Nothing Ventured

Hosted by Aarish Shah - EmergeONE

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Episodes

291

Latest episode

Oct 2026

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EN-US

About the show

In conversation with the people who make the start-up world go round. Join Aarish Shah as he talks to founders, investors, and operators across the tech and venture ecosystem exploring some of the lesser-heard stories and challenges they've faced as they try to build the future.https://nothingventured.tech/Follow Nothing Ventured on socialTwitter https://twitter.com/NVPodFacbook https://www.facebook.com/NothingVenturedPodTikTok https://www.tiktok.com/@nothingventuredpodInstagram https://www.instagram.com/nothingventuredpod/

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November 5, 20261 hr 11 min

Why UK Pension Money Isn't Reaching Venture Capital | Chris Elphick

In this episode of Nothing Ventured, Aarish Shah sits down with Chris Elphick, Head of Venture Capital at UK Private Capital, to explore why UK pension money still isn't reaching venture funds, what the new Founders Relief means for entrepreneurs, and what it will take to build more homegrown tech exits. Chris leads venture at UK Private Capital, the trade body for private equity, venture capital and private credit, which represents 600 firms. He joined ten years ago and has worked on tax, regulation and policy across the industry. Recorded just days after the Budget, the conversation looks at what government gave and took away for founders, and why the detail of the new Founders Relief matters for deep tech and fast-growing companies. The conversation then turns to pensions. Chris explains how the Mansion House Compact was meant to unlock defined contribution capital for UK private markets, why progress has been so slow, and why UK VC funds still raise much of their capital from overseas investors. Aarish and Chris also discuss how to turn world-class university research into breakout companies, why so many tech exits end up in the US, and how the UK can celebrate its successes without ignoring the challenges. In this episode, we cover: - The Budget, Founders Relief and what it means for UK founders - Why UK pension schemes are investing so little in venture capital - Why UK VC funds rely on overseas LPs - Turning university spinouts and research into breakout companies - Why the UK needs more homegrown tech exits - How UK venture can celebrate success while staying honest about the challenges Find Chris Elphick Online At: LinkedIn: https://www.linkedin.com/in/chris-elphick-65616521 BVCA LinkedIn: https://uk.linkedin.com/company/bvca BVCA: http://www.bvca.co.uk Subscribe to Nothing Ventured for more conversations with the founders, investors and innovators shaping the future of business and technology. This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ #NothingVentured #VentureCapital #UKVentureCapital #UKTech #Pensions #FoundersRelief #UniversitySpinouts #Startups #VC #UKPrivateCapital Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 29, 202619 min

AI Capital, Secondaries where Liquidity Sits | Nothing Ventured News

Who’s actually getting paid in venture right now? AI capital is still flowing, but investors are asking tougher questions about infrastructure spending, defensible moats and how founders and funds get liquidity. In this episode of Nothing Ventured News, host Aarish breaks down the latest developments across global and UK venture capital, including: 🚀 Q3 venture funding and the AI capital boom 🧠 AI infrastructure spending, moats and the question of who gets paid 🛰️ The reported exploratory SpaceX and Tesla merger talks and the governance questions they raise 💳 A weak quarter for fintech funding and the rise of agentic commerce 🛡️ Hard tech, defence-adjacent software and the DPI pressure on VCs 📈 Why secondaries and tender offers are becoming a major source of liquidity 🇬🇧 New EIS and VCT limits and a capital gains tax prediction ahead of the 28 October budget From AI infrastructure and fintech to secondary markets and UK tax policy, this episode explores where the money is flowing and what founders and investors need to be watching next. 🎙️ Nothing Ventured News Hosted by Aarish Shah. This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://emergeone.co.uk/contact-us/ or join the CFO team at https://emergeone.co.uk/join-the-cfo-team/ #VentureCapital #AI #Startups #VC #Fintech #DeepTech #PrivateMarkets #Secondaries #EIS #VCT #UKStartups #UKBudget #Entrepreneurship #VentureCapitalUK Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 22, 20261 hr 1 min

