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Start Up Cornwall 2014
This document provides an overview of the Start Up Cornwall 2014 event, including information on presenters, topics, and organizations participating. The event covers topics like business structures and contracts for startups, funding and support options, tax issues, and legal considerations. Presenters are listed from various professional services firms, universities, and other business support organizations. The document provides contact details for following up on resources and programs discussed at the event.
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Start Up Cornwall 2014
- 1. Start Up Cornwall 2014 IvanBurnard- Partner
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- 3. www.francisclark.co.uk Presenters and otherparticipants …and more
- 4. www.francisclark.co.uk Twitter Follow us ontwitter @francisclarkllp Tweet about this event using #StartUpCornwall
- 5. SWIG Start Ups LisaMoore
- 6. Operating across the SouthWest 300 entrepreneurs with over £1.2 million
- 7. • Government-backed lowinterest loan (6%) • Free business support and advice • 12 months free mentoring • Complete Start Ups or trading less than 12 months • Must be over 18
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- 13. Funding and support roundup – Start Ups Nicky Cornish Corporate/ Corporate Finance
- 14. www.francisclark.co.uk Previously known as“Grant for R&D” Science, Engineering and Technology: New Products and Services Grant support for SMEs: • Proof of market (9 months, £25k, 60%) • Proof on concept (18 months, £100k, 60%) • Development of prototype (2 years, £250k, 35% / 45%) Competitive / Batch Applications Smart v R&D Tax Credits - cannot have both for same project Grants, Debt, Equity and Support SMART
- 15. www.francisclark.co.uk Grants, Debt andEquity - Funds Cornwall Development Company administered • Business Investment in Growth (“BIG”) Voucher Scheme Grants of £1,000 up to £50k Match funding “step change” expenditure High growth businesses (can be Start Up) Average £9k / job created Convergence http://www.francisclark.co.uk/blog/general/business-investment- for-growth-voucher-scheme
- 16. www.francisclark.co.uk Grants, Debt, Equityand Support • Superfast Cornwall Fund - RGF funded - £1,000 to £50,000 grant towards 50% of project costs - SME looking to invest in “innovative technologies or activities that require the use of superfast broadband” • Micro Business Incentive Scheme (MBI) - Manufacturing sector - Cornwall - Employing < 10 persons, T/O and BS < Euro 2m - £5,000: to create a new job or increase hours for existing employee - First call for applications closes 30 May 2014
- 17. www.francisclark.co.uk Grants, Debt, Equityand Support • Assisted Asset Purchase Scheme Grant contribution to deposit on Asset Purchase Parameters depend on bank e.g., Lloyds • Grants < £500k • 20% for Small Co and 10% for Medium Co • 1 job created or safeguarded for £15k grant • No minimum deposit from own funds (?) • Balance of funds (min £100k) from Lloyds TSB Lloyds TSB open. Nat West/ RBS is open. http://www.francisclark.co.uk/news-views/blog/lombard- and-natwest-assisted-asset-finance-scheme/ RGF Funded
- 18. www.francisclark.co.uk Grants, Debt, Equityand Support Cornwall Development Company administered (ERDF) • Business Innovation Fund Grants from £1,000 to £50,000 for 50% of project cost “Projects at any stage of development process for new and existing products and services” “Project has to involve buying in specialist services from CUC universities, colleges and other Higher Education Institutions (HEIs), Intellectual Property solicitors, Market Research agencies, Process, Manufacturing or Product Design specialists” ERDF European Funding eligibility applies. http://www.francisclark.co.uk/news-views/blog/bif-bang-innovation-fund-for-smes-live-in- cornwall/
- 19. www.francisclark.co.uk Grants, Debt, Equityand Support Rural Business Investment Scheme – phase 2 • Agricultural, horticultural and forestry and food & drink businesses • “Value Add” Horticultural and agricultural – Temperature controlled facility, packing facility, grading equipment. PLEASE NOTE general storage is not (generally) looked upon favourably; Forestry – Cutting facilities (post felling); and Livestock – Meat cutting facilities (e.g. butchery elements), temperature controlled storage • Grant: up to £25k @ 40% intervention but… • Job creation: some (£30k per job in Phase 1) • Committed by June and spent by December 2014
