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Subject: =?utf-8?Q?The=20Dry=20Powder=20Question=20=2D=20Thoughts=20from=20the=20Chairman=20#3?=
From: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
Reply-To: =?utf-8?Q?Jeff=20Lynn?= <support@seedrs.com>
To: <vince@showfile.com>
Date: Tue, 14 Apr 2020 17:43:30 +0000
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View in browser (https://mailchi.mp/seedrs/covid19-379089?e=3D5ef1148adf)
https://www.seedrs.com/learn/blog/the-dry-powder-question-thoughts-from-th=
e-chairman-3?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMA=
IL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90=
523ee-f7b4713aba-43129765

Dear Friends=2C

I hope you all made the most of the quarantined Easter weekend and are kee=
ping healthy.

In my last two notes (here (https://www.seedrs.com/learn/blog/thoughts-fro=
m-the-chairman-1?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba=
-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_d=
fb90523ee-f7b4713aba-43129765) and here (https://www.seedrs.com/lea=
rn/blog/save-our-startups-thoughts-from-the-chairman-2?utm_source=3DSeedrs=
+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COP=
Y_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765=
) )=2C I wrote about government funding solutions for startups and scaleup=
s during the Covid-19 crisis. This week I am going to change tack a bit to=
 look at private sector funding and the debate emerging around what I=E2=
=80=99ll call the =E2=80=9Cdry powder question=E2=80=9D.

Estimated reading time: 7 minutes

Quick Update on Save Our Startups

But first=2C a check-in on the Save Our Startups (https://saveourstartups.=
co.uk/?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
f7b4713aba-43129765) campaign=2C which I wrote about (https://www.s=
eedrs.com/learn/blog/save-our-startups-thoughts-from-the-chairman-2?utm_so=
urce=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02=
_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) last week. We=E2=80=99ve been thrilled that over 5=2C000 pe=
ople have already signed the petition=2C and it has gotten widespread medi=
a coverage. More importantly=2C it appears the Government is listening: ye=
sterday=E2=80=99s Telegraph reported (https://www.telegraph.co.uk/business=
/2020/04/13/treasury-readies-rescue-package-startups/?utm_source=3DSeedrs+=
newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY=
_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765)=
 that Treasury is getting ready to announce a startup rescue package along=
 the lines of what the campaign has called for=2C and I am hearing similar=
 indications from my contacts in Whitehall. So hopefully there will be goo=
d news to share shortly.

The Dry Powder Question

One of the reasons why government support for startups and scaleups is so=
 important=2C as I discussed in my last two notes=2C is that CBILS=E2=80=
=94the small business lending scheme launched by the Government at the beg=
inning of the crisis=E2=80=94doesn=E2=80=99t work for high-growth loss-mak=
ing businesses. As it turns out=2C there are some questions (https://www.c=
ityam.com/exclusive-just-2000-smaller-uk-firms-given-coronavirus-business-=
loans/?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAM=
PAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-=
f7b4713aba-43129765) around whether CBILS is even working for the b=
usinesses for which it was intended=2C but that is a separate point. The k=
ey issue is that there is not yet a government support programme suitable=
 for the country=E2=80=99s most innovative and high-potential young compan=
ies.

But we wouldn=E2=80=99t even be talking about government support if it loo=
ked like private sector investors could solve the cash problem that so man=
y startups and scaleups will now face. And when I say private sector inves=
tors=2C what I really mean is venture capital firms=2C or VCs. Much as I b=
elieve that investors of all shapes and sizes should be able to invest in=
 this asset class=E2=80=94and thanks to Seedrs and others=2C the capital b=
ase has diversified substantially over the last decade=E2=80=94by far the=
 majority of capital that goes into startups and scaleups still comes from=
 VCs. So the private sector=E2=80=99s ability to plug cash shortfalls is p=
rimarily a question of what the VCs can=2C and will=2C do.

Enter the dry powder question. In broad terms=2C dry powder is the amount=
 that VCs have raised but that has not yet been invested. And there is a l=
ot of it out there: in the UK and Europe alone=2C there are billions (or=
=2C depending on how broadly one defines VC=2C tens of billions) of pounds=
 of dry powder that is theoretically available to support startups and sca=
leups during this period. What=E2=80=99s more=2C pretty much every VC gene=
ral partner (general partners=2C or GPs=2C are the people who manage VC fi=
rms and the funds they raise) is saying publicly that they are fully open=
 for business and looking to invest that dry power. There are even lists c=
irculating (https://bit.ly/investorCOVID19?utm_source=3DSeedrs+newsletters=
&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_med=
ium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) that purpo=
rt to show all the VCs who are investing during this period.

