51勛圖厙

Welcome from the President

Since our founding in 1907, 51勛圖厙 has sought to be not only a world-leading university, but a world-changing one. We have combined our tremendous strength in science, engineering, medicine and business with scientific discovery, innovation and entrepreneurship to create real-world impact.

At 51勛圖厙, we pride ourselves on our startup culture, nurturing the supportive and interdisciplinary environment that entrepreneurs need to thrive. That enabling environment includes the 51勛圖厙 Enterprise Lab, the Institute for Deep Tech Entrepreneurship and our ecosystem of hackspaces, incubators and accelerators. Our network of business angels supports our students and staff as they turn their ideas into prototypes, their prototypes into startups, their startups into scaleups and their scaleups into world-changing businesses.

In March 2024, we launched an ambitious new strategy which will reinforce and grow our existing innovation ecosystem, including the development of the 51勛圖厙 WestTech Corridor in partnership with local and national government, the NHS and the business community. We will also be launching 51勛圖厙 Science Capital, a new venture fund to provide 51勛圖厙���s entrepreneurs with access to capital and proof-of-concept funding to realise the full potential of their businesses.

And through our new 51勛圖厙 Global network, we will access and engage other innovation ecosystems around the world.

Professor Hugh Brady, President of 51勛圖厙

^{HOW TO...}
Hire: Nine must-know principles for startups

By Carl Coddington, Team Building Expert-in-Residence at 51勛圖厙

The difference between success or failure for a startup can be hiring the right people for your team. The good news is that hiring is a skill anyone can learn, and mastering it is fundamental to building and scaling your business. Most companies make hiring mistakes, but if you apply these nine principles you���ll go a long way to significantly reducing the number you make.

01 Start with the end in mind

Before you hire anyone, define what success looks like for the role. Detail the outcomes you anticipate from the position. For instance, if you���re seeking to hire a sales professional, an outcome might be to achieve a 25 per cent increase in sales revenue or expand the client base by ten new accounts. For the role to be successful, knowing these desired outcomes upfront will help to determine the essential responsibilities and behaviours you seek in a candidate. This clarity will ensure you hire someone aligned with your expectations and indicates to them the meaningful and impactful contribution their work will make. When you fully understand the expectations for the role upfront, you can evaluate and guide your new hire towards tangible success.

Tips:

• List up to six role outcomes.
• Split them into six-month and one-year objectives

02 Don���t skip the foundations

Before you hire, establish your startup���s purpose, mission, vision and values. These aren���t just fancy words to be thrown around or placed on your website and forgotten. Done properly, they���ll guide every decision you make, especially when hiring. Your goal is to find individuals who resonate with them and will champion them, which is much easier if they���re clear from the start. Also, employees who align with your foundations will be more engaged, motivated and committed. As Simon Sinek said, ���People don���t buy what you do, they buy why you do it��� and the same applies when you want to attract and hire talent.

Tips

• Create a ���culture deck��� that includes your core values, and purpose, mission and vision statements.
• Share it with first-round interview candidates, using it as a discussion point.

03 Distinguish hiring needs from wants

When I advise founders on team growth and hiring, I often ask ���Why this role and why now?���. Answering this question will help you establish clarity and intent for each requirement. It���s tempting to start hiring as your budget allows but each new employee should be a strategic investment. You���ll enhance your hiring precision and decision-making if you differentiate between genuine needs and mere wants. Understanding and implementing this principle can be the difference between a thriving startup and one that struggles when misaligned priorities emerge.

Tips

• Ask yourself why you���re hiring for a role and when you need someone in it.
• Create a 12-month timetable for required skills

04 Always think ahead

Hire for the future, not just the present. Look for candidates who can grow as your company grows. Can they evolve, acquire new skills and take on new responsibilities as your startup expands? It���s important to set the stage for sustained growth and avoid the need to constantly reshuffle roles as your business develops.

Tips

• Envision the role over a one- to two-year trajectory.
• Identify growth opportunities for both skills and career development.

