Upside

• Upside #27 - You say to NATO, EU defence up in arms, UK growth rhetoric vs reality, Deepseek deep dive.

  Hosts: Dan, Andrew, Mads and LomaxThe Future of Defence in Europe - Show tRump the monnaayyyy- NATO defence spending push: Lithuania and Estonia commit to Trump's 5% target.- Europe's over-reliance on US defence infrastructure – time to build independent capabilities?- Startups and venture capital in defence: The next big opportunity?- Should Europe follow the US model of defence tech innovation? Can it go private?UK's Wonky Economic Growth Strategy- Rachel Reeves' "turbocharging growth" plan – is it more rhetoric than reality?- The role of the National Wealth Fund and the Office for Investment in boosting UK infrastructure.- The Heathrow third runway debate – long overdue, too far away, or plane misguided?- Unlocking UK pension funds for investment – real impact or just political showmanship?- How the UK can actually foster innovation and become the "next Silicon Valley." Oxford <> Cambridge Arc.Europe's AI and Investment Updates - Is Quantum back?!- OpenAI launching ChatGPT Gov: What does this mean for government AI adoption?- Apple’s position in the AI race – overlooked but strategically poised?- 11Labs raising $250M at a $3B valuation – Europe's AI voice technology rising.- Quantum computing’s resurgence: Alice & Bob, Quantinuum IPOs, and Europe's role.The DeepSeek Disruption - The numbers just don't add up- China's DeepSeek AI model making waves – is it a game-changer or just a media frenzy?- Claims of IP infringement vs. technological innovation – how much did they really borrow? The 'distillation' woogabooga- The efficiency leap: What cost $5 billion for OpenAI cost DeepSeek only $5 million?- The geopolitical impact: US-China tech war escalates, export restrictions, and AI as a national security concern.- What this means for European AI: Why wasn’t a European company leading the charge?The Rise of Political Discontent - Young'uns want us to be like China- 52% of Gen Z in the UK favouring dictatorship – a reflection of frustration or a dangerous trend?- Elon Musk’s AFD rally appearance in Germany – should we be worried?- The broader implications of political shifts on global investment and innovation.The team close reflecting on the balance of optimism vs. realism in European tech and investment. What they're up to this week and to be more.... Merrricaan!Thanks for tuning in! See you next week.06:00 The Role of Startups in Defence12:00 Pension Reforms and Investment Opportunities18:10 AI and Innovation in Government Spending38:24 The Urgency of AI Implementation46:12 The Implications of DeepSeek's Innovations57:10 Funding Trends in European AI Startups01:02:32 Gen Z's Political Sentiments and Future Outlook

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• Upside #26 - Operator operates, AI workforces launch, More runways = what? Trumps first days and Stargate.

  This week Dan, Lomax, and Ferdinand discuss European startup investing, focusing on the impact of AI, job cuts at Meta and what that really means, commercial changes at the head of the UK competition regulator, airport expansions mean what and for whom exactly, plus a meaningful M&A uplift in activity. How can we not talk about Trump's first few days and knock on policies for our European landscape, the implications of Doge and the Trump Coin grift. They discuss the Stargate AI project which is just massive - if it comes off, and the innovative healthcare startup Neko. On the show...OpenAI Launches 'Operator'Operator: First full-control AI agent. The Browser within the browser with full 'agent' control. Accessible only via Pro plan ($200/month). Initially US-based; European launch delayed per OpenAI CEO Sam Altman. Potential to redefine AI agents—parallels drawn with Apple’s strategic moves.Meta Cuts 5% Workforce (3,600 Jobs)Debate: Necessary efficiency or signs of struggle in boom times? Looks like just an AI push. Or hiding DEI and sustainability push out? The implications for AI-driven workforce restructuring are happening right now.UK’s CMA Leadership ShakeupNew Chair: Doug Gurr (ex-Amazon). Shift from consumer protection to economic growth focus. Goal: Accelerating UK commerce. Red tape cut? Let's see.Heathrow Expansion ResurfacesMinisters endorse a third runway proposal. Estimated economic boost: £47bn–£143bn by 2060, with 27k new jobs. Controversies around environmental and regional impact.European M&A Activity ReboundsH1 2024 deal value up 31% YoY (€439 billion). Venture capital-backed M&A sees 46% growth in Q4 2024. Future outlook tied to IPO resurgence and eased regulations.Trump’s First Days Executive Orders galore, Biden’s rescinded. Threats of tariffs, and owning Canada. Tax breaks for US-built goods. What are the global implications and for the UK and EU economies.DOGE(Y)Looks bipartisan and who doesn't want more efficiency in govt? Targets $2 trillion savings by 2036 — ambitious or unachievable? And where's Vivek?Stargate AI Project$500 billion US investment in AI infrastructure/data centres (Texas). Partnering with Microsoft, Nvidia, Oracle, SoftBank, Arm. But exclusively serving OpenAI? No wonder Elon is fizzing.Company of the Week: Neko the health scanning startup from Daniel Ek.Series B closed another $260mn. Dan thinks the future of healthcare.00:00 Introduction to European Startup Investing02:54 Exploring AI Agents and Their Impact05:59 Meta's Job Cuts and AI Efficiency08:56 UK Competition Regulator Changes11:56 Airport Expansion and Economic Growth14:59 M&A Activity in Europe18:11 The Influence of Trump's Policies on Europe29:51 Bipartisan Efforts and Government Efficiency31:39 Geopolitical Context and Market Confidence33:42 Doge and Economic Implications36:16 The Rise of Trump Coin40:11 Stargate AI Project: A New Era47:55 Neko's Series B and the Future of Healthcare