So problem solved=2C right? The cash is there to fund these businesses=2C=
 and the VCs say they want to fund them. Valuations may be pushed down and=
 terms like preference structures may get more aggressive=E2=80=94which is=
 all just a part of shifting market dynamics=E2=80=94but there is no reaso=
n that companies should struggle to raise the cash they need to get throug=
h this period. Simple.

Well=2C not quite. The existence of dry powder on paper and its availabili=
ty for deployment aren=E2=80=99t always the same thing=2C and the best lai=
d plans of GPs can easily go astray. This is due to a combination of two t=
hings.

One is simply bandwidth. VCs tend to run lean operations even in boom time=
s=2C and they rarely have much capacity to spare in conducting the relativ=
ely labour-intensive undertaking of investing in private companies. So now=
=2C with huge amounts of time being taken up supporting portfolio companie=
s=2C and lots of their remaining time being taken up by external pressures=
 that this crisis has created (including things like providing childcare)=
=2C many GPs will face a real operational struggle in making new investmen=
ts. Elizabeth Yin=2C who runs the well-respected San Francisco seed-stage=
 VC Hustle Fund=2C wrote an excellent thread (https://twitter.com/dunkhipp=
o33/status/1245553000602423298?utm_source=3DSeedrs+newsletters&utm_campaig=
n=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&=
utm_term=3D0_dfb90523ee-f7b4713aba-43129765) on the nuances around=
 this issue a few weeks ago. I expect many other VCs find themselves in a=
 similar position to Elizabeth.

The other=2C probably more significant=2C issue is in the notion of what d=
ry powder really is. I said earlier that it=E2=80=99s money raised by VCs=
 that has not yet been deployed=2C but =E2=80=9Craised=E2=80=9D is a nuanc=
ed word. In reality=2C most dry powder represents commitments by the fund=
=E2=80=99s investors (known as its limited partners=2C or LPs)=2C meaning=
 that the GP still needs to call on the cash from the LPs=2C and the LPs s=
till need to pay it over. Hence we get into conversations like the one bel=
ow from LinkedIn (which you can see in full here (https://www.linkedin.com=
/feed/update/urn:li:activity:6655183176337625088/?utm_source=3DSeedrs+news=
letters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&=
utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) ) b=
etween two people who know this ecosystem very well:



What are the implications of Michael Chaffe=E2=80=99s observation? Is it l=
ikely that LPs will simply stop responding to capital calls during this pe=
riod=2C letting the dry powder go up in smoke? Not exactly: the penalties=
 on an LP for missing a capital call are severe=E2=80=94the LP basically f=
orfeits its whole stake in the fund=E2=80=94so except in the case of new f=
unds=2C where there is no stake yet to lose=2C I doubt we will see a lot o=
f LPs simply saying =E2=80=9Cno=E2=80=9D when the GP comes knocking.

But that doesn=E2=80=99t mean LPs are powerless. The mere prospect of a re=
fused capital call will make many GPs nervous. More than that=2C GPs will=
 be thinking about their future funds. If they do something today that ups=
ets their LPs=2C then when it comes time to go back to those folks for Fun=
d 2 (or 3 or 9)=2C they may find a lot of doors shut in their faces.

And that is the key to the dry powder question. If LPs don=E2=80=99t want=
 the funds in which they have invested to be deploying capital right now=
=2C then they are able to put a lot of pressure on the GPs not to deploy c=
apital. Are they actually doing so? Yes=2C although the extent is hard to=
 tell: anecdotally there are stories of LPs exercising their power one way=
 or the other during this time=2C but as we all know=2C the plural of =E2=
=80=9Canecdote=E2=80=9D is not =E2=80=9Cdata=E2=80=9D.