Can This Technology Stop Medical Device Infections? | Georgia Fleet

In this episode of Nothing Ventured, Aarish Shah sits down with Dr Georgia Fleet, co-founder of Zonova, to explore antimicrobial technology, medical device innovation and the challenges of commercialising deep tech. Georgia shares her journey from materials science to founding Zonova, which is developing Z-ROS, an antimicrobial technology designed to kill microbes on contact when integrated into medical devices. She explains how the company pivoted from animal health to human healthcare and why a B2B licensing model was key to its commercial strategy and fundraising. The conversation explores raising venture capital as a female founder, navigating medical device regulation, proving safety and efficacy, and knowing when customer pilots become a distraction. Georgia also discusses building a business with a friend as co-founder and introducing AI into a science-led company despite initially being a sceptic. In this episode: - Antimicrobial technology and medical device infections - Dr Georgia Fleet's journey into deep tech - Building Zonova and developing Z-ROS - Pivoting from animal health to human healthcare - Licensing versus manufacturing - Raising venture capital as a female founder - Medical device regulation and commercialisation - Proving safety and efficacy - Customer pilots and commercial strategy - Building a business with a friend - AI adoption in a science-led company - Turning scientific breakthroughs into scalable businesses Find Dr Georgia Fleet: LinkedIn: https://uk.linkedin.com/in/georgiafleet Zonova: https://zonovatech.com/ LinkedIn: https://www.linkedin.com/company/zonovatech/ 🎙️ Listen to Nothing Ventured for conversations with founders, investors and the people shaping the future of technology and venture capital. #NothingVentured #VentureCapital #DeepTech #MedTech #AntimicrobialTechnology #MedicalDevices #HealthcareInnovation #Startups #WomenInTech #Entrepreneurship Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 15, 20261 hr 11 min

AI, Drug Discovery & The Future of Healthcare | Romain Clément

In this episode of Nothing Ventured, Aarish Shah sits down with Romain Clément, founder of AKA Science, to explore how AI, clinical data and drug discovery could transform the pharmaceutical industry. Romain shares the personal story behind AKA Science, following his own brain tumour diagnosis and the three years of research that led him from literature and philosophy into healthcare, pharmaceuticals and AI. He explains how the company has built technology designed to structure complex scientific data and uncover potential treatment options that might otherwise remain hidden. The conversation explores why having more data doesn't necessarily create more value for pharma, and why the real challenge is often the structure, quality, context and usability of that data. Romain explains how AKA Science approaches unstructured scientific information, clinical data and AI to identify connections and potential treatment pathways. They also discuss drug repurposing, off-label treatments and how existing drugs could potentially be identified for different patient groups and conditions. Romain explains how AKA Science aims to connect the interests of patients and pharmaceutical companies by uncovering opportunities within existing drug portfolios. The discussion then moves into AI, European technology and sovereignty. Romain shares his perspective on Europe's ability to compete with the US and China, the importance of compute and data centres, open-weight models, regulation and why Europe needs to move faster if it wants to remain competitive in the AI race. They also explore Europe's strengths in scientific research and early-stage innovation, alongside the challenges of commercialisation, bureaucracy and turning research breakthroughs into scalable companies. Finally, Romain explains why AKA Science prioritised scientific rigour, industry trust and profitability rather than following the traditional venture-backed growth model, and shares his contrarian belief that the first immortal person may already have been born. In this episode: AI and the future of drug discovery Romain Clément's journey from brain tumour patient to founder Building AKA Science AI and pharmaceutical research Clinical data and scientific knowledge Why big data failed pharma Structuring and contextualising scientific data AI-powered drug discovery Drug repurposing and off-label treatments Finding overlooked treatment options Connecting patients and pharmaceutical companies Healthcare innovation and patient outcomes Data quality, noise and serendipity AI, compute and data centres Open-weight vs closed-weight AI models European AI sovereignty The US, China and Europe's AI race Regulation vs technological progress Europe's strengths in scientific research Commercialising European innovation Bureaucracy and the pace of innovation Building a healthcare technology company Profitability vs venture capital Trust and validation in pharma Scientific rigour and industry expertise The future of AI and healthcare Healthspan, longevity and immortality Find Romain Clément and AKA Science online at: AKA Science: https://akascience.com/ 🎙️ Listen to Nothing Ventured for conversations with founders, investors and the people shaping the future of technology and venture capital. #AI #ArtificialIntelligence #DrugDiscovery #Pharma #HealthcareAI #HealthTech #Biotech #Pharmaceuticals #DeepTech #VentureCapital #Startups #DrugRepurposing #ClinicalResearch #AIInnovation #HealthcareInnovation Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 8, 202655 min

