1<br />Finance in Cornwall 2011- Cornwall is open for business<br />Richard Wadman, Corporate Finance Director, Winter Rul...
Administration<br />&<br />www.witerrule.co.uk<br />www.witerrule.co.uk<br />
www.winterrule.co.uk<br />3<br />Presenters and participants<br />
Structure of event<br />Background<br />BIS (National), Convergence (Cornwall)<br />Business Link and SWRDA<br />Finance, ...
Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team<br />
Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team<br />
Business is the driver of economic growth and innovation<br /><ul><li> One business gets started every minute in England W...
 4.8 million SMEs in the UK, 99.9% of businesses</li></ul>This Government has committed to two central things: to reduce  ...
The UK is among the top countries in the world to start and grow a business<br />1st in Europe for ease of starting a busi...
Changes to Business Support and Access to Finance<br />
Business Support<br />Revamped Website – including Start Up Hub<br />40,000 Business Mentors<br />Business Coaching for Gr...
Access to Finance<br />Evidence suggests that in the large majority of cases SMEs getting the bank finance they need<br />...
Enterprise Finance Guarantee (EFG)<br />Will now continue until 2014/15<br />Will enable up to £2bn of lending<br />New Ex...
Bank Lending<br />Government has welcomed outcome of Merlin dialog<br />Banks will make available £190bn of new credit in ...
Equity Finance<br />Continuing programme of Enterprise Capital Funds – commitment of £200m over next four years<br />Gover...
Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs)<br />Chancellor announced reforms to EIS and VCTs<br ...
Carleen Kelemen<br />Director<br />Convergence Partnership Office <br />for Cornwall and the Isles of Scilly<br />19 May 2...
Business Link – current position and future- Alison Miles  <br />Or ‘Rumours of our demise have been greatly exaggerated’<...
Current landscape:<br /><ul><li>The Business Link service currently provides information, advice and guidance to 45% of th...
50,000 businesses provided with information in the last 12 months
Helped create over 1,700 new businesses in the last 2 years
Over 5,000 quality referrals for further support made to private public sector partners</li></li></ul><li>Changes to the B...
European funded growth and environmental support
High Growth skills service
International Trade
Specialist Social Enterprise support in Torbay and Plymouth</li></li></ul><li>Future Business Support Landscape<br /><ul><...
National Business Coaching for Growth programme
National mentoring network – 40,000 voluntary mentors
Entrepreneurial support for women, Black, Asian & Minority Ethnic groups & service leavers
Development of some Solutions for Business providers
for further information</li></li></ul><li>SWRDA closure and impact on funding <br />Closure 31 March 2012<br />Most funds ...
Speak to us
Website www.businesslink.gov.uk or www.bis.gov.uk</li></li></ul><li>Contact us on : 0845 602 3657<br />Alison Miles: ext 8...
Grant for Business Investment<br />Paul Wilson – Business Investment Adviser <br />South West RDA<br />
What is Grant for Business Investment?<br />ERDF funded grant scheme to support innovative, knowledge based projects demon...
What type of project can be supported?<br /><ul><li>Investment in productivity improving plant and equipment in an existin...
Investment in equipment as part of the commercial launch of a business.
Investment in additional employment.</li></li></ul><li>What’s not suitable for GBI?<br />Very small projects (£10k minimum...
How much can I get?<br />Subject to State Aid ceilings for maximum (50% small business, 40% medium business, 30% large bus...
Eligibility criteria<br />Demonstrated need (No prior commitment).<br />Viability.<br />Eligible investment – normally cap...
Quality features<br /><ul><li>ERDF Cross Cutting Themes (Low Carbon and Equality & Diversity)
High skill levels / salary levels (£20k minimum)
Innovation and R&D
Training
Exports</li></li></ul><li>Application process<br /><ul><li>Ensure broadly eligible and supportable before applying.
Full application requires business plan, financials (historic and projections) and application form.</li></li></ul><li>Pay...
Conditions to make the investment, deliver the jobs and achieve productivity growth
Security – risk dependant. (Debenture or Parental Guarantee)</li></li></ul><li>Contacts information/support<br />Paul Wils...
The Low Carbon Grant Fund (LCGF)Stuart Farmer Cornwall Development Company<br />
ERDF Low Carbon Grant Fund (LCGF)<br /><ul><li>A £5M ERDF funded scheme
Launched by the Convergence Programme for Cornwall & the Isles of Scilly on the 26th April 2011
Providing grants of between £70K to £1M (subject to match)
Support eligible businesses to reduce carbon emissions by
 Improving Energy / Resource Efficiency
 Delivering Green House Gas reductions through innovation
 Enable generation of Low Carbon Energy  </li></li></ul><li>Whocan apply for LCGF?<br /><ul><li>All ERDF eligible business...
 New businesses are not ruled out, however additional 	financial due diligence will be sought</li></li></ul><li>What must ...
 Stage 1, Open call for Expressions of Interest (Closes 01st June 2011)
 Stage 2, Detailed business plan
LCGF will invest in projects that have GHG (Greenhouse Gas) Reduction as their primary outcome where
They are not supported through existing schemes (FIT / RHI etc…..)
Mandated through the existing regulatory framework
Would otherwise be undeliverable due to issues of commercial viability
 Links to research and higher education institutes (such as ESI)</li></li></ul><li>Whatwill EOI’s be assessed on?<br />Wei...
Call For EOI Closes 01st June 2011
Contracts Expected Autumn 2011</li></li></ul><li>Contact: Janet Bowen at jbowen@cornwall.gov.uk<br />Cornwall CouncilCount...
Funding for Business Improvement Initiatives (vouchers)<br />Josie Gough – ERDF Secretariat <br />Josie.gough@southwestrda...
What? Vouchers to cover up to 50% of the costs for businesses on projects to realise their growth ambitions.  <br />Why? P...
How? Details of how to apply will be available once the contract has been award to the administration body. Commitment to ...
RURAL DEVELOPMENT PROGRAMME FOR ENGLAND (2007-2013)Catherine Martin<br />
44<br />RDPE Funding in Cornwall <br />Axis 1: Improving the competitiveness of the agricultural and forestry sector.<br /...
45<br />RDPE moving forwards<br />Transfer to Defra from 1st July 2011<br />Programme currently open for business<br />Mor...
46<br />
Springboard Fund<br />Bob Dow<br />Project Director<br />Trellisick Gardens<br />19th May 2011<br />
Aims of the Springboard Fund<br />Financial help to projects that will make an<br />economic impact in Cornwall or Devon<b...
Springboard Fund<br />Open to eligible projects both from businesses and from not for profit organisations <br />Projects ...
What the Springboard Fund does<br />Awards of £30K to £150K <br />Application process is staged:-<br />Eligibility        ...
Eligibility<br />Significant impact on the economy of Cornwall or Devon through new job creation<br />Other potential fund...
Projects with potential<br /><ul><li>Impact extending beyond applicant organisation
Creation of new high calibre jobs
Creation of activity/environment that will facilitate other economic benefits in the future
Partial funding already secured/identified
Additional benefits such as positive environmental impact or up-skilling of jobs</li></li></ul><li>Projects not likely to ...
Impact only on profitability of applicant organisation
Few new jobs created/low skilled
Little future benefit
No other funding source explored or identified
Project could proceed without Springboard funding
Supporting a non viable business</li></li></ul><li>How to apply<br />All applications must be submitted via the applicatio...