More concerning than the stories is the simple reality of LPs=E2=80=99 pos=
itions: most are institutions who invest across multiple asset classes=2C=
 and when they make a commitment to a VC fund=2C they often invest the cas=
h in a different=2C liquid asset=E2=80=94such as listed stocks and shares=
=E2=80=94until it is called by the VC. With valuations of so many major li=
quid assets having taken a big hit over the past two months=E2=80=94but wi=
th expectations of a strong rebound after the crisis is over=E2=80=94many=
 LPs will be loathe to sell their holdings at the moment. There will of co=
urse be plenty of exceptions=2C but it is inevitable that what is happenin=
g in the global markets will mean a significant number of LPs will want to=
 reduce the amount of cash they need to hand over to GPs right now.

And that is what leads to a private sector investment crunch. The dry powd=
er is not exactly going up in smoke=2C but much of it will be locked away=
 in the magazine until this crisis is over.

Resources and Musings

Here are a few resources and goings-on I=E2=80=99ve found interesting over=
 the past couple of weeks:
* From Augmentum Fintech plc=2C the listed fintech VC (and an investor in=
 Seedrs)=2C comes the brilliant idea of Teen VC (https://teen-vc.com/?utm_=
source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_=
02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-=
43129765) =2C a digital education platform for teenagers to learn a=
bout VC and entrepreneurship. This can be a great resource for those of yo=
u looking for homeschooling ideas for your teenagers=2C but it also has a=
 lot of content that people of any age may find useful in learning about t=
he VC landscape.

* From the Institute of Directors comes a thorough and informative support=
 hub (https://www.iod.com/iod-coronavirus-support-hub?utm_source=3DSeedrs+=
newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY=
_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765)=
 for businesses struggling during this time. There are a number of these s=
orts of hubs out there=2C but the IoD=E2=80=99s is among the best I=E2=80=
=99ve seen.

* And then from The Dots=2C the professional network for creatives run by=
 the great Pip Jamieson=2C comes a set of resources (https://the-dots.com/=
projects/coronavirus-how-we-can-all-support-each-other-392693?utm_source=
=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_=
05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) that may be particularly useful for freelances and independents=
 at this time.

Thanks very much to Jimmy McLoughlin (whose Navigating the coronavirus for=
 business (https://www.getrevue.co/profile/jimmym?utm_source=3DSeedrs+news=
letters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&=
utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) new=
sletter I mentioned a few weeks ago) for highlighting the last two of thos=
e.

And finally=2C a few tweets I thought worth sharing:
* Larry Kim of Mobile Monkey provides some encouragement by noting a few o=
f the businesses that were founded during the last downturn. He built on h=
is original tweet (https://twitter.com/larrykim/status/1244964775651454981=
?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_=
2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b471=
3aba-43129765) with this little graphic:

* Paul Graham=2C the YC founder and essayist=2C also reflects on starting=
 a business during difficult times=2C tweeting (https://twitter.com/paulg/=
status/1245292019318210560?utm_source=3DSeedrs+newsletters&utm_campaign=3D=
f7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_=
term=3D0_dfb90523ee-f7b4713aba-43129765) : =E2=80=9CInvestors: Any=
 startup that gets started during the next few months is disproportionatel=
y likely to succeed. Success depends most of all on determination=2C and i=
magine how determined you have to be to start a startup in the middle of a=
 global pandemic.=E2=80=9D Having begun work on Seedrs during the last cri=
sis=E2=80=94which was not nearly as intense as this one=2C but nonetheless=
 required a heck of a lot of determination=E2=80=94Paul=E2=80=99s view res=
onates with me.

* A different sort of perspective comes from a contributor to the popular=
 ZeroHedge blog who tweets: =E2=80=9CAirBnB is about to crash the US housi=
ng market. Thousands of super-hosts who bought 10=2C 20=2C 30 properties w=
ith mortgages and are heavily levered...are all about to default. Without=
 travel there is no rental income to pay these mortgages. In 2-3 months -=
 2008 all over again. Boom.=E2=80=9D I highly doubt the data supports the=
 enormity of this statement=2C but the idea that a slowdown for Airbnb=E2=
=80=94a business that was selling politically-themed (https://www.business=
insider.com/how-a-box-of-cereal-and-being-like-a-cockroach-helped-airbnb-b=
ecome-a-billion-dollar-business-2013-3?utm_source=3DSeedrs+newsletters&utm=
_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY_01&utm_medium=
=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765) cereal (https=
://www.businessinsider.com/how-a-box-of-cereal-and-being-like-a-cockroach-=
helped-airbnb-become-a-billion-dollar-business-2013-3?utm_source=3DSeedrs+=
newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAIGN_2020_02_26_05_31_COPY=
_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b4713aba-43129765)=
 at the time of the last housing crisis=E2=80=94would be sufficient to cau=
se meaningful challenges to the U.S. (and potentially global) housing mark=
et does show how a tiny company run by determined
entrepreneurs can turn into a significant player in the global economy.

