Start-ups: Funding + Support
- 30th April 2018
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The South Wales start-up community is thriving but with limited working capital and a pressure to keep costs to a minimum, many start-ups are apprehensive about speaking with a lawyer.
Many start-ups fail to understand how essential it is to have a lawyer at their side through the early development stages, and in fact, throughout the whole lifecycle of their organisation.
A misconception of lawyers is that they can be seen as ‘firefighters’ and their services are only required after a problem occurs. In business, prevention is always better than cure. If you’re only contacting a lawyer after a problem has already occurred, it may be too late or more expensive.
Entrepreneurs should have a close working relationship with their lawyer which is developed over time. When there is an understanding and trust between your lawyer and your organisation, it creates the ability to foresee issues and take sensible steps to prevent them occurring. It also creates the ability to assess opportunities and gauge decisions from a more objective perspective.
Lawyers are much more than problem solvers. Selecting a lawyer who has a specific industry or sector focus should allow you to draw on their experience and expertise. Some lawyers will also have an established network of important connections. Through conversations, meetings and events you will start to meet and connect with important figures from these networks. This should prove to be hugely beneficial to any start-up organisation.
Many start-ups are also unaware of the funding and support that is available from a range of programmes and organisations designed to help them access professional services.
Programmes such as the Accelerated Growth Programme (AGP) help hundreds of organisations access the essential support they need to overcome tactical growth challenges. Recent statistics reveal the AGP has helped create over 2,000 jobs. It has also helped participating companies attract £70.1m of private sector investment and generate £33.1m worth of exports.
Siôn Tudur, Partner at Loosemores, specialises in advising SME corporate clients, start-ups and early stage businesses. For example, Siôn recently advised Digital Profile, a technology start-up based in Tramshed Tech.
If you would like a free initial consultation to discuss the possibilities for your organisation, the funding available and the next steps to take, please contact Siôn Tudur today.
Call: 02920 803 130
Please see the links below for further organisations and programmes that support start-ups in Wales:
Accelerated Growth Programme – https://businesswales.gov.wales/growth/
Cardiff Start – http://cardiffstart.com/
Innovation Point – https://www.innovationpoint.uk/
Development Bank of Wales – https://developmentbank.wales/
Alacrity Foundation – https://www.alacrityfoundation.co.uk/
Business Wales – https://businesswales.gov.wales/