Lomax Ward

NLC Health Ventures is a masterclass in building a studio without raising capital upfront. Here’s what they did: 1. Licensed dormant IP from EU universities as the foundation for new companies. 2. Secured MOUs to access that IP, turning untapped potential into opportunity. 3. Approached trusted angel investors with compelling pitches: - The IP. - The market opportunity. - Their track record of successful company building. Investors said yes. That funding didn’t just launch portfolio companies—it also covered the studio's operating costs. For 4–5 years, they built 3+ companies annually with this model. But their genius didn’t stop there. NLC Health excelled in disciplined evaluation: - Only pursuing IP worth their time, resources, and vision. This is a repeatable playbook. Consider the untapped IP in many ecosystems: - Universities. - Corporates. - State governments. It’s just sitting on the shelf. The Venture Studio model can transform dormant IP into real-world value. NLC Health proves it. P.S. This month we're doing a series on Venture Studio Case Studies Incase of interest, follow me here: Matthew Burris

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I just came back from HLTH Europe, the best #HealthTech event in Europe. This second edition was fantastic: the whole ecosystem (including providers, payors, policy makers....) was there to discuss the key innovation topics that will shape the future of healthcare in Europe. Besides my 4 highlights, I also had the chance to moderate a panel on the topic: "Data Opt-in-imism: Why trust is key to the success of EHDS" .... with 3 fantastic panelists: Jaanika Merilo, Head of Digital Health and Care, Ministry of Social Affairs (Estonia), Estonia Malene Fischer, Deputy Chief Executive, Research Director, Rigshospitalet, Denmark Maria Bäcklund-Hassel, Senior Advisor, the Swedish e-health agency, Sweden Here are the key insights of the panel: Earlier this year, the European Health Data Space (EHDS) was approved, paving the way for cross-border health data exchange. The #EHDS may not be as flashy as AI, but it’s the backbone of healthcare innovation in Europe. ✅ 𝐎𝐩𝐭-𝐢𝐧 𝐛𝐲 𝐝𝐞𝐟𝐚𝐮𝐥𝐭. After heated negotiations, Europe chose an "opt-in by default" model. Citizens are automatically included unless they actively opt out. 🤝 𝐓𝐫𝐮𝐬𝐭 𝐢𝐬 𝐭𝐡𝐞 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐲 𝐨𝐟 𝐇𝐞𝐚𝐥𝐭𝐡𝐓𝐞𝐜𝐡. And it’s earned through radical transparency, as seen in Sweden. If trust is lost (due to data leaks, data commercialisation, misuse... ) opt-outs could spike. However, experts expect fewer than 10% to opt out, and as low as 1–2% in high-trust countries like Sweden or Denmark. ⚔️ 𝐓𝐡𝐞 𝐩𝐚𝐫𝐚𝐝𝐨𝐱: 𝐰𝐞 𝐧𝐞𝐞𝐝 𝐚 𝐩𝐨𝐥𝐢𝐜𝐲 𝐟𝐫𝐚𝐦𝐞𝐰𝐨𝐫𝐤 𝐭𝐨 𝐛𝐮𝐢𝐥𝐝 𝐭𝐫𝐮𝐬𝐭, 𝐛𝐮𝐭 𝐰𝐞 𝐚𝐥𝐬𝐨 𝐧𝐞𝐞𝐝 𝐭𝐨 𝐝𝐞𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐞 𝐭𝐨 𝐟𝐨𝐬𝐭𝐞𝐫 𝐢𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧 The EHDS is designed to build trust. But critics are already saying that it is too "heavy". Without adoption, EHDS risks becoming an empty shell. EHDS is Europe’s opportunity to lead in digital health : 🏆 𝐖𝐢𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐜𝐥𝐢𝐧𝐢𝐜𝐚𝐥 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡: The proportion of clinical trials being carried out in the European Economic Area dropped to 12% of world studies in 2023 from 22% in 2013. 🧑‍🤝‍🧑𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐓𝐰𝐢𝐧𝐬: Projects like Rigshospitalet’s improve care through simulation. EHDS data are needed to train the model 🎯 𝐏𝐫𝐞𝐜𝐢𝐬𝐢𝐨𝐧 𝐌𝐞𝐝𝐢𝐜𝐢𝐧𝐞: Scalable data is key for personalized treatments 📖 𝐎𝐩𝐞𝐧 𝐒𝐨𝐮𝐫𝐜𝐞: can the EHDS be the building block to an Open Source ecosystem in Europe? And the hidden weapon to win the AI in #healthcare race against the US and China? ------ I also really enjoyed hosting an event with Healthy.Capital and my dear friend Douwe. Let's do it again next year! Special thanks to Katy, Lina and Henry for this fantastic conference! Follow HGM Advisory for daily reposts of the most important HealthTech news. PS: We might need to update my caricature ;)

