More than £4.2m has been successfully raised by growing firms in the West Midlands after tapping into support from the Business Growth West Midlands’ (BGWM) Investment Readiness Programme.
The findings were announced at a major investor forum held in Birmingham where 60 high profile local entrepreneurs met with investors from DSW Ventures, Minerva, Seedlegals and the West Midlands Co-Investment fund to unpick the current ‘growth’ landscape in the region.
They heard how the initiative, which is delivered by Oxford Innovation Advice and funded by the West Midlands Combined Authority (WMCA), has given 2000 clients more than 10,500 hours of tailored support since October 2023 in a bid to accelerate their funding journeys.
This could be help with writing business plans and completing detailed financial forecasts, to creating pitch decks and exploring different types of finance, including asset, crowdfunding, debt (loans and overdrafts), grants and equity.
Oxford Innovation Advice has also created and trademarked their ‘Founders’ Collective’ brand, a premier investment readiness accelerator that has been rolled out in both the West Midlands and in Cornwall.
“The West Midlands is alive with lots of great start-ups, dynamic young companies and established businesses and the one big thing they tend to need help with is securing the finance to match their ambitions,” said Jane Galsworthy, managing director of Oxford Innovation Advice.
“This is where we come in with the Investment Readiness Programme. Over the last two years, we have created a team of business finance specialists, who can take the entrepreneur or senior management team through the funding journey - whether that is with financial education and help getting plans together to identifying the right type of investment and how they make the most of it once secured.
“The impact we have had across the West Midlands is huge and I’m delighted we’ve helped these firms raise more than £4.2m, which, in turn, has boosted the local economy and created local jobs. Support has never been more needed. For example, we’ve recently been working with suppliers affected by the JLR cyber-attack to find ways where they can navigate short-term cash issues.”
The Investors Forum was the latest event hosted by the BGWM Investment Readiness Programme and Oxford Innovation Advice, attracting more than 60 delegates at 103 Colmore Row in Birmingham.
Future Planet Capital’s Rupert Lyle gave the keynote address and highlighted the importance of collaboration across established adviser bases to ensure the long-term success and growth of the West Midlands.
He was joined on stage by Oxford Innovation Finance, who run the most active angel network in the UK. Managing director Richrd Cooper spoke about the huge interest in the region and the fact many venture capitalists are keen to invest here.
There was also a panel of founders present that have all been supported by the Investment Readiness Programme. This included SWAI.AI, who received help with developing pitch decks and driving connections to get three investors interested, alongside insight from VivreStays, Play Moments and The Plough.
Adam Johnson of The Plough said: “The job of the entrepreneur is to look into the abyss and somehow carry on. But the abyss is less daunting with the right people around you.
“Experts at the Investment Readiness Programme have been incredibly supportive and game-changing to the things we do. Simple financial fundamentals like how we pay our staff, to re-assessing investment decisions have both resulted in incredible growth.”
Ian McLaughlan, lead for Business Growth West Midlands at the West Midlands Combined Authority, said: “It was a fantastic event highlighting the creativity, talent, and sheer resilience of the businesses that have raised significant sums and created many jobs, often after several setbacks.
“The Investment Readiness Programme has opened doors for them and showcased the West Midlands as the place to invest.”
