🍹 GTA Tax Breaks, ENOUGH Series C, Xergy Raise, and Cyber Security Tips
Acquisitions, raises and as part of Scottish Cyber Week, some quick tips to keep your business safe.
Here's your Campfire for the 26th of February, 2024. We’re going to pilot our first Campfire Founders Breakfast next Tuesday, March 5th in Edinburgh. Find out more here.
💼 Thinking about EMI schemes or share incentives? On 12 March, Shepherd and Wedderburn and Deloitte are hosting a breakfast panel discussion titled "Share Incentives: What I wish I had known!" Find out more and register here.
🦾 3 Free Things You Can Do to Boost Your Team’s Cyber Security
Startup life is filled with compromises. It's understandable if cyber security is not right at the forefront of your mind at an early stage. However, what most founders don’t realise, is that by taking a few simple (and I mean really simple!) steps that don’t cost you a thing, you could save a huge amount of time, money, and headache down the line. As with most things, the most valuable thing you can throw at security is attention and time, not money. In honour of Cyber Scotland Week, here are three things you can do that will make you more secure and create a strong foundation for the future.
1 - Inventory
Play startup detective and reserve a couple of hours to inventorise everything that your company owns. Yes, everything. I mean hardware (laptops, phones, tablets, external hard drives) as well as non-physical infrastructure (domains, accounts (no passwords in plaintext please!), services and platforms used, etc). The next step is to assign an asset owner who is responsible for each asset, as well as a criticality score (low / moderate / high) reflecting how important the asset is to the smooth running of your company. In the end, sorting the assets by criticality should give you a clear plan of action for the next two steps.
Visibility is crucial - as the old cybersecurity saying goes: you can’t secure what you can’t see.
2 - Access control check up
The next step is password hygiene. After listing all the accounts related to your company in step 1, it is time to zoom in on the security settings of each of them. Start with the basics: do you reuse passwords for multiple services? If yes, change them to ensure passwords are unique, and use that opportunity to set up a password manager if you don’t use one yet. Next, make sure that you turn on MFA (multi factor authentication) in every service that offers that option. MFA hugely reduces the risk of account compromise and takeover, as it makes the chances of an attacker successfully logging into your account much lower, even if they know your password.
3 - Review security best practices
The details of this will vary depending on your tech (& ops) stack. The inventory from step 1 should have a good idea of what technologies, tools and software your startup uses. Starting with the most critical, familiarise yourself with security best practices for that particular system. Here are a few examples:
If your product is hosted on AWS, review the Security Pillar of their Well Architected Framework
If you use Google Workspace, follow their security checklist for small businesses
If your web app is built with Django, have a look at the OWASP Django Security Cheat Sheet
Kinga Kieczkowska is a Campfire Reader, Founder and Cyber Security Consultant. As part of Cyber Scotland Week, Kinga is running a free webinar this Thursday all about Cyber security basics for tech startups. Sign up here.
🌊 Updates
🌊 Aberdeen-based HPR ROV (North Sea energy inspection robot business) has been acquired by energy technology firm Subtron Group for an undisclosed sum. DGT IN
💰 Aberdeen-based tech company Xergy (project management software for complex projects in the energy sector) has raised £3.1 million in additional investment supported by both its existing investment base and a number of new strategic investors helping to drive the expansion of its project management software. DGT
💳 Edinburgh-headquartered payment orchestration provider BR-DGE (online checkout experiences) now integrates with PayPal. DGT
⛔ The founder of Dundee-based Exscientia (A firm using AI to automate drug design) has been dismissed due to “inappropriate” relationships with two members of staff. IN
🍸 Edinburgh-based Whitebox Cocktails (pre-made cocktails in cans) is expanding into new markets including the Netherlands, German, Japan and the United Arab Emirates. IN
💸 Edinburgh-based Trademylux Limited (an art tech startup doing business as ‘sellmyartworks’) raised £300K in funding from backers including Tricapital Angels Limited and Scottish Enterprise to launch the first in a series of luxury goods resale platforms. FINSMES
🥩 Scottish-Dutch food tech startup ENOUGH has received an undisclosed sum from Cargill (one of the Big Four meat producers in the US) in Series C funding round to expand their existing partnership to co-create and market plant-based meat products with the startup’s ABUNDA mycoprotein. GQ
🧾 Dundee & Edinburgh-based Rockstar North (the Scottish company responsible for the Grand Theft Auto (GTA) franchise) has reportedly claimed over £300 million in tax relief over the past decade, sparking intense criticism of a tax system described as “broken”. TS
💊 Edinburgh-based PhaSER Biomedical, (a drug-discovery startup) has secured a $2.3m (£1.8m) grant from the Bill and Melinda Gates Foundation to continue development of models that look at how drugs are metabolised in humans. Their work is used by researchers involved in combatting diseases including malaria, tuberculosis, HIV and pandemic preparedness. UKTN SBN
💭 Opinion: Ian Harragan (director and co-founder of the cyber security firm i-confidential) shares his opinion about why founders should consider Employee ownership as a viable exit route. TS
📣 Asks & Offers
🍳 Fancy breakfast? We’re planning to pilot a monthly founders breakfast in Edinburgh to meet and get to know one another over… breakfast. Interested in joining? Our first one is March 5th!
