To be or not to be a Tech Company.I’ve written about this before. “Just ‘cause you’re on the net, don’t make it tech”. There is a big difference between “technology-enabled” and “technology” company. All businesses today can be described as technology-enabled. Unique software is written for their individual needs to allow the business to operate in our society. If not, you’re still probably a cottage industry. I’ve worked in the UK Technology Industry for 20 years. I’ve been involved in building businesses for 30 years. I’ve seen real technology. We generated over 600 patents from our laboratories. Technology companies make aeroplanes fly, not fly aeroplanes. Technology companies design silicon circuits, develop new drugs, new materials, new energy storage and generators, etc. Why does this matter? Calling a business a tech company is just a classification. We are in a period when people think they have to call themselves tech to get investment. Investors call themselves “tech funders”, when they don’t really know or explain what that means. What are they looking for? Looking at two VC’s websites I found these quotes to emphasise the point:
“We invest seed and growth capital in innovative technology businesses with the ambition and potential to become international market leaders. We’re proud to be a leading UK technology ventures investor.”“x is a venture capital firm specialising in B2B Cloud delivered & Software-as-a-Service, throughout Europe at Seed and Series A stage”.
They both describe themselves as technology investors. I can tell what the second one is looking for, but have no idea what the first thinks is tech. I suspect they don’t know either. Being hosted on the cloud and delivered as a service doesn’t strike me as technology. The Oxford Dictionary defines technology as “The application of scientific knowledge for practicalpurposes, especially in industry” All business that write software code to deliver their service are applying technology for their individual needs. If using the world wide web to deliver a service is an application of scientific knowledge for practical purposes, then we’re all tech companies now.
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Meet the team
Indycube VenturesIndycube Ventures offers funding and expert advice to entrepreneurs. Entrepreneurs and small-business owners based at coworking space network Indycube are being offered access to a half-million-pound annual funding stream and expert advice.
Mentoring"We have benefited greatly from David's experience, counsel and contacts on a wide range of issues. His past experience in the IP space is particularly useful to Inngot, but even without that, he is just the sort of investor and non-executive director a high growth business needs. He sees potential, makes connections, and keeps us focused on the things that matter."Martin Brassell, CEO, Inngot Ltd |
