Ben Johnson (@BCJLondon) header
Ben Johnson (@BCJLondon) profile picture

Investor in fast growing companies at Vitruvian Partners. White board addict. Future Fifty, TechNation (‘17-‘23). Independent NED, Oxford University Innovation

London, Oxford & Suffolk.
Joined November 2014
Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)Photo by Ben Johnson (@BCJLondon)
The American Dream is alive and well. With data now to prove it. Enjoyed reviewing this useful and eye-opening new book for my friends at @TheCEME
In 1963, an ex-Marine opened a hot-dog stand, by his own admission without knowing how to cook a hot dog. Decades later Dick Portillo sold the business for around $1bn and bought a 130-foot yacht named… Top Dog. Ben Johnson (@BCJLondon) reviews 'The Everywhere Millionaire' a book that reveals that the American Dream is alive and well, yet the entrepreneurial and often unglamorous successes it produces are not celebrated by the authors. theceme.org/book_review/the-…
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This magazine has been essential brain food for me for the last two years, and I've eagerly awaited the issues and evangelised often about them to many people. To my friends in the U.S., you can now get yours very conveniently if you want to try and see what it is I've been making all the fuss about!
From today, Works in Progress is now in stock at Barnes & Nobles nationwide across America. We're in 570 stores in 49 states*, including the flagship stores at Union Square & Fifth Avenue in NYC; Georgetown, DC; State Street, Chicago; and The Grove, Los Angeles. We're also now in Hudson News outlets across most major US airports, and the B&Ns at San Francisco Airport. If you tweet (or LinkedIn/Insta post) a photo of a copy of Works in Progress outside any of these stores, share the post with me or @WorksInProgMag via DM and we'll send you a free tote bag as a thank you. If you're a subscriber already, feel free to do it with own copy! You can see a full map of Barnes & Noble stockists here, and enter your Zip code to find your nearest store. *Sorry, Wyoming, we'll get to you! worksinprogress.co/barnes-no…
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Ben Johnson retweeted
Some big personal news: I'm moving to join Works in Progress as executive editor, starting next month. I have been hoping for an opportunity to work with @bswud and @s8mb for more than a decade, and I'm incredibly excited to finally have one. WIP is expanding on every front right now. We'll soon begin coverage of business and finance, as well as putting out more reported features. To that end, we'll be hiring more writers and reporters in the year to come. I'm planning to remain based in the US to help build out our presence here. The print edition of WIP has existed for less than 12 months, but sometime in the next week or so we will reach our 10,000th paying print subscriber. It's a group that now includes people who've been at the highest echelons of government and who run the world's biggest public companies. We’re already on track to 3x that number next year. We'll be in store at Barnes & Noble, Hudson News and independent newsagents next week too. I think WIP is providing something that people are craving from physical media right now: fewer, extremely well-crafted pieces in a beautifully designed form. Issues now feature an amazing group of columnists, including Tyler Cowen, Dan Wang and Stephen Kotkin. Each edition is better than the last. You'll see us in more and more places next year too. In January, our new weekly documentary films will launch on YouTube. We're expanding into the events space, with a new series in North America. The sky is the limit from here on out.
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Ben Johnson retweeted
Tyler Cowen (@tylercowen) is the reason Works in Progress exists: without the Emergent Ventures grant he gave us way back in 2019, we would not have been able to get it off the ground. So I'm especially proud to have him join us as a regular contributor this month. We've always wanted Tyler to write for us, but the question has always been about what. He can and does already write (and podcast!) for the biggest publications, and Marginal Revolution and Conversations With Tyler are already gigantic platforms themselves. But there is one thing I always want to hear about from Tyler that he doesn't regularly write about for someone else: food. So we asked him to be our semi-regular food columnist, and to our delight, he agreed. Nobody has shown how much amazing food there is on one's own doorstep better than Tyler himself, but for this month's piece, Tyler writes about the home of the world's third-best Italian food: Brazil.
