"Money begets money. – John Ray"
Setting up your own small business or becoming a contractor seems very
appealing to many computer professionals. Though many businesses
finance start-up or expansion from personal assets, sooner or later
virtually all business owners need assistance from a financial
institution. It is difficult to do business without ever using credit.
[PISE] lists the various sources of funding available but the main
focus of this report will be to discuss how these ‘financial packages’
appeal to us and the difficulties which company’s or entrepreneurs
face to obtain these funds.
The report will try to conclude with a justification as to why one
method is preferred to another and evaluate against the most commonly
used source of funding today.
Grants and Government initiatives
Throughout the UK, there are hundreds of grants and support schemes
available via many different organisations and institutions. However,
the acceptance criteria of applications depend on many factors.
[Government Paper] suggests that grants should “play an important role
in boosting other – perhaps more relevant – areas of the innovation
The factors may include the area of business start-up, certain
business sectors or specific sectors of the population.
Whilst considering the variety of grants available, I was surprised at
the amount and range of grants available and the many acceptance
criteria. In many cases, the acceptance criteria was so strict and the
grants so small, that the effort involved in application, hardly
seemed worth it.
‘In many cases, compani...
... middle of paper ...
...ding for small businesses and entrepreneurs
were obtained by banks and the remaining 63% covers other sources. The
exhaustive, unappealing application process for which bankers loans
were famous for, are now becoming a thing of the past.
[PISE] – Professional Issues In Software Engineering – Frank bott
[ZDNet] – http://news.zdnet.co.uk – Government aid brings tech jobs to
[Carol Graham] – Sources of funding for businesses – Carol Graham
[Financial Times] – www.financialtimes.co.uk – The truth about bank
[Natwest Bank] – Business Information Fact sheet, Seeking Venture
[British Venture Capital Association] – www.bvca.co.uk
[Government Paper] – www.parliament.the-stationary-office.co.uk - The
use of incentives to boost innovation.
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