⚙️Do you dream about prototyping? The University of St Andrews has just opened its Rapid Prototyping Centre with facilities like HD 3D Printing Studio with premium materials, a 3D design office suite, electromechanical engineering equipment and machinery, and an electronics design studio (clean room environment). They offer services like high quality 3D scanning, stereolithography, selective laser sintering, fused deposition modelling and much much more. Campfire readers get a 10% discount (just quote CAMP10). Email them here, and find out more here.
👭 Interested in connecting with possible co-founders? Fill in your listing on Cofounder Curious today! Connect with others for possible cofounder matching here.
✍️ Want to write something for Campfire? Have an opinion you'd like to share? get in touch!
Share incentive schemes are a popular and effective way for UK emerging growth companies to recruit, incentivise and reward the key individuals that they need to grow their businesses. However, if not implemented and managed correctly, the existence of share incentive arrangements can significantly increase the complexities involved in delivering an eventual “exit”.
Join Shepherd & Wedderburn and Deloitte for a breakfast panel discussion that centres on the team's experience of dealing with share incentives in corporate transactions.
Key discussion topics:
Practical issues that arise as part of a due diligence or transaction process that could have been avoided by implementing relatively straightforward processes and checks at an early stage in the incentive lifecycle
How to ensure EMI plans deliver their intended benefit
The importance of the right approach to documentation and tax valuation for share acquisitions
A “client’s-eye-view” of managing a recent transaction involving a number of employee option holders, with David Jolliffe, CFO of Novosound
Panel:
David Jolliffe, CFO, Novosound
Arran Simpson, Reward Partner, Deloitte
Stephen Trombala, Corporate Partner, Shepherd and Wedderburn
Rodger Cairns, Employee Share Scheme Partner, Shepherd and Wedderburn
📅 Events
🔗 26/02, 17:00 🗺️ Edinburgh: Monthly Scottish Blockchain Meetup: Welcome to the Monthly Scottish Blockchain Meetup at the Bayes Centre in Edinburgh. The event takes place at the ground floor in G.03. MORE INFO
👾 27/02, 08:30 🗺️ Glasgow: FUTURESCOT CYBER SECURITY 2024: Experience the unique convergence of global expertise and local insight in cyber resilience. MORE INFO
🍃 27/02, 08:30 🗺️ Edinburgh: Edinburgh GreenTech Meetup: An opportunity for those working in or interested in sustainability, greentech, or climate work to come together and learn from each other. MORE INFO
⚡ 27/02, 09:00 🗺️ Edinburgh: Edinburgh Professionals Networking: We wanted to bring together our local network, here in Edinburgh, as a way of introducing them to each other. MORE INFO
🤝 27/02, 09:30 🗺️ Online: Online Coworking Session - Week 6: Join us for an accountability session and let's get things done in 2024! MORE INFO
✍ 27/02, 12:00 🗺️ Edinburgh: Getting Ready to Scale: Join us for a workshop, with Prof. Stelios Kavadias, Cambridge Judge Bus. School, discussing key areas of success on the growth journey. MORE INFO
⚤ 27/02, 12:00 🗺️ Online: Closing the Gender Pay Gap: Steps You Can Take: Identify inequalities in your business and learn practical steps from experienced practitioners that can help you tackle the issue. MORE INFO
⚡ 27/02, 13:00 🗺️ Aberdeen: Energy Transition Tech Bridge Programme - Information Event [Aberdeen]: Unlocking Digital Innovation to Support the Transition to Green Energy at ONE Tech Hub, Aberdeen. MORE INFO
🏅 27/02, 14:30 🗺️ Glasgow: Digital Xtra Round IX (2024/25) Grant Awards: Drop-in Information Session Glasgow: Join us for an in-person information session which will be hosted at Strathclyde Inspire in Glasgow with support from CodeBase.. MORE INFO
🔎 27/02, 17:15 🗺️ Edinburgh: Barclays Eagle Labs and CodeBase monthly Quiz - Edinburgh (February): Join us for this month's pub quiz - bringing together the CodeBase and Edinburgh community for a bit of fun! MORE INFO
