Part 1: GETTING ADVICE
So you have an eco-idea that can save the world from climate change and make a
fortune at the same time? But how do you turn a fledgling “cleantech”
business into a multi-million-pound global giant?
The first step, before even thinking about attracting investors, is to start
networking, get the right advice and ready your business for the market.
Naturally, many of the steps you need to take are the same as for other small
firms, green or otherwise.
The good news, though, is that there is a wealth of sources of advice as well
as seed-funding that are specifically intended to help green businesses take
root.
There are environment-focused “incubator” services where green entrepreneurs
can hook up, swap experiences and share resources, either online or not.
Peterborough is rapidly becoming the UK centre for environmental industries
and EnviroCluster (www.envirocluster.net)has
low-cost office space at its Eco Innovation Centre(www.ecoinnovationcentre.co.uk).
There are similar programmes in other regions, such as Envirolink Northwest (www.envirolink
northwest.co.uk). Your local Business Link (www.businesslink.gov.uk)
will help to point you in the right direction.
“The first thing early-stage businesses need to do before they seek investment
is develop their business plans, protect their intellectual property and
generally assure potential investors that the concept has legs,” says
Michael Sippitt of Environmental Investment Network (www.environmentalinvest.com),
a joint venture between the Environmental Industries Commission and
Clarkslegal, a specialist legal firm in the environmental sector. The
Technology Strategy Board (www.innovateuk.org)
has also set up several Knowledge Transfer Networks for various business
sectors. The environmental one is at www.tinyurl.com/c3q9mc.
Patenting an invention is a tricky business. Although it can cost only a few
thousand pounds initially, that can escalate to tens of thousands. Advice on
best strategy is essential before diving into the market. The Carbon Trust (www.carbontrust.
co.uk) Incubator Scheme offers up to £70,000 of advice to qualifying
schemes and free access to legal and business services at Grant Thornton and
Mills & Reeve. The advantage of getting advice from eco-sector
specialists is that they have access to networks of like-minded businesses
and investors and can give your concept credibility – a crucial factor for
success.
That’s the easy bit: now you need to start raising the money.
Next week: Bag The Money - we tell you how to secure investment.
Part 3: Grant Aid - a look at the sources of public-sector funding.
