Finance Support for Cornish Startups
ā¢Download as PPTX, PDFā¢
1 likeā¢137 views
This seminar features presentations from sources of grant, debt and equity funding, as well as business support agencies operating in the region. The presentations will be short and sharp giving the delegate a basis for an assessment of which funding stream/funder matches their requirements.
Recommended
Recommended
More Related Content
What's hot
What's hot (20)
Similar to Finance Support for Cornish Startups
Similar to Finance Support for Cornish Startups (20)
More from PKF Francis Clark
More from PKF Francis Clark (20)
Recently uploaded
Recently uploaded (20)
Finance Support for Cornish Startups
- 1. Finance in Cornwall Jason Mitchell - Chair Businesses trading for < 2 yearsā¦ā¦.
- 2. pkf-francisclark.co.uk Structure of morning ā¢ Background, Equity, Debt and Business Support (8.30am to 10am) ā¢ Cornwall and IOS LEP ā¢ Equity and Grants ā¢ Business support ā¢ Investment ready ā¢ Coffee Break (10.05am to 10.25am) ā¢ Funding, Business Support, Investment Ready and SME perspective (10.25am to 12noon) ā¢ Start Up (trading for < 2 years) ā¢ or Established Business ā¢ Coffee Break (12noon to 12.20pm) The hustings (12.20pm to 1pm), followed by Lunch
- 3. pkf-francisclark.co.uk ā¢ Business structure: Sole trader Partnership Limited Company Limited Liability Partnership ā¢ Red Tape: HMRC registration Accounting systems Pensions and Auto-Enrolment ā¢ Ongoing services: Payroll Management accounts Tax planning/remuneration strategies Issues facing start up businesses
- 4. pkf-francisclark.co.uk ā¢ Tax opportunities: R&D Patent Box Utilising taxable losses due to CAās and investment ā¢ Strategies for growth: Business plans Cash flow projections Acquisitions/disposals of trade or assets Grant funding Issues facing start up businesses
- 5. pkf-francisclark.co.uk ā¢ 5/ 10 minute presentations on: ā¢ Approaching the bank ā¢ Cloud accounting ā¢ Crowdfunding ā rewards ā¢ Start Up Loans ā¢ Tax for founders and investors ā¢ Business support ā¢ Loan finance (sources) ā¢ SME Perspective Funding and support ā for business < 2 years old
- 6. Approaching the bank Tom Roach: Partner May 2017
- 9. An Introduction to Cloud Accounting Lucy Mace: Cloud Accounting Specialist May 2017
- 10. Contents ā¢ What is cloud? ā¢ And cloud accounting? ā¢ And, importantly, why? ā¢ Demonstration pkf-francisclark.co.uk
- 11. pkf-francisclark.co.uk What is cloud? .. Cloud technology is simply to host, or store, data remotely rather than on a machine at your premises.
- 12. pkf-francisclark.co.uk . And cloud accounting? ā¢ Multi-user & multi-location ā¢ Immense server processing power ā¢ Machine learning ā¢ Application programming interface (API)
- 13. pkf-francisclark.co.uk And, importantly, why? ā¢ Time saved on your books is time to invest in your self or your business: ā¢ Automated bank feeds ā¢ Invoice recognition ā¢ Make business decisions based on real time data: ā¢ Dashboards ā¢ Management accounts
- 21. pkf-francisclark.co.uk . Who to contact? Lucy Mace ACA Cloud Accounting Specialist ā Truro Lucy.Mace@pkf-francisclark.co.uk Darren Jasper ACA CTA Head of CloudSourcing Darren.Jasper@pkf-francisclark.co.uk
- 22. (c) copyright PKF Francis Clark, 2016 You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence. To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark. These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark. The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF Francis Clark are up-to-date or error or omission-free. Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and Wales. These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a copy of which is available on request. Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited. PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is available for inspection and at www.pkf-francisclark.co.uk. The term āPartnerā is used to refer to a member of Francis Clark LLP or to an employee. Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Disclaimer & copyright pkf-francisclark.co.uk
- 29. SWIG Finance Finance in Cornwall 2017 Mark Thayre, Business Manager www.swigfinance.co.uk info@swigfinance.co.uk 01872 223 883
- 30. Who are we? ā¢ Not for profit company ā¢ Fund management arm of SWIG Ltd ā¢ Established 1989 ā¢ Based in Truro Trustees from Cornwall Council, Cornwall Chamber of Commerce, Devon County Council, Gloucestershire First LEP, Barclays and Lloyds banks. Part of a national network of CDFIs
