Although starting your own business can be the most liberating, exciting and challenging pinnacle in your career, the race to secure venture capital funding in an increasingly competitive world can prove a daunting experience, whatever your level of business experience and acumen.
For years, European businessmen who 'had a go' at starting up a new business, but for some reason didn't make the home run of a sale or float of the business, were castigated and cast out, never to be given a second chance by investors, creating a ‘fear of failure’ culture in the UK.
Fortunately the situation is now changing and those old and pious money men (now regarded as dinosaurs) are gradually being replaced by new and competent, internationally focussed VC managers who realise that talent is still rare and needs to be nurtured. In other words it is now regarded as valuable experience to have made mistakes.
This change has helped usher in a new demand for business people who have the vision to take the calculated risks of running their own business. However, times gone by have left a deep rooted absence of the ‘go for it’ DNA in our society.
Many don't feel there is a sufficient support infrastructure from the investment community to warrant pushing their career to the outer edges of the business leadership envelope. The end result is that today many talented entrepreneurs are still hesitant to risk a successful corporate career and start up a new company.
The answer?
No VC except the most self satisfied is content with the level of support given to the leaders of their portfolio companies. We know that the climate has changed and that there is a growing number of VCs who recognise that coaching business leaders through specific classes in various disciplines along with sharing experiences with other leaders in a structured training environment really works.
The European Leadership Programme (ELP) was created for this very purpose and has so far received vocal support from many VCs including the giant 3i.
It recognises that business bosses lead a pretty isolated existence. They may have a team of people close to them, and they have friends and family, but not necessarily people who have the experience and ability to talk through some of the tougher issues. Few advisors or even relatives will deliver the truth the whole truth and nothing but the truth or even know what that really is.
The ELP regards both entrepreneurs and established businesspeople as extreme sportspeople who never stop developing, learning and coaching. The VC industry can rightly celebrate how far it has come in recent years especially through its support of initiatives that can really help its portfolio of company leaders.
Ashley Ward is a serial entrepeneur and Chair of the European Leadership Programme
