π Expert-led #VentureCapital learning starts here. π Making the ecosystem globally accessible. π€ @LBS x @LocalGlobeVC x @HSBCInnovation
- Tweets 2,098
- Following 774
- Followers 2,021
- Likes 1,693
Nine months ago, they arrived as strangers. Next week, they return to London as a cohort. π
Module 3: three days across our ecosystem partner locations, as our Fellows get ready to drive the innovation economy forward.
Welcoming you back already β³
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Stealth Mode π₯·
When a startup builds quietly, without revealing its product, customers or even its name. The reveal usually lands with a funding announcement.
Going quiet buys you time, but what you build with it decides whether anyone cares when you step out. β
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That's Careers Month 2026, done. Four Thursdays, eleven seasoned voices, one message: many tasks are being automated, but judgement, relationships and staying power can't.
Thank you to everyone who shared so generously. The next edition is already calling.
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We've covered breaking in, moving roles and moving up. The finale covers staying.
"Playing the Long Game: Building a sustainable career in venture", Thursday 1pm UK. Don't leave it late.
Alumni and learners: details in your inbox and on the learning platform.
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Up Round π
A funding round priced at a higher valuation than the last one. New investors pay more per share, and existing stakes get marked up. The opposite of a down round.
An up round prices in momentum, but the company still has to deliver it. β
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Session three of Careers Month 2026 is a wrap.
Pam Burton and Tom Haywood on career progression: what got you here won't get you there, and the real promotion test is a messy problem.
Finale next Thursday. Alumni: details in your inbox.
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Myth: you need a finance background to work in VC.
Reality: venture rewards judgement, and some of the top investors started in journalism, medicine, ops, teaching.
The industry's blind spots exist because too many people share the same CV.
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Something we didn't predict, but probably should have.
Learners are negotiating Newton seats into their job offers before they sign.
Weighing up a new role? Worth asking.
Building a team? Worth offering.
Explore Newton programs: newtonprogram.vc/
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Venture DebtΒ π¦
A loan for startups that sits alongside equity, not instead of it. Borrow, pay interest, repay. No ownership given up.
Raise a Β£10m Series A, add Β£3m of debt on top. Longer runway, less dilution.
Borrowed money is cheapest when you least need it. β
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Careers Month continues tomorrow π
Session 2: navigating career transitions in venture. Moving between funds, stages, and functions. Switching between operating and investing. Making the leap during uncertain times.
π
Thu 10 Sep, 1:00 pm UK
π For Newton alums
Check your π©
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β³ Final hours. Newton Fellowship applications close at midnight tonight, 7 September.
9 months, part-time, at @LBS and ecosystem partner venues, alongside global peers driving the innovation economy.
Claim your spot: app.beapplied.com/apply/utnkβ¦
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Session one of Careers Month 2026 is done.
Anna Ott,Sam Warren, moderated by Anika H gave us the no-gloss version of building a VC career in the age of AI. Some of their takes:
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5 days. That's all that stands between you and the 7th cohort of the Newton Fellowship.
9 months part-time. 3 in-person modules, and a global cohort.
Applications close Monday 7 September. What are you waiting for?
Apply: newtonprogram.vc/fellowship
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The Newton Fellowship closes to applications on Monday. Final window for the 7th cohort.
Delivered by world-class academics and top-decile practitioners at London Business School and ecosystem partner locations.
Spots are very limited.
π app.beapplied.com/apply/utnkβ¦
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Venture capital is the engine room of the innovation economy.
VC-backed companies account for 41% of US market cap and 62% of public R&D. Europe's tech sector at a record $4 trillion valuation
Apply to impact the venture ecosystem: newtonprogram.vc/fellowship
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Careers Month returns this September π₯³
Four Thursdays, four conversations on building a career in venture: breaking in, next moves, progression and the long game.
Full details on Disco and in your inbox.
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Growth starts with a pause. π±
For this Newton Fellow, the program created space to reflect, reassess, and move on to the next step with conviction.
Application link below π
bit.ly/44Mm7kr
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"Marvellous. Challenging. Intense"
The Newton Fellowship, straight from the Fellows who've experienced it. π₯
We're training the next generation of VC global leaders.
