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May 28, 2015 · 17m · 20vc

20 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive

Scott Taylor · 13m spoken Harry Stebbings · 3m spoken
0:00 / 0:00

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In this episode of The 20 Minute VC, host Harry Stebbings interviews Scott Taylor, CEO of miDrive and venture advisor, exploring his journey from teenage founder to venture investor, essential founder qualities, and strategies for early-stage capital raising.

How this conversation actually went

Every chapter scored 0–10 on four independent dynamics. Hover any point for the reasoning behind the score. Harry holds 19.6% of the talking time here. How this is scored →

Harry as informed peer 2.8 Guest teaching 2.7 Guest disagreement 0.3 Harry pushing back 1.3
05100:0010:000:45–2:52 · Harry as informed peer 1/10 Scott's Early Entrepreneurial Journey and Tech Background Harry asks open background questions about Scott's early career and technical learning. Scott explains his journey starting from primary school sales to teaching himself coding through heavy PHP books.2:53–6:16 · Harry as informed peer 3/10 Key Qualities Required to Be a Successful Founder Scott outlines essential founder qualities and mentorship strategies. Harry adds value by chiming in with a practical cold-outreach trick regarding BCC guessing for emails.6:17–8:48 · Harry as informed peer 4/10 Role at EC1 Capital and Investment Evaluation Criteria Harry demonstrates good background preparation by asking about specific exit thresholds and congratulating Scott on the LifeCake acquisition. Scott explains the financial return dynamics comparing angel and VC funds.8:49–10:50 · Harry as informed peer 2/10 Mentoring with Virgin Startup and the Funding Process Harry asks standard operational questions about Virgin Startup funding requirements. Scott educates the host on acceptance statistics, loan processes, and applicant industry distribution.10:50–13:43 · Harry as informed peer 3/10 Early-Stage Angel Investment Ecosystem and Raising Capital Harry poses a bold question about whether angels might replace VCs, which Scott politely rejects before explaining ecosystem mechanics. Harry also probes on tax schemes and friends and family rounds.13:46–17:30 · Harry as informed peer 4/10 Innovation and Disruption in Automotive and Logistics Harry runs a fast-paced lightning round, citing specific MyDrive stats and book titles. Scott clarifies exact UK driver market share figures and shares insights on exit timing and storytelling.0:45–2:52 · Guest teaching 2/10 Scott's Early Entrepreneurial Journey and Tech Background Harry asks open background questions about Scott's early career and technical learning. Scott explains his journey starting from primary school sales to teaching himself coding through heavy PHP books.2:53–6:16 · Guest teaching 2/10 Key Qualities Required to Be a Successful Founder Scott outlines essential founder qualities and mentorship strategies. Harry adds value by chiming in with a practical cold-outreach trick regarding BCC guessing for emails.6:17–8:48 · Guest teaching 3/10 Role at EC1 Capital and Investment Evaluation Criteria Harry demonstrates good background preparation by asking about specific exit thresholds and congratulating Scott on the LifeCake acquisition. Scott explains the financial return dynamics comparing angel and VC funds.8:49–10:50 · Guest teaching 3/10 Mentoring with Virgin Startup and the Funding Process Harry asks standard operational questions about Virgin Startup funding requirements. Scott educates the host on acceptance statistics, loan processes, and applicant industry distribution.10:50–13:43 · Guest teaching 3/10 Early-Stage Angel Investment Ecosystem and Raising Capital Harry poses a bold question about whether angels might replace VCs, which Scott politely rejects before explaining ecosystem mechanics. Harry also probes on tax schemes and friends and family rounds.13:46–17:30 · Guest teaching 3/10 Innovation and Disruption in Automotive and Logistics Harry runs a fast-paced lightning round, citing specific MyDrive stats and book titles. Scott clarifies exact UK driver market share figures and shares insights on exit timing and storytelling.0:45–2:52 · Guest disagreement 0/10 Scott's Early Entrepreneurial Journey and Tech Background Harry asks open background questions about Scott's early career and technical learning. Scott explains his journey starting from primary school sales to teaching himself coding through heavy PHP books.2:53–6:16 · Guest disagreement 0/10 Key Qualities Required to Be a Successful Founder Scott outlines essential founder qualities and mentorship strategies. Harry adds value by chiming in with a practical cold-outreach trick regarding BCC guessing for emails.6:17–8:48 · Guest disagreement 0/10 Role at EC1 Capital and Investment Evaluation Criteria Harry demonstrates good background preparation by asking about specific exit thresholds and congratulating Scott on the LifeCake acquisition. Scott explains the financial return dynamics comparing angel and VC funds.8:49–10:50 · Guest disagreement 0/10 Mentoring with Virgin Startup and the Funding Process Harry asks standard operational questions about Virgin Startup funding requirements. Scott educates the host on acceptance statistics, loan processes, and applicant industry distribution.10:50–13:43 · Guest disagreement 2/10 Early-Stage Angel Investment Ecosystem and Raising Capital Harry poses a bold question about whether angels might replace VCs, which Scott politely rejects before explaining ecosystem mechanics. Harry also probes on tax schemes and friends and family rounds.13:46–17:30 · Guest disagreement 0/10 Innovation and Disruption in Automotive and Logistics Harry runs a fast-paced lightning round, citing specific MyDrive stats and book titles. Scott clarifies exact UK driver market share figures and shares insights on exit timing and storytelling.0:45–2:52 · Harry pushing back 0/10 Scott's Early Entrepreneurial Journey and Tech Background Harry asks open background questions about Scott's early career and technical learning. Scott explains his journey starting from primary school sales to teaching himself coding through heavy PHP books.2:53–6:16 · Harry pushing back 1/10 Key Qualities Required to Be a Successful Founder Scott outlines essential founder qualities and mentorship strategies. Harry adds value by chiming in with a practical cold-outreach trick regarding BCC guessing for emails.6:17–8:48 · Harry pushing back 2/10 Role at EC1 Capital and Investment Evaluation Criteria Harry demonstrates good background preparation by asking about specific exit thresholds and congratulating Scott on the LifeCake acquisition. Scott explains the financial return dynamics comparing angel and VC funds.8:49–10:50 · Harry pushing back 1/10 Mentoring with Virgin Startup and the Funding Process Harry asks standard operational questions about Virgin Startup funding requirements. Scott educates the host on acceptance statistics, loan processes, and applicant industry distribution.10:50–13:43 · Harry pushing back 2/10 Early-Stage Angel Investment Ecosystem and Raising Capital Harry poses a bold question about whether angels might replace VCs, which Scott politely rejects before explaining ecosystem mechanics. Harry also probes on tax schemes and friends and family rounds.13:46–17:30 · Harry pushing back 2/10 Innovation and Disruption in Automotive and Logistics Harry runs a fast-paced lightning round, citing specific MyDrive stats and book titles. Scott clarifies exact UK driver market share figures and shares insights on exit timing and storytelling.