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Why I Don't Sign NDAs for Early-Stage Founders — And Why Founders Shouldn't Ask Your idea is your baby. I get it. But for VC, asking for an NDA before sharing that idea isn't protecting your future - it's limiting it. In my latest article, I break down why NDAs create more problems than they solve for founders seeking early-stage funding. I explain why VCs structurally cannot sign them (reviewing 1,500+ decks annually makes this impossible), why they signal inexperience rather than caution, and most importantly - why your execution matters infinitely more than your idea. If you're a founder worried about idea theft, this perspective might change how you approach investor conversations forever. I explain why trust is the real compounding currency in venture capital - not legal protection.

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Why should founders pay for legal fee of the investor? The founder gives up 20% of their company. The investor agrees to invest. And then says: “We need this law firm for due diligence. Don’t worry: it’ll be paid from the company’s funds after the round closes.” That money only exists because the founder gave up equity. So once it lands in the company’s bank account, it’s no longer the VC’s money. It’s the company’s capital. So when it gets spent on: 1. Rs 20L on due diligence/ legal 2. Legal teams that negotiate against the founder 3. PR announcements the founder didn’t ask for That’s the founder paying for all of it through dilution. Yes, trusted legal counsel matters. But if we call this a partnership, let’s act like it. Cap it. Split it. Or cover your own legal bills. Founders: have you ever pushed back on this clause? VCs: how do you handle this at your fund? Let’s open up this conversation in the comments below.

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🏗️ Fund II is live — and it’s time to reinvent the physical backbone of Europe’s economy. At First Momentum Ventures, we just closed our oversubscribed €35M Fund II to continue backing the founders who are rebuilding industry from the ground up — in areas most VCs still overlook. The industrial stack is overdue for reinvention. From software-defined manufacturing to robotics, industrial AI, and novel materials, we’re seeing an explosion of innovation in sectors that were once off-limits to startups. This isn’t just about incremental efficiency. It’s about reimagining how we make, move, and maintain the physical world. The next generation of category leaders will be born at the intersection of deep tech and industrial process know-how — and we want to be there from day zero. With Fund II, we’ll invest €200k–€1M at pre-seed and provide the technical, operational, and go-to-market support that deeply technical teams need to get from prototype to product. We’ve already partnered with incredible teams transforming: 🔧 Manufacturing 🤖 Robotics & Automation ⚙️ Supply Chain Coordination 🧪 Materials Science 💻 Industrial Software & Simulation Europe has the talent and the infrastructure — now it’s time to unlock it. Let’s build the future of industry. 👉 Link to Sifted article in the comments Super thrilled to do this with an absolute dream team - Sebastian, Lena, Maximilian, Christian & Ana. Let's roll 🤘 #deeptech #newindustrials #manufacturingtech #robotics #automation #venturecapital #foundersfirst #preseed #hardwarestartups #supplychain #softwaredefinedmanufacturing #funding #firstmomentum

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🔥 Europe’s startup scene just got a big reality check — and the results are impossible to ignore. At Nordic Tech Week, Norrsken VC dropped the largest impact pulse report to date, built on insights from 660 founders & investors. The verdict? ➡️ Impact-optimism is on the rise. Highlights that stood out: 🚀 60% of founders + investors say the future looks bright 📈 this optimism has increased in 2025. 💶 3 out of 4 investors are doubling down on impact bets ⚡️ Energy. Industrials. Healthcare. → The sectors to watch But let’s be real: Europe’s still holding itself back. The potential is massive — if we dare to unlock it. Reach out to us at Norrsken Evolve if you are a pre-seed founder building in resilience and sustainability. 👉 Full report in comments. Props to the team for putting this together: Per Frykebrant, David Frykman, Tove Larsson, Beata Enwall, Agate S. Freimane, Ludvig Bergstrom

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Ignore the mimetic warfare of the Gartner quadrant, the VC requests for startups, and think about what's unique, what's original, what's different I wrote some thoughts about startups and uncertainty as a moat: https://lnkd.in/dc4_dzPC

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