* Finally=2C Simon Hoare=2C the Conservative MP for North Dorset=2C tweete=
d the following (https://twitter.com/Simon4NDorset/status/1249376618524573=
700?utm_source=3DSeedrs+newsletters&utm_campaign=3Df7b4713aba-EMAIL_CAMPAI=
GN_2020_02_26_05_31_COPY_01&utm_medium=3Demail&utm_term=3D0_dfb90523ee-f7b=
4713aba-43129765) in response to the Prime Minister=E2=80=99s broad=
cast from Chequers after he was discharged from hospital: =E2=80=9CI have=
 no particular insight on this topic BUT my hunch is that that wonderful=
=2C heartfelt address by the PM could (should) presage a recalibration of=
 immigration policy- one where worth is more important than income bracket=
=2E It=E2=80=99s what being a liberal One Nation Tory is all about.=E2=80=9D=
 Whether one thinks that is likely to happen probably depends on one=E2=80=
=99s politics and views on Boris Johnson=2C but it is at least an encourag=
ing thought. For many of us=2C the greatest practical disappointment of Br=
exit has been the prospect of losing the talented=2C ambitious people from=
 all over Europe who have formed the backbone of the startup and scaleup e=
cosystem. To some extent that remains unavoidable=2C but wouldn=E2=80=99t=
 it be nice if the dedication of Kiwi and Portuguese
nurses wound up nudging the PM toward favouring a somewhat more open Brita=
in?

***
That=E2=80=99s it from me for this week. As always please do let me know a=
ny feedback or contributions=2C and I hope you all stay well and safe in t=
he week ahead.