👥 27/02, 18:00 🗺️ Dundee: Dundee Data Meetup: Join us every last Tuesday of the month. MORE INFO
📌 27/02, 18:00 🗺️ Edinburgh: Startup Founders Meetup - February 2024: Each month, we'll have a combination of tactical fireside chats with experienced entrepreneurs and plenty of opportunities to network with other founders, potential cofounders, and investors. MORE INFO
💼 28/02, 09:00 🗺️ Belshill: 2-Day Employee Ownership Learning Journey to Renfrewshire and Lanarkshire.: Attend this free learning journey to employee-owned companies in Renfrewshire and Lanarkshire to learn about their successes and challenges. MORE INFO
🌿 28/02, 09:30 🗺️ Glasgow: CAN DO Innovation Green Heat Feasibility Call Showcase: Join us as we showcase 16 projects supported by our Green Heat Feasibility Call that can help tackle heat decarbonisation in Scotland. MORE INFO
💡 28/02, 10:00 🗺️ Edinburgh: AI Readiness – Your Key to Success: Learn how to drive business success using AI and data. Available to Scottish SMEs from all sectors. The third of a four-part series. MORE INFO
🖧 28/02, 12:00 🗺️ Edinburgh: Speed Networking for Startups [Edinburgh]: Join us for facilitated networking with people from the local startup community. MORE INFO
🎢 28/02, 16:30 🗺️ Inverness: Bridging Communities - Inverness: Get ready to connect, collaborate, and build relationships at "Bridging Communities" on February 28th. MORE INFO
🎯 28/02, 17:30 🗺️ Edinburgh: Acquired by Meta, Building Teams in Silicon Valley & Back for Startup #2: Tell-all fireside chat with Varun Nair (Ex-Meta, Co-Founder & CTO of That Works) MORE INFO
🥂 28/02, 18:30 🗺️ Edinburgh: Entrepreneurs Social Club (ESC) - February 2024: Welcome to our monthly Entrepreneurs Social Club (ESC) gathering! Skip the talks, presentations and lectures - in favour of going straight to the bar, where real connections are made! MORE INFO
🗻 29/02, 08:30 🗺️ Edinburgh: ITSX Summit 2024 – Service Desk Conference Scotland: Scotland’s in-person Service Desk and IT Support Conference with keynotes, workshops and exhibitions. MORE INFO
🦘 29/02, 13:00 🗺️ Kilmarnock: LEAP! Celebrating Scotland's Giant Leap into the Space Sector: LEAP! Celebrating Scotland's giant leap into the Space Sector. MORE INFO
🏅 29/02, 15:30 🗺️ Aberdeen: Digital Xtra Round IX (2024/25) Grant Awards: Drop-in Information Session Aberdeen: Join us for an in-person session which is hosted at ONE Tech Hub in collaboration with CodeBase.. MORE INFO
💬 29/02, 17:00 🗺️ Striling: The Social at CodeBase Stirling: Open to everyone, this is an in-person celebration to connect and catch up with the CodeBase and Central Scotland community. MORE INFO
🎤 29/02, 17:30 🗺️ Edinburgh: Pitch It To Me [Edinburgh]: Casual evening of pitching to peers within Tech startups - practice your pitching and receive valuable feedback in a welcoming environment. MORE INFO
🍺 29/02, 18:30 🗺️ Edinburgh: Edinburgh - People, Planet, Pint: Sustainability Meetup: Pop down to your local People Planet Pint meetup to find more about what's going on locally with sustainability and how you can get involved. MORE INFO
#️⃣ 02/03, 09:30 🗺️ Stirling: CoderDojo [Stirling]: Come to Stirling CoderDojo and find out how to make websites, stories with several endings, games, music, and more - all using code. MORE INFO
🥞 05/03, 08:30 🗺️ Edinburgh: Scottish Enterprise Continuous Improvement Business Breakfast Workshop: Attend this breakfast workshop to learn how lean manufacturing can help engage staff and create sustainable change to benefit your business. MORE INFO
🍳 05/03, 10:15 🗺️ Edinburgh: Campfire Founders Breakfast: A relaxed breakfast for founders to meet each other. MORE INFO
🤝 05/03, 17:30 🗺️ Edinburgh: Tech Meetup Edinburgh - March 2024: The Tech Meetup is a monthly excuse for the tech community around Scotland to network, learn and share new ideas!. MORE INFO
☕ Series: Unfiltered: An in-person and informal catch-up and coffee with colleagues and the community!
