Technology business urges Coventry SMEs to join free workshop

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A new cutting-edge technology business which became investment-ready after joining a free business support programme in Coventry has urged other small and medium enterprises to join the final cohort.

The Coventry Investment Readiness Programme’s final online workshop will cover a wide range of topics from debt finance and finding and applying for grants to angel investors and crowdfunding, and equity and venture capital.

The free online workshop will take place from 10am to noon on Wednesday, September 25. It will outline the support available to SMEs looking for funding to grow their business as well as introducing attendees to some of the businesses who have already benefited from this unique UK Shared Prosperity Fund programme, which is being delivered on behalf of Business Growth West Midlands and the West Midlands Combined Authority by C&W Business Solutions - part of CW Growth Hub Group.

PortalZero, who took part in the programme earlier this year, reduces waste by developing products specifically for off-grid systems which are lightweight and mobile.

Co-founders Scott Shearan and Nayden Yurukov signed up to the Coventry Investment Readiness Programme having never run a business before because they knew it was important to get the fundamentals right.

The first phase of the programme focuses on helping SMEs identify funding routes for their business, and the second phase provides one-to-one expert advice from specialists and experienced investors to help SMEs become investment-ready.

Scott said: “We knew we needed to develop a business plan to take the next step forward and all the other necessary documents such as legal information and pitch decks to be investment-ready.

“At that stage, before we went on the programme, there were a lot of missing pieces from the puzzle and we didn’t know where to go to add this detailed information.

“The workshops were incredibly useful because they gave us a chance to learn from specialists and meet businesses who were in the same position as ourselves.

“The specialists covered a broad range of subjects from marketing and pitch decks to legals and business opportunities so we developed great knowledge in key areas to put the building blocks in place so that we don’t fall at the first hurdle.

“The business has developed quite a lot as a result of the programme and we now think it is going to be another 18 months before we have shown the traction needed to be ready for investment.

“We want to set-up our own manufacturing facilities in Coventry to produce small volumes and then look at approaching investors to raise money for the expansion.”

Craig McVoy, CEO of Turnkey, who deliver the stage two programme, said a number of innovative businesses have taken their next steps following their involvement in the programme.

He said: “This webinar introduces businesses to all the different types of funding that are available for businesses to choose from, and really opens their eyes to the options available to them. It also helps them understand what they need in place to be able to apply for it successfully and is followed up via a one-to-one with a finance specialist who can see if their business would benefit from stage two of the programme where we develop the investability of their business, so they get a yes outcome when applying for investment.

“We have a Q&A with some of the businesses who took part in cohort 1 of the programme, so that attendees can hear first-hand how it has benefited their businesses.”  

Craig Humphrey, CEO of Coventry and Warwickshire Growth Hub, said the Coventry Investment Readiness Programme is aimed at Coventry businesses of any size who are looking to grow and secure investment or funding.

He said: “The key criteria is their growth potential. The webinar is an opportunity to understand all the funding options and routes available, and learn about access to grants and loans, as well as understand what investors are looking for and the different types of investment.

“This is the final opportunity for SMEs to learn about the funding options available and be considered to join the final cohort for the programme since it ends in March 2025.

“The experts involved in stage two are highly experienced and programme participants also have access for 12 months to a dedicated, award-nominated, online investment readiness tool, FundingHero.

“We have had some tremendous successes from the initial cohort, with 20 businesses gaining support to grow and become investment-ready.”

The Investment Readiness Programme is also available to SMEs in Greater Birmingham and Solihull and The Black Country, where it is delivered by Oxford Innovation.

Coventry businesses can register to join the workshop by emailing investmentreadiness@cwgrowthhub.co.uk

 

 

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