We’re delighted to announce that the one and only @tylercowen, our internet writing sensei, is joining Works in Progress as a regular contributor. worksinprogress.co/issue/com… His first column is about Brazilian food, and like everything Tyler writes, it’s packed with hidden gems that make it much more than a food story. Some of the nicest tidbits: on her first trip to Brazil, his daughter declared she had “never had a banana before” – this is how good Brazilian bananas are, apparently. And Tyler and a well-traveled friend from Modena (of all places) agreed that Brazil is the third-best country in the world for Italian food, behind only Italy and Japan. If an Italian says that, we’d better trust him! But as always with Tyler, he manages to draw larger lessons from apparently mundane and object-level stories. So, in a short read, we learn much more than just the fact that Brazilian food is really good. First, food can be seen as a progress story. Brazil’s agricultural yields rival, and sometimes beat, those of the US, even though Brazil is a much poorer country. Abundant fertile land, high productivity, and short supply chains make ingredients plentiful and fresh. Tyler’s regret is that the rest of Brazil’s economy hasn’t embraced technology the way its food sector has. We also learn how immigration shapes Brazilian cuisine. Brazil has roughly 2 million citizens of Japanese descent, which makes it arguably the best place outside Japan for Japanese food. Tyler had a 15-course omakase at a Michelin-starred São Paulo restaurant for $110, booked just half an hour ahead. Brazil is also home to about 30 million people of Italian descent, the largest Italian diaspora in the world, which goes a long way to explain why his Italian friend was so satisfied with the food. The whole column is a delight, so do read it in full!
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Ben Johnson retweeted
I’m very biased, but the new @WorksInProgMag is IMO a masterpiece in both design and content. worksinprogress.co/print/
The @WorksInProgMag team has outdone themselves this time, I didn’t know that was possible We got flaps and everything! What a stunning piece of art!
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My new favourite publication. Can recommend.
The new issue of Works in Progress, arriving with subscribers this week, is our best ever and packed with must-read pieces. Our lead essay is @RobinRivaton and @bswud on how China's cities, and the competition between them, have driven its rise to techno-industrial preeminence. It also includes: - @danwwang on Chinese and American second-tier cities, - @tylercowen on the food of Brazil, - @vpostrel on the invention of supermarkets, - @CharlesCMann on the discovery of porcelain, - @salonium on the myth of accidental scientific discovery, - Stephen Kotkin on Leninism's fatal flaw, - @owl_posting on biomedical hedge funds, - @PMArslanagic on the formula for lovable cities, - @pietergaricano on Ukraine as the future of war, - @PatRubenFitz on the Bronze Age Collapse, and - @SCP_Hughes on the social lives of hard-partying Victorian elites. Plus: love and shame in Ancient Rome, making mosquitoes extinct, the return of 1930s dating norms, and why Pakistan is home to the world's best architect. And our new crossword, our cocktail column, classifieds, and more! The new edition has had a massive design upgrade with beautiful, premium matte paper, a larger form factor, and bigger, clearer and more elegant typeography. It is a joy to read. Copies arrive with subscribers this week: subscribe now or by October 16th to get yours. worksinprogress.co/print/
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Must read. These are choices. That other peer OECD/EU countries don't make. Whether they were good choices or not in the past we can disagree about - but we don't have the luxury of these choices anymore with our current economic challenges. @Ben_A_Hopkinson
Britain has an infrastructure costs problem. But what's causing this and how can we fix it? HS2 will cost up to £102.7bn for 140 miles. Spain built the second longest high speed network in the world, 2,500 miles, for less. It isn't just HS2 though. Underground extensions cost twice the per-mile average of France or Italy, and six times Spain's. Heathrow's third runway, excluding new terminals, is expected to cost 10 to 70 times more than other runways. British trams cost more than double the European average. Why are these projects so expensive? There are eight key reasons: 1. Planning: it took 14 years, £300m, and 360,000 pages for the Lower Thames Crossing to go from being designated a national priority to receiving permission. 2. Environmental and Habitats Regulations: these gave us the £216m bat tunnel and the fish disco, as well as an 18,000 page environmental statement to re-open just 3.3 miles of railway on an existing alignment. 3. Judicial review: of 36 legal challenges to approved major projects, only four forced a re-decision. All four were approved again, but fighting a legal challenge can add £120m+ to a project's cost and mountains of paperwork. 4. Funding: the Treasury pays, but cannot directly control a project's spend, so it instead requires long business cases. Once given funding, promoters don't have the incentive to build more cheaply. 5. Procurement: currently generalist teams rely on consultants and are more focused on social value than past performance and value for money. 6. Regulation: quangos and departments create regulation that they don't bear the costs of. E.g. new tram projects must pay for 92.5% of the cost of moving utilities, which means utility companies demand a completely new set of pipes and wires. 7. Lack of state capacity: Madrid trebled its metro at a tenth of London's cost led by nine in-house engineers. The DfT has the second highest staff turnover of any department and cannot effectively oversee a project from design through construction. 8. Centralisation: Mayors cannot fund and approve their own infrastructure. If they could, they'd have strong electoral incentives to build quickly and cheaply, as seen in France and Spain. The good news is that every one of these is a policy choice, which can be reversed. Some fixes need only a letter from the right minister and none require significantly more spending. My new @CPSThinkTank report lays out these fixes and how to lower infrastructure costs. If we implement them, Britain could once again build the infrastructure it desperately needs. cps.org.uk/wp-content/upload…
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Ben Johnson retweeted
More investment for Oxford spinouts than for all spinouts in Germany.