		The South West Loans Fund<br />Launched 2009<br />Part of the South West ERDF 2007-2013 programmes<br />
		The South West Loans Fund<br />Fund commissioned by:<br />South West RDA<br />Fund holder and contractor:<br />South Wes...
		The South West Loans Fund<br />The Fund provides loans on commercial terms <br />To: <br /><ul><li>SMEs (including start...
Based in South West Region (or relocating to)
Growth or growth potential
Financially viable proposition
Planned requirement for investment
Identified finance package
Eligible for ERDF
Cannot raise sufficient finance from banks and other sources</li></li></ul><li>		The South West Loans Fund<br />ERDF - Wha...
		The South West Loans Fund<br />ERDF - what the Fund cannot support<br />Displacement (e.g. Pure retail or local domestic...
Financial services
Speculative property development
Activities that the State ‘should provide’ e.g. education, health</li></ul>Re-financing <br />Not lender of last resort to...
		The South West Loans Fund<br />Process<br />Contact the appropriate Fund Manager<br />If we think you are eligible, comp...
		The South West Loans Fund<br />At 19 May 2011:<br />
		The South West Loans Fund<br />Contact:<br />Small Loans for Business (up to £50K)<br />SWIG Services Ltd<br />Lowena Ho...
SWAIN<br />Finance in Cornwall<br />19th May 2011<br />Bruce Colley – Investment Director<br />
What do we do?<br />
Process?<br />
Investment Attractiveness<br />Business plan demonstrating significant sustainable growth<br />Unique product – the right ...
Facts & stats<br />
Facts & stats<br />
Cloud Nine Offering<br />Low-cost modular design – fitted interiors<br />Microgeneration ready <br />Sustainable materials...
The Company<br />Cornish Sea Salt is a food manufacturing business that harvests sea water to produce a pure and natural c...
20/05/2011<br />72<br />Adding value<br />Raw <br />Fleece<br />Scour and<br />  Card<br />Knitting and<br />   weaving<br...
Data analysis<br />What we do<br />Data<br />Anonymised data and information<br />Information<br />Electricity<br />Gas<br...
Deal profile<br />87 deals  (14 deals per year);<br />63 businesses  (64% first round); <br />£6.75m from SWAIN investors;...
Introduction to Venture Capitalby Alistair BrewMay 2011<br />
INTRODUCTION TO VENTURE CAPITAL<br /><ul><li>Introduction to Octopus Ventures
What we do and look for
Current Climate for fund raising
Tips for fund raising
Conclusions</li></li></ul><li>OCTOPUS VENTURES<br /><ul><li>Division of Octopus Investments
Fast growing fund management company
£2bn FUM
£300m+ in unquoted VCTs
One of the most active SME investors
24 deals in 2010 & 3 deals in 2011 to date
£500k-5m investment size
Early stage, growth capital and MBO’s
Equity, mezzanine and debt (via Octopus Specialist Finance)
Portfolio of over 60 companies</li></li></ul><li>WHAT WE DO<br />We partner exceptional entrepreneurs who wish to build bi...
WHAT WE DO<br />We partner exceptional entrepreneurs who wish to build big businesses that create, transform or dominate a...
TYPES OF DEAL<br /><ul><li>Development Capital
Acquisition Finance - Good time for bolt-on acquisitions
Competition struggling
Prices can be very low
Not all cash up front
Change of Ownership situations - MBOs</li></li></ul><li>WHAT WE LOOK FOR IN A BUSINESS<br /><ul><li>Strong growth potentia...
Critical
Management team
Product/Service and proven business model
Growth Market
Other
Assets including intangible assets such as a brand
Deal characteristics – pricing, ‘skin in the game’
Exit prospects</li></li></ul><li>VENTURE CAPITAL RETURNS<br /><ul><li>Target Returns
3x + money multiple
30% + IRR over 3 - 4 years
Where returns come from
Earnings growth
Multiple Arbitrage
[Gearing]</li></li></ul><li>VENTURE CAPITAL RETURNS<br /><ul><li>Target Returns
3x + money multiple
30% + IRR over 3 - 4 years
Where returns come from
Earnings growth
Multiple Arbitrage
[Gearing]</li></ul>“GROWING THE CAKE”<br />
FUND RAISING - A LOOK BACK....<br /><ul><li>2007 The end of the road:
Easy debt – too much money
Box ticking due diligence
Lower quality thresholds
High prices
Unrealistic projections
THE TOP OF THE MARKET  Anybody could raise money</li></li></ul><li>IMPACT OF DOWNTURN AND CREDIT CRUNCH<br />2008/9<br /><...
Companies contracting
Conditions unpredictable
Weaker companies had no chance
Some government initiatives (Capital for Enterprise)
Very few deals
But interest rates low</li></li></ul><li>THE NEW WORLD<br />Late 2010 onwards<br />Appetite to do deals now returning but…...
VC price expectations lower
High levels of Due Diligence
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Finance in Cornwall 2011

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Copy of presentation from Finance in Cornwall 2011 hosted by Winter Rule on 19 May 2011. This seminar provides a quickstep guide to the finance and support available to SMEs in Cornwall.

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  • Intro: Alison Miles, Business LinkI am going to cover the changes to the business link service in Cornwall and how it fits with the funds you are going to hear about in the presentations that follow:
  • Business Link has achieved may things, arguably, one of the most important has been providing the bridge between the myriad of the funds, partners and other Solutions for business providers . This , face to face support is still available until the end of Nov 2011, so as you listen to the presentations following, please remember that we are here as the first point of call when you approach finance and growth.
  • Post Nov, the landscape will change again, with support from the National Website and call centre, other solutions for business providers and support under the Coaching for Growth fund. More details on these changes as they occur an be found on the Business LInk and Bis web sites.
  • So, in summary, as you listen to the following presentations, please do come back to me, or my colleagues if you need further assistance. I will be here for the rest of morning for answer any questions of queries you have. Thank you
  • Link back to primary business objectives highlighted in 2010 survey:68% of businesses sought to increase sales45% of businesses sought to access new markets36% of businesses sought to develop new products28% of businesses sought to improve productivity
  • Show of handsAnd who has collaborated?
