Sources of funding for small businesses

The biggest cause of concern for entrepreneurs I meet is finding a source of finding now that banks are so reluctant to lend.

Here in the Business & IP Centre we have access to the subscription part of GRANTnet (6,000 grants, loans, awards and other assistance). GRANTfinder gives access to detailed information required to make an application.

GRANTnet logo

However BusinessZone.co.uk have also created a Grant Watch service which acts a  guide to small business funding. Definitely worth checking out.

BusinessZone.co.uk

Looking for new business finance? There’s lots of free money out there! A range of small business grant schemes, awards and other initiatives are available to entrepreneurs. Read our latest guide to what’s on offer.

  • time4change is offering Train 2 Gain funding for leadership and management training to business owners based in London, with a workforce of between 9 and 250 employees, volunteers or associates. Train 2 Gain will provide funding where the first £500 is 100% reclaimable. Thereafter, you can spend up to another £1,000 and reclaim £500. More details.
  • Innovative London-based small businesses are being offered R&D grants of up to £10,000 as part of the London Development Agency’s Knowledge Connect scheme. The initiative aims to put SMEs in touch with universities, further education colleges and private sector specialists to develop new business opportunities. More details.
  • To stay up-to-date with the latest from Grant Watch, follow us on Twitter.
  • Striding Out is offering entrepreneurs aged between 18 and 30 who are at the pre-start or early stages of running a company £500 and training from business experts in its Big Leap competition. 10 finalists will take part in an Apprentice-style business boot camp in April and compete for the overall prize. Deadline: 06/03/2009. More details.
  • Barclays is offering cash prizes totalling £17,500 to the UK’s most enterprising family businessses in its Family Affair competition. Eight regional winners will win £1,500 and the chance to compete for the overall prize of £5,500. Deadline: 31/03/2009. More details.
  • The Crisis Changing Lives Awards is offering grants of up to £2500 for single homeless people or for those who have experienced homelessness in the past five years to find a work-related course or fund tools or equipment to carry out a job or become self-employed. Deadline: 13/03/2009. More details.
  • Make Your Mark in the Markets is giving entrepreneurs the opportunity to turn their buisness ideas into reality and start trading at a local market for free. The winner of the competition will receive prizes including £1,500, six months free market trading and free business mentoring, marketing and advertising. Deadline: 20/03/2009. More details.
  • Lancaster City Council is offering local businesses grants towards the cost of renting premises. Finance to cover 50% of the first year’s basic rent can be claimed. The maximum grant is normally £2,500 but this may increase to £5,000 if rapid expansion and significant jobs growth is projected, requiring larger scale premises. Deadline: 31/03/2009. More details.
  • The Welsh Assemby has created a new £4.5m fund to help sub post offices in Wales to improve and diversify during the economic crisis. The money can be used for areas including business and marketing advice, advertising, training, improved security and upgrading computer equipment. Applications can be up to £20,000 capital funding and £15,000 in revenue costs. Deadline: 30/04/2009. More details.
  • Dell is seeking entries for its 2009 Small Business Excellence Award. Entrants have the chance to win £25,000 in Dell solutions and a meeting with company founder Michael Dell. The UK winner will receive £15,000 in Dell products and services; a day of best-practice sharing with Dell executives, including Michael Dell, and a 10 year membership to an Accredited Chamber of Commerce. Deadline: 03/04/2009. More details.
  • Winweb is offering £10,000 to new and existing entrepreneurs in its Business ’09 competition. Deadline: 01/10/2009. More details.
  • Network to success with Company Partners

    Company Partners

    I have noticed a recent boom in the number of networking sites for business start-ups and entrepreneurs. Something to do with the development of Web 2.0 technologies and the popularity of Facebook I’m sure.

    I recently joined Company Partners which offers free registration with the option to upgrade to full membership from £14.95 a month.

    I did a quick search today and found lots of potentially useful contacts already registered on the service.

