The early bird ..

With much talk surrounding the uncertain economic outlook and the subsequent drop-off in buyout deals, activity in the early-stage segment has tended to be overlooked. While this space has its well-documented problems, the volume of deals in recent weeks is an encouraging sign. Private equity backing for companies in the pre-revenue stage, or in those turning over only small amounts of cash, is more important for the future of the UK as a financial and entrepreneurial centre than buyouts in the hundreds of millions or billions