  • Finance in Cornwall 2011

    1. 1. 1<br />Finance in Cornwall 2011- Cornwall is open for business<br />Richard Wadman, Corporate Finance Director, Winter Rule<br />
    2. 2. Administration<br />&<br />www.witerrule.co.uk<br />www.witerrule.co.uk<br />
    3. 3. www.winterrule.co.uk<br />3<br />Presenters and participants<br />
    4. 4. Structure of event<br />Background<br />BIS (National), Convergence (Cornwall)<br />Business Link and SWRDA<br />Finance, Business Support and Tax<br />The funds from grant through to VC<br />Overview only<br />Sufficient detail for you to ask one to one questions after / contact details on slides<br />Questions/ Networking<br />Finish 12 noon<br />www.winterrule.co.uk<br />4<br />
    5. 5. Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team<br />
    6. 6. Government support to improve SMEs’ access to financeFinance in Cornwall 19 May 2011Seb Aslan – SME Finance Team<br />
    7. 7. Business is the driver of economic growth and innovation<br /><ul><li> One business gets started every minute in England Wales
    8. 8. 4.8 million SMEs in the UK, 99.9% of businesses</li></ul>This Government has committed to two central things: to reduce the budget deficit and support private sector growth. <br />This Department is the ‘Department of Growth’. <br />That means stripping away the burdens and constraints on business and giving them a long term framework so that people say ‘Britain is open for business’<br />(Mark Prisk MP, Minister for Business and Enterprise)<br />
    9. 9. The UK is among the top countries in the world to start and grow a business<br />1st in Europe for ease of starting a business<br />Lowest barriers to entrepreneurship of all OECD countries<br />3rd in the world for supporting business financing needs<br />
    10. 10. Changes to Business Support and Access to Finance<br />
    11. 11. Business Support<br />Revamped Website – including Start Up Hub<br />40,000 Business Mentors<br />Business Coaching for Growth<br />Business Link advisory service closed from 25 November 2011<br />
    12. 12. Access to Finance<br />Evidence suggests that in the large majority of cases SMEs getting the bank finance they need<br />However – mismatch between what the data is telling us and what we are hearing from the Business Representative bodies<br />There are also areas of Market Failure – equity gap<br />
    13. 13. Enterprise Finance Guarantee (EFG)<br />Will now continue until 2014/15<br />Will enable up to £2bn of lending<br />New Export EFG – now live<br />
    14. 14. Bank Lending<br />Government has welcomed outcome of Merlin dialog<br />Banks will make available £190bn of new credit in 2011<br />£76bn of this new capacity will be to SMEs increase of 15%<br />Government working with the BBA and Business Finance Taskforce – data on availability/price of finance – stronger lending code/lending principles – internal appeals<br />
    15. 15. Equity Finance<br />Continuing programme of Enterprise Capital Funds – commitment of £200m over next four years<br />Government welcomed bank’s commitment to the creation of £2.5bn Business Growth Fund – will target SMEs and provide £2m - £10m to those with strong growth potential<br />
    16. 16. Enterprise Investment Scheme (EIS) and Venture Capital Trusts (VCTs)<br />Chancellor announced reforms to EIS and VCTs<br />From April the rate of EIS 30%<br />Next year the amount which can be invested will double<br />Size of company which can qualify for investment increasing<br />Amount which can be invested in a single company increasing to £10m<br />
    17. 17. Carleen Kelemen<br />Director<br />Convergence Partnership Office <br />for Cornwall and the Isles of Scilly<br />19 May 2011<br />
    18. 18.
    19. 19. Business Link – current position and future- Alison Miles <br />Or ‘Rumours of our demise have been greatly exaggerated’<br />
    20. 20. Current landscape:<br /><ul><li>The Business Link service currently provides information, advice and guidance to 45% of the business population in Devon, Cornwall & Somerset
    21. 21. 50,000 businesses provided with information in the last 12 months
    22. 22. Helped create over 1,700 new businesses in the last 2 years
    23. 23. Over 5,000 quality referrals for further support made to private public sector partners</li></li></ul><li>Changes to the Business Link service<br />Business Link service will continue to deliver quality information, advice and guidance up until 25th November. <br />In addition Peninsula Enterprise will provide the following contracted service:<br /><ul><li>Rural support
    24. 24. European funded growth and environmental support
    25. 25. High Growth skills service
    26. 26. International Trade
    27. 27. Specialist Social Enterprise support in Torbay and Plymouth</li></li></ul><li>Future Business Support Landscape<br /><ul><li>National website & national call centre
    28. 28. National Business Coaching for Growth programme
    29. 29. National mentoring network – 40,000 voluntary mentors
    30. 30. Entrepreneurial support for women, Black, Asian & Minority Ethnic groups & service leavers
    31. 31. Development of some Solutions for Business providers
    32. 32. for further information</li></li></ul><li>SWRDA closure and impact on funding <br />Closure 31 March 2012<br />Most funds of relevance to SMEs in Cornwall administered by SWRDA will carry on:<br /><ul><li>Take note of contact details on presenters slides
    33. 33. Speak to us
    34. 34. Website www.businesslink.gov.uk or www.bis.gov.uk</li></li></ul><li>Contact us on : 0845 602 3657<br />Alison Miles: ext 8903 <br />Max Strelling: ext 8347<br />Wayne Hackman: ext 8906<br />www.businesslink.gov.uk<br />In the South West peninsula the Business Link service is delivered by Peninsula Enterprise<br />
    35. 35. Grant for Business Investment<br />Paul Wilson – Business Investment Adviser <br />South West RDA<br />
    36. 36. What is Grant for Business Investment?<br />ERDF funded grant scheme to support innovative, knowledge based projects demonstrating productivity improvement with skilled employment.<br />
    37. 37. What type of project can be supported?<br /><ul><li>Investment in productivity improving plant and equipment in an existing business.
    38. 38. Investment in equipment as part of the commercial launch of a business.
    39. 39. Investment in additional employment.</li></li></ul><li>What’s not suitable for GBI?<br />Very small projects (£10k minimum grant).<br />Local services (including franchises).<br />Tourism normally ruled out through displacement.<br />Some sector restrictions.<br />
    40. 40. How much can I get?<br />Subject to State Aid ceilings for maximum (50% small business, 40% medium business, 30% large business).<br />Job numbers also determine the quantum. Average is equating to c£10,000 per job.<br />Need is the best place to start. Ensure rest of finance package is well developed.<br />
    41. 41. Eligibility criteria<br />Demonstrated need (No prior commitment).<br />Viability.<br />Eligible investment – normally capital projects but making increased use of salary support grants.<br />Productivity.<br />Skill levels.<br />Jobs.<br />
    42. 42. Quality features<br /><ul><li>ERDF Cross Cutting Themes (Low Carbon and Equality & Diversity)
    43. 43. High skill levels / salary levels (£20k minimum)
    44. 44. Innovation and R&D
    45. 45. Training
    46. 46. Exports</li></li></ul><li>Application process<br /><ul><li>Ensure broadly eligible and supportable before applying.
    47. 47. Full application requires business plan, financials (historic and projections) and application form.</li></li></ul><li>Payments and conditions<br /><ul><li>Paid in arrears by instalments linked to investment, jobs and productivity
    48. 48. Conditions to make the investment, deliver the jobs and achieve productivity growth
    49. 49. Security – risk dependant. (Debenture or Parental Guarantee)</li></li></ul><li>Contacts information/support<br />Paul Wilson<br />paul.wilson@southwestrda.org.uk<br />01752 234855<br />Or<br />Richard Hoskin<br />richard.hoskin@southwestrda.org.uk<br />01752 234824<br />www.southwestrda.org.uk/gbi<br />
    50. 50. The Low Carbon Grant Fund (LCGF)Stuart Farmer Cornwall Development Company<br />
    51. 51. ERDF Low Carbon Grant Fund (LCGF)<br /><ul><li>A £5M ERDF funded scheme
    52. 52. Launched by the Convergence Programme for Cornwall & the Isles of Scilly on the 26th April 2011
    53. 53. Providing grants of between £70K to £1M (subject to match)
    54. 54. Support eligible businesses to reduce carbon emissions by
    55. 55. Improving Energy / Resource Efficiency
    56. 56. Delivering Green House Gas reductions through innovation
    57. 57. Enable generation of Low Carbon Energy </li></li></ul><li>Whocan apply for LCGF?<br /><ul><li>All ERDF eligible businesses in Cornwall and IOS</li></ul>SME’s maybe eligible up to 50% funding<br /> Non SME’s eligible up to 30%<br /><ul><li>Applicants in a position to start their project within 6 months of the grant being awarded
    58. 58. New businesses are not ruled out, however additional financial due diligence will be sought</li></li></ul><li>What must applicants consider<br /><ul><li>Two stage process,
    59. 59. Stage 1, Open call for Expressions of Interest (Closes 01st June 2011)
    60. 60. Stage 2, Detailed business plan
    61. 61. LCGF will invest in projects that have GHG (Greenhouse Gas) Reduction as their primary outcome where
    62. 62. They are not supported through existing schemes (FIT / RHI etc…..)