05 Value diversity and inclusion

A diverse and inclusive team provides a plethora of perspectives, encourages creativity and fosters innovation. It���s important to establish a workforce that reflects diverse backgrounds, experiences and thoughts. It can improve company culture, enhance product and service development, and even attract a wider customer base. If you build a diverse and inclusive environment, and ensure every voice is heard and valued, you���ll attract a wider pool of candidates.

Tips

• Craft unbiased job postings with gender-neutral language.
• Use anonymous application reviews to help eliminate unconscious bias.
• Show inclusivity in interviews by encouraging candidate feedback and questions throughout the process.

06 Hiring is a two-way process

Hiring isn���t just about you choosing the right candidate. Candidates are also choosing you ��� it���s a two-way process. As you evaluate potential hires, consider whether they���re a good fit for your company and if your company is a good fit for them. Focus on creating a positive candidate experience throughout the hiring process, as this will help to nurture a two-way relationship. Providing constructive feedback and clear, timely communication will help make the overall experience more positive. A positive experience cultivates trust, strengthens relationships and can position your startup as a primary employer of choice.

Tips

• Provide candidates with feedback within 24 to 48 hours of their interview.
• Treat each candidate with respect and appreciation, regardless of the outcome of the interview.

07 Structure your interview process

Interviews can veer off course due to our biases and instinctive judgments, which can lead to inconsistent results. To avoid this and make better hiring decisions, use a structured interview process. To reduce bias and ensure a fairer assessment, create a set of standardised interview questions tailored to each role. Consistency in your questions will also enhance your interviewing skills. Next, use an interview scorecard to help capture and compare candidate responses. This will significantly improve candidate evaluation.

Tips

• Create an interview pack including interview questions and a scorecard.
• Assign questions to specific stages of the interview to reduce repetition.

08 Prioritise mindset over skill set

As startups continuously evolve, adaptability is crucial. While skills are undoubtedly vital, it���s essential to evaluate a candidate���s mindset. Candidates with resilience, curiosity and a growth mindset are more likely to develop alongside your company. They will be able to navigate and proactively adapt to changes and new challenges. When you endeavour to understand a candidate���s mindset during the hiring process and hire accordingly, your team will be better equipped for today���s tasks and tomorrow���s challenges. When you consider skill set and mindset together, you increase the chances of a more sustainable business.

Tips

• When interviewing, use behavioural and situational questions to elicit responses to different circumstances.
• For a deeper understanding, find out the ���why��� behind a candidate���s initial answer to gain more context.

09 The hiring process doesn���t end once the offer is accepted

Congratulations! Your chosen candidate has accepted the job offer but the hiring process isn���t over yet. It does, however, signal the beginning of the transition from candidate to employee. Effective onboarding is key to ensuring every new hire is a success. A good onboarding process should make the new hire feel welcomed, aligned with role expectations and equipped with the tools and information they require. It should be a positive and engaging experience that fosters a sense of belonging, accelerates the learning curve and sets the foundation for long-term success.

Tips

• Write an onboarding checklist.
• Create a plan for each employee���s first 30, 60 and 90 days

Hiring goes beyond just filling roles; it shapes your company���s future. To ensure your startup has a prosperous journey, apply these nine principles to recruit the right talent for your business. As with any skill, practice makes perfect, and soon enough you���ll master both the art and science of hiring.

To find out more about our Experts-in-Residence at 51勛圖厙 Enterprise lab and to discover your next steps, visit our website.

^{#InventedAt51勛圖厙}
OSSTEC

Musculoskeletal illness is a significant health problem facing the world���s ageing population. OSSTEC���s bone-imitating, 3D-printed implants stimulate bone to heal and grow, helping to keep patients healthy, active and enjoying life. CEO, Maxwell Munford, tells us about OSSTEC���s journey so far.

The problem

Mobility is a key issue for today���s ageing population, with one in three people suffering from musculoskeletal illness. In orthopaedics, there is a growing need for patients to be treated with earlier intervention surgery and day-case surgery. We know that treating patients sooner and faster is better for their health, recovery and the cost of their care.

Yet, many of the 1.3 million patients treated globally every year remain unsatisfied, including those under the age of 65 who continue to experience a 35 per cent risk of failure. Moreover, most procedures are not suitable for day-case surgery.

