Facilitating Office Hours for Immigrant Entrepreneurs: Lessons Learned
As we reflect on our experience facilitating over 300 office hours with immigrant entrepreneurs entering the U.K. market, it’s clear that there’s a need to reframe how we approach these meetings. While introductions and networking can be crucial, the real value lies in gleaning substantive feedback from experienced investors.
The Importance of Substantive Feedback
Our research has shown that when immigrant founders participate in office hours with VCs, they’re not just looking for connections or a soft landing. They’re seeking guidance on how to navigate the U.K. market and raise capital effectively. This is evident in our post-meeting feedback forms, where 37% of respondents cited fundraising strategy as the most valuable aspect of their meeting.
Who Are the Founders Participating in Office Hours?
Our second edition of the Blue Lake International Office Hours saw 125 applicants from 39 countries across six continents. The primary sectors represented were fintech (18), marketplace (17), clean tech (15), and deep tech (14). The countries with the greatest numbers of applicants were Ukraine (33), India (11), and Turkey (10).
What Do Founders Want to Get Out of Office Hours?
When asked about their expectations, founders emphasized the importance of learning from experienced investors. One founder noted that after brief introductions, the investor "helped me better understand what angel investors are looking for and key metrics we need to work on." This calibrating expectation for fundraising in the U.K. market is a common theme.
The Value of Meeting with Experienced Investors
Our research highlights the significance of meeting with experienced investors who can provide actionable advice and insights into the U.K. market. These meetings are not just about connecting with new contacts but also about learning how to navigate the complexities of raising capital in a foreign market.
Reframing the Approach to Office Hours
Given our findings, it’s essential to reframe the approach to office hours for immigrant entrepreneurs. Rather than focusing solely on introductions and networking, we should prioritize substantive feedback from experienced investors. By doing so, founders can gain a better understanding of the U.K. market and increase their chances of success.
Conclusion
Facilitating office hours with immigrant entrepreneurs requires a nuanced approach that goes beyond mere introductions and networking. By prioritizing substantive feedback from experienced investors, we can help founders navigate the complexities of raising capital in the U.K. market and increase their chances of success. As we continue to work with founders from around the world, it’s clear that this approach is essential for fostering a more inclusive and supportive ecosystem.
About the Authors
- Juanita Gonzalez-Uribe is co-director of Financial Markets Group and an associate professor in finance at the London School of Economics.
- Lyubov Guk is a founding partner at Blue Lake VC, supporting early-stage international founders working in the U.K.
- Robyn Klingler-Vidra is associate dean of global engagement and associate professor in entrepreneurship and sustainability at King’s Business School.