    About Company Partners

    Entrepreneurs could you do better with a like-minded business partner? You will find that growing a business, getting great business ideas and having the confidence and skills to drive it forward is easier. Together you are able to motivate, brainstorm, plan and just generally get the whole process going quicker and with more chance of success.

    Or are you are looking for Business Angel funding and have a great opportunity? Post your business summary on the site and let Business Angels find you.

    Are you a Business Angel looking for interesting investments? You can have free access to all the business summaries, get unlimited contact and even our own Automatch service that will automatically notify you if a suitable investment comes along.

    Mentors or Non-Executive Directors – as experienced business people, have you the time & skills to assist young companies? Put something back, get satisfaction from helping a growing business, maybe even equity shares.

    Protect your content against online plagiarism and theft

    Many of my Business Advice clients are concerned about rivals stealing their on-line content, so I was pleasantly surprised to come across the free Copyscape service whilst researching a replacement mobile phone on the Mobile Phones UK: Reviews & Best Buys website.

    All you need to do is post in your website address and see where (and how much of it) is appearing elswhere on the Web. Needless to say Copyscape offer a premium service with no monthly limit and batch searching for a fee.

    Copyscape recommend you put a warning notice on your website to help scare off any potential content theives.

    Defend your site with a plagiarism warning banner!

    A full house for Blueprints for Business

    Last night’s Blueprints for Business: A proven route to success, the latest in our Inspiring Entrepreneurs series was a full house, including some very young aspiring entrepreneurs from BBC Dragon Peter Jones’ new National Skills Academy for Enterprise.

    As in previous events the speakers provided some fascinating and inspiring insights into starting and running a succesful business. In this case the subject was franchising, an often neglected area of business opportunity for entrepreneurs. As several of the panellists pointed out, joining a franchise is probably the lowest risk route to starting your own business, as the product or service and brand has already been established.

    Atul PathakAs Atul Pathak currently running 15 McDonald’s franchises put it; here was a business where the product and customers were delivered to the door for him. All he had to do was ensure he ran the restaurants efficiently and provided excellent customer service. The fact that he was required to spend nine months working in a McDonald’s branch covering every job, from cleaning the loos to cooking and serving burgers helped ensure he knew how to those things when it came to starting his first restaurant.

    Atul divides his customers into two sets; internal and external. The internal customers are his staff, and the external customers are those who consume his restaurants products. He is also passionate about working with the local community, which he said was in line with the corporate McDonald’s ethos.

    Sophie AtkinsonSophie Atkinson managing director of Autosmart, the car-cleaning firm that was crowned “Franchise of the Year” in 2008, was clear that the franchising route was the way to ensure stability and loyalty. Her franchisees remain committed to the business and often stay for ten or 15 years, compared to around 24 months for employees in sales roles.

    Toni Mascolo Toni Mascolo OBE, the man behind Toni & Guy who starting with one salon in 1963, has built probably the world’s most successful high-street hairdresser brand using franchising. He doesn’t need to advertise for franchisees since almost all his applicants come from existing staff, or in the case of Japan the children of the original franchisees. For him the key to business success and surviving four recessions is love what you do and express that in your customer service. The fact that Toni still regularly cuts customers hair is testamant to his dedication and commitment.

    Update:
    Cmypitch.com have also written a review of the evening on their blog, Why franchising appears more attractive to both parties in a recession.

    The Gift of Inner Success book launch

    thegiftofinnersuccesssquare.jpg

    Tuesday evening in the Business & IP Centre was the launch of The Gift of Inner Success the latest book from the British Library’s partner business coach, Rasheed Ogunlaru.

    The fact that the event had been hastily re-scheduled from the snow hit previous Tuesday and yet was a full house, indicates just how popular the charismatic Rasheed is becoming.

