Don’t start your company in Wales

Last week I found myself at the Tramshed Tech founders’ Christmas party. It was the usual festive affair: warm wine, cold hands, and the same three questions looping like a broken record. Who are you? Why are you here? Why Wales?

It was great to catch up with old faces and meet new ones, but that theme was ever-present. What makes Wales so special?

They are fair questions. If we can’t look an investor in the eye and explain why we’re building in Pontardawe rather than Palo Alto, we’re in a losing battle. You could argue all day about skill, investment, and opportunity, but let’s be honest: none of that is unique to Wales.

So, if we’re no different, perhaps you shouldn’t start a business in Wales. Seriously. Don’t do it.

Unless, of course, you like the rain.

There are reasons I stay. I grew up here. As an outdoorsy person, I love the countryside. There is nothing quite like trudging up Pen y Fan in a gale to distract you from your burn rate. The work-life balance is also compelling. We have affordable housing, which is handy when you’re bootstrapping and your daily lunch is beans on toast. Local communities are incredibly warm; it’s a nice place to be, provided you don't measure your self-worth by your quarterly projections.

However, for everything that makes us attractive, we have a fatal flaw: Aggressive Humility.

The Welsh are a humble people. If a Welsh founder cures a disease, they’ll apologise for not doing it sooner. We don’t shout about our personal achievements. We whisper them into a void and hope nobody notices. We rarely even shout about our country, which we are so proud of—except for the rugby, but looking at recent years, we’ve gone quiet on that front too.

So, Wales has humility. But it also has heart.

One of my favourite characteristics of this place is the support network. Starting a business is lonely, miserable work. In Wales, at least you can surround yourself with other people who are equally miserable.

Two months ago, I started my venture studio, Creu Labs. Since then, I’ve connected with many other Welsh founders. Our conversations mostly involve us staring into our coffees and discussing the one thing we all agree on: The ecosystem is broken.

It’s not a lack of talent. (Of course I’d say that, I’m Welsh. I’m not going to talk us down that much!)

I’ve heard endless theories about the lack of capital in Wales. I don't buy it. The money is there, it’s just incredibly shy.

Welsh investment seems to view high growth with the same suspicion usually reserved for a phone call from an unknown number. We suffer from a severe allergy to risk. The capital that does exist often looks for a warm feeling of safety, rather than messy, chaotic potential.

We have an ecosystem where success is defined by how long you can hold your breath, not how fast you can run. It turns visionary entrepreneurs into administrators, managing cash flow rather than managing growth.

But what can I do? Well, I started a venture studio to try and fix the plumbing. I’m arguably now a part of the problem. I’m another person with a busy LinkedIn profile and a laptop. But seriously, I like to think we’re building the knowledge required to convince people that "risk" isn't a dirty word.

So, don't start a company in Wales. Not if you want easy money. Not if you want investors who throw term sheets at you like confetti. And definitely not if you’re looking for sun.

But, if you want a community that will actually support you, if you want affordable living while you build your empire, and if you’re willing to help us convince the money to be a little bit braver? Then there is no better place to build.

That’s why I’m here. That’s why I built Creu Labs. Now, pass the warm wine. Merry Christmas!