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Dr Oxana Mulholland

Dr Oxana Mulholland is the Investment Director at the London Technology Club, a space for investors and tech professionals to network and exchange ideas within the industry. Here, Dr Mulholland speaks to LUX’s Leaders and Philanthropists Editor, Samantha Welsh about women in the tech industry and the future of the tech world

LUX: With your background in strategic investment advisory, what drew you to specialise in tech investing and VC?
Dr Oxana Mulholland: The simple answer- I love it! Right now, the old industrial platform is collapsing, and we can’t quite make out what’s coming next. Flows of information are fuelling vast networks of knowledge, allowing us to tinker with everything from the building blocks of life to technologies that behave more like natural biological systems. We’re entering a period of increasing human-tech collaboration.

This shift from one platform to the next is likely to create massive amounts of obsolescence, but also opportunity. I see this as a thrilling opportunity for our investments to help shape the future and with the London Technology Club we can bring savvy investors along with us.

LUX: What are the barriers to entry (if any) for women entering this field and how did you deal with these?
OM: The data is compelling. Wage inequality, entrenched views about women’s and men’s roles, a lack of industry role models, and negative stories like Elizabeth Holmes are among the barriers identified by women thinking of entering the field.

Barbara Fredrickson from the University of North Carolina discovered “the positivity ratio” or the fact that it takes three positive thoughts to counter a single negative thought. For me, this “three-to-one” ratio plays out. Even though the roles are there, the data tell us there simply aren’t enough women applying.

I think it’s time we flipped the script. I think it’s time we adopted a growth mindset and reframed these negative data points as rocket fuel. Spend any time with the extraordinary and inspirational women transforming the industry and you’ll experience this first hand. In my experience, these women echo author John Irving’s blunt and straightforward advice on persistence: “Get obsessed, stay obsessed.” Of course, early-stage passion looks very different to late-stage passion. Early-stage passion is multiple curiosities coupled with a few successes. While the goal may be to “get obsessed, stay obsessed,” my advice to women entering the field is “get curious, stay curious.”

A woman wearing a white shirt giving a talk in a boardroom to a group of men

LUX: What would you advise other talented women aspiring to join the tech and VC industry?
OM: It is such an important question. It also raises a more fundamental question: We are on the threshold of a new era of human-tech collaboration, so what skills will the next generation of talent need to thrive?

History tells us that in times of rapid change, success favours those who can make big leaps of imagination, courage, and effort. And the faster the world changes the more fluidly you need to adapt. It reminds me of a quote from the renowned futurist Alvin Toffler who wrote, “The illiterate of the 21st century will not be those who cannot read and write, but those who cannot learn, unlearn and relearn.”

So, here’s my advice to the teams I mentor: Instead of expecting traditional business schools to do what they can’t do, take your learning into your own hands. Use traditional courses for what they can do – introducing you to what’s well-known – and in parallel, explore other ways to discover what’s less well-known, what’s special to your own interests, and what’s of real value to you. This could be anything from an apprenticeship to a personal project, or a self-prescribed reading program. But when you shift your focus from results to gaining understanding, you set yourself on the road to mastery. You learn how to learn.

LUX: Which women-led tech businesses are consistently outperforming their markets?
OM: When Ayumi Moore Aoki founded Women in Tech in 2018, I was honoured to join her Web Summit launch event. Since then, Ayumi has turned Women in Tech into a global movement to help women embrace technology. The event was also a pivotal moment for me as I spent time with game-changing trailblazers like Canva’s Co-founder and CEO Melanie Perkins. With her blend of laser focus, drive, and humility, Melanie and Canva’s meteoric rise come as no surprise.

Blockchain and real estate are a potent combination. But only the team at Propy, led by Founder and CEO Natalia Karayaneva are truly disrupting and reshaping the real estate market with automated transactions and the world’s first settlement on smart contracts.

A woman with red hair wearing a white shirt

LUX: Where are the most promising areas in the tech landscape right now?
OM: From an investment standpoint, I’m most excited by technologies that increase the opportunities for human-tech collaborations. At a macro level that means AI and Blockchain. While both technologies have always shown potential, it is only now that we’re beginning to understand what they are capable of.