    As he says on his blog of the evening,  “The event was an evening of inspiration, celebration, connection and was attended by a rich range of spirit souls. “

    Rasheed kindly gave a copy to the Centre, and using my recently acquired speed reading technique (of which, more in a later blog post) I managed to whistle through it on the way into work the next day.

    The theme of the book is about how we need to give ourselves the mental space (a difficult challenge given the daily demands on ourselves) in order to listen to our hearts. Rasheed is a great believer in allowing yourself to trust yourself to let your heart rule your head.

    British Library Entrepreneurship Training Day

    Last week was a pretty hectic one for me.

    It began with an all day Entrepreneurship Training Day on Monday 9 February. The day introduced postgraduate students to the Library’s collections, and the ways we can support entrepreneurs. Although the students were a bit reticent in the early part of the day they gradually warmed up, and we ended up with a fascinating closing session. The title was “Street smarts and book smarts – are business people and entrepreneurs really talking the same language as entrepreneurship scholars?  How can academia actually help business in the current economic climate whilst still producing high quality peer reviewed outputs?”.

    I was privileged to chair contributions from Dr Tristram Hooley (Senior Manager: Stakeholders and Networks, Vitae), Simon Butt (Director of Communications, NCGE – National Council for Graduate Entrepreneurship) and Dr Jim Gazzard (Enterprise & Technology Executive, Royal Veterinary College). In addition we were joined at the eleventh hour by the British Library’s partner business coach, Rasheed Ogunlaru. The students, who were evenly split between those who were planning to start their own business and those who were studying entrepreneurship, came up with some excellent questions

    One questioner was met with an unexpectedly strong response from the panel. He wanted to know why he should move from his safe and secure research job, with guaranteed funding for the next three years, to the risks and uncertainty of starting his own business. The panellists asked him how he could be so sure of his future employment with government cuts in education funding expected almost any day now. For many people entrepreneurship is the safer option, as they are their own boss and more in control of their destiny.

    Rasheed OgunlaruRVC logo - click to return to home pagehttp://www.ncge.com/images/ncge_logo.gif

    Light green is the new black

    I can’t claim to have been in the forefront of the environmental movement, although I have just installed a hyper-efficient condensing boiler at great expense (the old one was done for).

    So it has come as something of a surprise to discover that various tones of ‘greenness’ have been catagorised and documented.

    Light_greenThis knowledge was triggered by a reference to Light Green  – The Eco-chic Emporium.

    According to Wikipedia, light greens are just one of three shades of green.

    Dark greens, light greens and bright greens

    Alex Steffen describes contemporary environmentalists as being split into three groups, “dark”, “light”, and “bright” greens.[7]

    “Light greens” see protecting the environment first and foremost as a personal responsibility. They fall in on the transformational activist end of the spectrum, but light greens do not emphasize environmentalism as a distinct political ideology, or even seek fundamental political reform. Instead they often focus on environmentalism as a lifestyle choice. The motto “Green is the new black” sums up this way of thinking, for many.[8] Though many environmentalists of all stripes use “lite green” to describe products or practices they believe are greenwashing.

    In contrast, “dark greens” believe that environmental problems are an inherent part of industrialized capitalism, and seek radical political change. Dark greens tend to believe that dominant political ideologies (sometimes referred to as industrialism) are corrupt and inevitably lead to consumerism, alienation from nature and resource depletion. Dark greens claim that this is caused by the emphasis on economic growth that exists within all existing ideologies, a tendency referred to as “growth mania”. The dark green brand of environmentalism is associated with ideas of deep ecology, post-materialism, holism, the Gaia hypothesis of James Lovelock and the work of Fritjof Capra as well as support for a reduction in human numbers and/or a relinquishment of technology to reduce humanity’s impact on the biosphere.

