Andrew Bennett
@andrewjb_
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trying to scale progress, quickly | vc & policy at @formventureshq | @txp_io | ex @institutegc
Joined April 2011
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Pinned Tweet
we
@formventureshq
are getting v bored of the "US innovates, Europe regulates" meme 🫠
- it's absurd on its own terms
- there's 1 important way that Europe will never be the US, and that's okay
- better to choose (impatient) optimism & get stuck in, than low-agency
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I don’t think people realise just quite how crazy London’s rental market is right now:
London’s housing crisis is spreading according to SpareRoom data, with a record high 106,000 people looking for rooms, and only 15,000 rooms up for grabs, a record low. The squeeze represents one of the constraints holding back the UK economy.
@BloombergUK
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The NHS spends less than half the OECD average on administration. This is not because it is twice as efficient.
New substack just gone out - a more personal one than usual, on the anniversary of the operation I had last year that almost killed me, and what I've learnt.
It does have some health policy in it too.
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quick blog about Labour & tech, 2 months in
- a call for a bit more ambition
- and a nudge for tech people to find a better way of talking to Labour about it
enjoyed writing this with
@jeegarkakkad
(and thanks to input from lots of others!)
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credit to
@peterkyle
— this maybe the best bit of comms i’ve seen from any politician about why technology matters:
“this isn’t distant 0s and 1s flicking across a screen. these are deep forces … the essence of what it means to be human”
Here’s my interview with
@RSylvesterTimes
on discovering personal empowerment, the excitement of government and how desperate I am to safely harness the power of science and technology for everyone’s benefit 👇
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a series of brilliant appointments today that give me hope for the future of UK science & tech:
@peterkyle
,
@darrenpjones
, and now Sir Patrick
time to check out our
@formventureshq
interview if you haven’t already!
Sir Patrick Vallance KCB has been appointed Minister of State (Minister for Science) in the Department for Science, Innovation and Technology
@SciTechgovuk
.
2K
1K
16K
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🚨Obligatory tweet:
Super excited to have joined
@formventureshq
today, investing in & supporting startups navigating regulation & policy, w/
@Patrick_Newton1
@leoringer
@MayowaFormVC
!
1. If you're a founder, DM or pitch us👉
2. Why policy & VC? (Thread)
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nice turnout for
@txp_io
x
@UKDayOne
tonight’s collab 😎
thanks to
@tkalil2050
&
@matthewclifford
🎤
and to
@imperial_forum
for saving us with the venue!
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counter: if we’d taken the internet as seriously as we should’ve, we might have transformed public services, infrastructure and economy much more quickly
eg while the US had the dot com bubble, that left behind the infrastructure, networks & talent that underpinned their
Tony Blair has a long piece in the Sunday Times saying the only possible economic game changer is Artificial Intelligence, and I'm wondering if you substitute that for "the Internet" and take us back to his time in power... well, what have we learned from that?
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might RT this every 6 months until uk/eu doomers catch up to underlying reality
wayve is astonishing, and there is more to come
In the early 2000s the US had 10x the number of Series As as Europe; now it's closer to 2:1.
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🚨big news:
excited to announce the
@txp_io
Progress Prize, a £5000 blog prize to reboot UK progress
in partnership with
@civic_future
+
@NS_Spotlight
, supported by Emergent Ventures, and with a *stellar* judging panel
more details below and at
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v excited to announce
@matthewclifford
is joining our
@ukdayone
x
@txp_io
fireside with
@tkalil2050
next Thurs!
we are v oversubscribed already but we're looking into a bigger venue, so signup asap 👉
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confirmation that Sir Patrick Vallance will be responsible for so much of the most important, proactive parts of the DSIT brief to unlock breakthrough progress
...inc the Regulatory Innovation Office
National Data Library will be part of
@WhitchurchGirl
’s portfolio
DSIT ministerial responsibilities:
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at this rate it would be easier to build an entirely new island, big enough for all the UK’s energy/compute infra for the next century, than to get past today’s planning rules
Tory leadership: We want to be a global tech leader, an AI superpower, forefront of the modern economy.
