Funding boost for new technology firms

An East Midlands project will give small companies and individuals a helping hand to get onside with investors

Small technology companies and individuals based in the East Midlands could benefit from a new project that aims to help them win financial backing from venture capitalists.

The project, called InvoRed, is designed for young firms that have innovative plans in the fields of computing or telecommunications -- as well as pharmaceuticals or biotechnology -- or even a single person who has drawn up a potentially successful scheme.

InvoRed will give these firms and individuals advice on how to draw up a business plan and how to pitch it. It will help to identify a suitable investor, and give guidance through the legal and completion process.

An existing company will be able to win up to £3m in funding through InvoRed, while a previously unfunded organisation is eligible for between £15,000 and £500,000.

InvoRed has been developed by Connect Midlands, whose objective is to match emerging technology businesses with investors, and is being funded by the European Regional Development Fund and the East Midlands Development Agency.

According to Connect Midlands, the InvoRed project will give a big boost to technology companies and innovators in the East Midlands area.

"If you are a technology company -- any kind of technology company -- and you want to grow, then InvoRed is waiting to hear from you," said Connect Midlands director Isabell Majewsky in a statement. "We have the people and the organisation and we can shape your organisation or idea in to one that investors will be attracted to. There is absolutely nothing to lose and everything to gain by giving InvoRed a call."

To find out more about InvoRed, email info@connectmidlands.org or call 02476 323320.


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