Cohort 7 (NVPxLBS07) closes Monday 7 September. ~30 spots.
Apply π newtonprogram.vc/fellowship
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Priced Round π·οΈ
A funding round with a fixed valuation and a set price per share. No deferrals, or conversions pending. It's also the moment SAFEs and notes finally convert into equity.
It's where a startup's value stops being a conversation and becomes a number on paper. β
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Myth: founder friendly means staying out of the way.
Founders don't need friendly, they need useful.
Knowing when to lean in is a skill. One of the least taught in venture.
Join the Newton Fellowship, link in the bioπ
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Discount Rate π·οΈ
The percentage off the next round's share price when a SAFE or note converts.
20% discount, round priced at Β£1 per share? Early investors convert at 80p.
The reward for backing a company when the risk was highest. β
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Some outcomes don't fit on a certificate.
For this Newton Fellow, the program changed the size of the questions they ask about venture and their place in it.
Application link π bit.ly/44Mm7kr
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Myth: great VCs are great at picking winners.
Picking winners is the story, but portfolio construction is the job.
Sourcing, sizing, follow-on discipline. The real work behind every headline return.
Join the Newton Fellowship. π in bio
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Round 1 closes tonight.
Apply early to secure 1 of ~30 spots on Cohort 7 of the Newton Fellowship. World-class academics, top-decile investors, a global cohort.
β³ Midnight tonight, Monday 10 August, UK time.
Application link below π
bit.ly/44Mm7kr
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Valuation Cap π§’
The ceiling at which a SAFE or convertible note converts into equity.
Β£100k in at a Β£5m cap, next round at Β£10m? You convert at Β£5m and get double the equity per pound.
Know your cap. It decides how much of the company you're really giving away. β
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Round 1 applications for the Newton Fellowship (NVPxLBS07) close Monday.
~30 spots. Round 1 applicants have the strongest chance.
Started? Finish this weekend. Haven't? Start now.
Application link below π
bit.ly/44Mm7kr
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Venture is full of people who might one day back themselves. The Fellowship is where that becomes a decision rather than a maybe.
9 months, part time. @LBS and ecosystem partner locations. Around 30 global peers.
π€ Q&A tomorrow
luma.com/57xk3kkc
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Still deciding on the Newton Fellowship? Put your questions to people who already made the call.
Live Q&A, Fri 7 Aug, 12pm UK.
Newton Fellows Kevwe and Thomas, with Kelechi Achinonu from the Newton team.
Round 1 closes Mon 10 Aug.
π luma.com/57xk3kkc?
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Be a student of the industry, not just your corner of it.
Newton Fellow, Oliver on why full-cycle fluency separates good investors from great ones. π₯
Newton Fellowship applications are open. Round 1 closes Mon 10 Aug β³
Apply: bit.ly/44Mm7kr
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Convertible Note π§Ύ
A loan that converts into shares rather than being repaid in cash. Nobody has to agree a valuation on day one.
But a note is debt. It accrues interest, and it has a maturity date. Unlike a SAFE, which carries neither.β
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Five leaders on what actually gets a company funded.
Almost none of them mention the idea.
Story, timing, odds, execution.
And Saul Klein flips it: the best founders are not waiting to be chosen. They are choosing.
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The Newton Fellowship, in the words of a Newton Fellow. π₯
Lucretia, impact investor on our 6th cohort, on the trusted global peer network she's built through the Fellowship.
Cohort 7 applications are open. Round 1 closes Mon 10 Aug. β³
bit.ly/44Mm7kr
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The Newton Fellowship, in the words of a Newton Fellow. π₯
Brenton, early stage investor on our 6th cohort collaborating with global peers at @LBS and a host of ecosystem partner locations.
Cohort 7 applications are open
π bit.ly/44Mm7kr
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Continuation Vehicle π
A new fund a VC firm sets up to buy companies from its own older fund.
The company gets more time to exit. Existing investors get a choice: cash out or roll over.
Same winner, new clock. β
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One cohort with every seat at the table. π
The Newton Fellowship blends global ecosystem players who feed off each other's knowledge, guided by world-class academics and top-decile practitioners.