speaking balance: gold is Harry, purple is the guest (3 minute bins)

0:00 · Harry 30.2% · guest 69.8%0:00 · Harry 30.2% · guest 69.8%3:00 · Harry 9.4% · guest 90.6%3:00 · Harry 9.4% · guest 90.6%6:00 · Harry 22.4% · guest 77.6%6:00 · Harry 22.4% · guest 77.6%9:00 · Harry 10.5% · guest 89.5%9:00 · Harry 10.5% · guest 89.5%12:00 · Harry 19.4% · guest 80.6%12:00 · Harry 19.4% · guest 80.6%15:00 · Harry 26.6% · guest 73.4%15:00 · Harry 26.6% · guest 73.4%
Sharpest disagreement ▶ 11:02 Rejecting the idea that angels replace VCs

Scott directly counters Harry's premise that super angels could replace VCs, clearly stating 'no' and explaining how both play complementary roles in the ecosystem.

 Hardest push from Harry ▶ 8:17 Pressing on minimum market size

Harry pushes beyond generalities to ask for exact quantitative metrics on how big a market must be to satisfy investment criteria.

 Biggest teaching moment ▶ 14:58 Clarifying UK driving learner market share figures

When Harry asks if 10% of learners use MyDrive, Scott provides precise context by detailing 90,000 active users relative to the 750,000 total active UK learners.