Fusion, Medical Isotopes & The Future of Deep Tech | Talmon Firestone

What does the future of fusion look like beyond energy generation? In this episode of Nothing Ventured, Aarish Shah sits down with Talmon Firestone, founder and CEO of Astral Systems, to explore fusion technology, deep tech commercialisation and the unexpected applications of compact fusion systems. Talmon shares his journey from space science to building Astral Systems, explaining how the company is using fusion-based neutron generators for medical isotopes, materials testing and electronics validation while pursuing the longer-term potential of fusion energy. They discuss Astral’s contrarian approach to deep tech, generating almost £800,000 in revenue before raising investment, the challenges of commercialising complex hardware, fundraising in the UK vs US, building high-performing teams and the future of fusion and fission. In this episode: - The future of fusion technology - Astral Systems and compact fusion - Medical isotopes and nuclear medicine - Commercialising deep tech - Building revenue before raising investment - UK vs US deep tech funding - Fusion vs fission - The economics of fusion energy - The future of deep tech Find Talmon Firestone: LinkedIn: https://www.linkedin.com/in/talmonfirestone/ X: https://x.com/TalmonFirestone Astral Systems: https://astralsystems.com 🎙️ Listen to Nothing Ventured for conversations with founders, investors and the people shaping the future of venture capital, deep tech and innovation. #Fusion #FusionEnergy #DeepTech #NuclearFusion #MedicalIsotopes #NuclearMedicine #VentureCapital #AstralSystems #Innovation #Startups Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

October 1, 202652 min

Deep Tech, Defence & The Future of Venture Capital | Rubina Signh

In this episode of Nothing Ventured, Aarish Shah sits down with Rubina Singh from Foresight Group to explore the changing landscape of deep tech venture capital, strategic infrastructure, and the challenges of turning breakthrough technology into scalable businesses. Rubina shares her perspective on deep tech investing, defence and space technology, healthtech, university spinouts and what separates great technology from great venture-backed companies. She explains why solving a real customer problem, understanding commercialisation and finding the right capital are just as important as the underlying technology. The conversation covers the growing focus on strategic technologies, why defence and space are attracting significant market pull, and how investors can identify genuine capability gaps rather than simply following fashionable areas of technology. They also explore the challenges facing UK university spinouts, including technology transfer, intellectual property, commercialisation and talent, as well as what the UK can learn from ecosystems such as MIT and Stanford. The discussion also looks at corporate venture capital, startup pilots, procurement cycles, strategic investors and the potential risks of becoming too dependent on a single corporate customer. They also discuss healthtech, AI, sensors, medical devices and therapeutics, why biology cannot always be accelerated to fit venture capital timelines, and how different forms of patient or blended capital could help fund companies that don't fit the traditional VC model. In this episode: * Deep tech and the future of venture capital * Investing in defence and space technology * Strategic infrastructure and sovereign capabilities * What makes a great deep tech company * Technology vs product vs commercialisation * The importance of customer demand and market size * UK university spinouts * Technology transfer and intellectual property * Commercialising university research * The UK deep tech ecosystem * Deep tech talent and founder support * Corporate venture capital and strategic investors * Startup pilots and pilot fatigue * Corporate procurement and long sales cycles * Strategic investors and potential conflicts * Healthtech and healthcare innovation * AI, sensors and medical technology * Venture capital vs patient and blended capital * Why not every great company is a fit for VC * Failure, resilience and lessons for founders and investors * The future of deep tech and innovation Find Rubina Singh online at: LinkedIn: https://uk.linkedin.com/in/rubina9 Foresight Group: https://foresight.group/meet-the-teams/private-equity-and-ventures/rubina-singh/ 🎙️ Listen to Nothing Ventured for conversations with founders, investors and the people shaping the future of venture capital. #DeepTech #VentureCapital #DefenceTech #SpaceTech #HealthTech #AI #Startups #VC #UniversitySpinouts #DeepTechInvesting #Innovation #Entrepreneurship Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 24, 202612 min