Tory MPs:
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2K
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pretty astonishing example of turning research from one org (
@AnthropicAI
) into a product by another (
@elicitorg
)
is this speed unique to software/AI? how to apply this to other sectors?
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if you’d like a litmus test of how well the Treasury gets tech:
they’ve just asked startups to email them about their SVB exposure *in free text, rather than via a form with structured data*
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after many attempts, and over 18 months since we had a full team, we now have a
@formventureshq
team photo
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someone at
@AdaLovelaceInst
referred to me as 'banging on about regulatory capacity' recently
so im extremely glad there's a whole section on it in this week's excellent report on AI regulation from
@halcyene
+
@wonderlikeours
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Sir Patrick Vallance: "If you're a regulator, the incentive to take risks is virtually zero"
it was ridiculous privilege to interview Sir Patrick for this month's
@formventureshq
about:
- the future of UK science and tech
- science and state capacity
- how to fix the regulators
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is there a <weekly podcast in the UK or EU on tech, politics & policy?
lots of great interview-based stuff etc, but looking for something timely / responsive / reactive
if not…anyone wanna collab on it?
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well it is an absolute delight seeing all the brilliant entries to the
@txp_io
progress prize rolling in
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“Until the UK fixes, funds and speeds up its approval processes, its dreams of turning frontier tech sectors into thriving industries may be frustrated”
Great
@pmdfoster
@SpeedMaddie
Big Read in today’s
@FT
on the creaking state of the UK’s regulators, and the impact on UK’s
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but most of all:
Optimism is a choice
It’s trite even to list DeepMind, Wayve, Revolut, Mistral, Novo Nordisk, ARM, ASML, Spotify and thousands more European companies who are either genuine path-breakers or clearly superior to their US equivalent (Airbus? 👀)
And there will
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Thanks to everyone that came down to our FORM Summit this morning!
When you ask a VC or founder about regulation and government, “f*ck the regulators” isn’t an uncommon response. If you go by Marc Andreessen’s latest screed, regulation is the enemy of tech, and vice versa.
But
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Thanks to everyone that came to last night’s
@txp_io
meet-up! Great to dig into how govts really work & what this means for the future of UK tech.
V grateful to all those who helped make it happen:
👏
@jgladwin7
@jonno_evans
@gates_sj
🍻
@TasoAdvisory
📍
@nwspk
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pretty galling to organise a growth/tech conference and:
- invite almost no startups, but big up a 'UK silicon valley' vibe
- say nothing about SME R&D tax credit, forcing in-year budget cuts for the UK's future champions
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@sdand
would pay a decent amount to upload a bulk collection of photos (eg 6000 scans of my grandparents’ 35mm travel photos) to add location metadata to them, so that I could know where they were taken
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Setting aside the truly incredible video...look how much of the UK's tech success is in regulated markets.
Fintech, health, energy, food, transport, security, semiconductors + more. All sectors where a) policy plays a huge role and b) startups are solving policy problems.
JUST IN: The UK’s tech industry is worth $1 trillion, with:
🦄 Over 100 unicorns across the UK
👩🏿💻 13 decacorns each worth over $10 billion
📈 14 companies each worth between $5 billion - $10 billion
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100% this
there is huge freedom & potential in a) doing things voluntarily and b) keeping things free for people to attend, but it's also damn hard
&
@txp_io
would be nowhere without enormously supportive employers, venues, partners & friends
Quite proud. Something
@andrewjb_
and I started/run in our spare time, initially with no funding, is a partner for such a great project, listed alongside organisations we hugely admire
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Varun is not only v well networked & can support UK investment, he’s also a clear thinker on the evolving forces of competition & disruption thrown up by technology & geopolitics — this a top top appointment
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IRL events are fun
Thanks to
@Utilit_Aria
@echameuntuit
@sebkrier
@finottoale
@seb_ai
for the pitches,
@Seedrs
for the venue,
@TasoAdvisory
for the drinks, and everyone who came along!