- 31. What do we do? Loans and support to SMEs with potential but excluded from mainstream finance ā¢ Lack of track record ā¢ Lack of security ā¢ Poor credit rating ā¢ Not within credit policy of lender ā¢ Not investment ready
- 32. The SME Funding Gap ā¢Ā£10bn to Ā£11bn (National Audit Office 2013) āDiscouraged demandā from banks implies funding gap is larger (BBB quotes estimates of up to Ā£30bn) ā¢BBB believe a fair proportion of SMEs that do not obtain external finance are viable businesses Source : Civitas January 2017
- 33. SWIG Statistics 2009 - 2017 South West region-wide funds ERDF; RGF; SULCo; banks Merged with Bristol Enterprise Development Fund in 2012 Invested: ā¢ Ā£20 million in loans ā¢ 1,600 local businesses ā¢ Created and safeguarded 3,000 jobs
- 34. Funds Available ā¢ Start Up Loans ā¢ Ā£500 to Ā£25,000 per business owner for businesses trading up to 2 years ā¢ Fully funded business support ā¢ 6% interest fixed; repayable up to 5 years ā¢ Growth Loans ā¢ Ā£10,000 to Ā£100,000 for growth investment ā¢ 8% - 12% interest fixed; repayable up to 5 years ā¢ Social Enterprise Loans ā¢ Ā£5,000 to Ā£50,000 for social ventures with fully funded business support ā¢ 6% interest fixed; repayable up to 5 years ā¢ Part of SEEDbed programme
- 35. Application Process 1. Initial online application form 2. If approved, proceed to full application 3. Business plan, accounts and forecasts 4. Face-to-face meeting 5. Decision in 1-2 weeks From June 2017: Fully online application process supported by our local Business Managers and advisors
- 36. Supporting Cornish Start Ups Paul and Elise Harwood, The Fish House at Fistral. Start Up Loan and mentoring support ā Winners of Start Up Business of the Year 2015 from the Start Up Loans Company.
- 37. Supporting Cornish Start Ups Adrian Noott, A Game Sports, Redruth. Start Up Loan and follow on growth funding for expansion.
- 38. Supporting Cornish Businesses Visit Cornwall - tailored business support and access to finance for start ups, early stage businesses and acquisitions.
- 39. Supporting Cornish Businesses Stop press - 2017 Microentrepreneurship Award Winners - Cornwall sweeps the board! ā¢ Clayworks of St Keverne ā¢ ISO Spaces of Truro
- 41. pkf-francisclark.co.uk Tax for founders and investors Daniel Sladen
- 42. Equity Investments - Cash invested into a company in the form of subscribing for shares - Most commonly, shares are either ordinary or preference shares - Irreversibly giving up an equity stake in the business - Tax incentives on offer for certain investments in ordinary shares pkf-francisclark.co.uk
- 43. Structuring the shareholdings - Much easier to get shareholdings right in the first place than change things later - Once business has value, employment related securities rules can give rise to large unexpected tax liabilities - Transfers after capital raising are generally going to be expensive - Donāt forget entrepreneursā relief/investorsā relief conditions pkf-francisclark.co.uk
- 44. Staff incentives - Share schemes have their place but consider whether cash incentives are a better fit - Outright transfers and ad hoc reward āpromisesā are likely to have significant tax consequences - EMI arrangements provide good balance of flexibility, long term incentive and favourable tax treatment pkf-francisclark.co.uk
- 45. pkf-francisclark.co.ukpkf-francisclark.co.uk . SEIS / EIS ā¢ Equity Incentive Schemes ā offer of tax incentives to investors to encourage investment in start up / relatively new businesses ā¢ Often considered where debt cannot be obtained (or only offered on unattractive terms) ā¢ Given up an ownership stake in the business ā how much are you willing to give up? ā¢ HMRCās view is that the schemes are aimed at companies with a high financial risk
- 46. pkf-francisclark.co.ukpkf-francisclark.co.uk . Tax relief for investors Relief SEIS EIS Income tax relief 50% (max inv. Ā£100k) 30% (max inv. Ā£1.0m) CGT exemption Yes ā after 3 years Yes ā typically 3 years from date of issue CGT deferral No Yes IT loss relief Yes - potentially Yes - potentially BPR Yes Yes The above are subject to conditions and rely on continual qualification in the period after the issue of shares.
