🎙️ Upside: Special Edition with Jo Living — Poker, Pressure & Performance in Business, Startups and Investing

Host: Dan Bowyer
Guest: Jo Living, Founder of ACES High

Jo Living joins Dan to explore the high-stakes parallels between poker and the business world. From her upbringing around cards to founding a FemTech startup and launching ACES High, Jo unpacks how poker has helped her navigate negotiations, raise capital, build teams—and teach others to perform under pressure.

01:07 – Jo’s Career Journey
From investment banking to FemTech founder to poker circuit regular, Jo traces the experiences that led to ACES High.

03:29 – The Trigger Moment
A trip to Morocco, winning a poker tournament while pregnant, and launching informal poker nights back home.

05:19 – Skills Poker Builds for Business
Jo outlines the key transferable skills: deep listening, risk management, performance under pressure, and reading the room.

05:59 – Poker & Gender Imbalance
Despite the male-dominated scene, Jo shares how the environment is evolving and why inclusivity—not 50/50 parity—is the goal.

07:44 – Lessons for Startup Teams
Jo compares limited data in poker and startups, bankroll/runway management, and the importance of making high-quality decisions consistently.

09:49 – Playing the Long Game
Resilience, persistence, and strategic decision-making.

10:29 – Aura Fertility & Negotiating as a Founder
Jo shares how she raised £600k for her FemTech startup and used poker instincts to navigate valuation and investor conversations.

13:55 – Negotiation Mistakes: The "All-In" Fallacy
Jo unpacks why some founders or investors go "all in"—and what they’re really signaling about negotiation ability and ego.

14:37 – Executive Presence & Investor Psychology
Playing not just the cards, but the perceptions. Jo explains how table presence mirrors founder confidence in boardrooms.

15:10 – Poker Misconceptions
Debunking myths: poker isn’t all bluffing. Jo explains the difference between bluff-based games and Texas Hold'em.

16:20 – Why Texas Hold’em is a Business Masterclass
Community cards mean shared data, emphasising logic, negotiation, and risk evaluation—not deception.

17:22 – Should All Founders Learn Poker?
Jo makes a strong case for poker as a self-awareness tool—revealing how we handle stress, risk, and conflict.

20:56 – Biggest Founder Lesson from Poker
Avoiding "tilt" after a setback and how to bounce back with focus and discipline.

21:45 – Bankroll Strategy & Knowing Your Levers
Jo explains why you need "enough chips to do damage"—and how that applies to leverage in business negotiation.

23:16 – Poker as a Hiring Tool?
Jo suggests poker simulations may outperform psychometric tests in surfacing resilience, strategy, and interpersonal savvy.

24:56 – Duplicate Bridge & Gamified Hiring
A thought-provoking take on creating controlled poker challenges to assess talent and founder potential.

26:07 – Poker is Not Just for the Bros
Jo highlights how beginner women often outperform overconfident players through disciplined, strategic play.

27:15 – Final Thoughts: A Tool for Strategic Insight
Poker as a lens for understanding investment decisions, founder mindset, and long-term success.

• Website: aceshighlondon.com
• Instagram: @aceshighlondon
• LinkedIn: Jo Living

Upside: Public Meets Private – What It Means for Venture

In this episode of Upside, Dan is joined by Lomax from Outsized, Andrew from 7%, and Mads from SuperSeed to explore how public markets intersect with private markets—and why it matters for VCs and founders alike.

Key Topics Covered:

• [00:01] Welcome & Intros:
  • Dan welcomes guests and sets the scene for a deep dive into public vs. private markets.
• [02:00] Ørsted’s Offshore Wind Cancellation:
  • Mads unpacks the Hornsea phase four cancellation.
  • Energy security, interest rates, and the geopolitical chessboard.
• [07:20] The UK’s Future of Compute:
  • Lomax highlights Albion VC’s report on UK deep tech and compute.
  • What went wrong with Graphcore and what’s next for quantum players like Riverlane and Quantum Motion.
• [10:45] Healthcare IT & NHS Modernisation:
  • Andrew revisits the NHS’s tech failures and weighs the new £21B upgrade plan.
  • The case for agile, smaller tech firms in public procurement.
• [16:30] DoorDash-Deliveroo Deal & EIF Market Pulse:
  • Dan covers DoorDash’s acquisition of Deliveroo and what it says about European tech exits.
  • EIF’s barometer survey: what’s top of mind for VCs and PE in Europe right now.
• [18:38] UK-EU Youth Mobility & Trade Talks:
  • Mads outlines the potential for a youth mobility deal post-Brexit.
  • Lomax emphasizes the enduring importance of EU-UK trade vs. US-UK hype.
• [20:55] Public Markets’ Role in VC:
  • Dan kicks off a new segment: why public markets matter even if you're a private investor.
  • Surprising stats on IPO sizes, US investor involvement, and cross-border exits.
• [29:17] Lightspeed’s RIA Move Explained:
  • Lomax explains why Lightspeed and other big VCs are becoming RIAs.
  • What it means for fund structures, founders, and the evolving investment landscape.
• [50:20] Secondaries Deep Dive:
  • The group discusses the booming role of secondaries in venture.
  • Liquidity, DPI, and how VCs are adapting to a world of longer-hold private assets.
• [59:37] AI Corner:
  • Mads updates on Google’s new AI milestone overtaking Anthropic’s Claude 3.7.
  • OpenAI’s nonprofit drama and its funding round headaches.
• [1:01:30] Deal of the Week:
  • Spotlight on two European drone unicorns: TechEver (Portugal) and Quantum Systems (Germany).
  • The rise of defence-tech in Europe and implications for global security.
• [1:06:10] Marrakesh & EU VC Meetups:
  • Dragon Chasers VC retreat in Marrakesh—paragliding and power networking.
  • EU VC crew gathering in London to strengthen European venture ties.

If you're a founder, investor, or just passionate about startups and venture capital, Upside is your go-to source for deep dives into the trends shaping Europe’s tech scene.

🎙️ Upside #40 Podcast — For The Real Stories Behind The European Venture Headlines

If you're into startups, VC investing, European Venture, or anything startup-ecosystem and business - this podcast is for you.

Host: Dan Bowyer (SuperSeed)
Guests: Lomax (Outsized), Mads (SuperSeed), Chris Elphick (BVCA)

00:00 — Introduction
Dan welcomes listeners to Upside, introducing co-hosts Lomax and Mads. Special guest Chris Elphick, Head of Venture Capital at the British Venture Capital Association (BVCA), joins to unpack the European venture scene.

🏛️ BVCA, Government, and the Venture Landscape

00:41 — Chris Elphick: Inside the BVCA
Chris shares BVCA’s role as the voice of UK VC, its upcoming conference, and engagement with government and industry leaders like Peter Kyle (UK Secretary of State for Science, Innovation and Technology).

01:30 — AI, MPs, and Government Tools
Discussion on the use of AI in government, freedom of information requests, and whether MPs should be criticised or encouraged for experimenting with tools like ChatGPT.

⚙️ Politics, Elections & Economic Backdrop

05:00 — UK Local Elections & Reform’s Rise
Chris and the team unpack local election results, the rise of Reform UK, and parallels with Trump-era political trends.

06:50 — US-China Trade War & Global Impact
Mads breaks down the effect of US-China tariffs on global trade, the likelihood of recession, and inflationary pressures.

✈️ Aerospace & European Tech Ecosystem

10:00 — Heart Aerospace Moves to the US
The team explores why Swedish startup Heart Aerospace is relocating to LA, touching on the US-Europe funding gap and the challenges of raising large growth rounds in Europe.

13:00 — UK VC Fundraising Trends
Chris shares new BVCA data: venture fundraising doubled from £2.3B (2023) to £4B (2024), with notable increases in US LP participation, but highlights the persistent absence of UK pension capital.

💰 Pension Reform & the Scale-Up Gap

25:00 — EIS, VCT, & British Business Bank Programmes
Explaining the importance of Enterprise Investment Scheme (EIS), Venture Capital Trusts (VCT), and the British Business Bank in seeding UK funds.

