In anticipation of our Silicon Summer social event, we had the opportunity to engage with our partners, including Johnston Carmichael, one of Scotland’s largest independent chartered accountancy and business advisory firms. This interview provides insights into their role in the North East tech scene, challenges faced by startups, and valuable advice for entrepreneurs.
Interview with Calum Purdie, Technology and Life Sciences Ecosystem Manager at Johnston Carmichael
Q: Can you tell us about your role and background?
A: I’m the Technology and Life Sciences Ecosystem Manager at Johnston Carmichael – a leading chartered accountancy and tax advisory firm.
My role is to work with founders from across the technology spectrum to understand
their challenges and pain points, and see what Johnston Carmichael can do to support them.
We recently opened our first office in Newcastle and have had to move twice because the team is growing quickly. We’re excited to support more businesses in the North East.
My background is in Scottish tech, and I’ve worked in the sector for the last ten years. Before joining Johnston Carmichael, I worked at Tech Nation – a government-funded organisation running accelerator programmes and other support for the tech sector. I’m passionate about the space and doing the right thing for founders to support them on their scaling journey.
The rate of change within the tech sector has always fascinated me
Q: What inspired you to get involved in supporting startups?
A: The rate of change within the tech sector has always fascinated me. I believe it’ll be the technologists and risk takers that will solve the world’s biggest challenges in areas such as net zero and healthcare. It’s, therefore, great to support these founders on that journey.
Q: Can you tell us more about Johnston Carmichael and its history in the tech space?
A: We have a long track record of working across the technology and life sciences sector and have always been strong supporters of the ecosystem. We partner with high-impact organisations in the space that are delivering real value to founders, and we look to invest time and share our expertise wherever possible.
Q: How does Johnston Carmichael help startups? Can you share a success story?
A: It doesn’t matter what stage you’re at, whether just starting out, in growth mode or thinking about an exit. We can support you every step of the way. We frequently run workshops, office hours, and Q&A sessions for founders, and this gives them an opportunity to learn more about crucial areas such as fundraising, tax incentives, financial modelling, and international growth.
One example of a company we supported through that entire journey is Current Heath. We worked with the Current Health team right from startup through to scaleup, fundraising, and then an acquisition by a U.S. buyer. We understand the challenges founders face and are well positioned to be strategic advisors throughout the growth journey – rather than just accountants that you meet with once a year.
“We see the fundraising landscape continuing to be challenging”
Q: What are the biggest challenges you see startups facing today, and how do you help them overcome these challenges?
A: We see the fundraising landscape continuing to be challenging. Investors are looking for more comfort around the numbers and milestones, e.g. what is your route to profitability and what are the unit economics that are driving the business as you scale? We can sit down with founders to work through the company’s financial data and projections and help get them to a point where they are ‘investor ready’.
Q: What advice would you give to entrepreneurs who are just starting?
A: Build your network and be continually asking questions. A founder can’t know everything about the tax and legal side of growing a business, but the implications can be significant if you get something wrong. Therefore, you need to build a network of
advisors around you that you can go to with questions and for support. Even just sitting down with the right person once every six months for a coffee and a chat can be invaluable as you set up and scale your company.
The other thing I would say is to do your own due diligence, whether that’s on potential investors, co-founders or advisors. Ask for references, speak to other founders they’ve worked with and seek to understand their track record in the sector. As a founder,
your company will constantly be undergoing due diligence, whether from potential customers or investors – it’s only right that it goes the other way too!
Q: What common mistakes do startups make, and how can they avoid them?
A: I see many founders who neglect sales until it’s too late in the process. They believe that by building and launching the product, the market will naturally appear overnight. This almost never happens. Even if you have the best product in the world, you typically need to build your pipeline at least six months from when you anticipate generating revenue. I understand that this can be daunting if you’re a technologist who’s never worked in business development, but unfortunately, it’s an important part of being a founder (some would say the most important)!
If you’re not sure – ask!
Q: What key message would you like to share with the readers?
A: If you’re not sure – ask! There’s so much support out there for founders, and chances are, if the person you’re speaking to doesn’t know the answer, they can put you in contact with someone who does. If you feel you could benefit from some advice on the financial and tax side of things – drop us a note, and let’s get a coffee!
Learn more about Johnston Carmichael here: https://johnstoncarmichael.com/
We extend our gratitude to Calum Purdie and Johnston Carmichael for sharing their insights and support for Silicon Mingle. Join us at Silicon Summer on August 29th at The Grove in Byker to meet the Johnston Carmichael team and engage in more inspiring conversations.
Get your tickets here: siliconsummer.com