The solution

OSSTEC is uniquely able to 3D print metal implants which behave far more like natural human bone than existing devices. We are using this technology to create our first implants, which are inserted via a less invasive procedure that is proven to improve patient outcomes. OSSTEC has developed two core technology pillars over the past decade at 51勛圖厙.

These world-firsts are: 1. Porous implants that stimulate bone to heal and grow over time, meaning the implants stay fixed in the bone and last longer without cement. 2. 3D-printed articulating implants, with simpler manufacturing and reduced costs compared to existing devices. These technologies are incredibly powerful because they can be applied across orthopaedics, in the knee, shoulder, hip, spine and more.

Where did the idea originate?

OSSTEC���s underlying research began at the intersection of two disciplines: 3D-printed biomimetic metal structures and less invasive knee replacement procedures. The research connected surgeon Mr Alex Liddle, who deeply understands the common failure modes of existing orthopaedic devices, with engineers Professor Jonathan Jeffers and Dr Maxwell Munford, who understand the properties of bone and 3D-printed metal. Our fundamental technology has been developed over the past 10 years at the forefront of metal 3D printing, but it was the intersection of surgeon���s problems with engineering solutions that spawned OSSTEC.

How did the team meet?

OSSTEC���s core team, comprising surgeons, engineers and previous founders, met at 51勛圖厙. The culture and ecosystem at 51勛圖厙, with leaders in engineering, medicine and business all under one roof, is truly unique and inspiring. And it goes far beyond studying and research. The enterprising spirit that has been cultivated here is palpable and inspires us daily, from corridor chats with other founders and researchers to events focusing on innovation.

51勛圖厙 is a place where you can build a company to tackle the world���s biggest problems from the ground up, starting at the forefront of research and working with leaders in an environment built for you to thrive. During my PhD, I was privileged to be supervised by Professor Jonathan Jeffers (JJ) and Mr Alex Liddle. Working with JJ and Alex was always inspiring because they exposed me to such broad learnings, including research publications and grants, engineering successes and failures in orthopaedic innovations, clinical trials and patient care, and previous venture experience.

A key part of 51勛圖厙���s entrepreneurial ecosystem is the Enterprise Lab. I met Dominique Kleyn, our Chair, through the Enterprise Lab���s 51勛圖厙 Venture Mentoring Service (IVMS). Through this programme, early-stage founders can pitch for and receive mentoring from business leaders who have actually ���been there and done it���. It���s an amazing programme and I encourage anyone passionate about building a venture to join the IVMS. OSSTEC has now grown to an amazing team of eight. I was fortunate to study alongside some members at 51勛圖厙 while others have joined from engineering and the regulatory industry.

Several parts of my PhD research entwined with other students��� projects which gave me the opportunity to collaborate with some amazing people. Today these people are part of the team and driving OSSTEC forward. It���s a privilege to work alongside them all.

Do you have any advisers?

Our advisers include our Chair, Dominique Kleyn, whom I met through IVMS, 51勛圖厙 alumni-turned-exited-founders and our investors. Again, the unique position of 51勛圖厙 being a hub of excellence in engineering, medicine and entrepreneurship all under one roof means that all the right people needed to start a company are here together.

What support have you had during your journey?

As OSSTEC began to take shape during my PhD, I was part of many other programmes including the Venture Catalyst Challenge, the MedTech SuperConnector and the Royal Academy of Engineering���s Enterprise Fellowships. All these programmes helped me gain the skills needed to build and grow OSSTEC���s team, vision and strategy.

The Enterprise Fellowship was particularly helpful, with crucial course content and a cohort I have always been able to rely on for steadfast advice. More recently, OSSTEC has joined the Royal Academy of Engineering���s Shott Scale Up Accelerator to support us as we launch in the US market. I���m very grateful for this support and excited for this next step of the journey.

Most importantly, my partner and family have been a huge part of the journey so far and are incredibly supportive of me and OSSTEC. They are my number one advisers and I can���t do what I do without them.

What stage is the venture at and what are your plans for the future?