35:00 — Mansion House Compact & Pensions
Deep dive into the push to unlock UK pension capital for VC:

• Charge cap changes
• LTAFs (Long-Term Asset Funds) are here
• The Nova initiative (inspired by France’s Tibi scheme)
• Challenges: fees, liquidity, education, performance

🌍 European Comparisons

56:00 — Who’s Doing Pension Release Well?
Discussion of successful pension-backed VC models in Sweden, the Netherlands, France (Tibi), and lessons for the UK.

🤖 AI Corner & Deal of the Week

58:00 — AI: Changing the Game
Mads highlights that ~30% of Microsoft and Google code is now AI-generated; Cursor hits 1B lines/day.

59:00 — Defence & Geopolitics
Lomax points to a Series A defence deal led by Index Ventures. Mads reviews the U.S.-Ukraine minerals deal as geopolitical chess.

🎙️ Upside Podcast: The Real Stories Behind The Headlines Affecting European Venture

Hosts: Dan Bowyer (SuperSeed), Andrew J Scott (7Percent), Mads Jensen (SuperSeed)

🔥 Episode Highlights

This week, Dan, Andrew, and Mads tackle the latest trends shaping Europe’s startup and tech ecosystem, including:

• Cash Inflows into Europe:
  Massive cash movements into European funds – but how meaningful is this trend? Could instability in the US be Europe's gain?
• Drone Regulations and the Future of Delivery:
  With new UK drone regulations expected by 2026, Andrew explores whether drone grocery delivery is realistic – and where it makes the most sense.
• Wayve’s Breakthrough in Japan:
  Mads shares insights on Wayve’s strategic entry into Japan with Nissan, how it's setting a global stage for autonomous driving, and why Europe must compete.
• Tesla’s Shifting Focus:
  Dan highlights Tesla’s Q1 struggles, Musk stepping back from DOGE, and what that could mean for Tesla’s full self-driving ambitions.
• Early Stage VC Trends:
  Key findings from Dealroom’s Q1 report: healthtech dominance, foreign capital influx, and the evolving pre-seed landscape.
• Is Europe’s Surge in Investment Patriotism or Pragmatism?
  The team debates whether Europe's increasing inflows are a flash in the pan or a sign of a long-term shift.

🥩 FoodTech & Future Farming

• Lab-Grown Meat Breakthroughs:
  Exciting developments from the University of Tokyo, Meatly, Miriam Eats, and 3DBT are pushing lab-grown meat closer to supermarket shelves. The panel discusses why cost remains the main hurdle and why agriculture as we know it could radically change within 20–30 years.
• Space-Grown Food:
  Space agencies are exploring cultivated food in low-gravity environments. Can startups tap into this cosmic opportunity?

🔍 OpenAI's Big Moves & Antitrust Drama

• OpenAI Eyeing Google’s Chrome?
  The DOJ’s antitrust actions could force Google to sell Chrome – and OpenAI is reportedly interested. Is this good for competition, or are regulators overreaching?
• The Future of Foundational Models:
  Should OpenAI stay focused on core models or build an AI-driven app store? The team unpacks what’s next for AI’s leading players.

🏥 Deal of the Week

• Skin Analytics' £15M Raise:
  Dan spotlights Skin Analytics' Series B success to advance AI-driven skin cancer diagnostics — a meaningful healthtech leap for the UK.

🛠️ Policy & Regulation Corner

• Deregulation Win:
  Mads celebrates new EU legislation easing sustainability reporting requirements — expected to save businesses €4–6 billion in administrative burden.

🌟 Bonus: Cool Startups & What's Next

• Niobolt's Ultra-Fast Charging Tech:
  Andrew showcases a Cambridge spinout promising EV battery charging in under 6 minutes — a game-changer if it scales.

Thanks for listening to Upside – where we make sense of the chaos behind Europe's venture scene.

👉 Subscribe, rate, and share if you enjoy the show!

