Fable: The Entrepreneur Who Shunned Dilution

There was once an entrepreneur who set up a company to make optical ICs on the same scale as silicon ICs.

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.



  1. Spot on, Stooriefit, Andrew Rickman it was

  2. That sounds vaguely like Bookham and Dr Andrew Rickman?

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