- 20. www.francisclark.co.uk • MAS Grants, Debt,Equity and Support
- 21. www.francisclark.co.uk • UKTI Support to........ •Develop an export strategy – Passport to Export (£3,000), Gateway to Global Growth (£3000) • Undertake market research (including identifying potential partners) – EMRS (50% match), OMIS (subsidised) • Visit & develop new export markets – MVS (£200-£850) • Improve international communications: website, email, languages & culture – ECR (subsidised), ECR EV (£3000) • Exhibit overseas – TAP & TAP SOLO (£1,000 to £2,500) • Carry other marketing and sales development activities - European funding (ERDF) (£1,000 to £30,000) Grants, Debt, Equity and Support
- 23. 23 A free investmentreadiness service for ambitious businesses in Cornwall and the Isles of Scilly looking to access money and markets to start, sustain or grow #getsetforgrowth Gregg Harding
- 24. 24 Who can wesupport? New Businesses Start-ups & early stage Existing SME Businesses Up to £40 million annual revenue Up to 250 full time employees Charities & Social Enterprise
- 25. 25 First-hand business experience Integratedspecialist assistance Tailored & flexible service Post funding support The GetSet Service
- 26. 26 • Financial Diagnostic •Cashflow Forecast • Profit & Loss Forecast • Business Plans • Identify appropriate funding sources • Funding application assistance • Investor presentation/pitches Financial Support
- 27. 27 • Sales &Marketing Diagnostic • Route to Market • Customer Needs • Value Proposition • Marketing Strategy • Sales Pipeline Sales & Marketing Support
- 28. The GetSet Support Sales& Marketing Create, develop and strengthen marketing and sales strategy Finance Help you get the money you need to take your company forward Skills & Knowledge Develop world-class skills and knowledge
- 29. 29 Already supporting: 79clients Already funded: 15 businesses Already raised: £393,000 Anticipated job creation: 31 new jobs Success so far….
- 30. 30 Thank you andget in touch!
- 31. Dan Sampson Business Manager 01872223681 07990 506372 daniel.sampson@rbs.co.uk
- 32. START UP CORNWALL2014 LEGALS, CONTRACTS AND BUSINESS STRUCTURES 13th May 2014
- 33. START UPS: LEGALS,BUSINESS STRUCTURES AND CONTRACTS • Why “legals” at all? • What business structures are available to start ups? • Of course!
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- 40. BUSINESS STRUCTURES: TRADINGENTITIES
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- 49. Summary: key legalissues for start ups • Legals • Constitution • Shareholder agreements • Partnership deeds • Terms and conditions • Business structures • Types of trading entity • Exit • Contracts • Monetising intellectual property • Employment contracts • Funding arrangements • Property commitments
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- 51. Tax… "The only thingscertain in life are death and taxes." Benjamin Franklin 13 May 2014 Seb Beard - Manager
- 52. www.francisclark.co.uk Overview • Taxation ofsole trader / partnership • Taxation of Ltd / CIC • Capital allowances • VAT • Tax schemes and reliefs for start-ups
- 53. www.francisclark.co.uk Taxation of profits– sole trade/partner • Taxed on profits in accounting period • Income tax (20%/40%/45%) • Class 2/4 National Insurance
- 54. www.francisclark.co.uk Taxation of profits– Ltd/CIC • Company profits taxed at corporation tax rates (20%/21%) • Profits ‘locked’ in company • Profit extraction planning – salary vs dividend Ivan Ltd/CIC
- 55. www.francisclark.co.uk Capital allowances • AnnualInvestment Allowance (100% up to £500k) • Writing Down Allowance 18% • Integral Features 8% • Enhanced Capital Allowances 100%
- 56. www.francisclark.co.uk Capital allowances -cars • Writing Down Allowance based on CO2 emissions • Less than 96 g/km 100% WDA (until 05/04/2015) • 96 g/km – 130 g/km 18% • Over 130 g/km 8%
- 57. www.francisclark.co.uk VAT • Standard ratedgoods 20% • Registration limit £81,000 taxable turnover • Voluntary registration?
