JIM LEWCOCK launched his first performance agency, TheSpecialistWorks, in 2003, growing to 200 staff and £130m billings before selling via MBO in 2018.
Now he operates BLUE14, an investment syndicate in the digital marketing sector, and is Executive Chair of supergroup, an independent media network. He is also co-founder and investor in several DTC brands and has a ‘passion project’ in the music business helping artists build global audiences.
Jim has 20+ years’ experience in growth strategy, M&A deals and culture creation.
What made you decide to start your own business?
There are two parts to this. The first trigger was timing – I was 30 years old, we’d just had our first baby and bought our first house. I realised that in two or three years it would be impossible to break away because of the financial responsibilities that having a growing family entailed.
The second trigger and inspiration came, as it does for others, from pub talk. The pub talk became a reality – with a single moment. I won IPC Media’s Top Salesperson of the Year and was handed a new car worth £14,000. In short, I sold the car which gave me a big cash injection to break away and set up my own business. I founded TheSpecialistWorks in January 2003 and 18 years later launched VC fund BLUE14.
What is the best and the worst part of being a Founder?
It’s one and the same thing; the freedom to work longer hours.
How do you decide what to focus on?
When I set up my first business in 2003, I simply carried on what I had been doing previously at IPC Media, which was print media advertising. Essentially, leaflets. It was a big niche without any specialist competitors. My learning from this is to pick a specialism in which you are already skilled and become number one at that. A few years later, we did become the number one provider of print media (leaflets), booking 1.3bn leaflets a year into newspapers, magazines and ecommerce parcels.
How do you motivate yourself to do things you don’t want to do?
Really badly! I tend to let them build up and then they make me anxious, and then I angrily get them out the way with gusto. But in short, I do it badly and let things build up.
Have you ever failed? What did you do with it?
I failed many times in my career, but – and it’s a bit of a cliché to say this – like everybody I learnt from those failures. For me, any failures naturally catapult me to the next thing, and I don’t like to dwell on them.
What keeps you up at night?
Multiple projects to think about that consume my attention – whether or not it’s even my job to worry about them.
How do you define success, and has that changed over time?
Yes, it has changed. Most entrepreneurs are not given success metrics, so we use numbers or profit to measure what success is. Although that’s a crude metric, it doesn’t lie. There’s a lot of lying in investment circles, a lot of stories and narrative, but numbers are the true sum of your activities – although most people try to lie about these too. I guess that’s why we need M&A advisors!
Success metrics for me have evolved into Return on Engagement (ROE) – namely making strong connections, having fun, and finding purpose in what it is I am doing – and this will continue to evolve with time.
I’ve recently invited my community to join One Million Mentors. We have 50 people signed up already and are hoping to be adding others in the future. This is an amazing opportunity for entrepreneurs to give something back by working with young people aged 16+, guiding and encouraging them to grow their knowledge, networks, and the confidence they need to succeed.
When did you first feel like you were on the path to success? How did you celebrate?
It now seems so small, but as a new founder it was really tough so when pivotal contracts were won, we would celebrate like we’d won The World Cup. We were based in Brick Lane so we would celebrate with a slap-up curry or share a bottle of Champagne in a place called The Vibe Bar which was on the site of The Old Truman Brewery. Brick Lane had a hive of lots of young start-ups back then. It was very vibrant which was incredibly inspirational in the early 2000s.
The winning feeling became infectious within the business, and within 12 months we saw trading moving from loss to profit, which looks good in today’s world because so many people are losing money.
What is the most valuable skill you’ve learnt and how does that serve you now?
I’ve learnt how to sell very well, and to communicate with words that motivate and move people to action. Words can be used in a positive way. Someone said that one of my greatest skills is culture creation and building things. I’m good at taking things from zero to something, which often involves lots of persuasion and buy in, when you have no proof. It’s about creativity and building momentum.
What is the most important lesson this journey has taught or reconfirmed for you?
What it’s taught me is that what I have learned might not be correct! Which I know is a contradiction! Most people learn stuff without realising that it might be out of date or wrong in the first place. They then apply these learnings, which is counterproductive.
My biggest learning is ‘unlearning’, so that I remain open to new ideas. I understand that changes are constant and that I must keep innovating to remain relevant, fluid, and flexible. Fixed thinking or fixed beliefs is not healthy for innovation. This can be particularly difficult if you believe your experience is your value as you will struggle to let your values go.
What’s your next goal and when will you retire?
I have a two-to-five-year plan to consolidate investments in to one big powerful Media Group and pass the running and the direction of this group to the younger, brilliant generation. We have a cracking CEO who is only 24 years old, and my 18-year-old son is showing a vague interest in joining the group when he finishes University.
When it comes to the question of retirement, I’m fortunate enough that my current roles are advisory, which I can sustain for next few years providing it all stays interesting. My ideal is to make work as ‘play-like’ as possible, therefore I continue to passionately engage in process and not be fixated on the outcome being my retirement age. The idea of retirement implies that what you’re doing now isn’t enjoyable or fun so focusing on simply retiring can become a toxic goal.
What would you like your legacy to be?
There is an ego attached to the word ‘legacy’ that I am not comfortable with therefore it’s not really a thing for me. It sounds daft to spend time thinking about something that you’re not there for. Does it matter what happens next when you don’t exist? It’s all about the now. If I don’t exist it’s irrelevant to me. I have no attachment to being in the history books!
Looking back, is there anything you would have done differently?
Business wise, I have zero regrets as it’s been fantastic. The people I did it with, as well as the results, made it what it was. Bigger success may involve having more things that you don’t desire – more money, more people, more admin, more issues! And ultimately, reduced enjoyment.
I didn’t get to spend much time at home with my young kids – but I don’t regret that, that would be dishonest. My time and energy was needed where it was at that time, and my wife – the other half of the partnership – loved being a mum of four. At 50 years old I am now extremely lucky to be able to spend lots of time with my wife and kids.
Lastly, what do you think are the biggest challenges our industry will face in the next 5 years?
The constant opportunity and commoditisation of our businesses. The biggest social media channels – TikTok and Facebook – will be obsolete in a few years.
Everyone else is doing it all. There are such narrow windows for opportunities, and extremely volatile markets. Challenges are universal whether as an investor or as a company.
60 SECONDS with JIM
Favourite way to relax?
Music, golf and a bit of yoga.
Where is your happy place?
The beach and the woods.
A recent read that really inspired you?
The 5th Agreement: A Practical Guide to Self-Mastery.
What tool couldn’t you work without?
My brain.
Favourite song or piece of music?
There’s too many to choose but I love Ambient, Électronica and Folk. Artists like Jon Martyn, Peter Gabriel, M83, Annie Lennox, CSNY.
Dog or cat person?
Dog.
Best city to spend a weekend?
Paris or Brighton.
Which is your favourite brand and why?
I am not a big brand lover – but I really like my Tesla because it’s fun!
Where should we go that we haven’t been?
The Green Man Festival, an indie music, science, and arts festival in the Brecon Beacons.
Do you have a motto in life?
It is what it is and be thankful.