British founders are being urged to think twice before accepting cheques from investors lured by tax breaks, after fresh analysis revealed that companies relying on the Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are overwhelmingly failing to scale.

Antler, the Singapore-headquartered early-stage venture capital firm, has crunched the numbers on more than 40,000 UK funding rounds over the past decade and concluded that the schemes, long held up by successive chancellors as the jewels in the crown of British start-up finance, are doing the opposite of what was intended.

Just 12 per cent of all UK companies raise follow-on capital after their initial round, according to Antler’s research. For those backed exclusively by EIS or SEIS money, the picture is bleaker still: a mere 3.7 per cent ever go on to secure further investment.

Adam French, partner at Antler and a familiar face on the British venture scene, did not mince his words. The schemes, he argued, prioritise “quantity over quality” and fail to provide founders with the strategic backing they need to grow into the kind of businesses that genuinely move the dial.

“If you were an investor in an SEIS fund, you’re primarily excited about the fact that you’re going to get 30 to 50 per cent of your investment back as a tax benefit in your tax return, and you don’t care as much about the outcome of the business that you’re investing in,” Mr French said.

The contrast with conventionally backed start-ups is stark. Where a company secured at least one institutional co-investor or an active angel in its opening round, the proportion going on to raise more capital leapt to 25.7 per cent, almost seven times the rate seen by the tax-relief-only cohort.

“The only way to do a good job in venture capital is to find the companies that go on to be outliers, and the tax-incentivised funds don’t have that mandate,” Mr French added. “They’re not looking to take insane amounts of risk because that’s ultimately what you have to do in venture to make a lot of money.”

The SEIS was introduced in 2012 by then-chancellor George Osborne to turbocharge the flow of capital into Britain’s fledgling start-ups, building on the older EIS, which dates back to 1994. Both offer generous reliefs designed to compensate investors for the considerable risk of backing unproven businesses.

Under current rules, investors can deploy up to £1 million per tax year, rising to £2 million for so-called knowledge-intensive companies that pour resources into research and development. Hold the shares for at least two years and any losses can be offset against income tax, an arrangement that, in effect, allows the Treasury to underwrite a significant chunk of the downside.

For more than a decade the schemes have channelled billions of pounds into the British innovation economy, and they have plenty of defenders in Whitehall and the City. But Antler’s findings will reignite a long-simmering debate about whether tax-led investment is genuinely building the next generation of British scale-ups, or merely creating a cottage industry of tax-efficient portfolios that quietly run aground.

Antler’s analysis did find that companies raising $1 million or more in their opening round were more likely to attract further backing, suggesting that cheque size remains a meaningful signal. But Mr French was emphatic that the calibre of the investor on the cap table mattered more than the headline figure.

His message to founders is blunt. “My advice to founders is to make sure you’re very selective about who you’re taking money from,” he said. “Don’t go for the first capital that lands on your table, make sure you go for the right capital.”

For Britain’s army of seed-stage entrepreneurs, the warning lands at a delicate moment. With venture funding still well below the highs of 2021 and the cost of capital biting across the board, the temptation to grab whatever money is on offer has rarely been greater. Antler’s data suggests that succumbing to that temptation may be the surest route to a dead end.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

Architects Sheppard Robson also moving to refurbished 1960 city centre scheme

The developer behind the huge Victoria North regeneration scheme is to open its UK headquarters at the Pall Mall redevelopment in Manchester city centre as it continues to grow its presence in the city.

FEC has signed up for 4,992 sq ft of fully fitted and furnished workspace at the 1960s King Street building that has been redeveloped by Bruntwood SciTech.

Meanwhile the architecture practice that designed the £33m redevelopment, Sheppard Robson, is also moving into the building it designed. It has agreed a deal for 9,956 sq ft across two floors.

FEC is delivering Victoria North, which is one of the Government’s seven new towns and is set to see 15,000 homes constructed across 390-acres of land.

Gavin Taylor, managing director at FEC, said: “Establishing our UK headquarters at Pall Mall marks an important milestone for FEC as we continue to grow our presence in Manchester. The city is central to our long-term strategy, and this move enables us to bring our team together in a high-quality, flexible environment that reflects both our ambitions and our ongoing investment into Manchester and the wider region.”

Tony O’Brien, partner at Sheppard Robson, said: “We have had an office in Manchester for over 25 years, with a diversified portfolio of work across the region contributing to the growth of our 100-strong studio.

“Our deep retrofit of Pall Mall is the perfect new home for the office’s next chapter and a statement of intent, embodying many areas of our expertise – from shaping engaging interiors and amenities to creating meaningful new public spaces.”

As well as the Pall Mall deals, Bruntwood SciTech has confirmed two more lettings across its city centre portfolio.

Experience innovation business Valtech is taking 3,000 sq ft of space at King’s House, while “a large-scale global credit rating agency”, has agreed a 19,400 sq ft, 10-year lease at 5 New York Street,after six years in Bruntwood SciTech’s serviced space at Bloc.

Jack Harrison, senior commercial surveyor at Bruntwood SciTech, said: “These lettings underline our approach to creating places that not only honour Manchester’s architectural heritage, but also support the next generation of innovative businesses. Securing customers like Sheppard Robson and FEC, who already play an important role in the city’s growth, is a clear endorsement of both the building and the wider ecosystem we’re continuing to develop across the city centre; providing the environment, connectivity and community businesses need to grow.

“The breadth of lettings across our Manchester city centre portfolio highlights the continued demand we’re seeing from businesses seeking well-designed, future-ready workspace that can support their evolving needs. From fitted and furnished suites through to larger leased spaces, we’re focused on providing environments that enable companies to scale, collaborate and connect into Manchester’s thriving innovation ecosystem.”

Savills acted for Sheppard Robson, while LEVEL Agents represented FEC.

KUWAIT CITY — Kuwait International Airport (KWI) is operating on a limited basis today, Tuesday, April 28, 2026, with Terminals 4 and 5 handling restricted commercial flights following a phased reopening after nearly two months of closure due to regional conflict and security concerns stemming from the Iran crisis.

The Directorate General of Civil Aviation (DGCA) confirmed that Kuwait Airways from Terminal 4 and Jazeera Airways from Terminal 5 resumed operations on Sunday, April 26, under a carefully managed plan. Only a fraction of pre-crisis capacity is currently available, with approximately 40 flights daily — 20 arrivals and 20 departures — operating mainly between 9 a.m. and 4 p.m. local time.

Passengers are strongly advised to check flight status directly with their airlines or the official airport website before heading to the facility. Main Terminal 1 remains closed for repairs and assessments following reported drone-related incidents earlier in the year, limiting operations to the two dedicated terminals for national carriers.

Kuwait Airways has restarted service to about 17 destinations, including Riyadh (Tuesdays and Fridays), Jeddah (four times weekly), London (three times weekly), Delhi (weekly), Kochi (three times weekly) and Manila (three times weekly). Jazeera Airways is operating to nine destinations, focusing on regional routes. No foreign carriers have resumed services yet, though authorities say further expansions are under review.

The airport’s gradual reopening follows the airspace reopening on April 23 after a suspension that began around late February amid heightened regional tensions. The phased approach aims to ensure safety while rebuilding confidence in Kuwait’s aviation infrastructure. Officials have described the restart as smooth, with coordinated support from multiple government agencies including the Ministry of Interior, Customs, Fire Force and Health Ministry.

Travelers arriving or departing today should expect enhanced security screening and potential delays due to the reduced capacity. The airport authority has urged patience as operations scale up toward fuller functionality in the coming weeks. Ground handling, baggage services and passenger facilities in the active terminals are functioning, though some amenities remain limited.

The closure had significant economic and social impacts. Kuwait Airways and Jazeera Airways reported combined losses exceeding $450 million during the suspension, with operations temporarily shifted to Saudi airports such as Dammam and Qaisumah. Thousands of expatriate workers and citizens faced travel disruptions, forcing reliance on overland routes or alternative hubs.

Reopening brings relief to the aviation sector and the broader economy. Kuwait serves as a vital hub for regional travel, connecting South Asia, Europe and the Middle East. The return of even limited flights supports business, family reunions and medical travel, sectors heavily affected by the prolonged shutdown.

For international passengers, options remain constrained. Those planning travel to or from Kuwait should monitor updates closely, as schedules can change with little notice based on security assessments. Airlines recommend arriving early and confirming terminal assignments, as only T4 and T5 are active.

The situation reflects broader regional dynamics. While a fragile ceasefire has allowed airspace reopening, full normalization depends on sustained stability. Kuwaiti authorities continue monitoring developments to expand operations safely, with hopes of welcoming foreign carriers soon.

Travel experts advise flexibility. Passengers with bookings on Kuwait Airways or Jazeera should check for updates via official apps or websites. Those using other carriers may need to reroute through nearby hubs like Dubai, Doha or Riyadh until more services resume at KWI.

Airport officials have implemented strict safety protocols, including enhanced screening and coordination with military and civil defense teams. The phased restart demonstrates Kuwait’s commitment to balancing security with the need to restore connectivity.

For residents and visitors already in Kuwait, the partial reopening eases some logistical challenges. Expatriate communities, which form a large portion of the population, particularly welcome the resumption of flights to key labor-sending countries like India, the Philippines and Egypt.

Looking ahead, authorities plan further expansions. Full terminal reactivation and international carrier returns could occur within weeks if security conditions remain favorable. The airport’s recovery will play a key role in Kuwait’s economic rebound as regional tensions ease.

Travelers are reminded to follow all official guidance. The DGCA and airport management continue issuing regular updates through traditional and social media channels. In the meantime, today’s limited operations mark a significant step forward after months of uncertainty.

Kuwait International Airport’s partial reopening today offers cautious optimism for travelers and the aviation industry alike. While far from normal, the return of flights signals progress and resilience in the face of recent challenges. Passengers should remain vigilant, confirm details and prepare for a gradually improving travel landscape in the days and weeks ahead.

Software development projects fail more often than they succeed — not because the technology is too difficult, but because the process is misunderstood.

Teams underestimate complexity at the start, lose coherence in the middle, and then inherit products at the end that are harder to maintain than they anticipated.

The approach of Softalium Limited to full-cycle software development is built around a different understanding of what the process actually involves. A product is not finished when it is launched. It is finished — provisionally — when it is stable, understood, and capable of evolving. Everything before that is preparation.

Stage 1: Turning an Idea Into a Buildable Brief

The most consequential work in software development happens before a single line of code is written. With the global software market projected to grow to approximately USD 2,468.93 billion by 2035, according to Precedence Research, the stakes of building the right product — and building it well — have never been higher. Softalium Limited notes that the quality of discovery and scoping work at the start of a project is the single strongest predictor of what happens at every stage that follows.

Discovery is not just requirements gathering. It is the process of stress-testing an idea — identifying what problem is actually being solved, who it is being solved for, what constraints exist, and what success looks like in measurable terms. Teams that skip or rush this stage tend to build the wrong thing efficiently.

A buildable brief is the output of good discovery: a document that describes what the product needs to do, what it does not need to do at launch, how it will be evaluated, and what the key technical and organizational risks are. It is specific enough to guide development decisions but honest enough to acknowledge what is not yet known.

Softalium Limited’s team treats the brief as a living document — one that is updated as understanding deepens, not locked at the start and defended against incoming information.

Stage 2: Architecture Decisions That Survive Scale

Once the brief is solid, the next critical juncture is architecture. The structural decisions made early in a software project have a compounding effect over time. Good architecture choices are largely invisible — they simply allow the product to grow without increasing friction. Poor ones announce themselves through escalating maintenance costs, integration failures, and the eventual need for expensive rework.

Several principles guide architecture decisions in long-lived products, as highlighted by Softalium. Separation of concerns — building systems so that changes in one area do not cascade unexpectedly into others — is the most durable of these. It is not glamorous, but it is the discipline that keeps a codebase navigable as complexity grows.

Equally important is the question of what not to build. The temptation to architect for every possible future state leads to over-engineered systems that are slow to build and hard to maintain. Softalium Limited’s approach favors building for the near-term with clear extension points — solving the problem in front of the team, with deliberate accommodation for what comes next.

Stage 3: Development Practices That Preserve Quality Over Time

The development phase is where most project plans diverge from reality. Scope expands, estimates prove optimistic, and the pressure to ship accumulates. The teams that navigate this phase well are not the ones that avoid these pressures — they are the ones with practices robust enough to absorb them without compromising quality.

Softalium Limited emphasizes continuous integration and regular review cycles as the operational backbone of quality-preserving development. When code is integrated frequently, problems surface early — when they are small and cheap to fix. When reviews happen regularly, knowledge stays distributed across the team rather than concentrating on individual contributors who become single points of failure.

Testing strategy is another area where early investment pays long-term dividends. Automated test coverage is not overhead — it is the mechanism that makes future change safe. Softalium Limited’s view is that a codebase without meaningful test coverage is not a finished product. It is a product with an unknown number of undetected problems.

Stage 4: Launch as a Process, Not an Event

Launch is the moment most teams build toward. Softalium Limited notes that treating launch as a destination rather than a phase creates predictable problems. The period immediately after a product goes live is one of the highest-information moments in its lifecycle — real users, real conditions, real failure modes that no amount of internal testing fully anticipates.

• A launch process that is designed to learn from this period — with monitoring in place, clear escalation paths for emerging issues, and a team prepared to respond quickly — turns the inherent volatility of go-live into a useful signal.
• A launch that treats deployment as the end of the project misses the most important feedback the product will ever generate.

Softalium Limited’s approach treats launch as the opening of a feedback loop, not the closing of a project. The first weeks of live operation inform the prioritization of everything that follows.

Stage 5: Long-Term Product Health

The software products that remain valuable over time share a common characteristic: they are actively maintained and deliberately evolved. Softalium Limited believes that long-term product health is a practice, not a state — it requires ongoing investment in performance, security, technical debt reduction, and alignment between the product and the needs it was built to serve.

Technical debt is the most commonly neglected dimension of this. Every team accumulates it — shortcuts taken under time pressure, decisions deferred because the immediate priority was more urgent. Left unaddressed, it slows future development, increases the cost of change, and eventually makes the product brittle.

The position of the Softalium team is that technical debt management is not a separate workstream. It is part of every development cycle — a consistent, modest investment that prevents the compounding costs of deferred maintenance from becoming a crisis.

Final Say

Full-cycle software development is not a linear process, and it is not one that ends at launch. It is a continuous discipline — from the clarity of the initial brief through to the ongoing decisions that keep a product stable, secure, and capable of serving its users over time.

Softalium Limited’s approach is grounded in the understanding that the decisions made at each stage shape what is possible at every stage that follows. Discovery shapes architecture. Architecture shapes development. Development shapes launch. And how launch is handled shapes everything that comes after.

Getting each stage right is not just good engineering practice. It is how software products earn the right to exist for the long term.

A. Michael Lipper is a CFA charterholder and the president of Lipper Advisory Services, Inc., a firm providing money management services for wealthy families, retirement plans and charitable organizations. A former president of the New York Society of Security Analysts, Mike Lipper created the Lipper Growth Fund Index, the first of today’s global array of Lipper Indexes, Averages and performance analyses for mutual funds. After selling his company to Reuters in 1998, Mike has focused his energies on managing the investments of his clients and his family. His first book, MONEY WISE: How to Create, Grow and Preserve Your Wealth (St. Martin’s Press) was published in September, 2008. Mike’s unique perspectives on world markets and their implications have been posted weekly at Mike Lipper’s Blog since August, 2008.