Andrew Stacey, CEO of AVGO Biotech, took part in Greenborough Management’s Taming the Dragons programme in 2020.

At the time, the business was still developing its technology and working towards proof of concept. Andrew saw Taming the Dragons as an opportunity to test the proposition, practise communicating it to people outside the business and, importantly, get in front of individuals who could potentially invest, advise or make valuable introductions.

Andrew already knew Russell Copley and Greenborough, having built a relationship with them over a number of years. Taming the Dragons provided another opportunity to access that external perspective at an important stage in AVGO Biotech’s development.

Since then, the business has continued to prove the potential of its technology. Grant-backed projects have demonstrated the processing of both eggshells and seashells, while support has also included Innovate UK programmes and work with CPI.

Andrew went on to win the Taming the Dragons pitch competition, but looking back, the financial prize was far less significant than the experience and opportunities that came with it.

Pitching provided a valuable opportunity to step outside the technical detail of the business and consider how AVGO Biotech’s proposition would be understood by potential investors and other people outside the sector.

For Andrew, this remains an important part of building a business:

“Whenever you sit down and do a pitch, you get another view of the business.”

The experience also reinforced the importance of making the most of the people in the room. Every participant, judge and adviser brings their own network, knowledge and experience, potentially opening doors to customers, collaborators or investors that a small business would struggle to access alone.

Taming the Dragons gave Andrew a supportive environment in which to develop those skills, challenge his thinking and build confidence in the proposition.

Growth Since the Programme

The most significant impact of Taming the Dragons came from what happened afterwards.

Connections made through the programme contributed to AVGO Biotech’s first equity funding round. One of the people connected with the Taming the Dragons network subsequently became involved in that raise, creating a chain of introductions and opportunities that Andrew believes may not have developed in the same way without the programme.

Since then, AVGO Biotech has secured significant backing to progress its technology, including equity investment and two Innovate UK grants worth approximately £100,000 each, alongside other grant-funded projects.

The business has progressed its technology through proof of concept and developed a patented process, creating the foundations for commercialisation.

Andrew has also raised equity through SEIS and is looking towards a future EIS funding round as the business builds further commercial evidence and traction.

The journey demonstrates how an initial pitch opportunity can create a much wider ripple effect: building confidence, creating connections and providing greater leverage when approaching future investors and funders.

Looking to the Future

AVGO Biotech’s immediate focus is on turning proven technology into commercial activity.

The business is currently exploring an opportunity with a major Scottish scallop producer, with plans to establish an initial milling operation that could process shells into lower-grade calcium carbonate for markets including agriculture and horticulture.

This would provide an earlier route to revenue while demonstrating demand and building the commercial evidence needed to support AVGO Biotech’s longer-term ambitions.

The ultimate goal is to establish a larger production facility capable of producing very white, high-purity calcium carbonate for higher-value markets including food and pharmaceuticals.

This also presents a significant sustainability opportunity. Calcium carbonate is traditionally mined and can be imported over considerable distances. By recovering it from existing biological materials, AVGO Biotech aims to provide a more circular UK source while reducing waste, transportation and demand for virgin mined material.

The proposed Scottish operation is an important next step. Securing commitment from an industrial partner could unlock further regional funding and provide the traction needed to progress towards a full-scale facility.

Six years on from taking part, the value of Taming the Dragons for AVGO Biotech can be seen in much more than winning the competition.

It provided Andrew with an opportunity to refine the pitch, gain an outside perspective and put the business in front of a network that ultimately contributed to its subsequent funding journey.

For an early-stage company with a small team, this external perspective can be particularly valuable. Greenborough’s experience across different businesses and markets brought another viewpoint to AVGO Biotech’s plans, while the wider network created opportunities that extended beyond the programme itself.

Andrew has known Russell, Michelle and the Greenborough team for around a decade and values their practical, straightforward approach and willingness to do what they say they will do.

His experience also highlights the importance of founders taking responsibility for what happens after a programme ends: following up conversations, building relationships and making the most of introductions.

For AVGO Biotech, one opportunity led to another. Taming the Dragons provided the platform for a pitch; the pitch created connections; those connections contributed to funding; and that backing has helped the business continue developing its technology and move closer to commercialisation.