🎙 Upside: The Real Stories Behind European Venture

Hosts: Dan (SuperSeed), Lomax (Outsized), Andrew (7%),
Guest: Dilek Dayinlarli (Scalex Ventures)

⏪ In This Episode

This week on Upside, the gang is joined by the brilliant Dilek Dayinlarli, founder and managing partner at Scalex Ventures. Together, they unpack the latest headlines, industry trends, and ecosystem insights — with a deep dive into the fast-emerging Turkish tech scene.

🔥 What We Cover

⚡ Rapid-fire News Roundup

• Murati raises $2B at $10B valuation — with talent from OpenAI and the Albanian PM cheering her on
• Synthesia hits $100M ARR and partners with Adobe — a UK generative AI success story
• Controversy as EIF refuses to back weapons/defence startups, even as Europe ramps defence spending
• ASML's Q1: Strong results but order volumes down — signs of tariff jitters?
• Figma confidentially files for IPO, bucking the trend
• Hugging Face acquires a French humanoid robotics startup
• Dollar drops: good for European stocks, not so good for US VC-backed markups
• UK's bid for a piece of the $500B Stargate AI data centre project
• New Finnish startup hub Maria 01 scaling up to 70K sq ft — the Paris Station F playbook

📈 Reports & Market Trends

• Dealroom x HSBC Q1 Report: UK startups raised $4.2B in Q1 2024 - led by healthtech, with outsized deals like Isomorphic ($600M) and Vediva ($400M)
• Concerns over UK IPO pipeline - will LSE stage a comeback?
• The "founder flywheel" is spinning: UK seeing post-exit talent build new ventures
• Big players still dominate fundraising: EIF, British Business Bank, British Patient Capital lead LP activity

💬 Big Conversations

• Liquidity crisis in European VC: money going in, but exits not keeping pace
• Why mid-sized exits matter more than ever
• Capital efficiency in emerging markets vs. “go big or go home” mentality
• Can European VCs stomach the high-stakes bets their founders need?
• Secondary markets & the art of managing the “middle third” of your portfolio

🌍 Spotlight on Turkey Dilek brings us into the fast-growing Turkish tech ecosystem:

• From $10M invested in 2012 to $2.6B+ in 2023
• Gaming, fintech, defence tech, and B2B software leading the charge
• Massive spillover effects: Peak Games and Getir have spawned 100+ startups
• Entry valuations 60% lower than the US, and capital efficiency is key
• Series B gap remains a challenge — but momentum is building
• Turkey’s global diaspora plays a crucial role in scaling internationally

🏆 Deals of the Week

• Dilek: Incident.io raises $62M Series B — another evolution in incident management
• Lomax: Strava acquires Runna, a top 3 UK fitness app — a quick win, or premature exit?

🔗 Resources Mentioned

• Dealroom x HSBC UK Innovation Update (Q1 2024)
• PitchBook European VC Report (2024 Roundup)
• Maria 01 Startup Hub - Helsinki

🎙️ Featuring:
Dan (SuperSeed VC)
Lomax (Outsized)
Andrew (7%)

00:30 – Klarna’s IPO Pulled & BNPL Under Pressure
Lomax reflects on Klarna pulling its IPO, amid turbulent markets and declining peers like Affirm. Is the buy-now-pay-later model starting to creak under macro pressure?

02:15 – Wave AI x Nissan: A Mega Auto Deal from Cambridge
A highlight for the UK: Wave AI’s $1.2B-backed AV tech lands a landmark partnership with Nissan for post-2027 production.

03:30 – Shopify's CEO Goes AI-First
Dan and Andrew react to a leaked Shopify memo urging teams to prove a task can’t be done by AI before requesting headcount.

05:05 – AI Futures Project: Black Mirror Vibes
A fascinating, speculative look at global AI scenarios via ai-2027.com — think Asimov meets geopolitics.

06:45 – Tariff Talk: Trump, Trust & Europe’s Wake-Up Call
Dan shares his eight theories on Trump's new tariff push, what it means for global trust, and Europe’s potential silver linings — including brain drain reversals and safe haven appeal.

10:45 – What Founders Should (and Shouldn’t) Do
Lomax: “Head down and build” remains the advice — though hardware startups at Series A/B should evaluate manufacturing strategy. Dan and Andrew agree: short-term panic isn’t the play.

