FAQs
Frequently asked questions.
How does it fit with what is already out there?
When does it start and are there any deadlines I should be aware of?
What do you get for taking part?
Is it a competition/is there a prize at the end?
What is VentureNavigator from EEDA?
Can I still participate if I don't have internet access?
Are established small businesses eligible?
Can I enter several different businesses?
I missed the launch Bootcamp event, does it matter?
Can I repeat the 'Test my business' test?
How will you select who goes through to the additional support?
Who are the investors attached to the new programme?
How does the new programme differ to 'running the gauntlet'?
Is EEDA still going to do 'running the gauntlet'?
Why is the programme needed?
Small business is essential to the health of the UK's economy - 99.7 per cent of UK enterprise is made up of small businesses, they employ just under half our workforce and produce just under half of the nation's turnover. In addition to this, the East of England is the UK's acknowledged ideas region. This geography spends three times the national average on commercial R&D. However, the majority of R&D spending in the region is carried out by a very small number of these large businesses. The challenge is to build on this success by creating more opportunities for small, knowledge-based businesses to play a greater role in boosting the region's ideas and economic performance.
The programme's aim is to meet this need and increase the success rate of new and small businesses by ensuring they get the support they need at the various stages of their early development.
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How does it fit with what is already out there?
The BizGrowthEast campaign has been specifically designed to help drive take-up of existing resources for entrepreneurs and to supplement these where gaps in the market have been identified. For example, the campaign draws on Business Link's most experienced advisors who will be on hand to assist entrepreneurs when they are at a stage to need financial advice.
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Why is EEDA involved?
As the economic development agency for the East of England, EEDA is firmly committed to supporting the entrepreneurs as a means of generating wealth and ensuring the region maintains its reputation for innovation. EEDA funds a wide range of business and innovation support, as well as entrepreneurial businesses through its grant funding programmes. The BizGrowthEast campaign is about joining this support and funding up.
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When does it start and are there any deadlines I should be aware of?
The BizGrowthEast campaign kicked-off with a launch Bootcamp event on 6 October 2008 with serial entrepreneur and angel investor Doug Richard. From 7 October, an online diagnostic 'Test my business' tool became available, allowing entrepreneurs to test their business proposition. The online diagnostic can be accessed at any time throughout the duration of the campaign. Completion of an assessment opens the door to the host of support and advice on offer, from workshops to more tailored advice including EEDA’s investment readiness programme, which comes online early in 2009.
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How long will it go on for?
We hope the programme will be here for the long term. Obviously the first six to 12 months will be telling and we will be monitoring feedback closely.
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What do you get for taking part?
Knowledge, advice, new contacts and potentially some invaluable introductions to investors.
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Is it a competition/is there a prize at the end?
This is not an investment competition as such so the benefits are broader andall entrepreneurs will take something away whether it is new contacts through networking, increased know how or funding from EEDA or one of the investors we have brought on board to support the new programme.
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How do companies take part?
First step is to register on the BizGrowthEast website and then complete the online 'Test my business' diagnostics tool.
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What is VentureNavigator from EEDA?
The test, along with a forum and library of resources, are based on the standard version of VentureNavigator, and have been tailored and funded by the East of England Development Agency. The test is based on The New Business Road Test by John W Mullins of the London Business School. It looks at seven domains to address the central element in the assessment of any market opportunity: the market a business addresses at a macro and micro level; the industry in which a market operates, again at a macro and micro level; and three domains related to the entrepreneurial team — its aspirations and mission, ability to execute and connections. VentureNavigator was created by the Business Edge Consortium of seven of the UK's leading universities that have specific expertise in Enterprise and Entrepreneurship, and Library House.
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Can I still participate if I don't have internet access?
Unfortunately, there is no paper version of the 'Test my business' tool. However, as this is accessed over the internet without needing to download any software it can be completed from any PC or laptop, whether this belongs to the individual or is in a public setting such as a library or internet café.
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Are established small businesses eligible?
Yes — the new programme is for ALL entrepreneurs whether you are working on an idea or have an existing business that you’re looking to grow.
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Can I enter several different businesses?
Yes as long as you complete the online diagnostic for each company. The same business name cannot be entered more than once.
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I missed the launch Bootcamp event, does this matter?
No. Attendance at the launch Bootcamp event was not compulsory, although we did highly recommend it! Other events will be run over the duration of the campaign.
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Can I repeat the 'Test my business' test?
Yes. Should your business change in terms of products/services sold, markets targeted etc you can edit and re-submit your answers within the ‘Test my business’ tool This will alert the business advisors to the changes and potentially will open the door to different levels of support and funding available to you.
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How will you select who goes through to the in-depth support?
EEDA’s team and the Business Link advisors will use the report card that comes from the ‘Test my business’ tool as a starting point to identifying participants’ needs.
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Who are the investors attached to the new programme?
There is a community of investors attached to the programme, which will include banks and other loan providers, angel investors and venture capital funds as well as EEDA's Finance for Innovation team. Organisations currently signed up include Cambridge Angels, Cambridge Capital Group, Close Ventures, Clydesdale Bank, CREATE Partners Ltd, East of England Co-Investment Fund (COIN), Foundation East, Great Eastern Investment Forum, HSBC, NESTA Investments, Oxford Early Investments, Oxford Opportunity Investment Network, Scottish Equity Partners and the Thames Valley Investment Network. The funds/contacts are expected to grow as the campaign progresses.
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How does the new programme differ to 'running the gauntlet'?
‘Running the gauntlet’ was an investment competition with a defined beginning and end, aimed at securing equity funding. The new programme is designed to meet the needs of a broader range of entrepreneurs from those with no more than an idea to those with a proven concept and/or established business. It is cyclical, allowing entrepreneurs/companies to move at their own pace and, to complement EEDA’s grant funding, we are working more closely with a range of investors e.g. banks, angel investors so we can connect participants up with the right funding to meet their needs and stage of development. Both running the gauntlet and the new programme are focused on providing knowledge and contacts as well as help with securing funding.
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Is EEDA still going to do 'running the gauntlet'?
No but we have retained elements of running the gauntlet that worked particularly well including the education and networking. The new programme is designed to cater for a broader range of entrepreneurs from those with no more than an idea to those with proven concepts and/or established businesses looking to grow and in need of funding.
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Is you question not there? Contact us at: bizgrowtheast@eeda.org.uk.
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