Eschewing the dilutive effects of VC funding he raised capital through government award schemes, banks’ award schemes, companies’ award schemes, government research grants, EU R&D grants and, later on, angels.
His funding strategy was to raise money in small amounts, one step at a time, to reduce dilution.
In 2000, an IPO propelled the company straight into the FTSE 100 with a market cap of over $8 billion.
The entrepreneur’s stake was worth £1.2 billion.
Moral: Funding is multi-facetted.