Session 1: Funding innovation
Ian Dixon of Access to Finance Lancashire gave the first presentation, discussing innovation and what it means to red rose county SMEs.
He highlighted how innovation is about more than work undertaken in scientific laboratories, and can include forming partnerships with new organisations, breaking into new markets or serving customers in new ways.
Innovation, he said, is important for solving the wider world’s challenges, but on a micro level is what will keep businesses competitive on a long-term basis.
Mark Hall of MJH Accountants discussed options available for innovative businesses, including the advantages and limitations of using R&D tax relief to improve cashflow.
Zain Javed, CTO of Mitigate Cyber, then shared insight of how his business was launched, taking advantage of the funding and finance options available, including taking advantage of free working space and student support at Lancaster University, followed by equity investment.
Similarly, Paul White shared his experience of raising the finance required to launch his previous business, the Modern Milkman, and his current project, the PATCH app for windowcleaners. PATCH used government funding to get started and later secured equity funding to grow.
“The government grant was really useful because without it we wouldn’t have been able to work in the business full-time to be able to raise further money,” said Paul.
“We were told that we had three hurdles: that we were pre-seed - that we just had an idea and no tech - but the team that we had assembled allowed us to get past that barrier; that there wasn’t as much money available now as there has been in the past; and that we’d never achieve what we wanted to in Lancashire. They even offered us money to move to Manchester.
“Rather than whinge about this we went out there and decided to do it ourselves. We approached people and were able to raise our entire £250,000 from investors in Lancashire. Now we’ve launched our own fund which will only invest in early-stage Lancashire-based businesses.”
Session 2: Innovative manufacturing
The second session featured debate focused specifically on manufacturing, featuring a panel consisting of businesses from a wide range of sectors from robotics to roofing.
Pete McOnie of AMRC opened by commenting: “Lancashire is really good at manufacturing. What we’re really rubbish at is telling people how good we are.”
Each panelists then discussed their own journeys, explaining the reasons they innovate, which ranged from spotting a gap in the market to wanting to create products and services that made a positive impact on peoples’ lives. They also discussed the difficulties they had faced and the lessons they had learned along the way.
Ross Smith of Rainford Timber Co said: “It’s not always going to go perfectly the first time. But
you try it, you live and you learn, and you do it better next time.”
Session 3: Improving carbon footprints
Becky Toal from Chorley-based Crowberry Consulting brought together a panel of businesses to explore the ways in which innovation can reduce energy use and improve the carbon footprint of organisations.
Measures taken by the panel ranged from harnessing and analysing data on energy use and its sources, to specifically building efficiency into new products, an asset which has helped win orders from customers looking to operate more efficiently while saving time, money, energy and allowing for quicker scaling.
The panel also discussed how they were able to tap into available funding to pursue their green ambitions, and how a green agenda had helped them win overseas orders.
Session 4: The future of innovation
For the fourth session Rory Southworth, community manager at Fraser House in Lancaster, interviewed the winners of the Innovation Challenge competition.
The competition ran in June 2022 and was a Dragon’s Den-inspired event, developed by Innovate Lancashire, part of the Business Growth Team at Lancashire County Council, with support from Shout Network and Create Education Project. Entrepreneurs pitched their ideas and the most innovative won cash investment.
Susanna Bocccaccio from Brilliant Trees Media created an organisation which helps young children to express emotions and look after their wellbeing.
She said: “We’re still quite early in the process, but we’ve had a phenomenal response from the people we’re talking to that’s what spurs me on.”
Conor Walsh, a former electrician, created a novel invention that helps electricians easily carry popular forms of wiring while reducing waste.
He said: “To go from a building site to sat behind a desk in an office and being the director of a company is very weird and very challenging but it’s good fun and I’m excited to see where it takes us.”
Rory confirmed that the Innovation Challenge will take place again in 2023.
Contact details: Twitter: @LancsInnovation Website:
innovatelancashire.co.uk
Keep up to date with next years event on Twitter by following @LancsInnovation. See you again in 2023!
LANCASHIREBUSINESSVIEW.CO.UK
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INNOVATION FESTIVAL
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