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• Upside #25 - UK IPOs Rise, AI Opportunities Action Plan, A Jurassic Lark & White Hydrogen

  In this episode, we dive into the future of London's IPO pipeline, the UK's ambitious AI opportunities action plan, and Colossal Biosciences' fascinating mission to resurrect extinct species like the woolly mammoth. We also explore the role of white hydrogen as a potential energy frontier and discuss Europe's rising share in global tech value. From market insights to groundbreaking technologies, this episode has something for everyone. Key Topics London’s IPO Revival 2024 marked the worst year for London IPOs, even below 2009 levels.Analysing the pipeline for 2025, featuring companies like Shein, Starling Bank, Zopa, and Ebury.Challenges: Lack of startups scaling to IPO status and low appetite for equities among pension investors.Historical context: 136 IPOs in 2014 vs. 6 in 2024.The UK’s AI Opportunities Action Plan Highlights of the government’s action plan for AI growth.Focus on scaling pilots nationally and creating datasets leveraging institutions like the BBC for data.Challenges: Addressing copyright rules, data funding, and fostering founder-friendly ecosystems.Insight on talent, funding, and tax hurdles.Company of the Week: Colossal BiosciencesThe mission to bring back the woolly mammoth, Tasmanian tiger, and dodo bird using CRISPR gene-editing technology.Ethical and practical questions surrounding de-extinction and re-wilding.Implications for biodiversity and conservation.A New Energy Frontier? White HydrogenCould this be the next renewables frontier for startups?Exploring naturally occurring, renewable white hydrogen as a power source.Challenges in storage, transportation, and extraction.Potential game-changer in the global energy mix if scalable solutions emerge.European Tech Growth Europe’s increasing share of global tech value, now at 18-19%. Up from 5% three decades ago.Insights from CEO Yoram Wijngaarde and Dealroom’s data on tech enterprise value creation since the 1990s.KeywordsIPOs, London, AI Opportunities, Venture Capital, Regulatory Challenges, Tech Ecosystem, Government Policy, Investment, Infrastructure, Innovation, economic challenges, woolly mammoth, hydrogen energy, energy innovations, European tech, deep tech investment, political impact on technologyAI SummaryIn this conversation, Dan, Mads and Andrew discuss the current state of IPOs in London, the challenges and opportunities within the regulatory framework, and the ambitious AI Opportunities Action Plan led by Keir Starmer. They emphasise the importance of government support, access to talent, and the need for a robust infrastructure to foster innovation in the UK tech ecosystem. The discussion highlights the necessity for policy changes to attract founders and investment, ultimately aiming to position the UK as a leader in AI and technology. In this conversation, the speakers discuss various innovative solutions to economic challenges, including the Mansion House compact and the need for a talent magnet in the UK. They explore the exciting yet controversial project of reviving extinct species like the woolly mammoth through gene editing. The discussion shifts to the potential of hydrogen as a clean energy source, addressing its challenges and the need for strategic investment in energy. The speakers also highlight the growing tech landscape in Europe and the importance of deep tech investment, while reflecting on the political changes that may impact technology and innovation.

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• Upside #24 - Fact Check This, European Unicorns, Should Govt Invest in Startups? Digits For Who?

