Bernanke reveals there is no QE2 but when Bernanke calls for flexible exchange rate policies, is this just a message for the Middle Kingdom or is it a denunciation of the Euro? After all pegged rates in Euroland ensure the German export miracle continues at the expense of all around. JKA
RSM Tenon and the irrepressible John Daly led the workshop on Funding Fitness is my business investor ready. The top ten tips were explained to an audience hosted by Cobbetts. Paul Johnson (Cobbetts) and Richard Young (EV) were on the panel.
pro.manchester Workshop Series : PWC and KPMG held two great workshops on Corporate Finance Activity as part of the pro.manchester research into innovation and enterprise. PWC hosted the workshop on structured finance in private equity transactions and KPMG led with exit strategies for SME’s.
Workshop Series – Funding opportunities in MedTech and BioTech. UMIC’s Martino Picardo began the session, outlining some early incubator successes including Renovo, Epistem and Scitex. 1999 – 2001 were the golden years in which UMIC helped twenty five companies, creating £100m – £150m of value along the way. Today investing in Bio Tech is a seriously difficult business. Where do we go next is the question even Big Pharma is farming out the research.
As an energy source – fossil fuels are dying and so began the pro.manchester workshop funding opportunities in CleanTech and Renewables. This was another great workshop in the pro.manchester series led by Adrian Reed, UK head of Cleantech and Renewables at Altium Capital and RBS.
In 2003 Matt Moulding bought a CD on line and thought to himself, this is a cool way to buy music. The idea of The Hut, an on line e-commerce business was born. As the business plan developed, the initial funding requirement was determined at £1million. But this was 2003, the dot.com boom and bust had left a bitter legacy. Private Equity and Venture Capital funds were no longer enthralled by e-commerce and bedazzled by burn rates. The Bank of 3fs, founders, family and friends would have to meet the first round cash requirement and they did. The Hut group was founded in March 2004 by John Gallemore and Matthew Moulding. Five years later in 2009, The Hut group had revenues of £50 million, employed 250 people and had secured three rounds of funding.
Given the half life of a business is around 4.5 years and the long term success rate is just over 15% it is important to air the issues of “what to do when things start to go wrong”, as part of a total review of corporate activity. Hence we wanted to build Births, Marriages and Deaths into the workshop series.
There is a fashion in enterprise thinking which is abandoning support for low added value “lifestyle” businesses to chase the gazelles of growth, the vital six per cent of SME’s who will be responsible for 70% of new job creation in the economy. It is a mistake, both are important and worthy of support in the eco system of innovation and enterprise.