Best wishes=2C

Jeff Lynn
Executive Chairman & Co-Founder
View this update on our site (https://www.seedrs.com/learn/blog/the-dry-po=
wder-question-thoughts-from-the-chairman-3?utm_source=3DSeedrs+newsletters=
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d-image: none;background-repeat: no-repeat;background-position: center;bac=
kground-size: cover;border-top: 0;border-bottom: 0;padding-top: 19px;paddi=
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ace: 0pt;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;max-wid=
th: 600px !important;">
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dyContainer" style=3D"background:#ffffff none no-repeat center/cover;mso-l=
ine-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adju=
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t: no-repeat;background-position: center;background-size: cover;border-top=
: 0;border-bottom: 0;padding-top: 0px;padding-bottom: 0px;"><table border=
=3D"0" cellpadding=3D"0" cellspacing=3D"0" width=3D"100%" class=3D"mcnText=
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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=
=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-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Cs=
ans-serif"><span style=3D"font-size:14px">Dear Friends=2C<br>
<br>
I hope you all made the most of the quarantined Easter weekend and are kee=
ping healthy.<br>
<br>
In my last two notes (<a href=3D"https://seedrs.us4.list-manage.com/track/=
click?u=3Db211206c49ae6c040bfb8ae74&id=3D2a0a56d2f4&e=3D5ef1148adf" targe=
t=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;">here</a> and <a href=3D"https://seedrs.us4.list=
-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D12b9b46382&e=3D=
5ef1148adf" 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;">here</a>)=2C I wrote about gov=
ernment funding solutions for startups and scaleups during the Covid-19 cr=
isis. This week I am going to change tack a bit to look at private sector=
 funding and the debate emerging around what I=E2=80=99ll call the =E2=80=
=9Cdry powder question=E2=80=9D.</span><br>
<br>
<span style=3D"font-size:14px"><strong>Estimated reading time:</strong>&nb=
sp;7&nbsp;minutes</span></span><br>
<br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><strong><span style=3D"font-size:20px">Quick Update on Save Our S=
tartups</span></strong><br>
<br>
<span style=3D"font-size:14px">But first=2C a check-in on the <a href=3D"h=
ttps://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae7=
4&id=3D6e399a5e69&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-hei=
ght-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100=
%;color: #007c89;font-weight: normal;text-decoration: underline;">Save Our=
 Startups</a> campaign=2C which <a href=3D"https://seedrs.us4.list-manage.=
com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3De223400644&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;">I wrote about</a> last week. We=E2=80=
=99ve been thrilled that over 5=2C000 people have already signed the petit=
ion=2C and it has gotten widespread media coverage. More importantly=2C it=
 appears the Government is listening: yesterday=E2=80=99s <a href=3D"https=
://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=
=3D3b2adf5b20&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-=
rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;co=
lor: #007c89;font-weight: normal;text-decoration: underline;">Telegraph re=
ported</a> that Treasury is getting ready to announce a startup rescue pac=
kage along the lines of what the campaign has called for=2C and I am heari=
ng similar indications from my contacts in Whitehall. So hopefully there w=
ill be good news to share shortly.&nbsp;</span><br>
<br>
<strong><span style=3D"font-size:20px">The Dry Powder Question</span></str=
ong><br>
<br>
<span style=3D"font-size:14px">One of the reasons why government support f=
or startups and scaleups is so important=2C as I discussed in my last two=
 notes=2C is that CBILS=E2=80=94the small business lending scheme launched=
 by the Government at the beginning of the crisis=E2=80=94doesn=E2=80=99t=
 work for high-growth loss-making businesses. As it turns out=2C there are=
 <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49a=
e6c040bfb8ae74&id=3D09edda8e20&e=3D5ef1148adf" target=3D"_blank" style=3D=
"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-siz=
e-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: underli=
ne;">some questions</a> around whether CBILS is even working for the busin=
esses for which it was intended=2C but that is a separate point. The key i=
ssue is that there is not yet a government support programme suitable for=
 the country=E2=80=99s most innovative and high-potential young companies.=
&nbsp;<br>
<br>
But we wouldn=E2=80=99t even be talking about government support if it loo=
ked like private sector investors could solve the cash problem that so man=
y startups and scaleups will now face. And when I say private sector inves=
tors=2C what I really mean is venture capital firms=2C or VCs. Much as I b=
elieve that investors of all shapes and sizes should be able to invest in=
 this asset class=E2=80=94and thanks to Seedrs and others=2C the capital b=
ase has diversified substantially over the last decade=E2=80=94by far the=
 majority of capital that goes into startups and scaleups still comes from=
 VCs. So the private sector=E2=80=99s ability to plug cash shortfalls is p=