We���ll perform our first clinical procedures with knee replacement implants, generate our first revenues and make the first hires for our US team in the coming year. Our UK clinical trial will generate patient data and clinical evidence for our technology and first product. Beyond this, we plan to expand our offering by applying our technology across orthopaedics for other joints.

The powerful thing about OSSTEC has always been that our technologies are platforms for further innovation. After our current funding round and early revenues, our future includes growing our R&D and clinical team in the UK, expanding our clinical trials and growing our presence with surgeons and sales in the US.

Are you currently fundraising?

We launched our current investment round at the President���s Reception during 51勛圖厙���s San Francisco Startup Showcase. This is a 瞿5 million funding round to gain regulatory approval to launch our implants for our first sales and early in-human procedures. The proceeds from this round will prepare us for our commercial launch and clinical trial. 51勛圖厙���s San Francisco Startup Showcase, organised by 51勛圖厙 Enterprise Lab, was the ideal opportunity for OSSTEC.

It supported us to get to the West Coast, gave us insight into a different venture ecosystem and, crucially, facilitated networking events and meetings with investors, venture capitalists and surgeons with whom we are now working. During the trip, I met goliath Silicon Valley founders and CEOs and expanded OSSTEC���s partners. OSSTEC���s future is on both sides of the Atlantic, here in the UK and in the US. The alignment of OSSTEC���s business model with the US market meant we were able to leverage the trip for huge benefit in our current investment round and with commercialisation partners more broadly.

Since our last investment round in Q1 2023, we have grown our team, integrated world-leading surgeons into the business, met formal regulatory milestones, established a portfolio of seven patents, run surgical trials in London and New York, and begun building a presence in the US ��� it���s been a busy 12 months!

What���s been your biggest success so far?

For us, 2023 was a mammoth year. We closed our first funding round, integrated leading surgeons from the UK and US, grew the team to eight, refined our value proposition and began to grow our commercial presence in the US. We had many highs and lows but closing the round and seeing our whole team alongside all our investors and partners at our round-closing party was a special moment. My biggest success would be how much I���ve learned over the last 18 months about fundraising, strategy, building a team, surgery, networking, markets and myself.

What���s been the biggest challenge?

There are too many to list here but I can summarise by saying that a major challenge is building a company and team that has the cultural and strategic resilience to weather external risks. We do our best to understand all the risks we anticipate but we never know if we have captured all our unknowns. Moreover, some risks will be external and outside our control. We can���t swing the balance or affect their outcomes but must simply set processes and plans in place to be flexible and robust to any outcome.

What advice would you give to aspiring entrepreneurs?

Learn as much as you can! From mentors, teammates, books, courses, accelerators��� anything, because you definitely don���t have most of the answers you need. Most importantly, buckle up for a long and bumpy ride. No one ever really talks about ��� or wants to hear about ��� the gritty side of early-stage startups but it will be stressful and demanding (much more so than your studies or research) and it will probably fail! You need to be happy with this and the amazing growth and learning opportunities that come with whatever lies ahead.

In many university based startups, intellectual property is extremely important and this can lead startups to be secretive about what they discuss with people. In most cases, there will be real benefit to sharing your ideas and getting external input on your venture ��� so don���t be scared to share your plans and direction with people who can support you, even before filing IP. If your whole business rests on filing your first patent to such an extent that you can���t chat to someone about it, then you don���t have much to start with.

To enable the learning and mentoring needed in the startup world, it���s crucial for founders to give back in any way possible and share their experiences with other aspiring trailblazers by maintaining links to community groups, speaking at events and mentoring. 51勛圖厙 fosters many opportunities to do this, so all founders should get involved. The 51勛圖厙 Entrepreneur���s Pledge offers an amazing one-of-a-kind route to give back and I encourage all founders to join the growing movement of people who have already taken the pledge.

Start your journey with OSSTEC by getting in touch.

^{#InventedAt51勛圖厙}
FA BIO

FA Bio is revolutionising sustainable agriculture with the discovery of superior microbes for game-changing bioproducts that can replace chemical inputs. Its patented SporSenZ technology collects samples and data from agricultural fields that are then analysed to identify the most promising microbes for development into agricultural bioproducts.