    63. 63. Mandated through the existing regulatory framework
    64. 64. Would otherwise be undeliverable due to issues of commercial viability
    65. 65. Links to research and higher education institutes (such as ESI)</li></li></ul><li>Whatwill EOI’s be assessed on?<br />Weighting<br />20%<br />60%<br />10%<br />10%<br /><ul><li>Project Description </li></ul> (innovation will be taken into account when scoring<br /><ul><li>Carbon Saving Calculator, </li></ul> (GHG Saved Per £ Invested)<br /><ul><li>Economic benefits to the business </li></ul> (productivity / jobs)<br /><ul><li>Wider economic benefits to Cornwall & IOS (Supply-chain development/ R&D Links/ Best practice dissemination)
    66. 66. Call For EOI Closes 01st June 2011
    67. 67. Contracts Expected Autumn 2011</li></li></ul><li>Contact: Janet Bowen at jbowen@cornwall.gov.uk<br />Cornwall CouncilCounty HallTruro TR1 3AYTel: 0300 1234 100www.cornwall.gov.uk<br />
    68. 68. Funding for Business Improvement Initiatives (vouchers)<br />Josie Gough – ERDF Secretariat <br />Josie.gough@southwestrda.org.uk<br />
    69. 69. What? Vouchers to cover up to 50% of the costs for businesses on projects to realise their growth ambitions. <br />Why? Private sector feedback on how to invest Convergence funding in the 2nd half of the Programme, maximising the impact of funding.<br />Who? To be administered by objective organisation with a private sector led decision making panel. All ERDF eligible businesses looking to significantly grow will be eligible to apply.<br />
    70. 70. How? Details of how to apply will be available once the contract has been award to the administration body. Commitment to proportionality! <br />When? Hoping to get a contract finalised this summer, subject to a brief set up period, applications should be open towards the end of 2011. <br />
    71. 71. RURAL DEVELOPMENT PROGRAMME FOR ENGLAND (2007-2013)Catherine Martin<br />
    72. 72. 44<br />RDPE Funding in Cornwall <br />Axis 1: Improving the competitiveness of the agricultural and forestry sector.<br />RDPE funds available under Axis 1for;<br />Adding value to agricultural products<br />Training and skills<br />On-farm advice and small capital grants<br />Axis 3: Improving rural quality of life and diversification of the rural economy.<br />RDPE funds available under Axis 3 for;<br />Farm Diversification<br />Rural Micro-enterprise<br />Community and Social Enterprise<br />
    73. 73. 45<br />RDPE moving forwards<br />Transfer to Defra from 1st July 2011<br />Programme currently open for business<br />More information will become available in the coming weeks<br />Current team transferring across to Defra.<br />
    74. 74. 46<br />
    75. 75. Springboard Fund<br />Bob Dow<br />Project Director<br />Trellisick Gardens<br />19th May 2011<br />
    76. 76. Aims of the Springboard Fund<br />Financial help to projects that will make an<br />economic impact in Cornwall or Devon<br />Grants or loans to worthy projects that<br />would otherwise be unlikely to proceed<br />
    77. 77. Springboard Fund<br />Open to eligible projects both from businesses and from not for profit organisations <br />Projects from any sector<br />Funding can be for early stage activity to start a new project or to make a step change in growth<br />
    78. 78. What the Springboard Fund does<br />Awards of £30K to £150K <br />Application process is staged:-<br />Eligibility Initial review Full evaluation<br />Final stage being a presentation to the Panel<br />
    79. 79. Eligibility<br />Significant impact on the economy of Cornwall or Devon through new job creation<br />Other potential funding sources must have been exhausted (minimum of 25% match funding<br />The project must demonstrate viability<br />
    80. 80. Projects with potential<br /><ul><li>Impact extending beyond applicant organisation
    81. 81. Creation of new high calibre jobs
    82. 82. Creation of activity/environment that will facilitate other economic benefits in the future
    83. 83. Partial funding already secured/identified
    84. 84. Additional benefits such as positive environmental impact or up-skilling of jobs</li></li></ul><li>Projects not likely to succeed<br /><ul><li>Poor business/project plan lacking understanding
    85. 85. Impact only on profitability of applicant organisation
    86. 86. Few new jobs created/low skilled
    87. 87. Little future benefit
    88. 88. No other funding source explored or identified
    89. 89. Project could proceed without Springboard funding
    90. 90. Supporting a non viable business</li></li></ul><li>How to apply<br />All applications must be submitted via the application form on the website<br />Website has eligibility criteria, application form and further details<br />www.springboardfund.co.uk<br />
    91. 91. The South West Loans Fund<br />Launched 2009<br />Part of the South West ERDF 2007-2013 programmes<br />
    92. 92. The South West Loans Fund<br />Fund commissioned by:<br />South West RDA<br />Fund holder and contractor:<br />South West Investment Group (Capital) Ltd<br />Fund Managers:<br />SWIG Services Ltd<br />Small Loans for Business<br />Loans up to £50,000 <br />FC Fund Managers <br />Finance for Business<br />Loans up to £250,000 <br />
    93. 93. The South West Loans Fund<br />The Fund provides loans on commercial terms <br />To: <br /><ul><li>SMEs (including start-ups)
    94. 94. Based in South West Region (or relocating to)
    95. 95. Growth or growth potential
    96. 96. Financially viable proposition
    97. 97. Planned requirement for investment
    98. 98. Identified finance package
    99. 99. Eligible for ERDF
    100. 100. Cannot raise sufficient finance from banks and other sources</li></li></ul><li> The South West Loans Fund<br />ERDF - What the Fund can support<br />Capital expenditure<br />Working capital<br />Net economic benefit - ‘added value’, e.g:<br />Business A:<br />Start-up manufacturing innovative, interactive youth sports and exercise equipment. Contract to supply, but investment needed for full production set up. £50,000 SL4B growth loan agreed. The business now has a small production unit and is creating skilled jobs for local people.<br />Business B<br />Existing company designs, supplies and installs a range of energy-saving products including lighting systems for high bay warehouses and soft start motor controllers. £100K F4B loan approved to support its expansion in the UK and key export markets.<br />
    101. 101. The South West Loans Fund<br />ERDF - what the Fund cannot support<br />Displacement (e.g. Pure retail or local domestic services)<br />Other exclusions<br /><ul><li>Primary agriculture
    102. 102. Financial services
    103. 103. Speculative property development
    104. 104. Activities that the State ‘should provide’ e.g. education, health</li></ul>Re-financing <br />Not lender of last resort to business ‘in difficulties’ <br />
    105. 105. The South West Loans Fund<br />Process<br />Contact the appropriate Fund Manager<br />If we think you are eligible, complete a 2-page form <br />This helps to assess whether or not to proceed to full application<br />If all OK – proceed to full application and business plan<br />Turn around time 2-6 weeks<br />
    106. 106. The South West Loans Fund<br />At 19 May 2011:<br />
    107. 107. The South West Loans Fund<br />Contact:<br />Small Loans for Business (up to £50K)<br />SWIG Services Ltd<br />Lowena House<br />Glenthorne Court<br />Truro Business Park<br />Threemilestone<br />TRURO TR4 9NY<br />01872 223883<br />info@southwestinvestmentgroup.co.uk<br />www.southwestinvestmentgroup.co.uk<br />Finance for Business (up to £250K)<br />FC Fund Managers<br />14 High Cross<br />TRURO TR1 2AJ<br />01872 272288<br />enquiries@fcfundmanagers.com<br />www.fcfundmanagers.com<br />
    108. 108. SWAIN<br />Finance in Cornwall<br />19th May 2011<br />Bruce Colley – Investment Director<br />
    109. 109. What do we do?<br />
    110. 110. Process?<br />
    111. 111.