rimarily a question of what the VCs can=2C and will=2C do.<br>
<br>
Enter the dry powder question. In broad terms=2C dry powder is the amount=
 that VCs have raised but that has not yet been invested. And there is a l=
ot of it out there: in the UK and Europe alone=2C there are billions (or=
=2C depending on how broadly one defines VC=2C tens of billions) of pounds=
 of dry powder that is theoretically available to support startups and sca=
leups during this period. What=E2=80=99s more=2C pretty much every VC gene=
ral partner (general partners=2C or GPs=2C are the people who manage VC fi=
rms and the funds they raise) is saying publicly that they are fully open=
 for business and looking to invest that dry power. There are even <a href=
=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bf=
b8ae74&id=3Df26c648e12&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-lin=
e-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust=
: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">lis=
ts circulating</a> that purport to show all the VCs who are investing duri=
ng this period.&nbsp;<br>
<br>
So problem solved=2C right? The cash is there to fund these businesses=2C=
 and the VCs say they want to fund them. Valuations may be pushed down and=
 terms like preference structures may get more aggressive=E2=80=94which is=
 all just a part of shifting market dynamics=E2=80=94but there is no reaso=
n that companies should struggle to raise the cash they need to get throug=
h this period. Simple.<br>
<br>
Well=2C not quite. The existence of dry powder on paper and its availabili=
ty for deployment aren=E2=80=99t always the same thing=2C and the best lai=
d plans of GPs can easily go astray. This is due to a combination of two t=
hings.<br>
<br>
One is simply bandwidth. VCs tend to run lean operations even in boom time=
s=2C and they rarely have much capacity to spare in conducting the relativ=
ely labour-intensive undertaking of investing in private companies. So now=
=2C with huge amounts of time being taken up supporting portfolio companie=
s=2C and lots of their remaining time being taken up by external pressures=
 that this crisis has created (including things like providing childcare)=
=2C many GPs will face a real operational struggle in making new investmen=
ts. Elizabeth Yin=2C who runs the well-respected San Francisco seed-stage=
 VC Hustle Fund=2C wrote an <a href=3D"https://seedrs.us4.list-manage.com/=
track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D8c8903966d&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;">excellent thread</a> on the nuances around=
 this issue a few weeks ago. I expect many other VCs find themselves in a=
 similar position to Elizabeth.&nbsp;<br>
<br>
The other=2C probably more significant=2C issue is in the notion of what d=
ry powder really is. I said earlier that it=E2=80=99s money raised by VCs=
 that has not yet been deployed=2C but =E2=80=9Craised=E2=80=9D is a nuanc=
ed word. In reality=2C most dry powder represents commitments by the fund=
=E2=80=99s investors (known as its limited partners=2C or LPs)=2C meaning=
 that the GP still needs to call on the cash from the LPs=2C and the LPs s=
till need to pay it over. Hence we get into conversations like the one bel=
ow from LinkedIn (which you can see in full <a href=3D"https://seedrs.us4.=
list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D7899f0ff57&=
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;">here</a>) between two peop=
le who know this ecosystem very well:<br>
<br>
&nbsp;<img data-file-id=3D"41481" height=3D"131" src=3D"https://mcusercont=
ent.com/b211206c49ae6c040bfb8ae74/images/98089c38-876b-4a66-99ad-79e5287b0=
408.png" style=3D"border: 0px initial;width: 460px;height: 131px;margin: 0=
px;outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" w=
idth=3D"460"><br>
<br>
&nbsp;<img data-file-id=3D"41485" height=3D"187" src=3D"https://mcusercont=
ent.com/b211206c49ae6c040bfb8ae74/images/430ae705-4bb7-4e46-83a7-6c0a35b9f=
93f.png" style=3D"border: 0px;width: 460px;height: 187px;margin: 0px;outli=
ne: none;text-decoration: none;-ms-interpolation-mode: bicubic;" width=3D"=
460"><br>
<br>
What are the implications of Michael Chaffe=E2=80=99s observation? Is it l=
ikely that LPs will simply stop responding to capital calls during this pe=
riod=2C letting the dry powder go up in smoke? Not exactly: the penalties=
 on an LP for missing a capital call are severe=E2=80=94the LP basically f=
orfeits its whole stake in the fund=E2=80=94so except in the case of new f=
unds=2C where there is no stake yet to lose=2C I doubt we will see a lot o=
f LPs simply saying =E2=80=9Cno=E2=80=9D when the GP comes knocking.&nbsp;=
<br>
<br>
But that doesn=E2=80=99t mean LPs are powerless. The mere prospect of a re=
fused capital call will make many GPs nervous. More than that=2C GPs will=
 be thinking about their future funds. If they do something today that ups=
ets their LPs=2C then when it comes time to go back to those folks for Fun=
d 2 (or 3 or 9)=2C they may find a lot of doors shut in their faces.<br>
<br>
And that is the key to the dry powder question. If LPs don=E2=80=99t want=
 the funds in which they have invested to be deploying capital right now=
=2C then they are able to put a lot of pressure on the GPs not to deploy c=
apital. Are they actually doing so? Yes=2C although the extent is hard to=
 tell: anecdotally there are stories of LPs exercising their power one way=
 or the other during this time=2C but as we all know=2C the plural of =E2=