I can see AI reaching a tipping point soon. As massive amounts of information meet quantum processing power it will open new worlds of possibilities. One of the most exciting predictions is the potential to break language barriers, enabling AI to understand and interpret different languages simultaneously.

Right now, someone is creating a blockchain solution to disrupt a traditional business model. Blockchain-enabled business models present a seismic shift to how business is conducted in the future. But navigating dated rules and age-old playbooks is the greatest challenge to its universal adoption. As blockchain becomes more widely and systematically understood I can only see its rapid proliferation into our everyday lives.

LUX: Does your evident passion for discovery spin out to interests beyond tech?
OM: I’ve always believed that travel is the best investment you can make in yourself. Whether it’s an impromptu weekend in the Cotswolds, catching the perfect wave on the Moroccan coast, or exploring the spiritual heart of Bali, leaving my daily habits behind allows me to see things differently. As writer and avid traveller Henry Miller once said, “One’s destination is never a place, but a new way of seeing things.”

Closer to home, there’s nothing I enjoy more than pottery. While spinning clay the world seems to melt away and I lose myself in my creative bubble. Perhaps it’s the elementary combination of earth, fire, air, and water with pure imagination, or just an excuse to get messy, but the transformations are magical.

 

LUX: So how important is it to achieve a work-life balance?
OM: I have a superpower: I love what I do. And as a tech entrepreneur, my husband loves what he does too. Perhaps it’s why we’re so comfortable blurring the lines between our work life and our home life. It could also be because I feel there’s more value in finding the similarities in things than seeing the difference between them. I’ve always found that while there are two opposing sides to balance, there’s no possibility of progress, only compromise.

The common ingredient when I’ve tried to “do it all” and find I can’t even “do a little” is how well I manage stress. A little stress can be a great motivator, but out-of-control stress can be overwhelming. But I’ve discovered a secret: Stress isn’t about bad experiences; it’s about how much control you have over the bad experiences.

LUX: What pearl of wisdom would you give to your 18-year-old self?
OM: Nothing! I was having so much fun at 18. I’ve always enjoyed having fun. I’ll continue to enjoy having fun. All the choices I’ve made have made me who I am, and I don’t regret a single moment.

Find out more: londontechnologyclub.com

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two men standing at the end of a table giving a talk
two men standing at the end of a table giving a talk

London Technology Club lunch with Alexandre Mars at The Arts Club

Konstantin Sidorov founded the London Technology Club to create a space for investors and tech professionals to network and exchange ideas within the industry. Here he speaks to Samantha Welsh about the benefits of bringing like-minded individuals together to establish trusted relationships.
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Konstantin Sidorov

LUX: What is your opinion on the valuation of tech companies right now?
KS: It is useless to discuss the overall tech market valuation in general – many people have different opinions. Some companies look too expensive, some fairly reasonable. It is worth looking at the valuation of a particular company. And our task as a club is to provide our expertise and opinion to our members regarding the company valuation and potential value growth.

We have always reinforced the need to exercise discipline as a tech investor. At LTC, we examine both the prospects and tech moat of a company – but also the deal terms of an investment opportunity. We source our opportunities from world-class VCs that are often lead investors in a round, and therefore there is conviction from them in terms of the company and its technology.

LUX: Why did you create the London Technology Club?
Konstantin Sidorov: Venture capital is an access class not an asset class, and, when I first moved to London, I found that getting access to the best tech investment deals was all about trusted relationships. I saw that London was the capital of the world for clubs – for wine, automobiles and art – but there was no club to bring together like-minded people passionate about tech investing. So, I turned an initial idea into a sophisticated community of tech investors to have access to the best tech deals. By working with our VC partners, we are able to provide curated, high-quality level of deal flow for our members.

men standing in suits on a terrace

London Technology Club event in Dubai

LUX: Can you tell us about your preferred fund structure and your approach to diversification?
KS: Our trademark fund is the LTC Pledge Fund: a segregated portfolio fund that raises once a year. We diversify through a mix of directs (80%) and funds (20%), and in terms of verticals – from AI to mobility, and impact to fintech. We are also diversified in terms of geography; while a slight majority of our investments go to US, we are also spread across Europe, Asia and MENA. Given the sort of ticket size required for the best growth stage opportunities, by creating our fund we provide access that the limited partnerss would be less able to access on their own.