    112. 112. Investment Attractiveness<br />Business plan demonstrating significant sustainable growth<br />Unique product – the right price – barriers to entry – protected IP …<br />A management team -> ability to create profits (capital growth) <br />An exit strategy<br />A realistic valuation<br />Commitment<br />
    113. 113. Facts & stats<br />
    114. 114. Facts & stats<br />
    115. 115. Cloud Nine Offering<br />Low-cost modular design – fitted interiors<br />Microgeneration ready <br />Sustainable materials<br />Lego configurations<br />Short-term or long term site use<br />Affordable eco-housing<br />Indefinite life buildings<br />Can use “difficult” sites<br />Kernow Eco Housing Ltd<br />
    116. 116. The Company<br />Cornish Sea Salt is a food manufacturing business that harvests sea water to produce a pure and natural culinary sea salt in a purpose built facility. Situated just 8 metres from Grade A accredited waters – the highest to denote water purity – at Porthkerris in Cornwall.<br />The company was incorporated in July 2004 and commenced trading in February 2008, following a three year project to identify and secure a site, source and commission the technology, undertake market research and raise investment finance.<br />With a production capacity of 500 tonnes per annum, Cornish Sea Salt has developed a process that blends age-old chemistry with innovative and energy-efficient technology that is environmentally benign. <br />The company owns the harvesting building and has a X year lease for the Porthkerris site; it also has a X year lease for the Pol Gwarra foreshore and leases a 250m² warehouse unit at St Keverne (less than 1 mile from the harvesting plant).<br />Cornish Sea Salt Co bespoke harvesting plant Pol Gwarra, Lizard Peninsula<br />Key Dates<br />Cornish Sea Salt established – July 2004<br />Porthkerris site secured – Dec 2006<br />Investment agreement – June 2007<br />Harvesting building completed – Sept 2007<br />Salt Plant commissioned – Dec 2007<br />Trading commenced – Feb 2008<br />Key Assets<br />Harvesting building - £XXX,XXX<br />Salt making equipment - £XXX,000<br />Porthkerris lease – X years<br />Foreshore lease – X years<br />Warehouse lease – X years<br />Brand trade marks & domains<br />
    117. 117. 20/05/2011<br />72<br />Adding value<br />Raw <br />Fleece<br />Scour and<br /> Card<br />Knitting and<br /> weaving<br /> yarns<br />Fabric<br /> Throws<br /> Blankets<br /> Scarves<br />Garments <br /> and <br /> furnishings<br />Buy in at<br /> 50p-£10<br /> per Kg.<br />Cost £6-7<br /> per Kg.<br />Cost £14-20<br /> per Kg.<br />Cost £20-40<br /> per Kg.<br />Cost <br /> £50-100<br /> per item<br />Add to blends<br />£6-12<br /> per Kg.<br />£15 trade<br /> £30 retail<br /> per Kg.<br />£25-40 trade<br /> £60-120 <br /> retail per Kg.<br />£35 trade<br /> £90 retail<br /> per metre<br /> (o.5 Kg.)<br />£100-£500<br /> per item <br /> (o.5 Kg.)<br />
    118. 118. Data analysis<br />What we do<br />Data<br />Anonymised data and information<br />Information<br />Electricity<br />Gas<br />Water<br />Temperature<br />Humidity<br />Heating<br />Feedback devices<br />Manager / policy maker<br />Mobile phone<br />Users<br />Screens<br />
    119. 119. Deal profile<br />87 deals (14 deals per year);<br />63 businesses (64% first round); <br />£6.75m from SWAIN investors;<br />£44m total finance;<br />Ave. Stake 18.5%<br />Typical post money valuation <£1m<br />Failure rate approx 20%<br />
    120. 120. Introduction to Venture Capitalby Alistair BrewMay 2011<br />
    121. 121. INTRODUCTION TO VENTURE CAPITAL<br /><ul><li>Introduction to Octopus Ventures
    122. 122. What we do and look for
    123. 123. Current Climate for fund raising
    124. 124. Tips for fund raising
    125. 125. Conclusions</li></li></ul><li>OCTOPUS VENTURES<br /><ul><li>Division of Octopus Investments
    126. 126. Fast growing fund management company
    127. 127. £2bn FUM
    128. 128. £300m+ in unquoted VCTs
    129. 129. One of the most active SME investors
    130. 130. 24 deals in 2010 & 3 deals in 2011 to date
    131. 131. £500k-5m investment size
    132. 132. Early stage, growth capital and MBO’s
    133. 133. Equity, mezzanine and debt (via Octopus Specialist Finance)
    134. 134. Portfolio of over 60 companies</li></li></ul><li>WHAT WE DO<br />We partner exceptional entrepreneurs who wish to build big businesses that create, transform or dominate an industry sector. <br />We partner these businesses through their growth prior to selling the business and our stake to trade or financial purchasers. <br />Our objective is to make returns of multiples of our original investment from each business in which we invest.<br />
    135. 135. WHAT WE DO<br />We partner exceptional entrepreneurs who wish to build big businesses that create, transform or dominate an industry sector. <br />We partner these businesses through their growth prior to selling the business and our stake to trade or financial purchasers. <br />Our objective is to make returns of multiples of our original investment from each business in which we invest.<br />EQUITY OWNERSHIP<br />
    136. 136. TYPES OF DEAL<br /><ul><li>Development Capital
    137. 137. Acquisition Finance - Good time for bolt-on acquisitions
    138. 138. Competition struggling
    139. 139. Prices can be very low
    140. 140. Not all cash up front
    141. 141. Change of Ownership situations - MBOs</li></li></ul><li>WHAT WE LOOK FOR IN A BUSINESS<br /><ul><li>Strong growth potential deriving from inherent competitive advantage
    142. 142. Critical
    143. 143. Management team
    144. 144. Product/Service and proven business model
    145. 145. Growth Market
    146. 146. Other
    147. 147. Assets including intangible assets such as a brand
    148. 148. Deal characteristics – pricing, ‘skin in the game’
    149. 149. Exit prospects</li></li></ul><li>VENTURE CAPITAL RETURNS<br /><ul><li>Target Returns
    150. 150. 3x + money multiple
    151. 151. 30% + IRR over 3 - 4 years
    152. 152. Where returns come from
    153. 153. Earnings growth
    154. 154. Multiple Arbitrage
    155. 155. [Gearing]</li></li></ul><li>VENTURE CAPITAL RETURNS<br /><ul><li>Target Returns
    156. 156. 3x + money multiple
    157. 157. 30% + IRR over 3 - 4 years
    158. 158. Where returns come from
    159. 159. Earnings growth
    160. 160. Multiple Arbitrage
    161. 161. [Gearing]</li></ul>“GROWING THE CAKE”<br />
    162. 162. FUND RAISING - A LOOK BACK....<br /><ul><li>2007 The end of the road:
    163. 163. Easy debt – too much money
    164. 164. Box ticking due diligence
    165. 165. Lower quality thresholds
    166. 166. High prices
    167. 167. Unrealistic projections
    168. 168. THE TOP OF THE MARKET Anybody could raise money</li></li></ul><li>IMPACT OF DOWNTURN AND CREDIT CRUNCH<br />2008/9<br /><ul><li>No money available from banks or investors
    169. 169. Companies contracting
    170. 170. Conditions unpredictable
