Spotlight interview with...
Edward Reid
Associate Director at PwC
Spotlight interview with...
Edward Reid
Associate Director at PwC
Can you give me an overview of your background?
I’m a Chartered Accountant by background (although please don’t hold that against me!), and have been at PwC for over 10 years. I’ve been in a few different teams, starting in audit, before moving to turnaround and restructuring, before joining the VC team in early 2020, as I decided I wanted that the though of working with exciting entrepreneurs and disruptive businesses sounded like too much fun to say no to!
Since then I’ve worked on countless Series A and B fundraises, helped us think about expanding out our service offering and also have a position on the investment team of Cardiff Capital Region’s Innovation Investment Fund, which PwC is playing a key role in helping run. As a Cardiffian born and bred, it was a great opportunity for me!
What is the most important thing investors look for in a business and founding team?
I think it boils down to a few key things: direct and relevant experience in the founders (whether industry or domain), a strong working relationship between them (it will be rollercoaster, and teams have to be prepared for that), and almost most importantly the incentivisation and determination to turn the business into a success.
There is also an intangible element – the secret sauce – that is really hard to define but probably something that swings the dial for most investors. Does this team excite the investor? Are they truly visionary and can they help the investor see there being a potentially huge positive outcome coming from their investment?
“There is an intangible element - the secret sauce - that is really hard to define but probably something that swings the dial for most investors.”
Edward Reid, Associate Director at PwC
Are there any common mistakes you see being made by founders?
Trying to raise too much, too soon, at valuations that aren’t embedded in reality. While there are of course exceptions to the rule, most start-ups and scale-ups will fall into the “market” valuation multiples, and founders have to use that as a guiding principle.
Fundraising, and any investment or deal activity, takes up more management bandwidth than most realise before engaging with investors – as a result any investor approach has to be well planned and prepared to increase its chances of success.
What makes a good investor?
There are many things that make a good investor – sector and stage expertise, for example – however the best investors become a trusted advisor to the founding team.
They should cheerlead and manage in equal measure (as and when the situation permits), and really drive the management team to get the best out of themselves and the wider business. A yes man is as useless as someone who provides nothing but negative challenge – and investors that become trusted support for the team are like gold dust.
How should people look to engage investors?
Going back to what I mentioned earlier, founders need to remember the 5 P’s – proper preparation prevents poor performance. There is research to be performed on investors – are they the right fit for my business? Have they made investments in my space before? – as well as making sure you are as prepared as possible with a strong set of investor documents, including a well prepared financial model.
Nothing kills a deal or investor relationship more quickly than poor communication and quality of information once a connection has been established – so make sure you are truly ready to engage investors before you approach the market!
“A yes man is as useless as someone who provides nothing but negative challenge - and investors that become trusted support for the team are like gold dust.”
Edward Reid, Associate Director at PwC
Do you think having a visible profile and established brand presence helps?
Absolutely – having visible reference points in the market really establishes credibility and trust in your brand and business. It can, and should, also lead to inbound inquiries, which can be far more fruitful, and lead to better outcomes than going completely cold. Furthermore, brand presence is critical in building pipeline and ultimately sales – and nothing quite gets investors over the line than a growing sales funnel that has improving conversion rates!
What makes the best investor/founder relationship?
Going back to an earlier answer, I think the key theme here is trust. Nothing is simple in business or investing, and almost always there will be deviations (either positive or negative) to plan. With a trusted relationship, everyone can hold each other accountable and truly pitch in when things get difficult, supporting each other through the tough times to hopefully get through to the good.
Any final advice/tips/experiences to share?
Prepare, prepare, prepare! Not sure I’ve mentioned that enough! Raising investment or exiting your business is not an easy task, and not as simple as clicking your fingers. If you have founded (or are managing) an exciting enough business, and have prepared well, then success should follow…
About Edward Reid
Ed is an Associate Director at PwC. He has spent over 10 years to date at the firm, with formative years in assurance and commercial turnaround, before moving into corporate finance.
His focus is on working with founders and investors in the venture capital ecosystem throughout their investment journeys, while also being part of the investment team of Cardiff Capital Region’s Innovation Investment Fund.
Outside of work, he is a new father to a 10 week old, which along with house renovations, is keeping him and his wife busy. In his (little) spare time, he enjoys health and fitness, history and watching literally any sport going!
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