Angela de Manzanos Guinot and Kerry O���Donnelly Weaver founded FA Bio (previously FungiAlert) in 2015 while completing their PhDs at 51勛圖厙, to develop tools to provide early detection of soil pathogens to support sustainable agriculture and revolutionise disease management practices. Following the successful development and commercialisation of its SporSenZ technology, FA Bio pivoted its mission to identify sustainable farming solutions by discovering agricultural bioproducts.

The 51勛圖厙 start-up has just closed a 瞿5.3 million investment round to further develop and commercialise its soil microbe mapping technology. Angela commented that ���this latest round of investment can accelerate our R&D work and development of bioproducts for the agriculture sector helping us to achieve our vision of revolutionising sustainable agriculture���. The funding round was led by British venture capital fund Clean Growth Fund and Dutch venture capital fund Pymwymic, who were joined by Ship2B Ventures, existing shareholders in the company and new private investors.

Based at Rothamsted Research Centre in Harpenden, a world-leading research facility that focuses on agricultural science, FA Bio studies soils from around the world to build its microbial library associated with different crops, climates and diseases. It then uses DNA sequencing methods, bioinformatics, microbial bioassays and glasshouse studies to find microbial active ingredients that have the potential to become new bioproducts, such as biofungicides and biofertilisers.

As female entrepreneurs in the agriculture industry, Angela and Kerry are passionate about inspiring women to break the bias and act for equality. FA Bio is focused on collectively making a positive difference to forge women���s equality and help build a world that���s more diverse, fair and inclusive, creating an environment where everyone can thrive.

Start your journey with FA BIO by getting in touch.

^{HOW TO���}
Build social capital

By Ben Mumby-Croft, Director of Entrepreneurship at 51勛圖厙

In the entrepreneurial journey, especially at the early stages, founders often focus on financial capital, namely the funds required to get their business off the ground. However, there���s another form of capital equally crucial yet less tangible ��� social capital.

Social capital refers to the network of relationships among people who live and work in a particular community or society, enabling that society to function effectively. It comes from the trust, cooperation and collaboration among individuals and groups. Unlike financial capital, social capital is about the quality of interactions and connections, not simply the sum of money raised. In a startup context, social capital is the collective value of all social networks and the inclinations that arise from these networks to do things for each other ��� like returning a call, answering an email or making that crucial introduction. For early-stage founders, it involves relationships with customers, investors, mentors, peers and even competitors.

Why social capital matters

1. It amplifies access to resources: Social capital opens doors to valuable resources, be it advice, funding or potential customers. A robust network can provide information and insights that are not publicly available, giving founders a competitive edge.
2. It builds trust and reputation: In the early stages, when a product or service is yet to establish itself in the market, the trust and reputation associated with the founder can play a pivotal role. Positive social capital helps in building this trust.
3. It facilitates partnerships and collaborations: Strong relationships can lead to collaborations and partnerships that otherwise might not be possible. These partnerships can be crucial for scaling the business, entering new markets or developing new products.
4. It enhances team dynamics: Positive social capital not only extends externally but also internally within a startup. A founder who cultivates good relationships fosters a positive work environment, enhancing team morale and productivity.
5. It sustains long-term success: Building positive social capital contributes to the long-term success of a business. It���s an investment that pays dividends in the form of sustained growth, resilience and adaptability.

"For early-stage founders, building positive social capital is critical ��� especially in the very earliest stages of an idea or venture when financial capital is in short supply."