Stay in the loop for the next one here:
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Labour have made some great external appointments on science and tech, but at some point those people -- and their recommendations -- are going to need political and intellectual sponsorship from the centre
I v much hope that happens
if the rumour about no one being appointed to lead on science & tech in No 10 is true, I might revise this
really hope it’s not!
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i don’t know
@soundboy
or
@matthewclifford
really but they just seem like v good people doing v good work, so it’s nice & inspiring to see them being recognised for that
also restores some faith in state capacity / makes u proud to be bri’ish 🥲🇬🇧
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Heading to Labour conference next week & keen to chat with anyone about tech, startups, VC, AI safety & regs -- DM if you're around!
Also
@txp_io
is joining forces with
@StartupCltn
&
@Zoom
for a 8pm-late closer! Come along:
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what should
@matthewclifford
's m̵a̵g̵n̵u̵m̵ ̵o̵p̵u̵s̵ AI Action Plan focus on?
1. AI founder's operating reality, not high level waffle
2. unlocking specific, heterogenous opportunities at the application layer
how?
by upgrading regulatory & procurement for AI
here's a
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thanks to everyone that came down to last night’s
@txp_io
!
and thanks to everyone that made it happen:
🎤
@Law_Rhetoric
@DaceHermione
@jeegarkakkad
@lara_groves
@DStallibrass
@thomasforth
👏
@TenThinkTank
@nwspk
@TasoAdvisory
@Tom_Westgarth15
📬sign up:
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.
@IanWright0
,
@ryanhunn
,
@Okwonga
, chat about
@NFFC
, chat about Taiwo Awoniyi, and Roy Davis Jr as the outro
@stadio
hits different
0
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great piece by
@alys_key
, profiling the UK progress idea factory
so pumped that
@txp_io
is part of this alongside friends
@jo3hill
@jujulemons
@UKDayOne
@InstituteGC
+ many more
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Excellent piece & thread, amplifying our experience working with UK start-up founders:
Even where government is rightly looking to encourage new technologies, lack of resource *within regulators* and reform of reg *processes* often holds back any benefits from policy change.
Big UK regulators (CMA, HSE, FSA) are struggling to adapt to post-Brexit roles, say MPs’ report, adding cost to business and risk to consumers. Some amazing nuggets here. Stay with me briefly….via
@FT
/1
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- US regulated markets exist too
- US shuts down innovation in crypto🤑 & cultivated meat 🥩
- US is much more litigious than Europe, but that's not as visible or singular a target as Brussels institutions
anyone parrotting this meme also doesn't understand a fairly critical
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i dont think people realise how small the average pension pot at retirement age actually is
the median pension pot for people aged between 55 and state pension age is...£37,600
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*whispers*
it's v legit for the CMA to try to get some early understanding of what will be an incredibly transformational industry 🤷♂️
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this chart also suggests:
- defunding bioscience degrees
- funding more law degrees
so before we devalue arts, probs worth checking if this is even a credible blueprint for the UK's economic future first
Amazing chart in new brilliant
@timleunig
post on creative arts degrees. They are bad value for the taxpayer AND the student.
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often this narrative is over-hyped by ignorant US investors and a handful of UK/EU cottage industry sycophants who have chosen transatlantic herd approval over originality
better to actually get stuck in IMO
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honestly can’t wait to travel overnight in an AV and wake up somewhere new
a door-to-door sleeper train is gonna be amazing
🚨🤝Excited to partner with
@Uber
to accelerate automated driving.