  In this insightful episode, Dan, Mads, and Lomax tackle some of the most pressing topics in tech, venture capital, and global business, diving into issues like Europe's chip dependency, the evolving role of AI in VC, the future of social media moderation, and the rising stars in the European startup scene.Europe’s Semiconductor StrugglesThe problem: Europe's lag in semiconductor production compared to global competitors like the US and China.  Key insights: Germany's halted Intel plant and Europe’s high energy costs exacerbate its strategic vulnerability. Lack of coordinated funding—only €4 billion from Brussels compared to $142 billion in China.The Role of AI in Venture CapitalFuture of VC: Will AI become a co-pilot, augmenting human decision-making, or could we see fully automated "Quant VC"?  Predictions: AI can streamline processes like sourcing and due diligence. Human interaction remains crucial for founder evaluation and post-investment support.Social Media, Free Speech, and ModerationMeta’s Shift: Meta moves away from fact-checking in favour of community notes in the US but not the EU due to stricter regulations. Broader themes: The challenges of moderating social platforms in a way that balances free speech with preventing harm.European Startups and UnicornsPositive trends: Europe saw 13 new unicorns in 2024, doubling from the previous year. Highlights include: Diverse representation: Companies from across sectors and countries. Notable names: Kraken (Octopus Energy's SaaS platform) and Bending Spoons (creative suite apps).  Government’s Role in Venture Capital Debate: Should government funding for startups taper off as private markets mature? Key takeaways: Europe needs institutional capital to match the US. Government initiatives like the British Business Bank’s Enterprise Capital Fund have shown positive results.  NVIDIA and the Future of ComputingJensen Huang’s unveiling of Digits, a $3,000 AI supercomputer for developers.  Discussion on Moore’s Law breaking down and NVIDIA’s innovative approach to integrated computing systems.Closing ThoughtsThe evolving tech and VC landscape demands adaptability from all players.  Europe must focus on creating favourable conditions for founders to build globally competitive startups. Excitement for 2025 as AI and foundational tech continue to reshape industries.With HostsDan: The optimist, ready to embrace AI's potential in VC.  Lomax: The realist, emphasising the importance of human connection and strategy.  Mads: The strategist, diving deep into the broader implications of industry trends.  00:00 Introduction and Podcast Overview06:13 Intel's Challenges and European Dependency12:01 The Evolution of Free Speech on Social Media18:05 Anthropic's Growth and Valuation in AI32:26 The Future of Open Source and AI Funding39:36 Government's Role in Venture Capital53:56 Success Stories in the UK Startup SceneTune in next week for more insights into the world of tech, startups, and European venture capital! 

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• Upside #23 - Some not so obvious predictions for 2025

  Overview: In this episode of Upside, hosts Dan Bowyer and Mads Jensen, along with guests Andrew Scott and Lomax Ward, delve into their 8 bold predictions for 2025. Covering everything from AI and space tech to geopolitical tensions and venture capital trends, they unpack what’s on the horizon for tech, business, and venture in Europe and beyond.2025 Predictions and Discussions:1. Apple will win AI2. Open AI will be dethroned 3. Conflict with China4. Defence Tech will boom5. EU and UK will wake up and focus sovereign control on AI, Quantum and Space  6. Space tech will really lift off 7. US heads into recession 8. M&A up IPOs up00:00 Introduction to Upside and the Future of AI02:46 Apple's Potential win in Consumer AI06:11 OpenAI dethroned? Leadership and Future Challenges11:49 China, geopolitical Implications of AI and Defence23:52 Defence Tech Investment will boom31:17 Hardware isn't always bad for VCs32:14 UK and EU Sovereign Control and Technological Progress in 202533:39 The Importance of AI, Quantum Computing and Space to Europe35:36 Space Tech really lifts off in 202538:26 Space Manufacturing and 'Why' Exploration42:17 Timings and Market Predictions51:33 The State of European Venture Capital54:26 VC and the Role of Technology in Economic Growth57:15 M&A and IPO Predictions for 2025Key Topics Discussed:Apple’s AI StrategyDan predicts Apple will dominate consumer AI by leveraging its ecosystem, resources, and loyal fan base. Mads questions whether Apple has lost its innovation edge and explores what "winning" consumer AI means.OpenAI's FutureOpenAI faces challenges as competitors like Google, Anthropic, and XAI push forward. The panel discusses leadership struggles, funding needs, and the possibility of new technologies dethroning OpenAI.Geopolitics and DefenceThe impact of China's ambitions toward Taiwan and the West’s response. Defence tech as a booming sector, with increased NATO spending and opportunities in dual-use technologies.Space Tech ExpansionInvestment in space technologies continues, focusing on communication, defence, and manufacturing. The challenges of scaling space ventures and predictions for a more affordable and accessible space economy.Economic Outlook for 2025US economic trends point to a possible mild recession, while Europe faces stagnation due to political and economic challenges. Insights into concentrated stock markets, corporate performance, and venture investment trends.M&A and IPO ResurgencePent-up demand for M&A deals and a likely reopening of the IPO market in 2025, with companies like Klarna leading the charge.The European Venture LandscapeChallenges in scaling European startups and the need for founders to integrate US business DNA early. Calls for greater ambition to build trillion-dollar companies and reinvigorate Europe’s industrial base.Memorable Quotes:Dan Bowyer: “Apple’s ecosystem gives it a fighting chance to become the de facto standard for consumer AI.”Mads Jensen: “Europe needs to back great founders and rebuild its industrial base.”Andrew Scott: “Space tech is the future, but timing is everything. A lot of startups will fail before the sector truly takes off.”Closing Thoughts:The panel concludes with their personal focus areas for 2025, emphasising a love for early-stage European founders, the need for industrial reinvention, and how we can push boundaries in venture capital.

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