Top tips for creating positive social capital

1. Be authentic and genuine: Authenticity breeds trust. Always be genuine in your interactions. People are more likely to support and advocate for those they find sincere and trustworthy.
2. Offer value before asking for it: In building relationships, focus on what you can offer, not just what you can get. Whether it���s sharing expertise, providing referrals or supporting others' projects, contributing without immediate expectation of return can build goodwill and trust.
3. Engage regularly and meaningfully: Regular engagement with your network keeps relationships warm. This can be as simple as a check-in email, sharing relevant articles or commenting on their professional updates.
4. Network widely AND deeply: While it���s important to have a broad network, it���s equally crucial to have deeper connections with key individuals. Invest time in nurturing these relationships.
5. Seek feedback and act on it: Actively seek feedback from your network on various aspects of your business. It shows that you value their opinions and are committed to improvement. Acting on this feedback further strengthens these relationships.
6. Participate in community and industry events: Being active in your industry or business community can help you meet new people and strengthen existing relationships. Attend events, conferences and seminars relevant to your field.
7. Use social media wisely: Social media platforms are powerful tools for building and maintaining relationships. Share your journey, engage with the content of others and create a community around your brand.

"Unlike financial capital, social capital is about the quality of interactions and connections, not simply the sum of money raised."

For early-stage founders, building positive social capital is critical ��� especially in the very earliest stages of an idea or venture when financial capital is in short supply.

By authentically engaging with others, offering value and actively participating in your community and industry, you can create an engaged network that is intrinsically minded to respond to requests for guidance, help or crucial introductions.

Yes, raising financial capital is ultimately key to launching and growing anything but focusing on social capital, and the propensity of your social network to positively respond to you in the absence of any financial incentive, is the crucial first step.

Need support in building your social capital? Get in touch with 51勛圖厙 Enterprise lab.

^{#InventedAt51勛圖厙}
Peachies

Every minute, more than 300,000 disposable nappies are incinerated or sent to landfill, or end up polluting the environment. Peachies has redesigned the disposable nappy, empowering parents to make smarter choices for both the environment and their babies.

The problem

In Western countries, children use between 5,000 and 7,000 nappies by the time they���re potty trained. That���s a lot. Conventional disposable nappies are made from a variety of fossil-fuel-derived plastics and absorbency gels. They���re predominantly sent to landfill after use, where they can take up to 500 years to break down, leaching untreated human waste and chemical contaminants into the soil, and methane and CO2 gases into the atmosphere. In short, they���re an environmental nightmare.

The solution

We want to reduce the number of nappies a child needs on their journey to and through potty training. In collaboration with Joseph Folkes of the Dyson School of Design Engineering, we���ve improved conventional nappy design using innovative and eco-friendly materials to deliver unrivalled absorbency and next-level liquid capacity (70% more, in fact!).

A better-performing nappy means fewer changes in a day, week, month or year and less waste to landfill. The absorbent core of our nappies is made from plant-based polylactic acid (PLA) and sodium polyacrylate (SAP). Our SAP is plastic-based but we use a 20% more efficient material so we���re using less per nappy, reducing the nappy���s overall weight without sacrificing absorption capacity.

The fluff pulp in the core is chlorine free and comes from 100% sustainably managed forests. And there are no artificial fragrances, phthalates, parabens, lotions, dyes, latex or volatile organic compounds, so far fewer nasty leachates. The European Union���s climate innovation organisation (Climate KIC) has verified that Peachies saves up to 93 tonnes of CO2 eq emissions every year per 1,000 babies.

Where did the idea originate?

The idea came from thinking about how to positively impact the lives of women. Our desire to support women stems from our experiences with our own mothers ��� working mums who had to navigate building their careers while managing family life. Now, we���re surrounded by friends, family and colleagues who are thinking about having or raising children.

We knew that if entrepreneurship was ever going to be a career path for us, we would have to find an idea that was purpose-driven, close to our hearts and one we could get excited about every single day. We didn���t expect the answer to be nappies, but it turns out the challenge of building a consumer brand, with all its associated operational complexity and inherent connection to customers, suits us perfectly.

How did the team meet?

Pure serendipity! We had a chance meeting outside the 51勛圖厙 College Business School during Orientation Week and a few weeks later we were selected by the Enterprise Lab leadership team to run 51勛圖厙 College Business School���s Innovation and Entrepreneurship Club (I&E Club) as President and Vice-President.

We worked together remotely for six months for the I&E Club before meeting in person, but by that time we already knew we loved working together. We owe a huge debt of gratitude to the Enterprise Lab for quite literally changing our lives.

Do you have any advisers?

