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I was happy to read this as a founder who was raised in the UK. I wish I didn't have to move to the US to start a company but it's starting to feel like a joke
by ayushrodrigues 1y ago
I was happy to read this as a founder who was raised in the UK. I wish I didn't have to move to the US to start a company but it's starting to feel like a joke here.
> The bank aims to process startup financing applications within six months
No good founder is waiting for 6 months. It makes absolutely no sense when VCs can make decisions in days, hours even.
- alephnerd 1y ago> I was happy to read this as a founder who was raised in the UK The UK isn't a member of the EIB. > No good founder is waiting for 6 months. It makes absolutely no sense when VCs can make decisions in days, hours even. Speculation, but based on similar initiatives done in the EU in the past, it will target industrial and manufacturing vendors and suppliers (especially as this proposal is linked to KfW). That said, no point discussing this until the final proposal actually gets presented and voted on by the Board of Governors. Most of what exists publicly is just vague press releases.
- ayushrodrigues 1y agoTrue, but the EU startup ecosystem is small and shared. Only so many places to raise capital from.
- alephnerd 1y agoYep! But the overlap between the UK and EU ecosystem would be dwarfed by the overlap of the US-UK ecosystem. So long as the EU doesn't have their own equivalent of Index Ventures, I'm not sure an EIB style industrial policy program would have significant impact on the British startup scene.
- cheeseface 1y agoMost startups will use funds like in addition to VC funding. It allows you to increase your runway so you’re better positioned for your next funding round.
- ayushrodrigues 1y agoSeems plausible but my experience with EU bureaucracy doesn't give me a lot of hope that this is worthwhile for startups
- Ylpertnodi 1y agoWhich EU bureaucracy, or all of them?