- 58. www.francisclark.co.uk Tax Schemes andReliefs • Seed Enterprise Investment Scheme • Social Investment Tax Relief • Research and Development Tax Relief • Patent Box
- 59. www.francisclark.co.uk Get in touch SebastianBeard Business Services Manager sebastian.beard@francisclark.co.uk 01872 276477
- 60. 60 Ian Williams, OperationsDeputy Outset Cornwall
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- 62. 62 Phase 1 andPhase 2 Since June 2009 we have:- Assisted over 400 Clients to start their own business Helping create over 500 jobs
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- 64. Global SSE SSE NationalSchools Cornwall Devon East of England Hampshire Scotland London West Midlands Yorkshire & Humber SSE Global Australia Canada Schools in Development Ireland India
- 65. Lloyds Bank Social EntrepreneursProgramme START UP PROGRAMME 12 month programme £4,000 grant 20 participants per programme Robust recruitment process Application Interview Assessment Panel
- 66. Live Programmes… • LloydsBank Social Entrepreneurs Programme • Social Enterprise Focus Project (SEF) • The Engine Room • Business to Business • 50/50 Programme
- 67. Tregonissey House (home ofSSE Cornwall) • SSE Cornwall Hub • Flexible Affordable Office Space • Meeting & Conference Space available
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- 70. Unlocking Potential...What’s on offer? •2 1/2 Day Boot Camp • Events • Networking • Future Skills (qualification based) • Fast Forward
- 71. Unlocking Potential...What’s on offer? •Graduates within 10 years • Up to 12 months support • Potential Cash Investment (up to £4800) • Potential Skills Development Budget (up to £900) • Access to 250+ Industry mentors (Paid for from Skills Budget) • 1-1 Support from UP Start Up Specialist
- 72. Unlocking Potential...What’s on offer? •Graduates within 10 years Cont. • 6 x 1 day workshops (1 day per month) covering • Planning • Finance • Sales/Marketing/Branding • Negotiating • Contract/Intellectual Property
- 74. IGNITE 2014 Presented by:Richard Lawrie Date 13th May 2014
- 75. Ignite - Eligibility •The business start-up competition • Prize fund - £120k • Pre and early start businesses based in Cornwall and IoS • Trading for less than 12 months on 16th September 2014 © Oxford Innovation 2014
- 76. Looking For ?…… ©Oxford Innovation 2014 An innovative and justified business proposition.
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- 78. The Ignite Process ©Oxford Innovation 2014 • Attend Ignite experience workshops • Submit 3 minute ‘video’ pitch • Judges select finalists • Finalists submit written business plan • Judges select: • Winner of Ignite 2014 • Winner of Innovative Product Award
- 79. Ignite Experience Workshops…. © OxfordInnovation 2014 • Person – The entrepreneur • Proposition – Business idea • Plan – ‘Lean’ business process and plan • Pitch – ‘Sell’ your idea
- 80. Section Ignite 2014 KeyDates….. Oct 27th - Submit business plans 13th Nov – Winners announced June/July/August - Ignite workshops 1st Oct - Finalist announced © Oxford Innovation 2014 16th Sept - Closing date video pitches
- 81. How?…… © Oxford Innovation2014 • Learn more and register your interest: www.ignitecornwall.com
- 82. Giel Spiering Managing Director Ignite2013 winner
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- 84. Fund and validate localprojects Crowdfunder is the UK’s number one crowdfunding platform. We help businesses, community groups and Charities to raise money and bring people together. We have worked with 1000’s of projects all over the UK and raised nearly £2m for projects all over the world. We are backed by Nesta’s Innovation in Giving Fund and here in the South West by Plymouth University.
- 85. There are threedifferent types of crowdfunding • Sell shares in your company giving a % of equity in exchange for money • Dragons den • Crowdcube • Borrow money online from lots of people rather than the bank • Funding Circle • Folk to Folk What is Crowdfunding? The Market Lending Reward s Equity • Only type that builds communit • People give money in return for rewards • Crowdfunder.co.uk
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- 87. What have weachieved so far History
- 88. Fabulous example ofStart up business Crowdfunding with us
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- 91. www.francisclark.co.uk (c) copyright FrancisClark LLP, 2013 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 Francis Clark LLP in any format whatsoever unless you have obtained prior written consent from Francis Clark LLP to do so and entered into a licence. To the maximum extent permitted by applicable law Francis Clark LLP 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 Francis Clark LLP. These materials and /or any services provided by Francis Clark LLP are designed solely for the benefit of delegates of Francis Clark LLP. The content of these materials and / or any services provided by Francis Clark LLP does not constitute advice and whilst Francis Clark LLP endeavours to ensure that the materials and / or any services provided by Francis Clark LLP are correct, we do not warrant the completeness or accuracy of the materials and /or any services provided by Francis Clark LLP; nor do we commit to ensuring that these materials and / or any services provided by Francis Clark LLP 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 Francis Clark LLP 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 Francis Clark LLP 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 Francis Clark LLP, 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. Disclaimer & copyright