Together, we are teaming up with automakers to integrate our Embodied AI technology into consumer vehicles. 🚘 Our mapless, end-to-end driving AI will support the needs of automakers in any location, delivering a
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relatedly: just doing/building something that you don’t need someone’s permission for is so valuable
agency is a muscle
Get a higher % of graduates to sack off McKinsey & HSBC and instead found startups and 🇬🇧 would be cooking
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wow, super interesting discussion between Meghan and The Queen recounted in Harry's new book
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scarcity mindset
Blog: Plans to make Cambridge into Europe’s ‘Silicon Valley’ would be bad for the city & bad for levelling up
@michaelgove
's proposal runs counter to the need to invest in those northern cities where considerable potential exists —Ron Martin &
@_mia_gray
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£10m for regulators to upgrade AI capacity = recognition that regulatory resource, not just rules & risk appetite, is an issue for companies & authorities alike (as we
@formventureshq
have argued)
but £10m is a rounding error in govt spending on science & tech. £10m is what a
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often hear UK tech policy folk concerned about a) too much focus on the science & tech frontier vs diffusion (or risks) today and b) fatalism about UK’s ability to compete at frontier
but this is one of clearest examples why UK must relentlessly go after frontier opportunities
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LINGO-1,
@wayve_ai
's new LLM for AV explainability, is not only impressive technically but also has huge implications for regs (+ Wayve's defensibility)
great e.g. of a company innovating both in their and the public interest, in turn helping policymakers to raise ambition
Language is the future for how we interact with robots.
Today
@wayve_ai
is sharing a first look at LINGO-1, a new vision-language-action AI model. To give you a glimpse of its capabilities, here is a video of me playing with LINGO-1 yesterday morning.
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food £300
bills £100
politico pro tech uk subscription £20000000000
transport £150
someone who is good at the economy please help me budget this, my family is dying
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Thanks to everyone who joined
@txp_io
’s UK Dynamism event last night.
Grateful to speakers
@leoringer
@juliapamilih
and
@Gilesyb
, hosts
@SECONDHOME_IO
/
@HanburyStrategy
, and
@TasoAdvisory
for the drinks!
We’ll be taking a break over the summer, so see you in Sept 🔜
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Great to play a small role in helping some of the UK’s leading start-ups tell their story to government:
UK tech start-ups call for rethink to R&D cuts that ‘punish’ innovation
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if the UK would like to i) compete with the IRA + ii) crowd in private investment, we should aim for:
- quickest authorisation times in the world
- agile regulators w/ incentive for innovation
- high-skill orgs that attract talent
nb. this is about *how* you regulate, not what
Industrial policy is substantially about communication. Sporadic, subscale pots of money and subsidies don't cut through in the way that the IRA has as a headline brand/wrapper
Kemi Badenoch seeks cash for UK ‘advanced manufacturing plan’ - via
@FT
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v good piece this and, regrettably, chimes with what I've heard re: the RIO
but it's not too late!
Great piece by
@WilliamJHague
on why faster & better regulation in science & tech is vital to driving UK growth.
New
@ukonward
research on this coming soon!
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The UK govt has asked Softbank/ARM to list on the LSE, pretty pls.
3 reasons why a charm offensive probs won't beat economics:
1. UK firms trade at a steep discount to US (
@hkanji
)
2. UK investment subject to a 'Brexit Discount' (
@jeegarkakkad
)
3. LSE v cautious about tech (
@FT
)
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6
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p sure the point of AI safety institutes is to build a global, collaborative network of them
so i suspect No 10 is happy to see US endorsement of UK-led approach
Pretty sure No10 didn't have 'US announces own AI safety institute very much not in Britain' on the grid for morning one of Sunak's 'Britain is home of AI Safety' summit.
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first policy org I’ve seen to pick up the noncompete cause in the UK
credit to
@UKDayOne
🚀NEW BRIEFING🚀
Some economic data suggests non-compete covenants harm productivity, innovation, entrepreneurship, wages, and public interest. The UK should launch a review on non-competes and their impact on the labour market.
Report by
@CabrelliDavid
and
@eustace_et_al
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keep thinking there's such a huge gap for media/comms advice for early-career folk, to avoid learning boring/bad habits
most training is about either a) being defensive/deflecting or b) sticking only to 2-3 top lines
but there's v little strategic support, aka building a)
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This could supercharge legal technology in the UK - a growing industry that could help the UK maintain its global dominance in legal services.
