Fast growth companies programme stage 1 – Start up

Where are you now?

You have an idea for a revolutionary product or service with the potential to change the industry or marketplace. To fund development and to hone your ideas you may have attracted initial investors to kick start the business and take it to the next level. Achieving a commercially viable product or service as quickly as possible to take advantage of the market opportunity that you have identified is crucial.

What are your challenges?

Ready access to cash is a key concern. Angel investors, entrepreneur clubs, sponsorship and commercial lenders are all possible routes to obtain the funding that you require. You may also consider strategic partnerships as a potential route to obtaining cash. Having a detailed business plan which sets out how you intend to use the funds and why is critical, as is being able to articulate the wider strategy for the business. Information on the size of the target market, the unique selling point of your product and pricing are all key questions that you will need to answer.

How we can help

At this stage in your development we would typically provide mentoring support for those businesses where we can see the growth potential or support you in finding appropriate help from another source.

Ten things to think about before start up

It is important to plan ahead as decisions taken in the early stages of your business can save you stress and expense later on. Here are ten things entrepreneurs see as important to think about before setting up their own business.

  1. What’s the business model – how will you make money?
  2. How much funding do you need?
  3. Where and how will you get it?
  4. What’s your long-term strategy?
  5. Is your idea easy to copy – are there barriers to entry?
  6. What people and skills do you need to launch and then grow the business?
  7. How will protect your intellectual property?
  8. How are you going to incentivise and reward key staff members?
  9. What’s your support network like? Remember, it’s lonely at the top.
  10. How will you exit?

For further information and help visit: Start up Britain

For further information and help visit: Tech City