Our closest advisers have largely been with us from the beginning. We joined the 51勛圖厙 Venture Mentoring Service after graduating and have appreciated the support of Omar Butt and Stella Hartley. They���ve empowered us to think strongly about how to carve out a unique proposition and voice for Peachies.

In addition, we���re fortunate to have entrepreneurs and former executives from organisations such as Huggies, Farrow & Ball and Woom in our investor community. We knew from the start it would be important to bring on advisers who understood our vision and filled our knowledge gaps. We���re grateful for their unwavering encouragement.

Where are you now and where do you plan to go?

We have our first six months of sales under our belt. The next phase for us is to build our brand awareness and double down on making the customer experience with Peachies ��� from both product and service perspectives ��� best in class. We���ll also be investing in our team because we know that Peachies will only be as successful as the team behind it.

We want anyone who joins Peachies to be looking to build a career with us and, in return, we���ll guarantee a rewarding, inclusive and fun work environment. We���re currently raising a seed round of 瞿1.5 million. We have big plans for the next 18 months including getting Peachies into the hands of more people, extending our product range and hiring top talent to help us achieve our goals.

What���s been the biggest challenge?

How much time do you have? In all seriousness, startup life is truly a grind. It���s thrilling but also not for the faint of heart. The highs are high and the lows low. Finding the emotional resilience to constantly firefight and bounce back every day is a steep learning curve.

For better or worse, no two days are the same, you���re your own boss and you have an opportunity to positively impact peoples��� lives. Few careers offer you that. Honestly, we wouldn���t have it any other way; it���s those factors that make founding a company so hard and simultaneously offer the most opportunities to learn.

What support have you had from 51勛圖厙?

51勛圖厙 provided us with creative space to explore ideas and understand how to take the first steps in forming a business. We were encouraged to think big and fearlessly, which is hard when you���re starting out. You���re always worried that your idea isn���t good enough or that someone is already doing it better than you. We gained special permission for Rima to join the MBA Entrepreneurial Journey module so we could pursue Peachies (then known as Cleannest) together.

The Venture Catalyst Challenge lit a fire under us. It was the first validation of our idea. It enabled us to dedicate time amid a hectic academic schedule to dig into the proposition further, research the concept and speak to advisers who knew what it took to build a business, and it gave us experience in presenting our idea. We also got a front row seat to the other amazing projects floating around 51勛圖厙 at that time. We saw projects that were much further along than others and that gave us a template for what our next steps could look like. We still recall as inspiration some of the pitches we saw at the Demo Day.

The old adage is true - if you can see it, you can believe that you also can achieve it. Our first funding grant was won at a pitch competition sponsored by the Gandhi Centre for Inclusive Innovation. It was a huge boost and the first time we thought the idea could have a life beyond our studies. The 51勛圖厙 Venture Mentoring Service came later in our journey. We always laugh that Peachies is a bit of a different beast when it comes to companies founded at 51勛圖厙. We���re not STEM students and we���re not developing a medical device that���s going to change the future of cancer treatment.

Consumer companies are few and far between at 51勛圖厙 and it can feel more difficult in the 51勛圖厙 community to attract attention from the network as a consumer brand. But our mentors, Stella and Omar, gravitated to us immediately and saw our vision. They���ve applied their experience in brand building and healthcare to our sector and brought with them lateral reasoning that has enabled us to think outside the box in areas such as distribution channels.

What���s been your biggest success so far?

Launching Peachies in 2023, after two years of product development, was certainly a huge achievement. But as we kick off 2024, we���re proud of the customer love we���re seeing for our product and brand, and the incredible team we���ve been able to recruit (we���re now four) as we���ve invested so much time, energy and love into this startup.

We recognise that as founders in an industry like ours, with massive incumbent brands that are ubiquitous in the social consciousness, there���s a big hill to climb (that���s perhaps the understatement of the year). We can���t take on the likes of Procter & Gamble without an exceptional product and brand. And we certainly won���t win unless we stay humble as founders, spot our weaknesses and bring together a team that knows more than we do.

What advice would you give an aspiring entrepreneur?