    More recently, “bright greens” emerged as a group of environmentalists who believe that radical changes are needed in the economic and political operation of society in order to make it sustainable, but that better designs, new technologies and more widely distributed social innovations are the means to make those changes – and that society can neither shop nor protest its way to sustainability.[9] As Ross Robertson writes, “[B]right green environmentalism is less about the problems and limitations we need to overcome than the “tools, models, and ideas” that already exist for overcoming them. It forgoes the bleakness of protest and dissent for the energizing confidence of constructive solutions.”[10]

    Ecofont As well as being light green, you can also be light black, by adopting an Ecofont.  As reported on SpringWise, Dutch creative agency Spranq has developed a font called the Ecofont that’s designed to extend the life of ink cartridges and toner. This new font has lots of tiny blank circles resulting in a saving of up to 20 percent less ink than standard fonts.

    Support for disabled people to start their own business

    Leonard Cheshire Disability logo#

    One of the great things about working in the Business & IP Centre is the chance to be involved in supporting entrepreneurs from minority groups. Sad to say this includes women:

    Women are half as likely to be involved in start-up activity as men. Independent start-up activity amongst women is 3.1% of the female adult population but is 6% amongst men, while the equivalent figures for job related start-ups are 1.3% and 2.6%. (Global Entrepreneurship Monitor, GEM, Jan 2004)
    Key Women’s Enterprise Statistics and Trends

    Disabled people actually have higher self-employment levels than their non-disabled equivalents (although it is argued this is in response to lack of paid employment opportunities)

    DISABILITY AND SELF-EMPLOYMENT: EVIDENCE FROM THE UK, LFS, Melanie K. Jones and Paul L. Latreille∗
    WELMERC, School of Business and Economics, University of Wales Swansea, June 2006 (pdf).

    So it is good to know we have team up with Leonard Cheshire Disability to run a one-day conference for people with a disability who are interested in setting up a business or working for themselves.

    Make your Business Succeed
    Tuesday 3 February 2009
    10.00 – 16.00
    British Library Conference Centre
    96 Euston Road
    London NW1 2DB

    The Vision Thing

    National Archives and Records Administration
    Dr. Martin Luther King, Jr. speaking at the Civil Rights March on Washington, D.C., in 1963. Credit: National Archives and Records Administration

    With Barack Obama’s recent presidential inauguration, and references to Martin Luther King’s I Have a Dream speech, in the media, I have been pondering ‘the vision thing’.

    So many of the successful entrepreneurs I have met, or heard speak, have had a clear and powerful vision of the future of their business, invention or service.

    For me, the entrepreneur with the clearest vision has been Jordan Kensington, founder of Invincible Media who I mentioned back in November 2007. He described in vivid detail how, when starting out he had a film running in his head showing people on the streets reading his magazine (his first product), and the kind of stories it contained. He explained how the power of his vision was so strong it drew people with the necessary finance, and expertise into his network and led to a successful business.

    Gerard Burke in his Growing Business column from last November last year describes the concept in more detail. He gives the example of Karan Bilimoria and his Cobra Beer, who even when he was delivering his first cases of beer in a battered 2CV car, had a vision of Cobra as the first global Indian brand.

    The BIG and Easy Guide to take a Bright Idea from Drawing Board to Successful Revenue

    the_big_and_easy_guideAs a librarian of over 20 years there is nothing I like better than a book whose title describes its contents.

    The BIG and Easy Guide to take a Bright Idea from Drawing Board to Successful Revenue is nothing if not informative. However, the fact it is written by Rob Lucas who has helped to develop our e-learning courses in Intellectual Property, and more surprisingly, seems to be a unique publication in covering this important topic, gives it even more value.

    Certainly, those better informed on this topic than myself are impressed.

    “Whether you are an aspiring inventor working from home or in the R&D department of a major institution, this book is an essential read.  I know of no other book like it”
    Dr John Beacham CBE; DSc; FRSC
    Former Senior Innovation Advisor to the
    Department of Trade and Industry (now the DBERR)

    Once again Amazon provides the opportunity to have a peek inside, to see that Rob covers the key topics of confidentiality and when to file for protection.