- 47. pkf-francisclark.co.uk Seed Enterprise Investment Scheme (āSEISā) ā¢ Companies where trade is less than 2 years old ā¢ Up to Ā£150k can be raised through the issue of SEIS shares ā limit reduced by any other State Aid received in the 3 years preceding the issue of SEIS shares ā¢ New shares must be issued in return for ānewā cash ā¢ Cash used for the purposes of a qualifying trade and spent within 3 years of the share issue ā¢ Individual investors cannot be connected with the company ā¢ Less than 25 employees / no more than Ā£200k gross assets ā¢ Numerous other conditions
- 48. pkf-francisclark.co.uk Enterprise Investment Scheme (āEISā) ā¢ Typically for companies < 7 years old ā¢ Can raise no more than Ā£5m in any 12 month period ā includes from any venture capital scheme and other state aid investment e.g. certain grants ā¢ New shares must be issued in return for ānewā cash ā¢ Cash used for the purposes of a qualifying trade and spent within 2 years ā¢ Individual investors cannot be connected with the company ā¢ Numerous other conditions
- 49. pkf-francisclark.co.uk Practical considerations ā¢ Is your company carrying on a qualifying trade? ā¢ Applying for advance assurance to give investors certainty. ā¢ Method for attracting investors ā business angels, crowdfunding, equity funds ā¢ Valuing the company and offer price ā¢ Professional costs ā¢ Steps to ensuring and monitoring compliance e.g. separate bank accounts ā¢ Dual SEIS / EIS offer
- 50. G e o f f W i n w o o d , O x f o r d I n n o va t i o n B u s i n e s s C o a c h
- 51. Offers coaching and assistance to businesses in Cornwall and the Isles of Scilly with the ambition who are in their first 12 months of trading and have aspirations for high growth Access to a network of experienced business coaches enabling them to tap into the expertise and knowledge to help them meet their potential
- 52. Refining their business model Identifying new channels and markets Developing new products and services Sourcing new technologies Raising finance Developing their team, including a graduate recruitment service Sales and marketing strategies Management capability development Extending their geographical reach
- 53. Routes into the Breakthrough programme Referral through Growth Hub Go to the Breakthrough website (www.breakthroughcornwall.co.uk) Two day business planning workshop (next is June 5th/6th at The Penventon Park Hotel, Redruth) Orā¦ Bypass to 12 hour support for experienced business owners
- 54. What will high growth start-up businesses receive? Assigned a āLead Coachā from Oxford Innovation for 1-1 coaching Will have access to the wider skills and experience within the team Further workshops ā depending on demand Access to the Graduate Jobs Programme
- 55. What support for creating jobs is there? Up to Ā£3,000 to support new jobs in the business Recruitment support Subsidised job advertising saving the business more than Ā£500 on international, national and local job boards
- 56. Breakthrough: Who is eligible? Businesses must: Have been trading for less than 12 months; Be based (or going to be based) in Cornwall or the Isles of Scilly; and Fall under a sector considered eligible under ERDF
- 60. Jamie Smith
- 61. ā¢ Ā£4.7m ā¢ Three-year programme ā¢ For businesses keen to explore the benefit of innovation
- 62. INNOVATION āNew and better ways for a business to fulfil its purpose, and then translate ideas into practice.ā James Alexander, Zopa, the online lending service 1. New product or service 2. Changes to processes and procedures 3. Shift in leadership and culture.
