Engineering news
Shell Springboard, which provides funding for low carbon technologies in the UK, has launched an interactive, digital database to help small and medium-sized enterprises identify funding opportunities in the low-carbon, cleantech and sustainability sectors.
A joint report from Shell Springboard and Imperial College London highlighted the difficulty in accessing finance for UK low-carbon SMEs. US equivalents typically raise 50% more funding, while only 3% of UK start-ups grow to become midsized ventures, compared with 6% in the US.
The Access to Finance Navigator provides links to 84 sector-specific funding sources, which combines represent £157 million. This includes financing information from governmental organisations, venture capital funds, angel investors and crowdfunding platforms. Results are filtered according to each user’s business sector, stage of development and financial requirements, making it quicker and easier for entrepreneurs to identify the most relevant organisations and funds.
It uses a simple set of questions to help identify the most appropriate financing sources based on business stage, location, sector, amount needed and finance type preference (loan, equity investment or grant).
Having selected a specific type of financing, users can click through to see all the available sources of that type of financing.
Solveiga Pakštaitė, winner of a Shell LiveWIRE Smarter Future Award and the 2016 Shell Staff Inspiration Award for her food expiry label BumpMark, said: “For a start-up business to get off the ground, funding is key. Understanding which funding sources are best for your business and navigating the huge range of funding resources available can take as much time as applying for the money itself. Shell Springboard’s Access to Finance Navigator is a great idea and will make it much easier for entrepreneurs in the sustainability and low carbon sectors to find the funds they need. It’s hugely valuable.”
Erik Bonino, chairman of Shell UK, said: “Shell Springboard provides low-carbon entrepreneurs with a vital foothold on the funding ladder, but for many this is just the start of a journey to secure the finance they need. Finding people or organisations to support new businesses is complex and time consuming. To help navigate the funding landscape, we developed the Access to Finance Navigator with experts in finance and the low-carbon sectors. Alongside our wider enterprise development programmes, this provides the type of support low-carbon businesses in the UK are seeking.”
The Navigator is free to use and available on the Shell Springboard website. Click here for more information.