Read the full briefing ⏬
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🚨New
@txp_io
event🚨
UK Dynamism: R&D, start-ups, VC, public markets, tech cos. & national strategy...and their role in accelerating progress
+ uniquely expert speakers
@juliapamilih
@Gilesyb
@leoringer
📍
@SECONDHOME_IO
Spitalfields
🗓️22nd June, 18:00
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5 things that stood from last night's
@txp_io
:
1) Lab didn't expect to be doing so well, so early. Big challenge ahead to prep
2) Tech is as big a shift as climate. For too long Lab has recognised latter but not former. With Startup Review & upcoming green paper, that's changing
Thanks to everyone that came along to the latest
@txp_io
on the Labour approach to digital/tech. Thanks to
@nwspk
@jeegarkakkad
@halcyene
@Hannah_O_Rourke
@tadeyoola
@andrewjb_
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1
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"AI is not a sector, it's going to permeate everywhere"
just in time before the King's Speech, we
@formventureshq
sat down with
@KateJones77
, CEO at the DRCF, to hear more about a) their work on AI regulation and b) a new support service for AI companies
1
3
16
thanks to everyone who joined us for
@txp_io
’s AI event last night!
and thanks to everyone that made it happen:
📍
@faculty_ai
@jo3hill
🍻
@TasoAdvisory
💬
@heynearly
🎤
@ShabbirMerali
,
@Twinpathvc
,
@FCDOGovUK
@Tom_Westgarth15
stay in the loop here 👉
0
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Nearly every successful start-up touches policy & regulation.
But Westminster chaos doesn't help to enable + regulate emerging tech.
Thankfully, for founders & investors, other bits of the UK state *are* getting on with the job.
*Thread on crypto, AVs, alt proteins, AI & more*
1
6
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Looking forward to discussing AI policy on Tues with
@MattRodda
, Labour's shadow AI Minister,
@MaryMay_ling
, Henry Parker and
@BuffyPrice
:
If you can’t make it to the AI discussion on Monday, do not worry - we got you! More free tacos, more AI -
@deCoverlyVeale
hosts a deep dive into A Progressive Vision for AI with
@MattRodda
MP,
@The_TUC
's
@MaryMay_ling
,
@formventureshq
's
@andrewjb_
, Henry Park and
@BuffyPrice
.
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Most of UK/Europe's tech outliers have policy & regulatory exposure.
@formventureshq
is the only fund dedicated to helping founders navigate + win in these markets.
So we're launching The Form Playbook to share this advice. First up, an interview with Tony Blair (
@InstituteGC
):
Excited to launch The Form Playbook, our newsletter sharing insights from founders, policy leaders, investors + us on winning in markets where policy matters.
First up, Tony Blair (
@InstituteGC
) on the future of UK tech + how start-ups should engage govt:
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i’m under no illusions about UK/European stagnation, and have been working to arrest the decline
but “Europe is full of ignorant idiots and the continent is failing” is a) getting incredibly boring and b) an awful way to corral people
it’s almost like people saying this are
3
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typically excellent piece from
@pmdfoster
here & relevant to something I'm writing atm
just as UK tech sector needs to connect its asks to govt priorities, Labour should see startups as critical to unlocking breakthroughs across its missions
Labour must marshal a patchwork of local and non-state actors to deliver its central missions - this week’s
@ft
State of Britain newsletter is out. And….,1/2
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🚨Here we go confirmed🚨
🚀
@txp_io
is back🍺
For founders, political advisers, VCs, policymakers, software engs, & anyone who cares about technology, public impact, and the future.
Let's get caught up at
@mercatometropol
on Wed 21st Sept:
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@Aria_Babu
oh boy i have been thinking about this far too much recently
IMO we should have a lot more about folk mythology e.g. King Arthur, wheel of time, Stonehenge
and relatedly, a lot more spaces for myth/magic/meaning even in an increasingly secular/scientific society
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let's talk about ~regulatory capture in AI~
wrote something with
@patrick_newton1
that might annoy everyone (sorry not sorry)
quick thread
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a v fun & important thing in UK science & tech launching tomorrow 👀 excited that
@txp_io
can help play a small role
0
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“the US innovates, the EU regulates” 🫠🫠🫠
Last week new bills were signed into law in Florida and Alabama banning the sale of
#cultivatedmeat
. While this is a setback for our industry, it also stifles consumer choice and hinders food innovation.