UK Venture Capital, AI Funding & The New Liquidity Era | Nothing Ventured News

What’s really happening in UK venture capital right now? Record funding, massive AI investment, tougher growth-stage conditions and a new era of private-market liquidity are reshaping the startup landscape. In this episode of Nothing Ventured News, host Aarish breaks down the latest developments across UK and global venture capital, including: 🚀 Record global venture rounds and the rise of AI funding 💰 Why UK venture capital has surged and where the money is coming from 🇬🇧 The growing role of US investors in UK startups 📈 Why tender offers and secondary sales could become a major source of liquidity 🏦 What rising interest rates mean for VC-backed companies and venture debt 💷 Capital gains tax and what potential changes could mean for founders and employees 📊 Why founders need to rethink runway, fundraising and liquidity planning From Blue Origin and Databricks to UK startups, secondary markets and the future of venture capital, this episode explores where the money is flowing and what founders and investors need to be watching next. 🎙️ Nothing Ventured News Hosted by Aarish Shah. This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Don’t miss the next insight! Join EmergeOne’s newsletter here: https://mailchi.mp/emergeone/email-signup-form #DeepTech #VentureCapital #DefenceTech #SpaceTech #HealthTech #AI #Startups #VC #UniversitySpinouts #Innovation #DeepTechInvesting #UKStartups #AI #PrivateMarkets #VCFunding #Entrepreneurship #VentureCapitalUK Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 10, 20261 hr 0 min

Founder DNA, AI & The Future of Venture Capital | Adam French

In this episode of Nothing Ventured, Aarish Shah sits down with Adam French, investor at Antler and former operator and co-founder of Scalable Capital, to explore what makes exceptional founders, how venture capital is changing, and where the UK startup ecosystem is heading. Adam shares his perspective on founder DNA, venture capital investing, startup funding, co-founders, AI and building venture-scale companies, explaining why obsession, agency, ambition and execution are some of the most important traits he looks for in founders. The conversation covers Antler's approach to backing founders, why founder communities and co-founder matching matter, the differences between London and regional startup ecosystems, and why the UK needs greater density of talent, capital and infrastructure. They also explore how AI is changing the way startups are built, why founders should avoid overbuilding, the rise of AI-native businesses, and whether the future could include one-person billion-dollar companies. The discussion also looks at data-driven venture capital, SEIS investing, the changing UK funding landscape, Series A progression, and why capital is becoming increasingly concentrated around breakout businesses. In this episode: - What makes an exceptional founder - Founder DNA: obsession, agency and execution - Antler's approach to venture capital - The UK startup and venture capital ecosystem - London vs regional startup ecosystems - Finding the right co-founder - Solo founders and the rise of AI-native businesses - How AI is changing startup creation - Why startups should avoid overbuilding - Data-driven venture capital investing - SEIS and institutional venture capital - The changing UK funding landscape - Reaching Series A in a tougher market - Venture capital and the power law - What investors really look for in founders - The future of AI, startups and venture capital Find Adam French and Antler online at: LinkedIn: https://uk.linkedin.com/in/adam-french-2192034a Antler: https://x.com/antlerglobal This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Don’t miss the next insight! Join EmergeOne’s newsletter here: https://mailchi.mp/emergeone/email-signup-form #AI #CFO #Fintech #Finance #TreasuryManagement #AIinFinance #StartupBanking #FinancialAutomation #FintechStartup #ArtificialIntelligence Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

