Investment readiness in action: INTERCHANGE SOLUTIONS
Reading Enterprise Hub start-up company, Interchange Solutions Limited offers consultancy, training, and software tools, which significantly reduce the possibility of being implicated in bribery and corruption through the activities of their overseas agents, consultants and distributors.
Finance South East was already working successfully with Interchange Solutions through the Enterprise Hub’s Merlin Mentoring programme when Reading Hub Director, Susan Elliott, put the company forward for Investment Readiness towards the end of 2005.
At this time, the business had reached a point where external funding would soon be required to take the business to the next stage in its development. However, the management team knew that to succeed in its approaches to potential funders the business and its plans needed to be in the best position possible to attract the finance they were seeking.
CEO of Interchange Solutions, John Burbidge-King said, “Although we had come a long way with Susan Elliott, our Hub Director, we knew that when it came to getting the attention of investors our business plan needed to be as robust as possible. By working with our Funding Advisor we were able to look at the plan more objectively and exploit the positive aspects of our business in a way that would appeal to those who would provide additional financial support.
Since becoming Investment Ready, Interchange Solutions has successfully secured £30,000 of funding through the Enterprise Hubs’ Commercialisation Catalyst Fund. The Fund is exclusive to Enterprise Hub companies looking for finance to develop their technologies, whilst also acting as a catalyst to attract further funding.
John added; “We are really excited about getting the catalyst funding, which has facilitated a further loan of £40,000 from a high street bank. Having commenced trading on 18 April 2006, we are now in a solid position to move towards our goal of achieving a strong customer base within the first three months.”
Sally Goodsell, Finance South East CEO commented, “Encouraging innovative businesses such as Interchange Solutions is fundamental to the economic growth of the region. Here we can see a combination of support that the company has received through their Hub and associated FSE services – from mentoring to preparing for and accessing investment – working to help the business grow.”
Author: Ally Charles
Created Date: 23-08-2006
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