Here, a scaling client and its innovation and growth specialist talk through some of the work and results they have achieved together.
Underneath the video you can find information on common priorities at this stage and below the contact form, a full array of areas we can address together.
The business is clearly doing well, but where are you taking the company now and how are you going to do it? If you qualify for our Scaleup Programme, an in depth site visit by two of our scaleup directors, with further appraisal and support provided by their Scaleup Board colleagues, is designed to establish if your plans are sound, achievable and would be backed by investors - and we can help you critique them, playing devil's advocate.
For example, you might be looking to expand, and bring some production in-house (rather than assembling supplied components). What will that do to your bottom line? And is it the right move for you?
Does the business have the right talent in place to deliver these plans? Often, we see a client looking to expand its business development / sales / marketing talent. Likewise, does the senior level management team have the right skill profile, and is it running the right processes? Who is driving the culture needed to make your scaling plans happen?
We help you work out where the gaps are and work with you to identify the approach to fill them.
Expansion at scale often brings with it requirements for larger IT systems; moving away from spreadsheets and into more sophisticated software, for example. And depending on your sector and business model is your physical space and manufacturing capacity fit for your plans? The time might be right for you to establish another physical presence elsewhere in the UK or abroad. We would help you consider the best vehicle in country. Maybe a joint venture for example. Our contacts will help provide you with intelligence for many territories and further insights critical for your business’ success.
In earlier stages of the business, funding and finance raises have been for smaller amounts. Now you need to look at your funding and finance needs strategically, considering the relative merits of additional grant funding, an equity raise, debt funding and possible combinations of these. You are looking to series A and B, venture capital and possibly also towards a listing.
We will help you get ready for investment, ensuring you are attractive to investors so you can articulate what you will use the money for and when the expected return might be. Likewise, we will help you make sure your management accounts are in order and your plans stack up in terms of cash flow for the longer haul.
In the UK this could be pivoting to other markets or customer segments you have identified from reviewing your business model and value propositions - a service we offer our clients, which also looks at channels to reach those audiences, as well as the partners, activities and resources required to do it. Underpinning that, we clarify the cost structure and revenue streams to identify whether sufficient funds are in place.
If you are looking to expand internationally to build on what you have already achieved, the right strategic partners can unlock regions or countries. You could consider developing R&D and innovation partnerships and collaborations to build longer term relationships or find potential end users and customers. We can work with you to open up new opportunities through our connections and networks as well as help you in considering product market fit, legislation, price point and standards/certifications.
We can help you link into the support provided through Innovate UK EDGE such as sourcing and establishing connections with new collaborators and business partners through our network across the Innovate UK family and via our membership of Enterprise Europe Network (the world’s largest business-to-business collaboration network); applying to be part of the Global Business Innovation Programmes and Global Incubator Programmes; and finally, accessing international R&D and innovation programmes such as Horizon Europe, Eureka Eurostars and other international competitions run by Innovate UK.
The 9 Dimensions of Growth
Through a deep dive analysis at the outset of our engagement with you, we can tailor our support to help you set and realise growth and innovation goals for your business.
Here is a preview of the areas we address, but the full 9 Dimensions audit is delivered by an experienced Innovate UK EDGE innovation and growth specialist. The audit:
- Is designed to support the growth of innovation-led companies specifically, being based on the nine most pertinent dimensions of business growth
- Provides management teams with a 360º view of their business, identifying the key issues that the business faces and insights into the key priorities to effectively address them
- Shapes the delivery of tailored support with a focus on priorities for action that will enable the company to achieve its growth goals
We’ll help you prioritise issues to tackle
Establishing the ambition and vision of the company, validating the opportunity and developing the strategy, business model and road map to realise this. Covering
- Clarity of vision and market opportunity.
- Level of ambition for your growth life cycle stage.
- Validation of business model - desirability / feasibility / viability.
- Management procedure.
- Innovation culture.
Understanding the alignment between the company’s innovation strategy and the key political, environmental and economic drivers.
Understanding and exploiting the commercial potential of your product/service/technology and equipping you for market readiness.
Building on industry knowledge of market size, industry trends, the value chain and the identification of the right value proposition for key customer segments.
Evaluating your current innovation strategy, processes and methodologies to identify how we can help your innovation commercialise and practice be more effective. Covering:
- Idea generation.
- Idea evaluation, prioritisation and investigation.
- Innovation development.
- Project management.
- Processes for successful commercialisation.
- Monitoring and review of innovation.
- Innovation management standard.
- Internal Capability.
Evaluating the business growth, technical skills and experience within the organisation to help shape a more effective structure and deliver against growth ambitions and innovation potential. Covering:
- Business models for growth.
- Key strengths & weaknesses.
- Drivers and enablers.
- Change management.
Ensuring business readiness for and experience of collaboration for the purposes of business growth and scaling as well as research and technology transfer.
Helping to maximise market and investor potential through the utilisation of Intellectual Property Rights, covering:
- Effective identification, protection and exploitation strategies.
- Developing awareness and processes to identify, capture and manage IP, together with ensuring terms and contracts for staff and third parties reflect IP ownership.
- Developing and delivering commercialisation strategies with respect to business model and market introduction, or the licensing out of IP.
Establishing the structures and data frameworks to enable the effective measurement, analysis and management of every aspect of the business to help drive improvements, shape strategy and guide operational effectiveness.
- Innovation goal setting.
- Innovation project performance.
- Innovation impact for the company.
- Market and societal impact.
- Performance management.
Helping identify the best sources of support, to achieve your growth ambitions and objectives for the business. Covering:
- Engaging with publicly funded and commercial / private sector business support.
- Business support ecosystem awareness in general.
- Involvement in business accelerator programmes.
- Engaging with the local business and innovation community.
- Awareness of national programmes.
- Awareness of local programmes.
- Engagement with support providers to achieve better results.
Understanding the financial needs of the business to support growth and scaling ambitions.
- Business financial health & management: reserves and cash situation.
- Financing research, innovation and growth.
- Public grant funding programmes.
- Debt finance.
- Private/equity investment: investment readiness.
- HMRC schemes (Including R&D Tax Credits and EIS).