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🚨 We’re hiring! 🚨 Join us as an Operations Associate and help keep the engine running at @BritishProgress. This is a great role for an ambitious junior person looking to join a small and dynamic team. Apply by 9am, 31 July 👉 britishprogress.org/opportun…
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For anyone interested in practical ways to drive growth and progress in Britain, and can contribute to the research and data to enable good long term decision-making, this fast grants research funding opportunity is available from @BritishProgress . Quick decisions to fund short and specific research projects. No academic ties required. Apply!
✨ Announcing fast grants for British progress ✨ Have an idea for how to drive growth and progress in Britain? We’re making small grants for research, policy and other projects, with funding decisions in just two weeks. No academic affiliation required. Need some prompting to start cooking? We’ve got a list of questions we’d love people to tackle - on topics like devolution, AI diffusion, financial regulation and more… Apply here: britishprogress.org/news/fas… More on why we’re doing this: open.substack.com/pub/britis…
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In infrastructure, Britain spends more and gets less. Look at what we could build without raising a penny of tax just by getting our costs down to European levels.
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One of the most original writers out there. For those looking for some unexpected brain food!
Premodern societies tended to be rent by terrible wars. In the early modern period, tens of millions died in wars in Europe, India and China. Just one society found a kind of solution: Japan. Between 1603 and 1853, Japan enjoyed near-perfect peace. The ruling Tokugawa family achieved this through creating what might be seen as the largest prison in the history of the world, the city of Edo (modern Tokyo). worksinprogress.co/issue/sam… Most of Japan was governed by about 260 nobles, called ‘daimyo’ (see first map). To secure their loyalty, the government required that the daimyo leave their families permanently in Edo, essentially as hostages to the state. Most daimyo women thus never saw the domains over which their husbands and sons ruled. The daimyo were also required to alternate years in Edo personally. The result was that most of the surface area of Edo was given over to daimyo palaces, or to accommodation for the hundreds of thousands of samurai retainers they brought with them (see second map). This was arranged through an elaborate zoning system, probably the largest use of zoning before modern times. Edo was extraordinarily top-heavy socially: about half of its population were samurai. Samurai were theoretically a warrior class, but since Japan was at peace, they did little real work apart from gentlemanly occupations like calligraphy. Their main income came in the form of tiny hereditary stipends from their daimyos or the government. These stipends were fixed in perpetuity around 1600, declining gradually with inflation over the next quarter of a millennium. Most samurai thus lived in dignified but extreme poverty, their income determined by the favour in which one of their ancestors had stood centuries earlier. The commoner population was also tightly controlled. Commoner Edo was divided into some 1,500-2,000 fenced and gated blocks. These were then subdivided into gated alleys lined with small houses (see third map). The Low City was thus divided up by tens of thousands of internal checkpoints, all of which closed at night. Edo was not under threat of attack in the Tokugawa period and the city as a whole was not fortified. The purpose of this immense labyrinth of walls and gates was to control and monitor the movement of the population. Prisons are useful things, and the Tokugawa system was a kind of success, making Japan the most peaceful society on earth. But it is also a disconcerting reminder of the power of rent-seekers, and how a whole city can be warped by the political exigencies they create. Edo is a particularly striking case of this, but it is far from alone.