=80=9Canecdote=E2=80=9D is not =E2=80=9Cdata=E2=80=9D.&nbsp;<br>
<br>
More concerning than the stories is the simple reality of LPs=E2=80=99 pos=
itions: most are institutions who invest across multiple asset classes=2C=
 and when they make a commitment to a VC fund=2C they often invest the cas=
h in a different=2C liquid asset=E2=80=94such as listed stocks and shares=
=E2=80=94until it is called by the VC. With valuations of so many major li=
quid assets having taken a big hit over the past two months=E2=80=94but wi=
th expectations of a strong rebound after the crisis is over=E2=80=94many=
 LPs will be loathe to sell their holdings at the moment. There will of co=
urse be plenty of exceptions=2C but it is inevitable that what is happenin=
g in the global markets will mean a significant number of LPs will want to=
 reduce the amount of cash they need to hand over to GPs right now.&nbsp;<=
br>
<br>
And that is what leads to a private sector investment crunch. The dry powd=
er is not exactly going up in smoke=2C but much of it will be locked away=
 in the magazine until this crisis is over.</span><br>
<br>
<span style=3D"font-size:20px"><strong>Resources and Musings</strong></spa=
n><br>
<br>
<span style=3D"font-size:14px">Here are a few resources and goings-on I=E2=
=80=99ve found interesting over the past couple of weeks:</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-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om <strong>Augmentum Fintech plc</strong>=2C the listed fintech VC (and an=
 investor in Seedrs)=2C comes the brilliant idea of <a href=3D"https://see=
drs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dca2=
df38e10&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;">Teen VC</a>=2C a=
 digital education platform for teenagers to learn about VC and entreprene=
urship. This can be a great resource for those of you looking for homescho=
oling ideas for your teenagers=2C but it also has a lot of content that pe=
ople of any age may find useful in learning about the VC landscape.</span>=
</span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fr=
om the <strong>Institute of Directors</strong> comes a thorough and inform=
ative <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db21120=
6c49ae6c040bfb8ae74&id=3D85dadd5921&e=3D5ef1148adf" target=3D"_blank" sty=
le=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-tex=
t-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration: un=
derline;">support hub</a> for businesses struggling during this time. Ther=
e are a number of these sorts of hubs out there=2C but the IoD=E2=80=99s i=
s among the best I=E2=80=99ve seen.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">An=
d then from <strong>The Dots</strong>=2C the professional network for crea=
tives run by the great Pip Jamieson=2C comes a <a href=3D"https://seedrs.u=
s4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D5d1ae4fa=
44&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;">set of resources</a> th=
at may be particularly useful for freelances and independents at this time=
=2E&nbsp;</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-fami=
ly:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"=
font-size:14px">Thanks very much to Jimmy McLoughlin (whose <a href=3D"htt=
ps://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c040bfb8ae74&=
id=3D8068762ea6&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-heigh=
t-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%;=
color: #007c89;font-weight: normal;text-decoration: underline;">Navigating=
 the coronavirus for business</a> newsletter I mentioned a few weeks ago)=
 for highlighting the last two of those.<br>
<br>
And finally=2C a few tweets I thought worth sharing:</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-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">La=
rry Kim of Mobile Monkey provides some encouragement by noting a few of th=
e businesses that were founded during the last downturn. He built on his o=
riginal <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211=
206c49ae6c040bfb8ae74&id=3D34e24fa0bd&e=3D5ef1148adf" target=3D"_blank" s=
tyle=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-t=
ext-size-adjust: 100%;color: #007c89;font-weight: normal;text-decoration:=
 underline;">tweet</a> with this little graphic:</span><br>
=09<br>
=09<img data-file-id=3D"41489" height=3D"230" src=3D"https://mcusercontent=
=2Ecom/b211206c49ae6c040bfb8ae74/images/4df78315-8d66-4c22-b6a3-9b7235527fab=
=2Epng" style=3D"border: 0px initial;width: 230px;height: 230px;margin: 0px;=
outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;" widt=
h=3D"230"></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Pa=
ul Graham=2C the YC founder and essayist=2C also reflects on starting a bu=
siness during difficult times=2C <a href=3D"https://seedrs.us4.list-manage=
=2Ecom/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3D6ce999ecf1&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text-si=
ze-adjust: 100%;-webkit-text-size-adjust: 100%;color: #007c89;font-weight:=
 normal;text-decoration: underline;">tweeting</a>: <strong>=E2=80=9CInvest=
ors: Any startup that gets started during the next few months is dispropor=
tionately likely to succeed. Success depends most of all on determination=
=2C and imagine how determined you have to be to start a startup in the mi=
ddle of a global pandemic.=E2=80=9D</strong> Having begun work on Seedrs d=
uring the last crisis=E2=80=94which was not nearly as intense as this one=