September 3, 202658 min

Climate Tech, Batteries & The Future of Energy | Matthew Blain

What does the future of climate tech, energy and deep tech investing really look like? In this episode of Nothing Ventured, Aarish Shah sits down with Matthew Blain, climate tech investor at Voyager, to explore where venture capital is flowing, why climate tech is being misunderstood, and why the economics behind new technologies matter more than the narrative. Matthew shares his perspective on climate tech investing, batteries, renewable energy, nuclear power, robotics, AI and deep tech, explaining why Voyager looks for companies that are better, faster or cheaper than incumbent technologies rather than relying on green premiums or government policy. The conversation covers the rapid growth of battery storage, wind and solar, Europe's energy costs and competitiveness, the future of nuclear and small modular reactors, and why the battle against climate change increasingly happens upstream in supply chains and infrastructure. They also explore the gap between perception and reality in physical AI and robotics, whether general-purpose humanoid robots can compete with specialised machines, and how AI is changing software, finance and venture capital. In this episode: - Climate tech and the future of venture capital - Why narrative shouldn't replace product-market evidence - The exponential growth of battery storage - Renewable energy, energy costs and European competitiveness - Nuclear power and small modular reactors - Climate investing without relying on government policy - Deep tech, hardware and defensible IP - AI, robotics and physical AI - General-purpose vs specialised robotics - How AI is changing software and finance - Why unit economics ultimately win Find Matthew Blain online at: Linkedin: https://www.linkedin.com/in/matthew-blain-vc Twitter: https://x.com/voyagervc?s=11 Voyager: https://www.voyagervc.com/team-members/matthew-blain This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Don’t miss the next insight! Join EmergeOne’s newsletter here: https://mailchi.mp/emergeone/email-signup-form #StartupBanking #financialautomation #FintechStartup #ArtificialIntelligence #ClimateTech #VentureCapital #DeepTech #Energy #Batteries #AI #Robotics #ClimateInvesting #NothingVentured #VC Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

August 27, 202659 min

The Future of Space Tech, Deep Tech & Venture Capital | Maureen Haverty

What does the future of space tech look like and can the UK become a global deep tech powerhouse? In this episode of Nothing Ventured, host Aarish Shah sits down with Maureen Haverty, Principal at Seraphim Space, to explore the rapidly evolving space technology and deep tech investment landscape. Maureen shares her perspective on space tech investing, nuclear innovation, deep tech startups, venture capital and the commercialisation of scientific research. They discuss why so much world-class engineering talent remains trapped in national labs and universities, the UK's fear of failure, and what needs to change to turn groundbreaking research into successful startups. The conversation also explores the growing role of generalist VC funds in space, SpaceX and Starlink, space sovereignty, geopolitical risk, satellite technology, defence tech and the impact of SpaceX's IPO on the venture ecosystem. They also discuss whether the UK should concentrate its startup ecosystem around London, why deep pools of capital matter for ambitious companies, and how founders can compete in markets dominated by giants like SpaceX. In this episode: - The future of space tech and deep tech investing - Why the UK struggles to commercialise world-class research - Nuclear technology and the UK's lost commercial opportunity - Getting scientists and engineers into startups - Generalist vs specialist venture capital - SpaceX, Starlink and the future of space investment - Space sovereignty and geopolitical risk - The impact of SpaceX's IPO on the space ecosystem - Building successful deep tech companies in the UK - Why startup talent and capital need to be concentrated Find Maureen Haverty online at: LinkedIn: https://www.linkedin.com/in/maureenhaverty/ Twitter: https://x.com/seraphim_space Seraphim Space: https://seraphim.vc This episode is sponsored by EmergeOne, fractional CFOs for venture backed tech startups from Seed to Series B. Get in touch at https://mailchi.mp/emergeone/email-signup-form Sign up for EmergeOne’s weekly newsletter, Off Balance at https://off-balance.beehiiv.com/subscribe #AI #CFO #Fintech #Finance #AIinFinance #StartupBanking #FinancialAutomation #FintechStartup #ArtificialIntelligence #SpaceTech #DeepTech #VentureCapital #SpaceX #Startups #VC #Investing #NuclearEnergy #Entrepreneurship #NothingVentured Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.