- 67. FAST FORWARD GROUPS SUPPO RT CTIVTIES BDM/INNOVATIONMANAGERSUPPORT * Key personnel placements * Backfill to release the business leader * Staff secondment, staff swaps for learning People projects
- 68. FAST FORWARD GROUPS BDM/INNOVATIONMANAGERSUPPORT * Collaboration Projects * Developing leadership culture * Knowledge exchange * Innovation coaching Collaborative projects Physical projects * Financial support to access to the equipment, tools of facilities you need
- 69. Get in touch: www.unlocking-potential.co.uk /developing-business /future-focus
- 79. Claire Scipio Bodds Swimwear www.boddsswimwear.co.uk
- 80. Finance in Cornwallā wrap up Jason Mitchell - Chair
- 81. pkf-francisclark.co.uk . Summary ā¢ Cornwall and IOS a great place to do business and has great businesses ā¢ Cornwall, IOS and wider South West full of entrepreneurial spirit (businesses and funding options) ā¢ Funding and business support hereā¦ ā¢ http://www.francisclark.co.uk/news-views/blog ā¢ Thank you
- 82. pkf-francisclark.co.uk Big thank you toā¦ And more including our SME perspective presenter
- 83. pkf-francisclark.co.uk Structure of morning ā¢ Background, Equity, Debt and Business Support (8.30am to 10am) ā¢ Cornwall and IOS LEP ā¢ Equity and Grants ā¢ Business support ā¢ Investment ready ā¢ Coffee Break (10.05am to 10.25am) ā¢ Funding, Business Support, Investment Ready and SME perspective (10.25am to 12noon) ā¢ Start Up (trading for < 2 years) ā¢ or Established Business ā¢ Coffee Break (12noon to 12.20pm) The hustings (12.20pm to 1pm), followed by Lunch
- 84. The ROC 5K 2017 Tuesday 27th June 2017 5.30 for 6.30pm start Lemon Quay in Truro www.unitedresponse.org.uk/ ROC5K2017
- 85. (c) copyright PKF Francis Clark, 2017 You shall not copy, make available, retransmit, reproduce, sell, disseminate, separate, licence, distribute, store electronically, publish, broadcast or otherwise circulate either within your business or for public or commercial purposes any of (or any part of) these materials and / or any services provided by PKF Francis Clark in any format whatsoever unless you have obtained prior written consent from PKF Francis Clark to do so and entered into a licence. To the maximum extent permitted by applicable law PKF Francis Clark excludes all representations, warranties and conditions (including, without limitation, the conditions implied by law) in respect of these materials and /or any services provided by PKF Francis Clark. These materials and /or any services provided by PKF Francis Clark are designed solely for the benefit of delegates of PKF Francis Clark. The content of these materials and / or any services provided by PKF Francis Clark does not constitute advice and whilst PKF Francis Clark endeavours to ensure that the materials and / or any services provided by PKF Francis Clark are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by PKF Francis Clark; nor do we commit to ensuring that these materials and / or any services provided by PKF Francis Clark are up-to-date or error or omission-free. Where indicated, these materials are subject to Crown copyright protection. Re-use of any such Crown copyright-protected material is subject to current law and related regulations on the re-use of Crown copyright extracts in England and Wales. These materials and / or any services provided by PKF Francis Clark are subject to our terms and conditions of business as amended from time to time, a copy of which is available on request. Our liability is limited and to the maximum extent permitted under applicable law PKF Francis Clark will not be liable for any direct, indirect or consequential loss or damage arising in connection with these materials and / or any services provided by PKF Francis Clark, whether arising in tort, contract, or otherwise, including, without limitation, any loss of profit, contracts, business, goodwill, data, income or revenue. Please note however, that our liability for fraud, for death or personal injury caused by our negligence, or for any other liability is not excluded or limited. PKF Francis Clark is a trading name of Francis Clark LLP. Francis Clark LLP is a limited liability partnership, registered in England and Wales with registered number OC349116. The registered office is Sigma House, Oak View Close, Edginswell Park, Torquay TQ2 7FF where a list of members is available for inspection and at www.pkf-francisclark.co.uk. The term āPartnerā is used to refer to a member of Francis Clark LLP or to an employee. Registered to carry on audit work in the UK and Ireland, regulated for a range of investment business activities and licensed to carry out reserved legal activity of non-contentious probate in England and Wales by the Institute of Chartered Accountants in England and Wales. Partners acting as insolvency practitioners are licensed in the UK by the Institute of Chartered Accountants in England and Wales. A partner appointed as Administrator or Administrative Receiver acts only as agent of the insolvent entity and without personal liability. Francis Clark LLP is a member firm of the PKF International Limited network of legally independent firms and does not accept responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Disclaimer & copyright pkf-francisclark.co.uk