=2C but nonetheless required a heck of a lot of determination=E2=80=94Paul=
=E2=80=99s view resonates with me.</span></span><br>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">A=
 different sort of perspective comes from a contributor to the popular Zer=
oHedge blog who tweets: <strong>=E2=80=9CAirBnB is about to crash the US h=
ousing market. Thousands of super-hosts who bought 10=2C 20=2C 30 properti=
es with mortgages and are heavily levered...are all about to default. With=
out travel there is no rental income to pay these mortgages. In 2-3 months=
 - 2008 all over again. Boom.=E2=80=9D</strong> I highly doubt the data su=
pports the enormity of this statement=2C but the idea that a slowdown for=
 Airbnb=E2=80=94a business that was <a href=3D"https://seedrs.us4.list-man=
age.com/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Dd5a28366d2&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-weig=
ht: normal;text-decoration: underline;">selling politically-themed</a><a h=
ref=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49ae6c04=
0bfb8ae74&id=3D1bfeb9542b&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-=
line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adj=
ust: 100%;color: #007c89;font-weight: normal;text-decoration: underline;">=
 cereal</a> at the time of the last housing crisis=E2=80=94would be suffic=
ient to cause meaningful challenges to the U.S. (and potentially global) h=
ousing market does show how a tiny company run by determined entrepreneurs=
 can turn into a significant player in the global economy.</span></span><b=
r>
=09&nbsp;</li>
=09<li style=3D"mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-=
webkit-text-size-adjust: 100%;"><span style=3D"font-family:lato=2Chelvetic=
a neue=2Chelvetica=2Carial=2Csans-serif"><span style=3D"font-size:14px">Fi=
nally=2C Simon Hoare=2C the Conservative MP for North Dorset=2C tweeted th=
e <a href=3D"https://seedrs.us4.list-manage.com/track/click?u=3Db211206c49=
ae6c040bfb8ae74&id=3D7957e622ed&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;">following</a> in response to the Prime Minister=E2=80=99s broadcas=
t from Chequers after he was discharged from hospital: <strong>=E2=80=9CI=
 have no particular insight on this topic BUT my hunch is that that wonder=
ful=2C heartfelt address by the PM could (should) presage a recalibration=
 of immigration policy- one where worth is more important than income brac=
ket. It=E2=80=99s what being a liberal One Nation Tory is all about.=E2=80=
=9D</strong> Whether one thinks that is likely to happen probably depends=
 on one=E2=80=99s politics and views on Boris Johnson=2C but it is at leas=
t an encouraging thought. For many of us=2C the greatest practical disappo=
intment of Brexit has been the prospect of losing the talented=2C ambitiou=
s people from all over Europe who have formed the backbone of the startup=
 and scaleup ecosystem. To some extent that remains unavoidable=2C but wou=
ldn=E2=80=99t it be nice if the dedication of Kiwi and Portuguese nurses w=
ound up nudging the PM toward favouring a somewhat more open Britain?</spa=
n></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;"><br>
<span style=3D"font-family:lato=2Chelvetica neue=2Chelvetica=2Carial=2Csan=
s-serif"><span style=3D"font-size:14px">***<br>
That=E2=80=99s it from me for this week. As always please do let me know a=
ny feedback or contributions=2C and I hope you all stay well and safe in t=
he week ahead.<br>
<br>
Best wishes=2C<br>
<br>
<br>
Jeff Lynn<br>
Executive Chairman &amp; Co-Founder</span></span></p>

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                                <a class=3D"mcnButton " title=3D"View this=
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k?u=3Db211206c49ae6c040bfb8ae74&id=3Df97b11d536&e=3D5ef1148adf" target=3D=
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                            <div style=3D"text-align: center;"><br>
<a href=3D"http://" style=3D"mso-line-height-rule: exactly;-ms-text-size-a=
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<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=
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just: 100%;line-height: 150%;"><a href=3D"https://seedrs.us4.list-manage.c=
om/track/click?u=3Db211206c49ae6c040bfb8ae74&id=3Df0455b2dcb&e=3D5ef1148adf" style=3D"text-decoration: none;text-underline: none;mso-line-height-ru=
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<img alt=3D"Trustpilot Stars" border=3D"0" src=3D"https://emailsignature.t=
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                            <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=
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                                        <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=3D29062add38&e=3D5ef1148adf" target=3D"_blank" style=3D"mso-line-height-rule: exactly;-ms-text=
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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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                            <div style=3D"text-align: left;"><span style=
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uthorised and regulated by the Financial Conduct Authority. Seedrs Limited=
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<br>
This message and any attachments are&nbsp;confidential=2C and may be prote=
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