A new funding vehicle has been formed to help tackle structural issues with three growth stages for manufacturing SMEs.
Commercialisation of intellectual property, the development of small manufacturers and making the leap to become a medium sized business are the three developmental stages addressed by the new Manufacturing Accelerator which was launched recently in Preston, Lancashire.
Malcolm Evans is founding CEO of the new enterprise. He explained that the Manufacturing Accelerator is designed to bridge identified growth funding gaps.
Firstly, the Manufacturing Accelerator will help start-ups realise the value of their IP. “There is fabulous IP both in academia and existing companies but traditional funding houses are loathe to engage until there is a fully formed enterprise. We will join the party earlier,” said Mr Evans.
The Manufacturing Accelerator will also look to help companies break through what Evans describes as “the glass ceiling sector”. This is made up of companies, typically in the c.£3-£6m turnover bracket. Such firms have often reached the upper limits of owner-founder capability within today’s limited funding environment says Evans.
Finally, the Manufacturing Accelerator will focus on encouraging and supporting growth in companies up to a £100m turnover stage. Evans says his initiative’s support will differ from the traditionally transactional finance available to such firms.