Cohort 7 applications are open π newtonprogram.vc/fellowship
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Myth: You need money to be an investor. πΈ
Capital isn't the biggest barrier. Judgment is. And judgment can be cultivated.
If you are reading this, the Newton Fellowship was designed for you.
Cohort 7 applications are open π newtonprogram.vc/fellowship
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Oversubscribed π₯
When a round attracts more money than the founder set out to raise.
Raising Β£2m, offered Β£5m? Oversubscribed.
Great signal, real leverage. But extra cash means extra dilution.
Take what you need, not what's on offer. β
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Myth: you only have to be an investor to impact the venture ecosystem.
Venture is a team sport. Platform teams, legal counsel, IR partners, LPs. The innovation economy depends on all of them.
If you move the ecosystem from wherever you sit,
π: newtonprogram.vc/fellowship
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In their words, not ours.
The Fellowship builds internationally networked, deeply knowledgeable VCs. And it's working.
Cohort 7 applications are open:
βοΈ Apply: newtonprogram.vc/fellowship
π· Q&A signup: luma.com/57xk3kkc
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π Applications are open for the Newton Fellowship, Cohort 7 (NVPxLBS07)
Only ~30 Fellows get admitted.
Powered by @phxcrt , @LBS & @HSBCInnovation.
βͺοΈ Round 1 closes: 10 Aug
βͺοΈ Final deadline: 7 Sep
βοΈ Apply: newtonprogram.vc/fellowship
β Q&A signup: luma.com/57xk3kkc
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Unicorn π¦
A private startup valued at $1bn or more. Around 39 existed when the term was coined in 2013. @dealroomco now tracks 3,942 worldwide.
It's a paper valuation, not money in the bank. A milestone, not an outcome. β
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Day 3 Module 2 β
Home at @phxcrt. Value Creation with the @StrategytoolsIO team, then Meet the Leader with Saul Klein.
And a special close: Fellows meeting Camden Year 12 students learning about venture.
That's a wrap on Module 2 π
piped.video/hxIfg2i1Hkg
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Day 2 Module 2 β
At @HSBCInnovation Influence with Prof. Ussama Ahmed Khan of @LBS, Fellows Vision, and capital structures.
Then the All-Fellowship Alumni Mixer. Cohorts change, but the network only compounds.
Two days down. One to go π
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Day 1 Module 2 | Newton Fellowship (NVPxLBS06) β
The industry module has begun. Our global cohort is back in London, learning inside ecosystem partner offices.
Day 1 at @wilsonsonsini: Term Sheets, Ecosystems and more with Prof. Thomas Hellmann of Oxford SaΓ―d.
On to Day 2 π
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Liquidity Event πΈ
The moment shares in a private company become actual cash, usually through an acquisition or IPO.
No liquidity event, no returns. β
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β³NVP12 closes TODAY.
Build essential VC knowledge. Grow your network. Get real ecosystem exposure.
If you've been waiting. Apply before tonight π
bit.ly/4tJCfOf
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The innovation economy runs on people bold enough to back bold ideas.
Newton Fundamentals (NVP12) is your way in, learn the business of venture, invest from within, build connections that last.
β³ Applications close tomorrow.
π Apply: bit.ly/4tJCfOf
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Burn Multiple π₯
How much cash you spend to add each new pound of recurring revenue.
Lower is better. Under 1x is elite. It's the number that separates efficient growth from expensive growth. β
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Final round: Newton Fundamentals (NVP12) closes 30 June. β³
Academic insight + top-decile practitioner perspective. Wherever you are in venture, broaden your view and connect with global peers.
A few days left. Apply π bit.ly/4tJCfOf
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Solo GPs and microfunds are reshaping venture capital.
This Thursday we're exploring how,with Maria Rotilu, Savitri Tan and Manuel Grossmann.
25 June | 5β6 PM BST
Newton learners, check your emails for the link.
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β° Newton Fundamentals (Cohort 12) drop-in chat is TODAY at 12pm.
Got questions about the program, application, or scholarships? Come ask us, ready to apply or still deciding, all welcome.
Sign upπ
luma.com/uucp9f3t
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