14:45 – Hardware & Biotech: Sector-Specific Risk
How US-origin requirements, reshoring costs, and future pharma tariffs could force hard decisions on supply chains and capex.

17:45 – Market Reactions, Investment Shifts & “VC Panic”
From "RIP Good Times"-style memos to portfolio rebalancing — VCs are reacting in varied (and sometimes dramatic) ways.

22:15 – Report Review: State of Venture (CB Insights Q1 2025)

• Global VC hit $121B — highest since Q2 2022
• AI dominated with $40B for OpenAI alone
• CVC activity dropped sharply, particularly in Europe & Asia
• UK VC funding hit a 5-year low; Nordics and France on the rise
• Fewer deals, bigger rounds, and a record 12 $1B+ M&A deals

27:15 – AI Bubble or Boom?
Dan & Lomax debate how long the mega-investments in gen AI can last. Andrew points to foundational tech (chips, infra, cyber) as the safer long-term bets.

32:30 – The Data Center Power Squeeze
Power scarcity is slowing new data center builds — particularly in Europe. Efficiency, not just scale, may be the next AI gold rush.

34:30 – Report Review: UK AI Sector (Tech Nation)

• 2,300 AI startups worth $230B
• $1B raised in Q1 2025
• 76% of CEOs report positive impact
• Growth capital & talent cited as top challenges
• Policy still biased toward risk-aversion, not growth

38:45 – “The UK Thinks Small”
Lomax reads Barney Hussey-Yeo’s powerful critique of UK scale-up culture — a call for bigger ambition, smarter regulation, and less fear.

41:45 – What Needs to Change?
Andrew: “We don’t need more government-run funds — we need to unwind bad policies.” Immigration, pensions, and tax reforms are the real levers for growth.

44:15 – Deals of the Week 🚀

• Polamist: European maritime defense tech
• Green Jets: $7M electric jet engine raise
• Jensen AI: Open-source distributed AI infra
• Isomorphic Labs: $600M mega-raise led by US capital

46:45 – Final Thoughts
Despite the gloom around tariffs, IPO slowdowns, and policy inertia, Q1 shows Europe's tech scene still has major moves to make — especially if founders stay focused and regulators get out of the way.

The shifting sands of geopolitics, defence tech, and AI — and what it all means for European startups, investors, and the broader ecosystem. From Germany’s defence splurge to Trump’s tariff theatrics and the commoditisation of LLMs, this one spans continents and controversies.

🧵 Topics Covered

• Liberation Day (US):
  What does Trump’s tariff agenda mean for European startups? Is it just noise, or should we be worried about supply chain shock and retaliatory regulation?
• European Defence Tech Boom:
  Germany’s lifted debt ceiling, tanks from Volkswagen, and defence ETFs surging 70-170%. Is this the economic unlock Europe’s been waiting for? Will the flood of money fuel true innovation, or just line the pockets of the usual suspects?
• The Dual-Use Dilemma:
  AI startups becoming “peace tech” and the sudden defence pivot — are we heading for a repeat of the blockchain hype cycle? What does real opportunity look like in this space?
• The AI Opportunity – or Not?
  Inspired by Nicolas Colin’s Drift Signal piece, the gang debates: Can Europe play a Japan-in-the-‘80s role in the AI era by winning at the application layer? Or is that wishful thinking?
• Pension Power in VC:
  UK’s Mansion House Compact and the potential influx of pension capital into venture. Will it finally trickle down to true innovation?
• TikTok Shop & Bezos’ Moves:
  What’s Amazon doing cozying up to Trump? Is TikTok’s forced sale the ultimate VC party round?

