What is the hardest decision you’ve had to make in business?
That was one of many questions put to our panel at Merchants’ Hall, when more than 100 entrepreneurs, CEOs and business leaders from across a huge range of sectors joined us to explore one of the biggest questions facing a growing business: how do you choose the right funding path?
Chaired by Merle Hall, Global Head of Design, Engineering & Science at PA Consulting, the panel brought together Joshua Western, CEO and co-founder of Space Forge; Nina Davies, CEO of Natracare; and Stefan Gunn, Investment Director South West & Wales at LDC.
The conversation ranged widely – from funding and investment to good governance, building strong boards, employee ownership and the role of AI – but some of the most valuable insights were also the simplest.
Nina reflected on recognising that the choice doesn’t have to be between purpose, independence or growth: it can be purpose, independence and growth.
Merle spoke about the importance of trusting your gut instinct.
For Josh, one of the hardest decisions has been deciding where to take money from – a reminder that investment is about far more than securing capital.
And Stefan emphasised the importance of having the right support around you as a business grows.
The panel also shared practical advice: Josh encouraged entrepreneurs to face problems head on and not to be afraid to try something new. He and his co-founder took that approach when they left their jobs to establish Space Forge, reasoning that even if it didn’t work, they would be more employable for having tried.
Nina spoke about the importance of keeping a founder’s legacy and mission alive following a transition to employee ownership, while galvanising that same sense of ownership and purpose across the wider team.
Stefan’s advice was to build alignment and trust, be honest about what you want from the business and surround yourself with people whose judgement you trust.
And Josh added one rather more industry-specific piece of advice: insure your satellite!
It was also great to welcome back three successful entrepreneurs whom we first met more than three years ago through SMV’s partnership with Black South West Network. Seeing relationships continue and businesses develop over time is an important part of building a connected and supportive entrepreneurial community.
We’re extremely grateful to Merle for expertly guiding such a wide-ranging conversation; as well as to Joshua, Nina and Stefan for sharing their experiences so openly; and of course to everyone who joined us and contributed questions, experiences and connections of their own.
