=
ref=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c04=
0bfb8ae74&id=3Dca30c6a9b9&e=3D5ef1148adf" style=3D"mso-line-height-rule:=
 exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color:=
 #39a6e6;font-weight: normal;text-decoration: underline;"><span style=3D"c=
olor:#39a6e6">Nutmeg</span></a><span style=3D"color:#7a8288"> for automate=
d financial advice=2C </span><a href=3D"https://seedrs.us4.list-manage.com=
/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D915648dabc&e=3D5ef1148adf=
" style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webki=
t-text-size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoratio=
n: underline;"><span style=3D"color:#39a6e6">Ratesetter</span></a><span st=
yle=3D"color:#7a8288"> for P2P lending and </span><a href=3D"https://seedr=
s.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Da72aa=
8bf8e&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-siz=
e-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight:=
 normal;text-decoration: underline;"><span style=3D"color:#39a6e6">MarketF=
inance</span></a><span style=3D"color:#7a8288"> (then called MarketInvoice=
) for invoice factoring.<br>
&nbsp;<br>
I think it is difficult to overstate the importance of this. Early adopter=
s are the lifeblood of any newly-launched business. And when you=E2=80=99r=
e building a two-sided marketplace=2C as we were=2C it is a particularly c=
omplex undertaking to recruit enough early adopters on both sides of the m=
arket to create initial traction. I think that had we tried to do what we=
 did before the fintech wave hit=2C we would have really struggled to attr=
act nearly as many people willing to take a chance on us.<br>
&nbsp;</span></span></span><br>
<span style=3D"font-size:14px"><span style=3D"color:#222f39"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
trong>Conclusions</strong></span></span><br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"color:#7a8288">&nbsp;<br>
There is very much a limit to how these experiences would apply today. The=
 Covid-19 pandemic is vastly different from the financial crisis of 2007-2=
009=2C and any budding entrepreneur needs to be careful not to fight the l=
ast war.<br>
&nbsp;<br>
But even if history doesn=E2=80=99t repeat=2C it does tend to rhyme (as Ma=
rk Twain may or </span><a href=3D"https://seedrs.us4.list-manage.com/track=
/click?u=3Db211206c49ae6c040bfb8ae74&id=3D41caeac75c&e=3D5ef1148adf" styl=
e=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text=
-size-adjust: 100%;color: #39a6e6;font-weight: normal;text-decoration: und=
erline;"><span style=3D"color:#7a8288">may not</span></a><span style=3D"co=
lor:#7a8288"> have said)=2C and I suspect that entrepreneurs starting out=
 today may=2C in time=2C find some resonance in the experiences Carlos and=
 I had. I wish them the best of luck: there is so much that is difficult a=
bout starting a business=2C whether in good times or in bad=2C and success=
 is so often dependent on capitalising on whatever opportunities the circu=
mstances of the time make available.<br>
&nbsp;</span></span></span><br>
<span style=3D"font-size:18px"><span style=3D"font-family:lato=2Chelvetica=
 neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"color:#222f39"><str=
ong>Resources</strong></span></span></span><br>
<span style=3D"font-size:14px"><span style=3D"font-family:lato=2Chelvetica=
 neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"color:#7a8288">&nbs=
p;<br>
Instead of a separate list of resources this week=2C I would commend you a=
ll to the articles on innovation in a crisis that I mentioned above:</span=
></span></span></p>

<ul>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
pan style=3D"color:#7a8288">Founder Institute=2C =E2=80=9C</span><a href=
=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bf=
b8ae74&id=3D70f5365bec&e=3D5ef1148adf" style=3D"mso-line-height-rule: exa=
ctly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a=
6e6;font-weight: normal;text-decoration: underline;"><span style=3D"color:=
#39a6e6">Why a Recession is a Great Time to Launch a Startup</span></a><sp=
an style=3D"color:#7a8288">=E2=80=9D</span></span></span></li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
pan style=3D"color:#7a8288">CNBC=2C =E2=80=9C</span><a href=3D"https://see=
drs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D3b9=
f4dfad3&e=3D5ef1148adf" style=3D"mso-line-height-rule: exactly;-ms-text-s=
ize-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39a6e6;font-weight=
: normal;text-decoration: underline;"><span style=3D"color:#39a6e6">Why it=
 Might not be Such a Crazy Idea to Start a Company Right Now</span></a><sp=
an style=3D"color:#7a8288">=E2=80=9D</span></span></span></li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
pan style=3D"color:#7a8288">Harvard Business Publishing=2C =E2=80=9C</span=
><a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49a=
e6c040bfb8ae74&id=3Ddce4786ff7&e=3D5ef1148adf" style=3D"mso-line-height-r=
ule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;col=
or: #39a6e6;font-weight: normal;text-decoration: underline;"><span style=
=3D"color:#39a6e6">Innovation in a Time of Crisis</span></a><span style=3D=
"color:#7a8288">=E2=80=9D</span></span></span></li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-size:14px"><span style=
=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><s=
pan style=3D"color:#7a8288">Chicago Booth Review=2C =E2=80=9C</span><a hre=
f=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040b=
fb8ae74&id=3D6346331b2f&e=3D5ef1148adf" style=3D"mso-line-height-rule: ex=
actly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;color: #39=
a6e6;font-weight: normal;text-decoration: underline;"><span style=3D"color=
:#39a6e6">Four Ways to Ensure Innovation Continues After the Crisis</span>=
</a><span style=3D"color:#7a8288">=E2=80=9D</span></span></span></li>
</ul>