Network, network, network. You never know who someone knows or what nugget of information they may have. Talk about your idea to everyone. Early feedback is gold dust. Don���t be scared because there���s no guarantee anyone can execute your idea better than you. Forget the haters. Develop thick skin fast.

Not everyone will like you or your idea but that usually signals that you���re actually onto something. Pride holds you back. Be proud of what you do and the risks you���re taking, but don���t let ego get in the way of achieving it. There���s a difference. Be persistent. You need a lot of patience, courage and dedication to build something. Learn to appreciate the rollercoaster ride; it���s a constant up and down.

Find a co-founder to go through the highs and lows with ��� ideally someone you trust and really enjoy working with who complements your skill set. To anyone out there thinking of an idea, 51勛圖厙 is an incredible place to pursue it. Talk to anyone and everyone about it. You���ll be amazed how quickly things can come together

Interested In finding out more about Peachies? Get in touch!

^{HOW TO���}
Build a great leadership team

By Heather King, Technology Expert and IVMS Mentor at 51勛圖厙

Planning to go it alone as a team of academic founders in your business? Think again!

A great leadership team can be more important for building a successful business than a great product idea. Startups are hard work; no one knows everything and having the right skill sets in a business is key. So how do you build a great leadership team?

Why do you need a leadership team?

As a founder, you need to consider your skill set and experience, and where you want to focus your time and energy. To successfully build a business and develop great products, technical skills are key; however, so are corporate, commercial, strategic and management ones. Hopefully, you have a great idea and can develop a strong product, but are you sure there���s a good product���market fit with clear product demand in an underserved market? How are your management skills? Can you motivate and lead colleagues and hire new staff? Are you competent and confident holding discussions with third parties such as lawyers, accountants, commercial partners and investors? At the same time, you can���t lose focus on the critical task of product development. As Bob Iger, CEO of Disney, said, ���If you don���t innovate, you die.���

When do you need to hire?

It depends on what skills you need and what skill gaps exist in the current team; however, it���s often a mistake to wait until the skills are needed. Building the leadership team should be a considered, proactive process if you���re keen to avoid a business that���s inadvertently formed with poor corporate structure; one that potentially selects the wrong products for the wrong markets or has investment agreements that make future fundraising unnecessarily difficult.

What company requirements do you need to consider?

Your company will need a board of directors. Becoming a director of a company comes with inherent ���fiduciary duties��� which are defined under company law and reflect the obligations of a director to act in good faith and in the best interests of the company. Corporate governance is the way a board of directors ensures an organisation is run fairly and transparently and is accountable to all its stakeholders. Little or poor consideration of these issues can have serious consequences.

What roles do you need to hire?

Good corporate governance recognises that no individual should have sole decision-making power and a company should have a separate chair and CEO. You may also have a chief scientific officer/chief technology officer (CSO/ CTO) to lead the product development process, along with a finance director (FD) to oversee the financial management and fundraising, although good external accountants may be able to cover the FD role initially. Additionally, it���s recommended that the board should include non-executive directors (NEDs) who provide independent oversight and are not involved in the management of the company.

What should I look for in leadership team members?

When hiring your leadership team, you should look for high-energy, optimistic individuals who share your passion for the technology being developed. A team of diverse backgrounds, ages, genders and experience brings a vital broader perspective ��� it���s surprising how many companies targeting a particular sector have no representatives from that sector. Gone are the days of boards being ���eyes on and hands off���; you need committed individuals who add value and have great values! Remember, their contribution can be the key difference between business success and failure.

Heather leads and supports boards and senior management in the life science sector.

She has 35 years��� experience in drug development, medical devices, digital health and service companies ranging from large multinationals and medium-sized UK listed companies to numerous early stage and startup companies.

Her roles have included chair, chief executive officer (CEO), non-executive director (NED), adviser and mentor, and she���s currently the Entrepreneur in Residence at the Institute of Cancer Research. As one of 51勛圖厙���s first technology experts and a member of 51勛圖厙 Venture Mentoring Services, Heather has seen first-hand the challenges academic founders face and the importance of having the right leadership team in place.

Discover more resources for your Entrepreneurship journey on the 51勛圖厙 Enterprise Lab website.