Previous
Technology Start-Ups From Telecommunications To Pharmaceuticals To Benefit From Unique Multi-Million
Added: (Tue Jun 03 2003)
Technology companies and innovators in the East Midlands are to be the first in the United Kingdom to gain access to potential funding for their organisations of up to £3m as part of a pioneering project for the region announced today.
Companies ranging from telecommunications and optical fibres, to computing, pharmaceuticals, healthcare and biotechnology all stand to benefit from InvoRed – a flagship scheme developed by Connect Midlands and backed by emda and the ERDF (European Regional Development Fund). It is designed to enable early stage technology companies, or even innovators with technology based ideas and plans, access to expert help to attract investors.
This is the first programme of its kind to be launched in the United Kingdom and one of only a handful around the world. It will formally be announced at the East Midlands Conference Centre in Nottingham on June 25.
“The East Midlands is well recognised as a growing and thriving region for technology companies. InvoRed will now give them access to the critical support they need to meet with people and organisations that can help them prepare to achieve the funding they need for growth,” said Connect Midlands Director Isabell Majewsky.
InvoRed will be co-ordinated from a regional headquarters being established at the Innovation Centre at Loughborough University. It will look to support organisations – even at pre-incorporation stages – with help to enable them to attract funding of up to £500,000 and of up to £3m for companies already in existence but looking for growth.
The scheme is being supported by emda, whose Deputy Chief Executive Jeff Moore will chair the launch on June 25.
“emda’s role includes championing the region’s economy and its development and creating the right climate for investment,” said Mr Moore.
“The InvoRed initiative is therefore going to be enormously significant in helping us achieve those ambitions and to help us achieve our vision of making the East Midlands one of Europe’s top 20 regions by 2010.”
Technology companies or innovators with ideas merely have to call InvoRed on 02476 323320 or send an email to info@connectmidlands.org. They will then by contacted by telephone to assess their suitability and reduce the possibility of developing a fruitless application.
“If you are a technology company – any kind of technology company – and you want to grow, then InvoRed is waiting to hear from you,” said Ms Majewsky.
“We have the people and the organisation and we can shape your organisation or idea in to one that investors will be attracted to. There is absolutely nothing to lose and everything to gain by giving InvoRed a call.”
ENDS
Further information from Claire Dickens or Brian Dolby on 0115 9508399, from Tom Blount on 02476 323326 or from www.connectmidlands.org.
Note to editors:
InvoRed seeks to develop a process to support companies from an early, seed stage right through to second or third stage funding rounds. The programme of events provides support to technology companies at various specific stages in their lifecycle. InvoRed will provide a conduit to events for early stage companies, even at pre-incorporation, seeking £15-500k and for companies seeking second or third stage financing (typically ranging from £500k-3m). These events have been designed to give early stage technology companies a marketplace to present their business idea to an invited audience of early stage investors, business angels, corporate financiers, lawyers, accountants, business development professionals and experienced entrepreneurs. Presenting companies will have the opportunity to seek advice on a number of areas, including route to market, finance or property issues.
The justification for InvoRed is based on a key conclusion of the Bank of England report on The Financing of Technology-based Small Firms published in January 2001, re-enforced in the Finance for Small Firms – Ninth Report, which stated that there is strong evidence to suggest that many technology companies with growth propositions fail to raise finance because they are not 'investment ready'. Primarily they lack an awareness of financing options and do not understand the expectations of investors. Consequently, these technology companies are unable to shape their business proposals into attractive investment opportunities. The Bank of England report recommended further measures on the part of both public and private sectors to address this.
InvoRed centres on three fundamental elements in preparation for investor readiness:-
• Investment grooming - providing coaching and mentoring support for technology companies to cover issues such as the business model, routes to market, IPR, management team and financial planning.
• Presentation review - assisting businesses to prepare their pitch. This involves helping companies to understand the information that investors will require and look for, questions they are likely to ask and how they should sell themselves and their proposal to the potential investor.
• Preparing for the deal - helping companies to identify a potential investor(s) and guidance through the legal and completion process.
The East Midlands Launch Event
The launch event will take the form of a 'Business Forum' - an occasional feature of the programme that focuses on two individual SMEs, giving them intensive advice and raising their profile. Two weeks before the event the two companies will present for 10 - 15 minutes in front of an expert panel (typically an investor, a business support individual and a successful entrepreneur) who will then research the proposal and develop a structured response. The SMEs will then appear in front of an invited audience who will hear the experts considered advice before offering their own from the floor.
The audience - particularly for the launch event - will be a high-profile crowd consisting of entrepreneurs, business support agencies, professional service providers, interested corporations and investors. The event is not seen as a fund raising forum in itself but as an opportunity to increase the profile of a company and provide it with the highest quality business advice available.
THIS RELEASE HAS BEEN DISTRIBUTED BY WEBITPR (www.webitpr.com)
Disclaimer:
Whilst WebitPR.com Limited endeavour to ensure the accuracy of the information contained in this Release, WebitPR.com Limited cannot accept any liability for:-
• the inaccuracy or otherwise of any information contained in this Release; or
• any loss liability or expense which may be suffered by any party in consequence of acting or omitting to act as a result of any information contained in or omitted from this Release.; or
• any loss or suffering which may be caused by or to any party either as a result of the information contained in this Release or such information contained in this Release being inaccurate or otherwise misleading.
In the event that any information contained in this Release is inaccurate or misleading then please contact WebitPR.com at the above e-mail address.