    171. 171. Weaker companies had no chance
    172. 172. Some government initiatives (Capital for Enterprise)
    173. 173. Very few deals
    174. 174. But interest rates low</li></li></ul><li>THE NEW WORLD<br />Late 2010 onwards<br />Appetite to do deals now returning but……<br /><ul><li>Limited bank funding available (sub 2x EBITDA)
    175. 175. VC price expectations lower
    176. 176. High levels of Due Diligence
    177. 177. High quality threshold</li></ul>New environment still evolving but VC’s looking for high quality deals at low prices and limited bank debt<br />
    178. 178. FUND RAISING - GET IN SHAPE<br /><ul><li>Clear vision together with ample detail
    179. 179. Know your business model/ adapt it
    180. 180. Good MIS: data is critical
    181. 181. Full management team (New Hires?)
    182. 182. Is Finance Department adequate
    183. 183. Sales management and pipeline analysis</li></ul>Investment readiness (but should be doing this anyway)<br />
    184. 184. FUND RAISING – THE DEAL<br /><ul><li>What’s the funding requirement/risk profile
    185. 185. Consider which segment of the VC market to approach
    186. 186. Be clear about what the priorities are in the deal
    187. 187. Terms important but also delivery and relationship
    188. 188. Look at post-deal value add
    189. 189. Time and energy commitment in the process
    190. 190. Flexibility</li></li></ul><li>TAKE ADVICE<br /><ul><li>Objective external advice can be invaluable
    191. 191. Financial/operational/integration/strategic
    192. 192. Listen but you do not need to accept
    193. 193. Do your due diligence on advisor</li></li></ul><li>CONCLUSIONS<br /><ul><li>It doesn’t suit everyone and it’s expensive but….
    194. 194. Venture Capital can transform your business
    195. 195. Fund raising is difficult
    196. 196. Do the groundwork ahead of starting process
    197. 197. Seek outside advice
    198. 198. Show vision and know the detail</li></li></ul><li>Winter Rule 19 MayUEC Enterprises LtdDr Mark Scibor-RylskiRob Misselbrook CFA<br />91<br />
    199. 199. What we do<br />92<br />
    200. 200. How we select – Proactive approach to-Value Proposition – why will customers buy your product or service-Market Potential – local, UK, International-Barriers – IP, know-how, relationships-Management – Experience, knowledge-Financials – What’s required, structure[ESI Impact – Environmental Benefit, Job Creation]<br />93<br />
    201. 201. 94<br />FITs, RHI and other finance for SME?<br />Aimee Phillips, Corporate Finance Assistant, Winter Rule LLP<br />
    202. 202. Overview<br />SW Cleantech Co-investment Fund<br />FITs<br />RHI<br />Energy Efficiency Financing Scheme<br />PESCA<br />EFF<br />UCP<br />R&D<br />UKTI<br />Regional Growth Fund<br />Overview and website address or contact<br />AAG: At a gallop!<br />www.winterrule.co.uk<br />95<br />
    203. 203. South West Cleantech Co-Investment Fund<br />Loan Fund to match with equity invested in Cleantech company<br />Minimum £50k; maximum £100k<br />Requirements of Company<br />SW<br />Cleantech<br />Requirements of Investment<br />Keystone Investor<br />Fresh issue of ordinary shares<br />Initial contact and more details: SWAIN<br />www.swain.org.uk/CleanTech.aspx<br />www.winterrule.co.uk<br />96<br />
    204. 204. FITs<br />Feed-In Tariffs<br />Paid by energy company to the generator of renewable electricity<br />Range of tariffs <br />FITS review published March 2011<br />FITs and Grants?<br />FITs and EIS<br />www.decc.gov.uk<br />www.winterrule.co.uk<br />97<br />
    205. 205. RHI<br />Renewable Heat Incentive<br />The heat generation equivalent to FITs<br />Details announced in March 2011<br />Two phase introduction<br />1st aimed at non-domestic/ ‘big heat users’: Summer 2011?<br />2nd phase for domestic / align with Green Deal: October 2012?<br />Range of tariffs <br />www.decc.gov.uk<br />www.winterrule.co.uk<br />98<br />
    206. 206. Energy Efficiency Financing Scheme<br />Successor to interest free loans from Carbon Trust<br />“easy, affordable and flexible ... Scheme brought to you by Carbon Trust Implementation Services (CTIS) and Siemens Financial Services”.<br />‘Leases, loans and other financing options”<br />Launched April 2011<br />Energy Efficient Equipment purchases<br />£1,000 +<br />Financing options designed to match with energy savings<br />www.energyefficiencyfinancing.co.uk<br />www.winterrule.co.uk<br />99<br />
    207. 207. PESCA<br />Links to fishing industry <br />but not retail or fishing vessels<br />PESCA business development fund<br />Interest free loans of up to £20k; one off admin fee of 5%<br />60% of allowable expenditure<br />Capital <br />Marketing costs<br />Repayable over 5 years <br />www.southwestinvestmentgroup.co.uk<br />John Peters – john@southwestinvestmentgroup.co.uk<br />www.winterrule.co.uk<br />100<br />
    208. 208. EFF<br />European Fisheries Fund<br />fishing industry to become more sustainable and to remain profitable<br />£4.8m available in Cornwall<br />Axis 2: processing facilities and marketing fully spent in Cornwall<br />May 2011 announcement on movement of funds b/w Axis?<br />www.marinemanagement.org.uk<br />Justin Williams justin.williams@marinemanagement.org.uk<br />www.winterrule.co.uk<br />101<br />
    209. 209. UCP<br />Unlocking Cornish Potential<br />“UCP matches talented graduates with progressive Cornish companies to fuel innovation, growth, creativity, competitiveness and economic prosperity in Cornwall.”<br />Projects between 6 and 12 months<br />Financial assistance for Training and Mentoring<br />Project Investment Funds available<br />Andy Peters andy.peters@cornwall.ac.uk<br />www.winterrule.co.uk<br />102<br />
    210. 210. Research & Development Grant<br />Open 4th April 2011<br />SMEs – in the South West<br />£25,000 - £250,000<br />3 types of grant <br />Markets<br />Concept<br />Prototype<br />Judging 5 times per year (7th July)<br />www.innovateuk.org<br />www.winterrule.co.uk<br />103<br />
    211. 211. UKTI – ‘taking Cornwall to the world’<br />£2million Sponsored by UKTI<br />Business network group <br />Cornwall businesses exporting<br />Support for:<br />Overseas Market Introduction Service<br />Export Marketing Research Scheme<br />Passport to Export<br />Gateway to Global Growth<br />Market Visit Support<br />Tradeshow Access Programme<br />Training Workshops<br />Export Communication Review<br />www.exportcornwall.co.uk<br />Michael Franks michael.franks@uktisouthwest.org.uk<br />www.winterrule.co.uk<br />104<br />
    212. 212. Regional Growth Fund<br />£1.4bn: England 2011 to 2014<br />Competitive bidding process<br />Lever private sector growth and job creation<br />Private sector and Public private partnerships can bid<br />Targeted at regions ‘transitioning’ from public to private sector<br />£1m minimum<br />Next deadline = 1 July 2011<br />www.bis.gov.uk/RGF<br />RGF Roadshow – Plymouth 10 June 2011<br />www.winterrule.co.uk<br />105<br />
    213. 213.