Editor's Notes
- Breakthrough, delivered by Oxford Innovation in partnership with Unlocking Potential, offers ERDF fully funded coaching and assistance to start-up businesses with the ambition for high growth in Cornwall and the Isles of Scilly. Our mission is to create high value jobs and incomes within the county to help us towards a sustainable economy. This will be delivered through a mix of workshops, face-face and remote coaching, supporting businesses with:
- Using tools like the Lean Canvas we help businesses understand and refine their business models to create the best chance of success looking at elements such as what problem they are solving for which potential market segment, how they identify and reach those potential customers and the likely costs and revenues generated
- Many people are referred to OI through Growth Hub, some find us through the web site and many more find us through word of mouth. However they get to us we assess their needs and offer either a fully funded workshop or immediate access to coaching. Next eventsā¦ June Mon 5th & Tues 6th ā The Penventon Park Hotel, Redruth Ā Weekend workshop series ā Epiphany House, Truro Saturday 29th April,Ā 9am ā 5pm Saturday 6th May,Ā 9am ā 5pm Evening workshop series ā The Greenbank Hotel, Falmouth Thursday 8th June, 6pm ā 9pm Thursday 15th June, 6pm ā 9pm Thursday 22nd June, 6pm ā 9pm Thursday 29th June, 6pm ā 9pm What does this look likeā¦
- Chris was co-founder and then Director of Surfers Against Sewage (SAS) from 1990 until 2000. Regarded as āsome of the Governmentās most sophisticated environmental criticsā by the BBC and āBritainās coolest pressure groupā by the Independent, SAS helped deliver massive environmental improvements. Following his work with SAS Chris served as Sustainability Director at the Eden Project for five years. Heās given evidence to the UK parliament, the Monopolies and Mergers Commission and the European Commission, briefed the President of the European Parliament, been a special advisor to the Minister for the Environment and appeared on a wide range of media from BBC World Service to CNN. Chris has also given presentations to a wide range of groups from BMW Guggenheim to the Dutch Tax Office, the National Grid and the Global Surf Cities Conference. In 2008 Chris was awarded an MBE for āservices to the environmentā in the Queenās Birthday Honours and an Honorary Doctorate of Science from the University of Plymouth. Heās also a Surfers Path Inaugural Green Wave Award winner Derek offers great all round experience having spent 20 years helping businesses to strategically plan, innovate, manage change and access supportive networks to maximise commercial opportunities. He helped to create British Computer Societiesā entrepreneur specialist group; working with technology thought leaders from business, finance, universities and government to build supportive ecosystems, champion entrepreneurship and promote open innovation and knowledge transfer networks
- Chris: How did it help? Well hopefully it has but itās tough and there are a lot of organisations working in and around marine plastic issues. Having said that itās a massive problem so I think there is room for everyone. Martin: What have been the benefits of working with Chris? At some point, we hope to bring in funding streams but Chris is also really useful because of the people he knows. Also because weāre similar people ā creative, passionate and not afraid to speak our mind, we get on well. So, when we get excited about a project together, weāre quick to drill down to how we make it possible, Often it seems itās me and my limitations, such as time, that are a blockage to success. Chris, if you like, is helping to unblock me. Chris: Whatās the future for this Breakthrough coaching relationship? We have identified some big steps and Martin is pushing hard and being bold. There are some exciting areas of possible development but they are under wraps (eco-wrap) at the moment due to confidentiality issues. Martin: Would you recommend Breakthrough and Breakthrough coaching to a friend? Iād absolutely recommend Breakthrough. Meeting other start-ups on our workshop was inspiring and there was so much useful information to retain. It helps you work out whatās important to you. Iāve run my own business for 10 years and so I thought I knew a lot about a lot of this stuff. I was surprised by Breakthrough as I discovered things about marketing and brand voice I hadnāt considered despite having a successful copywriting business. You realise you donāt know everything and there are always things people can teach you.
