Urgency and rigour
Move fast enough to learn, but slow enough to learn the right things.
VENTURES
My own start-up, and the ventures built inside Nesta's Mission Studio. The commercial model, the capital, and the room where it gets decided.
Tranquiliti · own start-up
Co-founded at 22 and ran as Co-CEO for six years. Two founders, no product, no customers at the start. Built an evidence-based wellbeing platform for secondary schools: a weekly two-minute student check-in that turns into insight at individual, class, year group and whole-school level, with guidance sent back to whoever can act on it. Used by more than 15 schools, 200 teachers and 5,000 students across three years of research and live usage, and scaled into the UK, the Caribbean and the Middle East.
My own team of 11, across product, engineering, design and operations. Run in sprints with stand-ups. Monthly board meetings with the Tes Global CEO and senior team, and wider investor calls.
Raised over £1m from Tes Global, Bethnal Green Ventures and angels, building every investment case, model and forecast personally. Owned the board and investor relationships from the first round through to the secondary. When COVID broke the original service model, led the pivot to a full software play, reworking the product, the proposition and the economics until it could scale.
Student app on iOS, Android and web, plus a staff platform. 250+ research-led wellbeing questions, 600+ guidance resources, a bank of class activities, one-to-one interventions and whole-school strategies, SSO and Wonde integration, and digital onboarding modules so a school could adopt it without a training day. Designed alongside clinical psychologists, academics and SEND specialists, with research from The Children’s Society.
A secondary needs a strategic investor with a reason to go deeper, not just an early backer looking for an exit. That reason, for Tes Global, was the pivot to software, not the original pitch.
The weekly check-in was the part that held. It returned 63% of students at 30 days against a 16% edtech benchmark, so the product was rebuilt around that cadence rather than the termly survey the service started as. That retention is what made the software pivot a case a strategic investor could back, and the same product carried into the Caribbean and the Middle East.
Canoli · Nesta, spun out
Mission Studio's first internal spin-out, now an independent company at canoli.co.uk. A recipe development platform for food teams: formulation, nutrition and HFSS compliance scored live as you build, a verified ingredient library, version history, batch scaling and cost modelling. The premise is on the homepage: your next product should start where the last one finished.
The venture team, plus a data scientist. Run in sprints with stand-ups, and monthly progress meetings.
Sequenced the market: SMEs first for short sales cycles, agencies next for leverage, enterprise later. Reached early letters of intent during validation and a place on the UK's leading food science innovation programme. Wrote the Investment Committee memo that secured the spin-out investment.
Market sequencing is a commercial decision made before the product is finished, not a marketing decision made after. Proving SMEs would pay first is what made the spin-out case credible to Investment Committee.
SMEs. Their formulation activity is what makes the underlying data good enough for anyone larger to trust later, and over half were returning at seven days, so the sequence held.
Trellis · Nesta, spun out
Pensions product telling retirees what they can safely spend, built inside FCA guidance rules and taken from proposition through to a proven route to market and spin-out. Live at mytrellis.co.uk: a safe-to-spend range for people aged 55 to 75, updated as markets move, with what-if scenarios across home and energy, family, work, health and care. Around 70% of pension pots are accessed without regulated advice, which is the gap it sits in.
The venture team, plus legal counsel and a regulatory adviser. Run in sprints with stand-ups, and monthly progress meetings.
Proved the direct channel on paid social, mapped two more routes and opened the partner conversations. Held the venture to its investment case between funding tranches and took it through to spin-out.
A regulated venture's route to market gets proven on the channel with the fewest partners first. Paid social came in at a low single-digit cost per completed plan, with people returning unprompted and nothing built to make them, so that is where the money went. Only then was a partner conversation worth having.
An expert-led workspace for challenger food and drink brands. A founder can spend two years getting a product right, then email twenty manufacturers and hear back from three. The expert help that would unblock it is priced for brands that already made it. Provender connects brands to operators who have built and sold products like theirs, and keeps what they learn in one place. Started as a service run by hand.
The venture team: two developers and a Founder Associate. Run in sprints with stand-ups, and monthly progress meetings.
Took the venture from a manual service to a live platform, converting the first brands and generating revenue ahead of spin-out. The measurement was the decision that mattered: the north star became steps moved forward against the baseline of doing it alone, where a step is a manufacturer reached, a spec reviewed, an introduction secured or a costable quote. That framing also sets the business model, selling progress rather than hours, so the venture scales by remembering rather than by hiring.
Revenue from the first brands did more to prove the venture than another round of validation research could have. It also showed where to build: every manufacturer reached and quote costed makes the next match cheaper to run, so the build went into that memory rather than into headcount.
How it gets done
Build with urgency and rigour. Move fast enough to learn, but slow enough to learn the right things. Every venture starts the same way: find the assumption that would kill it, wherever it sits — solution, customer, distribution, commercial model — and test that one first, as cheaply and quickly as it can be tested, with a measure on it before the test is run. Willing to recommend stopping.
Accountable for how the capital behind each venture is spent, and for writing the memos that take it to Investment Committee against the venture signals framework co-created for the studio. Hold founders to the investment case between tranches, on ventures where nobody reports to me.
Below is the build approach I wrote for the studio. Three questions carry a venture from nothing to spin-out. Does anyone want it, can we solve it, and will they actually use and pay for it. Each one has its own currency: attention, then commitment, then money and reputation.
Move fast enough to learn, but slow enough to learn the right things.
Discovery and Problem sit in design: find the gap, then prove the problem is real, urgent and worth solving. Want, Solve and Do sit in build. A venture moves through them in order and each one has to be earned.
Tests desirability. What customers value, what motivates them, what they would switch from, and what they would pay. The goal is real demand proved before anything gets built. The currency is attention.
Tests solution fit. Ideate, prototype and test until the thing genuinely solves the need, works for users and can actually be delivered. The currency is commitment: people return, test repeatedly and put effort in.
Tests viability. Real-world adoption through pilots and MVPs, measuring usage, retention and proof of value exchange. The currency is money and reputation: they pay, they stay, they recommend.
Define and deepen. Ideate and design. Prototype and validate. Build and prepare. Test and learn. Iterate and signal. The pace through them varies by product type, but nothing gets skipped.
Run pilots with early users. Measure usage, retention and conversion to paying. Capture the qualitative feedback alongside the data, then refine on real behaviour rather than opinion. It ends in a pilot report, evidence of early product-market fit and a clear iteration roadmap.
Progress is defined by evidence. It forces depth over noise, builds confidence that compounds, and protects the one thing a studio cannot buy back: time.