    214. 214.
    215. 215. WHAT IS COACHING?<br />“Coaching is unlocking a person’s potential to maximise their own performance. <br />It is helping them to learn rather than teaching them.”<br />
    216. 216. WHAT IS COACHING?<br />coaching and mentoring is about using our experience and training to help you to find the answers yourself. Through good questioning, followed by inspired analysis, reflection and detailed action planning. The success of coaching and mentoring will depend upon you: your ability to change your behaviour, or see things in a different way: to act on the action plans.<br />Coaching is a journey: not a quick fix. There are no right or wrong answers except in legal issues. It takes time, it will be challenging, hard work and it will be disruptive. Both the business and the coach must be agnostic as to what the solutions are.<br />
    217. 217.
    218. 218. Coachingfor High Growth<br /><ul><li>Help with creative thinking
    219. 219. Looking for a new perspective on your business
    220. 220. Refining your business model
    221. 221. Identifying new channels and markets
    222. 222. Developing new products and services
    223. 223. Sourcing new technologies
    224. 224. Raising finance
    225. 225. Developing your team
    226. 226. Extending your geographical reach
    227. 227. Achieving your goals</li></li></ul><li>
    228. 228. Starting a high growth business<br /><ul><li>Developing and delivering your business plan
    229. 229. Developing your products and services
    230. 230. Identifying channels and markets
    231. 231. Securing finance
    232. 232. Building your team
    233. 233. Sourcing new technologies
    234. 234. Extending your geographical reach
    235. 235. Achieving your goals </li></li></ul><li>Leo Dunne<br />Leo started his career with Midland Bank/HSBC in the early 80’s, gaining vast experience in the finance sector.<br /> From 1997 he was Investment Manager for the HSBC UK Enterprise Fund for Greater London, part of a network of regional funds looking to provide SME's with initial investment of up to £250k. <br />He then worked as Investment Director for Ferranti Capital Ltd. From May 2006 Leo worked as a business advisor for range of companies including travel and technology firms <br />2008 became the Manager of Thames Valley Investment Network (TVIN), the business angel network based in the Thames Valley. <br />Leo helps businesses understand their funding needs and how these may be met. He can also advise on a wide range of commercial issues including compliance, regulatory requirements<br />
    236. 236. Mike Jobson<br /><ul><li>Started career as an IT Engineer at NCR.
    237. 237. Sales, marketing and management roles with Alcan and Colgate Palmolive Ltd,
    238. 238. Guinness G.B. as Regional Managing Director
    239. 239. Diageo PLC in the UK and Africa, latterly as Sales and Marketing Director in Lagos, Nigeria.
    240. 240. Extensive experience within food and drink, retail and FMCG markets.
    241. 241. specialises in sales, marketing and business development including performance management, </li></li></ul><li>Richard Reed<br />Earth scientist and engineer <br /> Involved in the natural resources industries for most of his working life, <br />10 year career within the water and petroleum industries<br /> Joined the Cornish based marine drilling company Seacore. As commercial director he acquired considerable experience in developing and sustaining the growth of an independent business over many years and was subsequently elected managing director, a position he held for 5 years until the acquisition of the business by a European multi-national.<br />Richard has extensive management experience covering business development strategy and financial management, raising corporate finance, commercial and contract negotiations on both a domestic and international basis. <br />
    242. 242.
    243. 243. Coaching <br />A High Growth Business<br />Thank you<br />www.growcornwall.co.uk<br />Clare Whitney<br />
    244. 244. A very warm welcome to…The spirit ofCollaborationWhere might a collaboration take your business?<br />
    245. 245. Our Vision:To improve Cornwall and the Isles of Scilly’s competitive advantage by encouraging and enabling a collaborative culture of thinking throughout Cornish-based businesses <br />
    246. 246. Educate<br /> Facilitate<br /> Manage<br /> Assist<br />
    247. 247. What is Collaboration?<br />
    248. 248. Collaboration is..<br />“A co-operative arrangement in which two or more parties (which may or may not have any previous relationship) work jointly towards a common goal”<br />
    249. 249. reasons to <br />COLLABORATE<br />
    250. 250. Increase sales outputs<br />Reduce costs<br />Develop new products<br />Share risk & reward<br />Access new markets<br />Improve productivity<br />Access/improve skills<br />Joint tendering<br />Access new technologies<br />Leverage resources<br />
    251. 251. There are 3 broad types of Collaboration:<br />1. Co-development (Research & Development)<br />2. Manufacturing & Production<br /> (Supply side) <br />3. Marketing & Distribution<br /> (Demand side)<br />
    252. 252.
    253. 253. “As a result of Partner to Succeed’s involvement, we are now well on the way towards launching a co-branded legionella warning system with Silvertree Engineering.”<br />Robin Proctor<br />Silvertree Engineering Ltd<br />
    254. 254. “There is no doubt that this could have a massive impact on both our profit margins, and it’s very exciting for all those involved”. <br />Mike Quest<br />Managing Director, QES Ltd<br />
    255. 255.
    256. 256. “I knew the product could do better, and with Partner to Succeed’s help I proved that to a UK based partner. We are now collaborating to manufacture and distribute Muksak from the UK. If there are any doubts in your mind about what to expect, Partner to Succeed can help you answer them”.<br />Alison Vaughan<br />Owner, Muksak<br />
    257. 257.
    258. 258. Why doesn’t everyone collaborate?<br />
    259. 259. Trust<br />
    260. 260. Communication<br />
    261. 261. Willingness to commit<br />
    262. 262. It’s not the ‘norm’<br />
    263. 263. Consider it?<br />
    264. 264.
    265. 265.
    266. 266.
    267. 267. <ul><li>Project Management
    268. 268. Up to 8 Days of Support
    269. 269. Access to secure online software
    270. 270. Draft documentation
    271. 271. Access to Collaboration Credit</li></li></ul><li>
    272. 272.
