Funding Growth: Explore your Options Summary by Susan HayesCulleton
ο»ΏI was MC for “Funding Growth : Explore your Options” back in June 2022 at The Junction, Dungannon with British Business Bank,InterTradeIreland and Invest Northern Ireland.
Here are some takeaways:
Equity investing
πβοΈ go to a finance conference, knowing what you want and make time to follow up.
πβοΈ both investors and investees research each other. Know what your funder wants before you commit.
πβοΈinvesting is a team sport.
πβοΈyou may be concerned about bringing a new person to your business but getting the right investor brings a real asset to your team.
πβοΈ talk to other companies who have walked that walk.
πβοΈ start the conversation long before you need the money.
πβοΈ prepare for the exit before the entry and your new investors can help source the next round of funding and/or a buyer for the business in the future.
Debt fundraising
π£ you can get a blended rate by working with multiple providers.
π£ different providers offer different amounts, interest rates, speed and other conditions. Know what’s important to you.
π£ show them your full “deck of cards”. Bring the excitement of your ambition to the table as well as the problems and challenges you have.
π£ be open-minded to creative solutions.
π£ communicate early, often and at each stage of the journey.
Non Executive Directors (NED)
π if you’re going to work with one, make sure they’re experienced in your area
π the should challenge and support/reinforce you in equal measure
πthey can help you have confidence and give you encouragement to take the next step
πthey can help you with external perspective and the experience they’ve had that can avoid being introspective and retrospective.
Agencies
Invest Northern Ireland, InterTradeIreland and British Business Bank have an array of funding mechanisms (that can include debt, equity and grant; advisory workshops, business intel, export help, an extensive network, jargon busters anc signposting capabilities). Reach out and talk to them!
Many people today said this conference eroded fear, gave them confidence to move forward, highlighted an abundance of finance opportunities and several ways to overcome procrastination. Several commented that it was great to have this event in a region of Northern Ireland and it was a morning well invested.
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