- Why? Building Competitive advantage Stimulating Innovation Build our knowledge economy Lowest number Annual Patents 3.3 (only the Black Country is lower!) Suggesting that our ew to market innovation is lower Spend on R & D 9.7% share of employment in Knowledge based industry with only 2% of that in high and medium technology manufacturing Whilst we are less likely to be undertaking R&D as measured in the traditional sense, we are more likely to undertake Strategic and Marketing Innovation, Collaboration for Innovation and process innovation Rank 13 out of 39 Cornwall is fortunate to still have European funding to drive itās business competitiveness. We are one of the fastest growing regions in the UK outside of London, start ups are more likely to succeed here, but despite this there are a couple of areas, that we along with the rest of the UK need to focus on. Sales limited due to location, industry mix in Cornwall, lack of supply chain, lack of innovation, lack of company āumbrella groupsā Many things see similar proportions nationally e.g. Health, Education, Retail, Transport & Storage How is Cornwall actually diiferentā¦ The business end is at the bottom. Not surprising - Agri/Fishing, Professional, Info and Comms & accommodation and food (accounting for a third of all businesses, but that third in Cornwall is made up completely differently to the rest of the country)
- (1500/750 unique) Future Focus events will build on the successful legacy of over 32 Connect Events, experienced and enjoyed by over 3000 people. These events will promise and deliver impactful, inspirational and dynamic content to stimulate thinking, learn and discover new ways of working and help you make new connections. (including your future workforce.) Inpirational keynotes are a given, renowened change makers will allow you to step out of the day to day, look to the future, provide high quality networking with people youāve not met before and those who you want to meet. Quarterly events, which you can help to determine and shape, across the county, expect to be impressed
- 390- 26 groups) Our brand new Labs build on our experience of over 70 Fast Forward Groups. Labs, through working with others in groups of 10-15, will help you find the energy and strength to explore and innovate for long term success. Over a number of sessions youāll make beneficial connections and be exposed to practical tools, expert facilitators and fresh thinking. Based around Hot Topics, key themes to explore, shared opportunities or challenges, weāll carefully craft the labs with your help and the help of our Business Analysts and researches and extensive contacts.
- Working through this new programme with us, will give you access to high value resources and support from experts to develop and deliver your future focus plan. People Solutions give you the opportunity to have support to employ a graduate to deliver a short or medium term project, release a key member of staff to focus on something new, access to knowledge and experts in their field from the University and College, innovation coaching. Collaborative solutions will allow you to work with and learn form other, potential of staff swaps, develop your leadership culture and explore new collaborations. Physical solutions will give you access to equipment and facilities, develop your own and obtain small grants to help you purchase equipment and facilities. All of this is supported by our team helping you to create and deliver your future focus plan, guiding you through the solutions we can offer and signposting you to other appropriate support and partners.
- Why? Building Competitive advantage Stimulating Innovation Build our knowledge economy Lowest number Annual Patents 3.3 (only the Black Country is lower!) Suggesting that our ew to market innovation is lower Spend on R & D 9.7% share of employment in Knowledge based industry with only 2% of that in high and medium technology manufacturing Whilst we are less likely to be undertaking R&D as measured in the traditional sense, we are more likely to undertake Strategic and Marketing Innovation, Collaboration for Innovation and process innovation Rank 13 out of 39 Cornwall is fortunate to still have European funding to drive itās business competitiveness. We are one of the fastest growing regions in the UK outside of London, start ups are more likely to succeed here, but despite this there are a couple of areas, that we along with the rest of the UK need to focus on. Sales limited due to location, industry mix in Cornwall, lack of supply chain, lack of innovation, lack of company āumbrella groupsā Many things see similar proportions nationally e.g. Health, Education, Retail, Transport & Storage How is Cornwall actually diiferentā¦ The business end is at the bottom. Not surprising - Agri/Fishing, Professional, Info and Comms & accommodation and food (accounting for a third of all businesses, but that third in Cornwall is made up completely differently to the rest of the country)