⛾ 06/03, 08:30 🗺️ Aberdeen MORE INFO
⛾ 06/03, 08:30 🗺️ Stirling MORE INFO
⛾ 06/03, 08:30 🗺️ Inverness MORE INFO
⛾ 06/03, 08:30 🗺️ Edinburgh MORE INFO
⛾ 06/03, 08:30 🗺️ Glasgow MORE INFO
⛾ 06/03, 08:30 🗺️ Dundee MORE INFO
🔥 06/03, 10:45 🗺️ Aberdeen: Celebrating Female Founders - A Fireside Chat on International Women's Day [Aberdeen]: Three female founders based in the North East share their entrepreneurial journey and what inspires them to move forward. MORE INFO
🧰 06/03, 11:30 🗺️ Online: Fair Work Workshop: What's the event about? This is a fully funded workshop which will help participating companies to understand the benefits of fair work. MORE INFO
👩🏽💻 07/03, 09:00 🗺️ Inverness: Female Founder Hackathon: Demystifying the tech side of startups [Inverness]: AccelerateHER is hosting a one-day hackathon for female and non-binary founders on Thursday 7th March, in Inverness in partnership with Techscaler. MORE INFO
🕸️ 07/03, 12:00 🗺️ Edinburgh: NetWalking Event - March 2024: Join this Mindful Netwalking experience: Meet other Founders, enjoying the healthy way to network, inspired by a gentle walk. MORE INFO
🗨️ 07/03, 12:00 🗺️ Glasgow: Make Space Meetup [Glasgow]: A meetup and networking event open to all women and non-binary people working in tech! MORE INFO
🏅 07/03, 15:30 🗺️ Edinburgh: Digital Xtra Round IX (2024/25) Grant Awards: Drop-in Information Session Edinburgh: Join us on for an in-person session which will be hosted at CodeBase Edinburgh. MORE INFO
🔌 07/03, 16:00 🗺️ Huntly: Unplugged Huntly: Open to everyone, CodeBase Unplugged is a networking event for professionals working in, or interested in, tech startups. MORE INFO
🎞️ 07/03, 17:30 🗺️ Edinburgh: Geovation Scotland Showcase 2024: Showcasing the disruptive and innovative Location, Land and Property technology start ups from our most recent cohort! MORE INFO
🍕 07/03, 18:00 🗺️ Glasgow: Tech Meetup Glasgow - March 2024: Join us at Civic House, Glasgow on the first Thursday of each month for our free event featuring two talks on tech with soft drinks and pizza. MORE INFO
💼 12/03, 08:30 🗺️ Edinburgh: Share Incentives: What I Wish I Had Known! Join Shepherd and Wedderburn and Deloitte for a breakfast panel discussion that centres on the team's experience of dealing with share incentives in corporate transactions. MORE INFO
🎯 Deadlines
📐 The Royal Academy of Engineering’s Enterprise Fellowships: A twelve-month accelerator programme designed to support talented university graduates to transform breakthrough engineering innovations into disruptive engineering and tech spinouts. Grants of up to £75k. Applications close today, 26 February 2024.
🇬🇧 Upcoming Innovate UK deadlines:
Creative Catalyst 2024 Applications close 6 March
Eureka collaborative R&D: Eurostars 3 Call 6 Applications close 14 March
Unlocking nature positive private investment Applications close 10 April
UK-Switzerland CR&D Round 2 Applications close 1 May
UK - Germany Bilateral: Collaborative R&D Round 3 Applications close 3 June
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That’s all for this week - have a great one!
Team 🔥 Campfire
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