The Difference Engine | B2B Category Design | Private Equity | Venture Capital

In 1990, while working at CERN, Tim Berners-Lee proposed and developed what would become one of the most influential spinouts in history: the World Wide Web. The Web was opened to the public in 1991, and in 1993 CERN released the software into the public domain - enabling its rapid global spread and laying the foundation for today’s modern Internet.In Episode 66 of The Difference Engine tech strategy podcast, Paul Maher and I explore a new report that shows European spinouts are emerging as a deep-tech powerhouse. Since 2019, they’ve accounted for 40% of all new startups in these fields - an...

Recorded in partnership with Boardwave, this episode of The Difference Engine features Colin Tenwick - a leader whose career tracks the evolution of modern tech.Colin began in the early enterprise software era with Ingres, later leading Sybase and driving Red Hat’s European expansion long before open-source and SaaS were mainstream. Colin’s career is one of constant reinvention. He scaled StepStone into one of Europe’s first major digital recruitment platforms, steered BookaTable as it brought online reservations to the masses, and chaired hybrid-cloud provider Control Circle through to a successful exit.Today...

It’s easy to be captivated by the dazzling glow of AI. Sky-high valuations, relentless acquisitions, and the promise of investor cash are drawing in a swarm of hungry tech moths. But what’s really fueling this blaze? What forms the wax that keeps this light alive, and are we overlooking the real AI winners?Today, we uncover the hidden power behind the AI boom.Also in this episode: we’ll look to the past to uncover what the future holds for Category Design, and we’ll take a sharp look at Europe’s unicorns to explore...

MIT’s State of AI in Business 2025 report found that 95% of generative AI pilot projects fail to deliver a measurable return on investment. When findings like this drop, they spread fast - sparking debate, reshaping narratives, and influencing how companies, investors, and even public policymakers think about AI’s real-world impact.So what does MIT’s and other recent reports actually tell us about the position of the AI industry and tech sovereignty? Is it a sobering reality check, meaningless noise, or something else entirely?Also on today’s episode: We’ll be backing our brothers a...

Cornwall, in England’s far southwest, is known for its rugged coastline and mining heritage. Home to just over 600,000 people, it’s produced cultural icons from author William Golding to Fleetwood Mac’s Mick Fleetwood - and now, CUBE’s Founder & CEO, Ben Richmond.In 2008, as the world reeled from the fallout of the financial crisis, Ben saw an opportunity in the wreckage. Predicting a tidal wave of regulatory complexity, he set out to bring clarity to the chaos - creating a platform that could turn regulatory noise into actionable intelligence. That vision became CUBE, now a global l...

Recorded at Boardwave Live, this episode of The Difference Engine features former British Army Major General Rupert Jones. With three decades of service, from commanding 5,000 troops in Afghanistan to leading the liberation of Mosul and Raqqah, he brings unparalleled knowledge of strategic leadership. Now advising startups, Rupert guides us through the rapidly relevant world of Defence Tech. We’ll explore how technology and government intersect, the distinctive challenges of defence investing, and why the military might be an unexpected yet rewarding place to take your business. Truly, the Very Model of a Modern Major-General.There is more in...

This week, the Difference Engine is stepping out of the office and heading to one of the most exciting tech events of the year - Boardwave Live 2025. The Boardwave network brings together a powerful community of founders, CEOs, chairs, independent NEDs, and investors from across Europe, representing companies at every stage of growth.At their flagship live event in the heart of London, we had the privilege of learning from some of the brightest minds in European tech. It’s an inspiring gathering that gives us at the Difference Engine great optimism for the future of the in...

Klarna has been through the wringer. Once Europe’s most valuable fintech, it’s endured a sharp valuation drop, a tough round of layoffs, and endless questions about the sustainability of ‘buy now, pay later.’ However, with profitability back on the books, Klarna is pushing ahead with its long-awaited IPO. So, does sheer staying power translate into success on the public markets, and does it have that vital Category angle?Also on today’s episode: European fintech takes aim at US incumbents, and AI makes bold moves in bankingWhat to look forward to:0...

As the sun sinks over the faltering London Stock Exchange, a new frontier is emerging. Not in Silicon Valley or Wall Street, but deep in the heart of Texas. There, a sharp-shooting newcomer is stepping through the salon doors with a bold dual-listing strategy.Could the Wild West be quietly transforming into the best place to do business?Also on today’s episode, the misunderstanding of the impact of AI and what the first quarter numbers reveal about the SaaS software market.What to look forward to:00:36 Y’all Street12...

“What's in a name? That which we call a rose by any other name would smell as sweet”. This might’ve been true for a couple of love birds in the 15th century, but in the battle for supremacy in today’s AI war, a name (and who controls it) means everything. So who will win the right to claim the name of this new AI category?Also on today’s episode, we’ll ask where all the Quango bosses are going and denounce corporate greed on the anniversary of Mike Lynch’s death.What to look...