<p style=3D"line-height: 150%;margin: 10px 0;padding: 0;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #444444;font-family: 'Lato'=2C 'Helvetica Neue'=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=2Chelvetica neue=2Chelvetica=2Caria=
l=2Csans-serif"><span style=3D"color:#7a8288">***<br>
<br>
That=E2=80=99s all from me this week. As always please let me know if you=
 have feedback or contributions=2C and I hope you all stay well and safe i=
n the week ahead.<br>
&nbsp;<br>
Best wishes=2C<br>
&nbsp;<br>
Jeff Lynn<br>
Executive Chairman &amp; Co-Founder<br>
&nbsp;</span></span></span></p>

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st: 100%;-webkit-text-size-adjust: 100%;" valign=3D"top" align=3D"center"=
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                <table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" cl=
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rtant;border-radius: 3px;background-color: #92C840;mso-table-lspace: 0pt;m=
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t-size-adjust: 100%;">
                                <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=3Dccd3ef8e60&e=3D5ef1148adf" target=3D=
"_blank" style=3D"font-weight: bold;letter-spacing: normal;line-height: 10=
0%;text-align: center;text-decoration: none;color: #FFFFFF;mso-line-height=
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isplay: block;">View this update on our site</a>
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le border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=
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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=
0%;-webkit-text-size-adjust: 100%;" width=3D"100%" class=3D"mcnTextContent=
Container">
                    <tbody><tr>

                        <td valign=3D"top" class=3D"mcnTextContent" style=
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8px;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-=
size-adjust: 100%;word-break: break-word;color: #FFFFFF;font-family: Helve=
tica;font-size: 12px;line-height: 150%;text-align: center;">

                            <div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
djust: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: nor=
mal;text-decoration: none;"><img data-file-id=3D"34965" height=3D"27" src=
=3D"https://gallery.mailchimp.com/b211206c49ae6c040bfb8ae74/images/dd2697e=
5-bf62-4f3a-aee2-015ba4ce1284.png" style=3D"border: 0px;width: 100px;heigh=
t: 27px;margin: 0px;outline: none;text-decoration: none;-ms-interpolation-=
mode: bicubic;" width=3D"100"></a></div>

<p style=3D"font-family: Arial=2C &quot;Arial Black&quot;=2C Tahoma=2C &qu=
ot;Trebuchet MS&quot;=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=3D3876d953bd&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
le: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;colo=
r: #1b82e6;font-weight: normal;" target=3D"_blank"><img alt=3D"Trustpilot=
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ot.com/signature/en-GB/2/5192e86000006400052c669a/text.png" style=3D"max-h=
eight: 16px;border: none;height: auto !important;outline: none;text-decora=
tion: none;-ms-interpolation-mode: bicubic;"><br>
<img alt=3D"Trustpilot Stars" border=3D"0" src=3D"https://emailsignature.t=
rustpilot.com/signature/en-GB/2/5192e86000006400052c669a/stars.png" style=
=3D"max-width: 160px;width: 100%;border: none;height: auto !important;outl=
ine: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D=
"160"></a><br>
<a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae=
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one;text-underline: none;mso-line-height-rule: exactly;-ms-text-size-adjus=
t: 100%;-webkit-text-size-adjust: 100%;color: #1b82e6;font-weight: normal;=
" target=3D"_blank"><img alt=3D"Trustpilot Logo" border=3D"0" src=3D"https=
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9px;width: 100%;border: none;height: auto !important;outline: none;text-de=
coration: none;-ms-interpolation-mode: bicubic;" width=3D"79"></a></p>

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</table><table border=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"1=
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adjust: 100%;">

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=09=09=09=09<td align=3D"center" valign=3D"top" ">
=09=09=09=09<![endif]-->
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pacing=3D"0" width=3D"100%" style=3D"min-width: 100%;border-collapse: coll=
apse;mso-table-lspace: 0pt;mso-table-rspace: 0pt;-ms-text-size-adjust: 100=
%;-webkit-text-size-adjust: 100%;" class=3D"mcnBoxedTextContentContainer">
                    <tbody><tr>

                        <td style=3D"padding-top: 9px;padding-left: 18px;p=
adding-bottom: 9px;padding-right: 18px;mso-line-height-rule: exactly;-ms-t=
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=
-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust:=
 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=3D103abc734c&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.&nbsp;&nbsp;Tax treatment depends on individual circ=
umstances and is subject to change in future.&nbsp;</span></span></span></=
div>

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