Oxford Innovation Advice’s Access to Finance Plus (A2F+) programme has secured an additional £320k in funding from the Good Growth Programme to deliver an accelerator programme of intensive specialist support for businesses seeking equity finance.
Focusing on finance and investment readiness to enable small businesses to scale-up, the programme makes the complex, topic of equity finance simple and accessible.
The Access to Finance programme is commissioned by Cornwall Council as part of the Good Growth Programme, the local delivery of UK Shared Prosperity Funding in Cornwall and the Isles of Scilly, and is one of a wide range of business support projects available through the Growth Hub.
With a similar accelerator programme already successfully deployed by Oxford Innovation Advice in the West Midlands , aimed at entrepreneurs, start-ups, and SMEs seeking equity investment, the Equity Accelerator will cover the essential components required to prepare a business looking to secure equity finance for growth. This will ensure that the likelihood of a successful investment raise is increased but also that angels and institutional investors receive high quality proposals; enhancing the reputation of Cornwall and the Isles of Scilly (CIoS) as a place where professional, ambitious businesses can be found.
There is a compelling need for additional support in addressing the growing gap in investment readiness for businesses within the region which, according to the UK Business Angels Association, lags behind other regions across England in angel investment activity.
Alongside the expert advice and support already delivered as part of the A2F+ programme, the enhancement will offer participants a comprehensive series of intensive modules to position them favourably for securing early-stage equity finance.
Programme Director, Andrew Finley commented, “This module of work will be an invaluable addition to the wider Access to Finance support that we offer in Cornwall and the Isles of Scilly.
“Securing equity finance is notoriously difficult and our experience in this area has informed what has already been proven to be an effective accelerated pathway to a successful raise. The equity investment market in Cornwall and Isles of Scilly is building and we are delighted to be playing our part in supporting this growth.”
Delivered as a cohort-based model, each cohort will accommodate a limited number of entrepreneurs or SMEs, with support spanning a five-week period starting in April 2024, supporting 30 businesses in total.
The programme combines an engaging curriculum expertly developed by Oxford Innovation Advice’s in-house business finance and equity specialists. Modules encompass a range of topics, ensuring participants gain a holistic understanding of the intricacies involved in securing and managing equity finance.
Equipping businesses with the necessary tools, knowledge, and networks to secure early stage equity investment is one of the priorities of the Equity Accelerator, whilst also bridging the existing funding gap for early-stage risk capital, providing an answer to the current under supply of investment ready businesses needed to sustain an angel network and building a peer group of like-minded entrepreneurs, sharing best practice and learning, to develop a vibrant community of equity ready businesses.
Louis Gardner, Cornwall Council portfolio holder for economy, said: “Supporting businesses at whatever stage, from pre-start to mature organisations, so that they can demonstrate that they have a good strategy and sound business management skills is key to then helping them raise the finance to develop their full potential. Enabling businesses to access finance will help them to thrive and add value in the form of jobs and contributing to the growth of the Cornish economy.”
The Access to Finance Plus programme, which was designed and delivered by Oxford Innovation Advice in Cornwall and the Isles of Scilly, originated in 2017 to address some of the barriers to growth experienced by SMEs such as accessing finance and limited financial management skills.
Between 2017 and June 2023 the Access to Finance programme supported over 2,800 businesses across the county, helping local businesses raise over £40 million from over 120 different finance providers.
With funding from the UK Shared Prosperity Fund, and on behalf of the Growth Hub, Access to Finance Plus builds on that successful programme and will continue supporting SME businesses across the region until March 2025.
To find out more visit www.a2f.co.uk/cornwall
