“Our definition of a ‘Tech for Good’ startup is one that is intentionally trying to have a positive impact in a measurable way and also deliver a return to investors. ”
— Paul Miller
In this episode, I speak with Paul Miller, Managing Partner and CEO at Bethnal Green Ventures, that has invested in over 150 startups that aim to create a more sustainable planet, an inclusive society and healthy lives. Paul is a trailblazer who spearheaded early-stage impact venture capital investing in the early 2010’s at a time when this was highly unusual for VCs to do.
He was awarded an Officer of the British Empire award for services to startup investment in 2020.
Paul’s early exposure to social and environmental issues, thanks to his parents’ activism, laid the foundation for a unique perspective later in his career. A physics and technology enthusiast, he embarked on a trajectory that would see him influencing both policy and education.
His stint as a policy advisor at Forum for the Future marked a pivotal period, working on sustainability with tech giants like Amazon and Vodafone.
This experience fueled a desire for a more direct impact, leading Paul to venture into the startup scene. In 2006, the School of Everything was born – a groundbreaking attempt to revolutionize adult education. Often dubbed an “eBay for adult education,” the platform aimed to connect learners and teachers for face-to-face learning experiences, leveraging technology to bridge gaps in traditional education.
Around 2012, as the School of Everything continued to pioneer adult education, Paul’s focus expanded to co-founding Bethnal Green Ventures. Securing an initial investment of approximately £150,000 from Nesta, a UK foundation, Bethnal Green Ventures took flight.
Google provided office space, and the venture attracted mentors and contacts to nurture the startups. Paul’s venture into impact venture capital with Bethnal Green Ventures was a pioneering move, especially considering the prevailing industry norms around 2012.
At a time when impact investing was in its nascent stages, Paul brought a level of authenticity and maturity to the venture capital landscape.
Today, he’ll be taking us through his ‘Tech for Good’ approach, investing in early-stage companies aiming for both high growth and positive social or environmental impact.
I hope you enjoy my conversation with Paul as much as I did!
Listen to the episode on Apple Podcasts, Spotify, Overcast, Podcast Addict, Pocket Casts, Castbox, Google Podcasts, Amazon Music, or on your favorite podcast platform. You can watch the interview on YouTube here.
What was your favorite quote or lesson from this episode? Please let me know in the comments.
SCROLL BELOW FOR LINKS AND SHOW NOTES…
SELECTED LINKS FROM THIS EPISODE:
- Connect with Paul Miller: LinkedIn
- Bethnal Green Ventures
- Demos
- DrDoctor
- Nesta
- Organise
- Piclo
- School of Everything
SHOW NOTES:
[00:00] Episode introduction
[08:20] Paul Miller’s academic and professional background
[27:59] How Bethnal Green Ventures came about
[31:52] Bringing a level of authenticity and maturity to venture capital
[36:57] An overview of Bethnal Green Ventures
[45:51] The concept of Tech for Good
[49:10] Theory of change at Bethnal Green Ventures
[53:45] Difference between impact VC and other impact investing
[01:09:19] Examples of impact investments by Bethnal
[01:19:46] Measuring impact at early-stage businesses
[01:31:41] Role of AI in Tech for Good paradigm
MORE PAUL MILLER QUOTES FROM THE INTERVIEW:
“We believe that the big companies of the future will be the ones that show both a positive return and a positive impact.”
— Paul Miller
“We’re trying to make it incredibly desirable that startups should have a positive and measurable impact as well.”
— Paul Miller
