S2 EP5: The outlook for venture capital & tech in 2024

01/11/24 • 48 min

The BVCA Reflections series marks the 40th anniversary since the BVCA was established as the trade association for the UK private equity and venture capital industry. During this series, we will be talking to industry leaders from today and previous decades as we reflect on how the industry and the BVCA have evolved.

In episode 5 of the BVCA’s 40th anniversary podcast series, the BVCA’s Senior VC Manager, Chris Elphick, talks to Christoph Ruedig, Partner at Albion VC, Kerry Baldwin, Managing Partner at IQ Capital, and Stephen Nundy, Partner & CTO at Lakestar, about the outlook for venture capital and the broader tech ecosystem in 2024.

Covering off the shocks and difficult market conditions seen in 2023, the guests consider how the market will play out going forward, with tips for founders and investors looking to raise in a difficult market, the central importance of board governance, the increasing role of government, and the potential impact of BVCA initiatives such as the Investment Compact.

Running order:

00:00 – Intro
02:01 – Key developments from 2023
09:18 – 2023 was the year of AI, what sectors will take off in 2024?
12:40 – How to support founders going through a down/flat round
18:49 – The outlook for venture – green shoots or more pain?
21:09 – Addressing the scale up gap
23:50 – Where will exits come from?
28:20 – How to exit at speed in a tough market?
33:40 – Will fundraising be easier in 2024?
36:43 – Advice for emerging managers
39:16 – The policy landscape in 2024
43:00 – The impact of the Investment Compact
46:54 – Closing remarks

This episode of the BVCA podcast is hosted by Chris Elphick, Senior VC Manager at the BVCA.

Chris’s guest for episode 5:

Christoph Ruedig, Partner at Albion VC
Kerry Baldwin, Managing Partner at IQ Capital
Stephen Nundy, Partner & CTO at Lakestar

Running order:

00:00 – Intro
02:01 – Key developments from 2023
09:18 – 2023 was the year of AI, what sectors will take off in 2024?
12:40 – How to support founders going through a down/flat round
18:49 – The outlook for venture – green shoots or more pain?
21:09 – Addressing the scale up gap
23:50 – Where will exits come from?
28:20 – How to exit at speed in a tough market?
33:40 – Will fundraising be easier in 2024?
36:43 – Advice for emerging managers
39:16 – The policy landscape in 2024
43:00 – The impact of the Investment Compact
46:54 – Closing remarks

This episode of the BVCA podcast is hosted by Chris Elphick, Senior VC Manager at the BVCA.

Chris’s guest for episode 5:

Christoph Ruedig, Partner at Albion VC
Kerry Baldwin, Managing Partner at IQ Capital
Stephen Nundy, Partner & CTO at Lakestar

Previous Episode

S2 EP4: Private capital's role in the Net Zero puzzle

In episode 4, the BVCA’s Head of Sustainability, Harriet Assem, is joined by Maria Carradice, Managing Director, Specialist – Environmental, Social and Governance at Mayfair Equity Partners, Eimear Palmer, Global Head of ESG at Pantheon, and Maggie Loo, Partner at Bridges Fund Management, to discuss how private capital is well placed to help SMEs to decarbonise, invest in technological solutions to combat the climate crisis and plug the investment gap needed to help the UK meet its Net Zero ambitions.

Mindful of the upcoming COP28 Conference, speakers also outline their policy wish lists to unlock capital and investment opportunities in the Net Zero space, whilst also creating financial returns for investors.

Running order:

00:00 – Intro
02:36 – Net Zero, does it represent the growth opportunity of the 21st century?
08:06 – Access to capital and why Net Zero is so relevant to private capital
13:44 - How will net zero affect standard businesses
16:21 – How is private capital helping the businesses it invests in to decarbonize and invest in the technological solutions of tomorrow
20:20 – The development of ESG scorecards
26:08 – Practical guidance and initiatives emerging to help private capital firms (including ICi)
28:30 – What the policy and investment landscape needs to look like to unlock opportunities for private capital

This episode of the BVCA podcast is hosted by Harriet Assem, Head of Sustainability at the BVCA.

Harriet’s guest for episode 4:

Maria Carradice, Managing Director, Specialist – Environmental, Social and Governance, Mayfair Equity Partners
Eimear Palmer, Global Head of ESG, Pantheon
Maggie Loo, Partner, Bridges Fund Management

Next Episode

S2 EP6: The Mindful VC

To coincide with this year's Mental Health Awareness Week, between 13-19 May 2024, the BVCA has produced a new podcast, The Mindful VC. Hosted by Chris Elphick, Head of Venture Capital at the BVCA, with guests including Daniel Waterhouse, Partner at Balderton, Hayley Hand, Investment Director at Better Society Capital and Henrik Wetter Sanchez, General Partner at Playfair Capital, the podcast explores approaches to mental health for founders and investors.

The guests discuss the practical steps that VCs can take in supporting founders, how LPs consider mental health in the funds they invest in, and the impact of tech on mental health more broadly.

Running order:

00:00 – Intro
02:20 – Balderton’s approach to support mental wellbeing
05:07 - How Playfair supports founders and encourages founders to be open and honest about their mental health
08:03 – The impact of the tougher fundraising environment
11:38 – Coaching founders and optimising performance
15:03 – The role of board governance in supporting founders
18:55 – Better Society Capital’s approach to founder mental health
23:27 – The LP perspective on how VCs can support founders and management teams
28:27 – The main qualities of founders and investors and what they need to succeed
31:55 – Tech’s role in poorer mental health and how it can be part of the solution
36:21 – Wellbeing hacks that can help with mental health

This episode of the BVCA podcast is hosted by Chris Elphick, Head of Venture Capital at the BVCA.

Chris’s guest for episode 6: