When Sir Terry Leahy, the former chief executive of UK supermarket chain Tesco, first heard about a small British start-up called Kind Consumer he felt sure he had found a gap in the market.
Here was a company with a very big idea – a safe way to get smokers their nicotine fix – that was struggling to win backers in the venture capital community.
Sir Terry says: “It may be a weakness in the [VC] investment model: if people are looking for three-year pay-backs, that’s not appropriate for really big ideas.” The former Tesco chief decided to make it one of his first private investments in retirement.
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