In the first of a series of videos produced by London Business School’s Institute of Innovation and Entrepreneurship (IIE) profiling entrepreneurs who have overcome significant challenge, Atherton recalls how the first crisis he faced taught him “everything” about running a business.
“It was new, it was difficult, it was brutal,” reflects the world-recognised engineering nanotechnologist and chairman and investor at Sussex Place Ventures, London Business School’s venture fund, which funds early stage software and digital ventures in the UK.
Atherton’s entrepreneurial career began “by accident” when he was studying a PhD in Astrophysics at Imperial College London. He founded a company to exploit his research, selling equipment to academics.
“The business really took off in 1985 when NASA offered us a contract to build a system to go on a space shuttle, at which point I took a sabbatical from my academic career,” he says. “We grew fast until about 1991 when things got very tricky.
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“We had been doubling in turnover every year and then suddenly several of our projects went wrong at the same time. This followed a massive cashflow crisis. I had hired lots of people, many from university, and set them off on their careers. Suddenly I had to cut back.“