📊 Data Points

• 0.007%: UK pension allocation to VC
• 5%: Targeted allocation by 2030 under the Mansion House Compact
• 25,000 parts: Average number in a modern car — a tariff tangle waiting to happen
• Up to 170%: Growth in defence ETF performance
• 400M: Capital raised by ISAR for its (exploding) rocket launch
• 30 AI avatars: H&M replaces human models in new campaign
• 50%+: US consumer share of GDP — explains the political calculus behind tariffs

📝 Show Notes Extras

• 📖 Recommended Read: Nicolas Colin's “Who Will Be the Japan of the AI Era?” on Drift Signal
• 📈 Theororm’s Report: Resilience sector is up 30% in Europe while overall VC is down 45%
• 🧠 Trivia: The UK launched a satellite into orbit before the EU ever did… back in 1971. RIP Black Arrow.

🎙️ Upside: The Real Stories Behind The Headlines Affecting European Venture

Hosts:

• Dan (SuperSeed VC)
• Lomax (Outsized)
• Andrew (7%)
  (Mads is away enjoying cherry blossoms in Japan 🌸)

🎙️ Upside: The Real Stories Behind European Venture

🎧 In This Episode

Join Dan, Lomax, and Mads, with special guest Alex Macdonald (founder of Sequel and investor), for an opinion-packed episode exploring:

🔦 Project Europe: Can It Save European Founders?

• Alex shares his insider take as an LP in Project Europe — why he committed in 11 minutes, what makes it different, and how it's supporting founders before they become credentialed.
• A passionate discussion around access, age, credentials, and whether early-stage capital is the bottleneck (spoiler: it isn’t).
• Addressing the diversity backlash: Is it fair or misguided?
• The million-euro question: How do we keep the next Revolut or Stripe in Europe?

💊 23andMe’s Collapse: The Business Model That Wasn’t

• What went wrong with one of the most high-potential datasets in history?
• Can health tech ever monetize patient data responsibly — and is “collecting data” a real strategy?

🧬 Data, DNA & Deletion Regret

• Dan and Alex reflect on being early 23andMe users, deleting their data, and what happens when personal info is hacked.
• Plus: A warning for startups assuming data is always monetisable.

📉 Spring Statement Reactions: A Missed Moment for Growth?

• Rachel Reeves delivers... not much.
• The group unpacks why cutting towards breakeven might not be the answer, and why we need fiscal stimulus, not fiddling.
• Why “holding patterns” in policy could hurt more than they help.

🤖 AI Corner: DeepSeek vs. Gemini vs. Reve

• OpenAI’s rumoured $40B raise (led by SoftBank)
• DeepSeek’s new V3: small model, big results
• Gemini finally feels usable — is Google back in the race?
• Reve: The MidJourney killer?
• Plus: The growing copyright vs. innovation battle in training data.

🚨 Startup Scandals & Fraud Watch

• Builder.ai’s CEO steps down amid audit concerns
• 11X under fire: Churn, fake logos, inflated ARR — or just messy scaling?
• Where’s the line between "founder storytelling" and straight-up Theranos?
• Dan dubs it: “The Orange Jumpsuit List” (aka Forbes 30 Under 30)

🇺🇸 US Brand Damage: Does It Matter in Europe?

• From Trump to Tesla, has America’s “brand” hit long-term trouble?
• Emotional vs. structural consequences
• What defence tech buyers and governments are really worried about
• Should Europe decouple — and can it?

💥 Deal of the Week

• Marvel Fusion (Germany) raises €112M Series B/C for nuclear fusion tech
• A rare bright spot for European deep tech growth capital

📌 Highlights

• “Europe doesn't lack founders. It lacks belief.” — Alex Macdonald
• “23andMe had 15 million people's DNA and still couldn’t build a business.” — Lomax
• “Rachel Reeves is doing the startup equivalent of multiple shallow layoffs.” — Dan
• “Failure is a feature, not a bug. Let a thousand flowers bloom.” — Mads
• “Consumers might forget. Governments won’t.” — Lomax on US brand damage
• “Where is the money? Still a good question.” — All

02:04 – Europe’s Biggest Company Is… SAP?
03:25 – 23andMe Files for Bankruptcy
07:33 – Project Europe Deep Dive
25:08 – Spring Statement Reactions
34:29 – AI Corner - deep seek, Gemini and Reve
42:15 – Startup Scandals
48:52 – Brand Damage
58:52 – Deal of the Week