Scott Taylor, CEO of miDrive and mentor at Virgin StartUp, details the acceptance rate and volume of applicants for the UK government-backed startup loan program.
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“In 2014, there was 10,000 applications, and about three of, three percent of those will successfully get loans dispersed”
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More from Scott Taylor
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 TaylorMay 28, 2015▶ 4:1820 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
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 TaylorMay 28, 2015▶ 6:0420 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
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 TaylorMay 28, 2015▶ 7:5520 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
AssertionSupported
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 TaylorMay 28, 2015▶ 11:2920 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
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 TaylorMay 28, 2015▶ 12:4420 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
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 TaylorMay 28, 2015▶ 17:1520 VC 040: The Required Qualities To Be A Great Founder, with Scott Taylor, CEO @ miDrive
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