Past events
Can charities afford not to invest in start ups?
In June 2024, we held a thought-provoking panel discussion about cancer innovation and impact investment: Far too often the needs of people living with cancer aren’t being met, and the UK still lags behind its international peers when it comes to cancer survival and early diagnostics. Are technology start-ups the answer? And what role should charities like Macmillan play?
To discuss this, Macmillan’s’ Chief Partnership Officer, Steven McIntosh, was joined by a panel of experts:
- Joe Stringer, Executive Chair and Director of Automata
- Umaima Ahmad, CEO of 52North
- Tej Panesar, Veteran Life Sciences and Healthcare Investor
- Richard Simcock, Chief Medical Officer, Macmillan Cancer Support.
Participants also heard from Leo Medical and Lucida Medical, the brilliant startups that are the first to receive investment through Macmillan’s Innovation Impact Investment Portfolio.
The discussion was recorded and it can be viewed here.
Event summary
During the event, the panel discussed why Macmillan is helping to develop new ways to transform the lives of people with cancer by investing in the most innovative ideas and pioneering products that will make the biggest difference to quality of life.
We're working with people with cancer, the NHS, forward-thinking companies, and experts in healthcare and technology to make this happen.
Cancer care is at crisis point. Staff continue to work tirelessly to provide people with vital care – but chronic staff shortages and an enormous backlog of patients are leaving them stretched to breaking point.
Inequalities in healthcare are creating unfair and avoidable differences in how long people are likely to live, the health conditions they may experience and the care that is available to them.
Cancer care must adapt and evolve, and innovations have the potential to ensure that each patient receives personal and compassionate support.
Why does Macmillan have a role in innovation?
Since Macmillan's work began, it has shaped some of the most important developments in cancer care in the UK. Now, breakthroughs in areas such as genomics and artificial intelligence have the potential to transform cancer care and we need to be part of this. We want to accelerate progress and make sure what is developed meets the needs of people with cancer.
Utilising our knowledge, expertise, and relationships across the UK we can provide vital insight that has the potential to drive systematic changes to improve the lives of every person affected by cancer.
Our Chief Partnerships Officer, Steven McIntosh, shares what he thinks the opportunities for innovation are:
The value of collaboration with Macmillan
As an investor, Macmillan plays a unique role that ensures that patients' needs are kept at the forefront of decision-making. Through Macmillan’s established Innovation Community, innovations are developed to ensure that they will make the biggest difference for people living with cancer.
With each investment, Macmillan aims to bring:
- Patient perspective
- Connections to clinicians
- Testing and challenging the development of innovations
- Value of trust
“So we've done work together, but you know University of Cambridge’s venture fund, Kings, HealthPartners venture fund… All of these people were coming in and I can't tell you the excitement there about Macmillan potentially being there”
“There is nothing that drives me more than knowing that Macmillan is on my cap table”
“You have to review each investor in terms of what they bring […] Introductions to clinicians to test and challenge what it is that you're doing and discussions with obviously people living with cancer, but also with carers and other people involved in that journey. You know Tanya and Felix from the investment team have been crucial in terms of giving us those opportunities to meet new people who are interested in participating”.
Umaima Ahmad, CEO, 52North (creators of Neutrocheck)
Impact investment
By investing this way, Macmillan hopes to play a critical role in developing new ways to transform the lives of people with cancer and inspire other organisations and investors to support innovation in cancer care.
These investments offer us the potential to diversify income streams and achieve greater returns, as well as helping them reach their full potential to improve the cancer care system.
“The opportunities in both in terms of financial, but in particular impact, are enormous. And that is what venture and technology is well known for, having massive impact on our lives.
“And so that's what makes it particularly exciting when groups like Macmillan Cancer Support start to think about deploying capital because they come at it with a different perspective”
“If you roll forward 10 years and imagine that maybe Macmillan is sitting there with a massive exit, capital to recycle into more investing into the space, an expert team that's known both for its investing and nuance and capabilities, as well as its focus on impact. There is a template there to build something really powerful.”
Tej Panesar, veteran life sciences and healthcare investor
Play a vital role in improving cancer care
The Frontier Funders Club is a fundraising product aiming to raise £2 million over 2 years. The money will fund partnerships and investments in start-ups and small businesses at the forefront of developing groundbreaking innovations in cancer care. The purpose of the Frontier Funders Club will be to:
- Raise money to fund partnerships and investments in innovations that people experiencing cancer need (each member joining the Club will give £50,000).
- Connect donors to innovators, providing the opportunity for them to use their skills and experience to support the development of groundbreaking innovations
- Build a community of supporters passionate about innovation who can work with us to drive transformative change for people with cancer.
What will the money be spent on?
The money raised will be invested in developing, testing, and rolling out new products and diagnostic tools for people with cancer. We estimate that £2 million could fund the next 10 groundbreaking innovations in cancer.
“I can absolutely assure you, the level of rigor and professionalism far outstrips my prior employer, which is one of the most commonly known and most active VC funds in Europe. So if it's a question around professionalism and competence, there is absolutely no doubt.”
Joe Stringer, venture capital investor & former Head of Healthtech, Octopus Ventures
If you are interested in joining our Frontier Funders Club, or would like to find out more about Macmillan’s innovation work, please email us at philanthropyenquiries@macmillan.org.uk.
See other events
See other philanthropy events
Our philanthropy events are an opportunity for people who are interested in our services to find out more about current and new ways we help people living with cancer while offering a way for people to support specific projects.