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This is the time of year when a lot of investment firms welcome interns. While our work is geared toward institutional investors, a lot of it can be useful for learning about markets and the investment process. Here are a handful of reports and how they can guide interns:
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Easy to be gloomy about the state of the nation, but this inspiring read reminds us some people are still deeply interested in ideas and offering solutions for the current malaise. Chapeau.
I wrote an incredibly navel-gazing essay for the Institute of Economic Affairs about what I think, where my views come from, and how they have developed over time. I actually wrote it a year ago, but it has come out today and I am so old that I have barely changed in that 12 months. Learn: - How I became a wild-eyed obsessive as a teen - What ideology I consider myself to have - Why I don't think that the difference between 'state' and 'market' matters all that much - The reason I am obsessed with the infrastructure delivery mechanisms of the 1600s, 1700s, and 1800s insider.iea.org.uk/p/milleni…
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As someone who has lived not far away for 25 years the disruption and knock on effects of NO ACTION in 7 years is hard to describe on families and residents. How can it be so hard to make progress? What do local politicians do if not solve local problems? Do your jobs or resign
7 years ago, Hammersmith Bridge was SHUT for repairs. Today, it STILL hasn't reopened to motorists. Instead, the Government set up a "taskforce" that didn't meet for THREE years. No more delays. The Government must RESTORE the bridge👇🧵
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The Prime Minister did a great thing commissioning John Fingleton’s nuclear review - and John has delivered a radical, detailed and grounded recipe for reigniting growth. We now need to implement all its recommendations asap. Pleased to sign this letter of support👇
Over 50 leading CEOs, entrepreneurs and experts are demanding the Government ACCEPT ALL the Nuclear Review recommendations. As the Budget approaches, this is how the PM and Chancellor can cut the cost of living and save British industry. Sign and share our letter 👇
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NEW: Britain is the most expensive place in the world to build a new nuclear power station. Here's how to change that. Backed by industry and senior politicians from across the spectrum (including a former SoS and a former nuclear minister), @BritainRemade have launched a plan to fix that. From 80,000 page environmental impact assessments and 'fish discos' to pointless safety features to prevent us being exposed to a Banana's worth of radiation, Britain makes a safe and green technology far more expensive than it needs to be. France and Finland built the same design as Hinkley Point C for around half the cost. South Korea can build reactors for one-sixth the cost as us. If we change the rules to make planning and safety rules more proportionate - while opening up new routes to market for private investment in SMRs, Britain can have a new golden age for nuclear. Every recommendation in our plan was reviewed by top experts. People who have run major nuclear projects and navigated our planning system. This week saw deals announced to build reactors in Teesside, Essex, and Nottinghamshire to power heavy industry and AI. The opportunity is absolutely massive. Lower bills, less exposure to gas shocks, and a grid that can power heat pumps, industry and AI around the clock. In short, clean energy abundance. Nuclear is safe, clean and reliable. In other countries, it’s affordable too. Britain can get there — if we change how we regulate, how we plan and how we finance. Here's our plan to do just that. britainremade.co.uk/cheapern…
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A great team including @guywalters and a few other pals are doing a quick 100k together in a day with the Gurkhas when you will be likely sitting or sleeping comfortably. Dig deep and support us if you can! trailwalker.enthuse.com/pf/b…
I've done it before, and I'm doing it again, because @BCJLondon has insisted on not only punishing me in return for all his hospitality over the years, but also because the Gurkhas are a fine body of men, women, and families, who need our support. So... trailwalker.enthuse.com/pf/g…
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Proud to play a small part in this adventure. Share widely. Dig deeply if you can.
We'd like to share a picture of the full team (minus the man behind the camera, Henry) as The Nasir, Bekri, Tayi, and Lawrence Tribute Trek comes to a close today in Aqaba. Thank you all for your support on our historic journey. To further help our cause: sfcbf.org/
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