    273. 273. Sales GrowthCollaboration Clubs<br />Discover how you can sell more by working together…<br />
    274. 274. "This has been the start of a road I've been trying to travel along for the past 2 years through a different approach. It has given me a real understanding of different sales approaches”<br />Phil Allatt<br />IT West Ltd<br />
    275. 275. Resource EfficiencyCollaboration Clubs<br />Discover how you can save money and reduce your carbon output by working together…<br />
    276. 276. “I didn’t sleep last night after the RECC yesterday. It was really more beneficial than expected and I have a plethora of ideas on my mind . . . . “<br />Mark Wright<br />Piran Technologies Ltd<br />
    277. 277. Coming soon . . . . . <br />Managing Capacity<br />Improving Competitiveness<br />
    278. 278.
    279. 279. Food for thought?Any collaboration ideas?<br />
    280. 280. For further information or advice visitwww.partnertosucceed.co.ukor call 01872 613000<br />
    281. 281. Diana Lobb<br />Leadership & Management Adviser (South West)<br />Covering Cornwall<br />
    282. 282. Leadership and Management Advisory Service – 2011 to 2012<br />Context<br />Think of a Successful Leader. This can be someone from anywhere in the world at any point in time<br />
    283. 283. Leadership and Management Advisory Service – 2011 to 2012<br />Now think of why you thought of them, why do you think this person was such a successful leader?<br />
    284. 284. Alexander the Great<br />
    285. 285. Catherine the Great<br />
    286. 286. Winston Churchill<br />
    287. 287. Mahatma Gandhi<br />
    288. 288. Leadership and Management Advisory Service – 2011 to 2012<br />Questions<br />Do You have a clear vision?<br />Do You have clear goals for your business?<br />Do You know what you want to achieve and how to get there?<br />Do You have the skills & knowledge to take your business where you know it can go?<br />Can You inspire and motivate other people to share your vision and help you achieve your business goals?<br />
    289. 289. Leadership and Management Advisory Service – 2011 to 2012<br />Answers<br />If you hesitated before answering any of those questions.<br />If you thought ‘I do all of that and pretty well but I know I can be better’<br />If you thought ‘I am not great at some of that and my business will suffer as a consequence’<br />The Leadership & Management Advisory Service may be of benefit<br />
    290. 290. Leadership and Management Advisory Service – 2011 to 2012<br />How Does is Work?<br />A programme running until March 2012 delivered by Skills South East Ltd in the South East and South West<br />The Leadership & Management Advisory Service can help identify and prioritise the right development for you to gain the skills and knowledge you need to help your business be more successful.<br />We may be able to offer up to £1000 of funding to help pay for that development <br />
    291. 291. Leadership and Management Advisory Service – 2011 to 2012<br />Eligibility<br />Are you the owner, MD, CEO or senior leader of your business or Social Enterprise?<br />Employ 2 – 249 people (full time equivalent) including yourself<br />Display the potential for high or fast growth<br />You can access up to £1,000 of funding, 50% match funded, to help with the costs of your chosen development <br />Start and claim costs of development within 90 days of grant approval<br />
    292. 292. Leadership and Management Advisory Service – 2011 to 2012<br />How do you apply?<br /><ul><li>For more information please speak to me, Diana Lobb 07917 113489 diana.lobb@skillssoutheast.co.uk,
    293. 293. pick up a flyer
    294. 294. or visit www.skillssoutheast.co.uk 0845 026 4298 info@skillssoutheast.co.uk</li></li></ul><li>165<br />The Tax Dog wags it’s tail...<br />Scott Bentley, Small Business Partner, Winter Rule LLP<br />
    295. 295. Don’t let tax tail wag the dog<br />But need to consider tax stimulus for companies to invest <br />Capital allowances<br />R&D<br />Substantial shareholdings exemptions<br />And to be invested in:<br />Enterprise Investment Scheme (EIS)<br />Entrepreneurs Relief (the 10% bit)<br />www.winterrule.co.uk<br />166<br />
    296. 296. Research and Development tax relief (for SMEs)<br />For companies only<br />Enhanced tax relief for allowable R&D costs<br />Relief for SMEs:<br />Up to 31 March 2011 175%<br />From 1 April 2011* 200%<br />From 1 April 2012* 225%<br />If loss making, can receive cash for % of R&D allowable costs or increase loss carried forward<br />14%<br />Was limited to PAYE/ NI paid * (* = s/t EU approval)<br />Issue remains – what is R&D?<br />www.winterrule.co.uk<br />167<br />
    297. 297. Capital allowances<br />Tax deduction for capital expenditure<br />Changes in March 2011 budget (effective 1 April 2012)<br />Writing down allowances will be reduced to 18% and 8%<br />Annual Investment Allowance reduced to £25,000 <br />For Enterprise Zones in assisted areas, where there is a strong focus on high value manufacturing<br />Enhanced capital allowances (ECA)<br />For equipment that meets published energy-saving criteria (http://www.eca.gov.uk/etl)<br />For capital expenditure or equivalent used for R&D<br />www.winterrule.co.uk<br />168<br />
    298. 298. Substantial Shareholdings Exemption<br />Exemptions on gains made by companies on the sale of qualifying shares<br />Investor and investee must be trading or part of a trading group<br />Must own > 10% of ordinary share capital<br />Must hold investment for at least 12 months<br />www.winterrule.co.uk<br />169<br />
    299. 299. EIS – overview<br />Enterprise Investment Scheme<br />Tax relief for qualifying individuals investing in new ordinary shares in qualifying companies<br />Tax reliefs<br />Income tax relief (30% of investment between £500 and £500,000)<br />Capital Gains tax relief on any gain if shares held for three years<br />Deferral of other capital gains at point of investment<br />www.winterrule.co.uk<br />170<br />
    300. 300. EIS – the good news<br />Certain limits on qualifying companies will be increased as follows with effect from shares issued after 5 April 2012:<br />Number of full-time employees – 250<br />Limit on gross assets increased to £15 million before the investment<br />Maximum annual amount that can be invested in the company increased to £10 million<br />Maximum annual amount that can be invested by an individual in all EIS companies is £1 million<br />www.winterrule.co.uk<br />171<br />
    301. 301. Entrepreneur’s Relief<br />Only applies to individuals (some trustees)<br />Shares in a personal trading company<br />Owned for minimum12 months prior to sale<br />£10million lifetime limit for individuals from 6 April 2011<br />Personal trading company<br />> 5% old share capital with > 5% voting rights<br />You must be an officer or employee of that company<br />Company must be trading<br />www.winterrule.co.uk<br />172<br />
    302. 302. 173<br />Finance in Cornwall 2011<br />Wrap up by John Mitchell, Chairman/Managing Partner, Winter Rule<br />
    303. 303. www.winterrule.co.uk<br />174<br />Thank you: Presenters, participants and Amy<br />
    304. 304. The Future – thoughts and actions<br />Immediate: Q&A<br />Convergence until 2013<br />The future of finance is equity<br />Cornwall is a great place to do business, increasing national profile<br />Sharps<br />Celtic Sheepskin<br />Service sector to match business requirements<br />www.winterrule.co.uk<br />175<br />
    305. 305. Final thought<br />www.winterrule.co.uk<br />176<br />

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