 Harry holds his own ▶ 6:11 Suggesting the BCC tactic for cold emails

Harry demonstrates practical founder savvy by supplementing Scott's cold outreach advice with the technique of BCCing multiple email guesses.
the scores for every segment, with the reasoning behind each
ChapterTopicHarry as informed peerGuest teachingGuest disagreementHarry pushing backWhy
Scott's Early Entrepreneurial Journey and Tech Background 1200 Harry asks open background questions about Scott's early career and technical learning. Scott explains his journey starting from primary school sales to teaching himself coding through heavy PHP books.
Key Qualities Required to Be a Successful Founder 3201 Scott outlines essential founder qualities and mentorship strategies. Harry adds value by chiming in with a practical cold-outreach trick regarding BCC guessing for emails.
Role at EC1 Capital and Investment Evaluation Criteria 4302 Harry demonstrates good background preparation by asking about specific exit thresholds and congratulating Scott on the LifeCake acquisition. Scott explains the financial return dynamics comparing angel and VC funds.
Mentoring with Virgin Startup and the Funding Process 2301 Harry asks standard operational questions about Virgin Startup funding requirements. Scott educates the host on acceptance statistics, loan processes, and applicant industry distribution.
Early-Stage Angel Investment Ecosystem and Raising Capital 3322 Harry poses a bold question about whether angels might replace VCs, which Scott politely rejects before explaining ecosystem mechanics. Harry also probes on tax schemes and friends and family rounds.
Innovation and Disruption in Automotive and Logistics 4302 Harry runs a fast-paced lightning round, citing specific MyDrive stats and book titles. Scott clarifies exact UK driver market share figures and shares insights on exit timing and storytelling.

Statements from this episode (9)

Assertion Not checkable as stated
Taylor: Started and sold 10 to 12 startups between ages 15 and 21
“I think there, I think it was maybe 10, 10 or 12 online startups that, that had started and sold between the age of 15 and sort of 21.”
Scott Taylor May 28, 2015 ▶ 2:03
Insight
Taylor: Founders should seek impartial mentors, not board members
“Not using sort of your board as anyone on your board as a mentor, using somebody that can take a very impartial view and an honest truth, and you can sort of deep dive into your own psychology.”
Scott Taylor May 28, 2015 ▶ 4:18
Insight
Taylor: Industry leaders will reply to short, specific cold emails
“And as long as they're short, succinct, and to the point, and you're asking a real valid question, then most of the time these guys love giving advice.”
Scott Taylor May 28, 2015 ▶ 6:04
Insight
Taylor: Recruiting domain experts who take pay cuts de-risks startups
“Was the finder able to pull in some high profile domain experts? So again, I started up a medical startup. Was I able to bring in somebody that is insanely smart in that field and get them to take a pay cut for equity? All of those things are sort of signs tha…”
Scott Taylor May 28, 2015 ▶ 7:55
Assertion Not publicly verifiable
Taylor: Virgin StartUp funded just 3% of 10,000 applications in 2014
“In 2014, there was 10,000 applications, and about three of, three percent of those will successfully get loans dispersed”
Scott Taylor May 28, 2015 ▶ 9:44
Assertion Not publicly verifiable
Taylor: 22% of Virgin StartUp applicants are in manufacturing and retail
“22% of the applicants are within the manufacturing and retail space, so it's not specifically just online and tech.”
Scott Taylor May 28, 2015 ▶ 10:40
Assertion Supported
Taylor: SEIS and EIS tax incentives are boosting UK angel investment
“I think that's something that Silicon Valley had an upper hand in us Over the past few years, because of sort of all of the early employees of Google, Yahoo, all of those guys who cashed out they went back and give back angel investments, and it's something we…”
Scott Taylor May 28, 2015 ▶ 11:29
Insight
Taylor: Friends and family capital must be treated as total write-offs
“You just have to stress to the friends and family or only tech funds from those people that are prepared to take it as a complete write-off.”
Scott Taylor May 28, 2015 ▶ 12:44
Disclosure
Taylor: Invested in stealth food delivery startup competing with Just Eat
“It's still in stealth, but it's a company that operates in the same space as Just Eat. And again, I invested it because of the team and actually the unit economics of food takeaway and delivery startups are pretty compelling.”
Scott Taylor May 28, 2015 ▶ 17:15
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