Showcase Event Press Release
SEEDA announces plans for clear business funding approach for entrepreneurs
The South East England Development Agency (SEEDA) plans to set up a simple four stage funding escalator taking companies from feasibility to growth. Innovative new companies, particularly those with high growth potential, often require some form of funding to fuel the future success of their business. The money is used to develop the idea, bring in the right people and skills, and build other crucial aspects of the business such as marketing and sales. The problem for many businesses with major growth potential, however, is that a funding gap exists below a certain threshold. Venture capitalists will often not dip below an investment of £3 million which means that entrepreneurs need to look for other forms of high growth investment, which can be confusing and challenging.
This is why SEEDA is announcing plans to develop a South East funding escalator which will enable entrepreneurs in the region to find the right type of investment for their companies at the right time.
Speaking today at the SEEDA Enterprise Hub Showcase event in Westminster, London, SEEDA’s Chairman, James E. Brathwaite, CBE said: “It’s vital that we create a sustainable seed fund in the region so that business ideas with good potential aren’t left or lost in the feasibility stage because there is a lack of funding options. Many companies in this region have fantastic ideas which are not only marketable in the UK and internationally, they are truly innovative and add to the wealth creation of the region and country as a whole.”
The plans are part of SEEDA’s long-standing vision and strategy to create a seamless development route backing a substantial pipeline of innovative business ideas from conception through to commercialisation and growth. his aspiration was included in the new Regional Economic Strategy (RES) for the South East which highlights that a “larger, more flexible fund will remove unnecessary barriers, simplify access and support businesses through each stage from proof of concept to commercialisation”.
The intention is to make it simpler for entrepreneurs to access finance, help them produce a longer term view of their funding strategy, and enable them to see a clear route to growth. In doing so, it will remove confusion about which source of funding entrepreneurs should approach, reduce form filling for multiple applications, and make it easier to manage disappointment where there is no suitable "product".
The SEEDA Enterprise Hub Network began in 2001 as a flagship programme to accelerate the rate at which entrepreneurs, companies and academic researchers could produce successful businesses out of new ideas and concepts originating in the South East of England. The Network is currently working with over 1,500 businesses spread throughout the South East, including Surrey, Sussex, Kent, Oxfordshire, Hampshire, Buckinghamshire and Berkshire.
Since 2001 The Enterprise Hub Network has evolved and expanded to help hundreds of entrepreneurs and organisations bring highly pioneering and distinctive concepts to market. Many of the companies simply would have failed or not have accelerated their business propositions without the support of the Hub Network.
For further information about the Enterprise Hub Network and Showcase Event, please visit: enterprisehubnetwork.co.uk
For further press information, please contact:
Ally Charles, SEEDA
Mob: 07909 934950
Email:
About SEEDA
SEEDA is the Government funded agency responsible for the sustainable economic development and regeneration of the South East of England - the driving force of the UK's economy. Our aim is to create a prosperous, dynamic and inspirational region by helping businesses compete more effectively, training a highly skilled workforce, supporting and enabling our communities while safeguarding our natural resources and cherishing our rich cultural heritage.
About the SEEDA Enterprise Hub Network
The Enterprise Hub Network is a SEEDA-backed organisation that helps entrepreneurial individuals and organisations bring highly pioneering and distinctive ideas to market.
Contact: SEEDA
Creation Date: 22nd February 2007