Welcome to the fifth in a series of interviews with European tech leaders brought to you in association with Boardwave. The Boardwave network is a powerful community of Founders, CEOs, Chairs, Independent NEDs & their Investors from across Europe, representing companies at every stage of development.This week, we are joined by tech entrepreneur Sean Williams. A Philosophy graduate from Cambridge University, Sean brings a sharp strategic mind to solving some of the toughest business challenges with AI. As the Founder and CEO of AutogenAI, a fast-growing scaleup backed by investors like Blossom Capital, Spark Capital, and Salesforce...

A seasoned technology executive with an extraordinary career spanning more than four decades, Bill Conner is the real deal. From leading companies through high-stakes turnarounds to creating category-defining tech products, Bill has done it all. He’s been a four-time CEO, a trusted partner to Private Equity and Venture Capital, and a go-to expert for driving both top and bottom line growth in complex technology businesses.In this episode, we sit down with Bill to trace his remarkable journey from early engineering roles at AT&T to reshaping the future of cybersecurity at SonicWall and now...

What do we know about Grok? We know it’s Elon Musk’s latest so-called free speech machine and that it has drawn heavy criticism for spreading hate, earning the disturbing nickname ‘Mecha Hitler.’ With headlines dominated by non-stop controversy, it's no surprise that the broader public knows little about Grok’s technological potential.So are we missing something? Has all the outrage obscured a significant breakthrough?Also on today’s episode: we continue our assessment of the mad mad world of AI right now and take on the future of consulting.What to look forw...

The UK government has pledged £550 million towards quantum technologies. At first glance, that might sound like a hefty sum—enough to buy Chelsea a striker or two. But when you stack it against Amazon’s £40 billion investment in the UK, it raises a serious question:Is the UK taking quantum seriously?Also on today’s episode: we take a look at how Swedish startup Lovable stacks up in the crowded AI arena, and explore why, when the going gets tough, the tough choose to think differently.What to look forward to:00:30 £550m for Qua...

‘A gut feeling.' It's a fairly common answer from many VCs when asked why they backed a particular startup over another. When all the numbers have been crunched and the data deliberated, the final decision often bypasses the brain and falls on the gut. However, is the human gut about to be out of a job?Nik Storonsky, co-founder of Revolut, is betting on it. Will his new venture, QuantumLight, usher in a new era of algorithmic investing? And if so, are you ready?Also on today's episode, a word from the Wise to th...

Every crisis hides an opportunity. That might be cold comfort for M&S execs staring down a £300 million profit hit after a shelf shattering cyberattack. However, here at The Difference Engine, we prefer to see the positive.With cybersecurity now front and centre, and traditional defences clearly falling short, the question is: how can you seize the moment?Also in today’s episode, how Builder.ai rose fast and stumbled hard, and whether Intel can hold it together after going under the knife.What to look forward to:00:32 The £300m lessons from...

Welcome to the fourth in a series of interviews with European tech leaders brought to you in association with Boardwave. The Boardwave network is a powerful community of Founders, CEOs, Chairs, Independent NEDs & their Investors from across Europe, representing companies at every stage of development.This week, we are joined by tech entrepreneur Amber Vodegel. Born in the Netherlands and now based in the UK, Amber has built a career at the cutting edge of healthtech, creating tools that directly improve lives. As the founder of Pregnancy+, the world’s leading pregnancy app with over 150 million users, sh...

Y Combinator is widely regarded as the world’s leading startup accelerator, having helped launch companies now worth a combined $800 billion! So when they speak, it’s worth paying close attention. Today, we’re diving into some timeless wisdom from Y Combinator co-founder Paul Graham.Could a couple of key insights change your chance of success?Also in today’s episode, we'll take a look at the launch of a new Big 4 spin-out consulting firm, Unity. They are backed by $300 million of PE money.  But are they different enough to cut the mustard?What to l...

Welcome to the third in a series of interviews with European tech leaders brought to you in association with Boardwave. The Boardwave network is a powerful community of Founders, CEOs, Chairs, Independent NEDs & their Investors from across Europe, representing companies at every stage of development.This week, This week we are joined by Boardwave patron and mentor Rich Waterworth. Rich has spent his career at the intersection of media and technology, shaping the future of how we create, consume, and connect. From 2019 to 2024, he served as General Manager of TikTok across Europe and EMEA, steering the platform’s...

When global trade becomes chaotic, tech steps up to create order. In today’s episode, we explore the idea of ‘Tariff Tech’. Born from disruption, driven by necessity, and poised to reshape supply chains, resilience, and trust in an uncertain world.Is there a golden opportunity hidden within Trump’s tariff turmoil?Also in today’s episode, we’ll ask how AI can downsize your team while dialling up your productivity, and we’ll continue to be Europe’s loudest cheerleaders by speculating how the dumping of Chinese electronics could give the continent a competitive edge.What...