Sources of Funding (at Autumn 2014) The Gov.uk website is a superb starting point for everything you need to know about business finance: www.gov.uk/business-finance-explained. This guide offers a snapshot of the following financing options:
Investment Finance Crowdfunding Loans & Overdrafts Support for Innovation and Technology
INVESTMENT FINANCE Xenos – the Wales Business Angel Network http://www.xenos.co.uk Angel CoFund The fund invests across the UK and will consider proposals for businesses at all stages of development and in most sectors, provided they qualify as an SME www.angelcofund.co.uk Angels Den Where experienced Angel investors and the crowd combine to fund great businesses www.angelsden.co.uk The British Private Equity and Venture Capital Association VCs (or private equity firms) invest in high-potential growth businesses in order to generate a return in the event of an IPO or trade sale. Visit the British Venture Capital Association website to see a list of members. http://www.bvca.co.uk/ European Investment Fund (EIF) For entrepeneurs looking for finance, the EIF lists a number of fund managers in EU countries. www.eif.org/what_we_do/where/gb/index.htm
CROWDFUNDING List of the top crowdfunding websites (by traffic) http://www.crowdfunding.com 1
Crowdfunder http://www.crowdfunder.co.uk/about/about-us Kickstarter: Funding for creative projects https://www.kickstarter.com/hello?ref=footer
LOANS & OVERDRAFTS Bank loans and overdrafts Visit the banks’ own websites to view up-to-date information on loans and overdrafts British Business Bank The British Business Bank is a state-backed economic development bank, bringing together public and private sector money to create more effective finance markets for smaller UK businesses. http://british-business-bank.co.uk/applying-for-finance/ Finding Finance Website to find local finance options for Small Businesses unable to borrow from banks and building societies, and people who may otherwise use High-cost Loan Companies. Provided by the Community Development Finance Institutions. http://www.findingfinance.org.uk/ Carbon Trust Financing The Carbon Trust can help your business put cost-saving energy efficiency strategies into practice, with leases, loans, finance and implementation support to make energy efficiency easy www.carbontrust.co.uk/cut-carbon-reduce-costs/productsservices/financing/pages/financing.aspx New Enterprise Allowance (NEA) A scheme available to help Job Seekers start their own business. www.dwp.gov.uk/adviser/updates/new-enterprise-allowance
SUPPORT FOR INNOVATION AND TECHNOLOGY EU funding: Horizon 2020 An EU Programme for funding research and innovation. http://ec.europa.eu/programmes/horizon2020/en/how-get-funding Eurostars 2
The EUREKA's Eurostars Programme is the first European funding and support programme to be specifically dedicated to SMEs helping them lead international collaborative research and innovation. www.eurekanetwork.org/activities/eurostars Technology Strategy Board (TSB) The TSB encourages innovation and provides a number of awards, grants and innovation vouchers https://www.innovateuk.org/funding-support Includes (but not limited to):
SMART funding for SMEs The Smart scheme tackles the funding gap often experienced by many small and early-stage companies with innovative ideas and high growth ambition and potential. It offers cofunding to UK-based pre-start-ups, start-ups, micro businesses and SMEs, to carry out science, engineering and technology R&D projects which could lead to successful new products, processes and services.
Innovation vouchers Innovation Vouchers are designed to encourage businesses to look outside their current network for new knowledge that can help them to grow and develop. Start-ups and small and medium-sized businesses from across the UK can apply for an Innovation Voucher. Themes for each round are available on the Innovation Vouchers site. A grant of up to £5000 is available to businesses to work with a supplier for the first time and is used to pay for knowledge or technology transfer from that supplier.
Knowledge Transfer Partnerships Knowledge Transfer Partnerships (KTPs) are a tried and tested method of enabling companies to obtain knowledge, technology or skills which they consider to be of strategic competitive importance, from the further/higher education sector or from a research. www.innovateuk.org/-/knowledge-transfer-partnerships
SBRI (Small Business Research Initiative) SBRI provides innovative solutions to challenges faced by the public sector, leading to better public services and improved efficiency and effectiveness. It generates new business opportunities for companies, provides small and medium-sized enterprises (SMEs) a route to market for their ideas and bridges the seed funding gap experienced by many early stage companies. It supports economic growth and enables the development of innovative products and services through the public procurement of research and development (R&D).
Welsh Government Support
3
If you are thinking about implementing new ideas in your business, creating new, dynamic products, or improving your existing services, you might be eligible for support from WG’s innovation programmes. http://business.wales.gov.uk/growing-business/welsh-government-support-1/supportinnovation-0 Royal Society Enterprise Fund The Royal Society Enterprise Fund is a new initiative aimed at providing equity finance and other support to start up companies with outstanding commercial potential founded on excellent science and technology. www.royalsociety.org/investment NESTA (National Endowment for Science, Technology and the Arts) An innovation charity supporting ideas that improves lives http://www.nesta.org.uk/get-funding
OTHER SOURCES OF INFORMATION ON BUSINESS FINANCE Research Engagement Innovation Services – Swansea University researchandinnovation@swansea.ac.uk Enterprise Europe Network (EEN) Working through local business organisations EEN helps companies understand and exploit their IPR, develop business in new markets, source or licence new technologies and access EU finance and funding. www.enterprise-europe-network.ec.europa.eu/about/branches Great Business Website providing advice and guidance on staffing, finance, expanding and running a business. Sign up for e-newsletters or look at some of the further linkages and resources provided. www.greatbusiness.gov.uk/financing-a-business FundMap FundMap provides easy navigation to the grants and funding for businesses in the UK technology sector. www.fundmap.co.uk
4