LUX: You started Pledge Fund I in 2020 and Pledge Fund II in 2021. What have your case studies shown to be your sweet spot – and how are you achieving those internal rates of return (IRR)?
KS: Since the start of Pledge Fund I we have had five exits and they were built off the back of my personal investment exits – such as Airbnb and Spotify. We were able to return 30% of capital of Pledge Fund I back to investors within 20 months with IRR above 86%.

Our sweet spot is companies with a valuation of $100m – $1bn, with proven revenues and growth. Our five exits to date reinforce our strategic approach where we balance risk and reward.

Follow LUX on Instagram: luxthemagazine

LUX: How have you seen ESG emerge during your career, and how do you see it developing from here?
KS: We are incredibly proud of our Future Technology Series reports; we’ve published over 13 in three years. They explore how technology will impact areas that our members are passionate about – from space to art, F1 to longevity, and finance to property.

ESG was one of our recent reports. For me, what has changed is people’s realisation that companies can’t just be focused on shareholder returns. We are part of an interconnected system and have a duty to both people and the planet.

People sitting around a long table with breakfast food on it

London Technology Club breakfast with UBS Chief Economist Paul Donovan at the Royal Automobile Club

While everyone should be looking at ESG as business hygiene for their own companies, it is also important to consider how ESG is integrated into investments. There is some way to go, especially within venture capital. Many companies are early on in their ESG journey which we see as a good opportunity to ensure they instill ESG into their business processes. We firmly believe there is a strong correlation between companies that have strong ESG fundamentals in place and investment success.

LUX: Where do you see the role for tech in ‘slow’ industries where rarity, heritage and craftsmanship are the inherent values?
KS: We have written reports about the impact of tech on fine wine, art and fashion. From our research, we have seen a move towards the ‘creator economy’ where a craftsman or woman creates and ‘mints’ their product (i.e creates a digital asset as part of the process).

Read more: Volta’s Kamiar Maleki On Supporting New Artistic Talent

NFTs are an example of that currently. Fine wine makers could, for example, by creating digital tokens to accompany their bottles, ensure that they can track the onward sales, opening, value and storage.

This tracking ability means that the creator benefits from smart contracts that dictate that every time that bottle is sold on, the creator receives a percentage commission. It means that the creator, rightly so, reaps more reward from their creation. Tech is at the centre of progress for luxury and collectibles and I would recommend our reports to readers.

a wine bottle in a wooden case

London Technology Club Super Tuscan Wine Tasting

LUX: How are you personally leading the deployment of tech to explore solutions to problems in the real world?
KS: For tech to be effective and generate returns it must solve real world problems. We are very interested in climate-first technology and have invested in numerous foodtech companies that are looking to solve challenges on food security, waste, cultivated meats and reduce environmental impacts. We have invested in companies that seek to reduce the cost of transport and improve mobility. We are big believers in tech as a force for good and so hope that our club creates the right environment for investors to be able to deploy their capital for returns that also have a positive impact on societies. As LTC’s General Partner I lead from the front to create such environments.

LUX: At LUX, we share your love of Ornellaia and Sassicaia .. please tell us about how this passion came about?
KS: We are a club known for our regular live events in Mayfair, so when lockdown came we moved quickly to gather the community online. Being based above 67 Pall Mall, the amazing wine club in London, we were able to arrange distribution for wine to be sent out to members. We would do group Zoom calls where we tasted Super Tuscans while discussing tech investments. Both Simon, our COO, and I have a love for Italian wine so it was an easy one to agree internally to do, and it reiterates our mission as a club to provide the best technology investment opportunities, discussion and experiences.

Find out more: londontechnologyclub.com

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