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had a fun time last week at our latest
@formventureshq
sitrep: convening founders, VCs, regulators and policymakers to discuss the state of play in frontier, regulated markets
this time: scaling AI in health
link below to our notes from the discussion, covering:
-
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the reform AI candidate thing is so dumb
pure FBPE misinfo now laundered through a national newspaper
well done
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seeing quite a few binary takes about this
i wasn’t sure about moving GDS/CDDO/iAI out the centre, given their x-govt remit, but the temptation to keep it there is really a response to a failure mode of bygone department-led delivery
the ideal is a) capable, empowered,
And there we are:
'DSIT bolstered to better serve the British public through science and technology'
DSIT becomes 'digital centre' of government as it brings in experts from GDS, CDDO and iAI
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to iterate this:
the Labour tech idea machine needs (world)building
this is about a scene and a vision, not just transactional policy asks from trade bodies/'stakeholders'
Labour have made some great external appointments on science and tech, but at some point those people -- and their recommendations -- are going to need political and intellectual sponsorship from the centre
I v much hope that happens
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also this isn't bad eh
wrote a review of Form's 2024 so far this morn
including announcing our investment in
@heyTipple
, which is building the end-to-end infrastructure for cross-border, d2c alcohol sales
v excited about this, and heading to Dublin next week 🇮🇪
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increasingly convinced that 'inbox zero' is a psy-op to entrench low productivity and the great stagnation
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got an idea for how policy or tech can support innovation?
wanna pitch it in a 5min lightning talk *next Tues 25th* at
@nwspk
?⚡
DM to join
@bswud
,
@DaceHermione
,
@Law_Rhetoric
&
@benyeohben
next week at our
@txp_io
x
@TenThinkTank
collab:
3 weeks until
@txp_io
is back:
⚡lightning talks as a collab w/
@TenThinkTank
to pitch new ideas for innovation
🎙️speakers:
@bswud
,
@DaceHermione
,
@Law_Rhetoric
, and you! DM us to get involved
📍
@nwspk
📅22 apr, 6pm
@Tom_Westgarth15
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Props to
@ukonward
for today’s event on UK science + tech policy —
@GeorgeFreemanMP
is v impressive, details-minded champion
But proposed cuts to SME R&D tax credits risk pulling rug out from under many startups the Minister plugged today — would’ve liked to hear more on this
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🌹What would a Labour govt mean for UK tech?
Join
@txp_io
on 8th Dec to hear from a few rare folk in the know:
-
@tadeyoola
(Lab Start Up Review)
-
@Hannah_O_Rourke
(Campaign Lab)
-
@halcyene
(ODI, ex Lab)
-
@jeegarkakkad
(TBI)
@Tom_Westgarth15
@nwspk
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As a policy leader at
@DeepMind
(formerly
@Uber
/
@Dropbox
/
@Google
), and an
@Atomico
angel investor, there are few people better placed than
@dorothychou
to talk start-ups, venture, policy, & early-stage strategy -- so was fun chatting month!
The Form Playbook, our newsletter supporting founders building where policy matters, is back!
This month:
🎙️
@dorothychou
interview on AI policy + reg strategy
📰3 takeaways from the Tory leadership election for start-ups, VC + tech policy
⏰Form Updates
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defacing the UK's greatest monument to the importance/beauty of nature has got to be the dumbest environmental protest tactic I've ever seen
🚨 BREAKING: Just Stop Oil Spray Stonehenge Orange
🔥 2 people took action the day before Summer Solstice, demanding the incoming government sign up to a legally binding treaty to phase out fossil fuels by 2030.
🧯 Help us take megalithic action —
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882
4K
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some v cool opps that may be of interest to
@txp_io
folk & others:
- product, ops & comms roles at
@ARIA_research
:
-
@join_polaris
applications close 17th Nov:
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