Why this?

Dealing with people is what makes me tick. I get my energy in life from interacting with others. Across the investment world, from LMBOs to venture capital, it is all about the people. The correlation between building great teams and success of the investment is high. Trying to evaluate and judge the people involved is great fun. Do they have the right skills and intellect to succeed?  I’d had the opportunity to work with Bailey Fisher on a number of projects and therefore when they asked me to join, it was a natural step.

 I love building success and the variety of the businesses that I get involved with.  From Ezurio, where we bought and turned around a division of TDK, kept over 30 people in employment and made a 3x return, to Cambridge Silicon Radio (CSR) where I saw the company grow from 9 individuals to over 1000 in the space of less than 10 years.  At the end of the day it is the management team that determines success or failure, but as an investor you are part of that process. You make key decisions about recruiting people and whether you invest.  

Lots of VCs get hung up on negotiating terms, as they feel that determines success.  I think it is all about backing and building a great team.  If you do that, the rest will look after itself.

When did you realise you had what it takes to be a success in your chosen field and what does success look like for you?

In one sense, success is very easy to measure in the investment world. What cash do you put in and what do you get out?  In unquoted markets, the world in which I operate, it takes 3-8 years to see a return on your investment. I had some early wins at 3i - Select Software going to NASDAQ was one of the first NASDAQ IPOs in the UK – but it took about 7 years for me to become confident.  

Taking over the 3i Cambridge office and changing the perception of entrepreneurs, advisers towards 3i was a turning point.  You build a team around you with the right attributes and you know you are performing well when the external market feedback is positive and people want to join the team. These are good measures of success over and above the money.

Who or what has been your greatest inspiration and how have you implemented that into your success?

David Williams, my manager and mentor at 3i Bristol, was a huge inspiration. His people-management skills were superb, and if he made demands on you above what was expected you just rose to it.  I really took on board his style and energy in terms of communication with others.

James Collier, CTO at Cambridge Silicon Radio (CSR) for his power of intellect and for what he’s done at CSR.  His judgement on understanding where technology might fit into the world is incredible.  James would say that he is part of a team, and that is true, but he is leading the team and making decisions that changed the world, literally.  Bluetooth is now everywhere.

If you get any spare time, what do you like to do with it?

I’m a passionate Liverpool fan.  It is where I grew up. I love the camaraderie and sense of humour of the area, and winning is now so much more special when it doesn’t happen every year!  Family time is very important. I enjoy playing golf and tennis and Wimbledon is a must.

What’s next?

It is quite a privilege to live in current times.  We all like it when things go well, but these times really sort out the wheat from the chaff. Assessing the options available and navigating your way through is interesting and good fun.  The opportunities are out there. The tough bit is deciding which direction you are going to drive down. 

I’m really enjoying a different engagement with the market place.  At 3i the force of the brand was behind me, but now we are building our own business. I had a great time at 3i, built up a great network both externally and internally, but now it feels good to be on the outside.

Laurence Garrett talked to Helen Poole of Bailey Fisher