Oh no. We just scrapped that, in an attempt to get at private equity companies who were exploiting this – in doing so, stitched up all the entrepreneurs!

Firstly, I wholeheartedly agree with Jens, but the interesting fact is aside from a few minor differences of opinion, what you find here is that we are all violently agreeing. So why doens’t government listen?

Contrary to what some might think, I actually believe there is a place for business link (just not necessarily in its current format), but it is not THE answer. The fact is there is no one answer. We have to be collaborative. We have to be brave – we have to CHANGE the staus quo. This has to be driven by SME owners and entrepreneurs, not by policy makers in isolation.

The question over how to finance / fund start-ups is clearly not just amount money either. For some businesses £175,000 will go a long way, for others it will only scratch the surface. Why do we need to produce a one size fits all solution? It won’t work.

If a business has the chance of being incerdibly successful, but it can only get £175,000 of funding, you will strangle it at birth. For those businesses that show real merit, there has to be follow on money. Of course they need to meet criteria / targets, but if they do, the necessary money to enable their growth has to be there.

Money alone is not enough. Advice and support, both peer to peer and professional is crucial.

Everyone has commented on the importance of leveraging the experience of successful entrepreneurs for the benefit of new and growing businesses. From my experience, entrepreneurs are one of the most giving group of people – ask and ye shall receive.

But you have to take action. Listening is not enough. As the old saying goes ‘Money talks, ******** walks’

A local Technology park near me has a big problem!

They managed to attract some fantastic innovations but the scientists and inventors like to do just that! – They do not have the management skills and commercial aspiration to fully realise the business potential – they are emotionally attached to their ideas and therefore unable to sit above the business and see it as a commercial venture.

The park is now full of micro businesses going nowhere which does not provide a good return for the tax payer who subsidises the park – this is a huge missed opportunity.

Surely a condition when accepting government handouts should be a contractual commitment by the entrepreneur to accept the necessary help to fully realise their companies’ potential – thus benefiting the economy and the tax payer. If the entrepreneur has a problem with making money they can always give it away to charity or other potential entrepreneurs.

The science park is full of micro businesses going nowhere blocking access to other entrepreneurs who may have better big ideas.

http://bostonvcblog.typepad.com/vc/2008/12/the-government-is-here-to-help-mit-vc-conference-panel.html

Sadly, I agree with many of the comments above about not rewarding bad Business Link – I tried to get advice from them last month (the Business Support Simplification Programme seems to be killing off other government-funded support) and got pretty much nothing except referrals to people who can’t or won’t advise us.

Here’s some other comments from Twitter:

http://twitter.com/danversbaillieu/status/1044949008
http://twitter.com/OllyWhatTalent
http://twitter.com/markashtonb
http://twitter.com/tombeardshaw

The comment “£175K goes a long way these days” is at the forefront of my mind.

The smaller sums will be riskier but support businesses that are finding it most difficult. Small money can help them demonstrate proof of concept which will give the larger financing market the evidence it needs to reduce their risk.

My company, and I know of many others in a similar position, is growing very rapidly but this means cash flow is our biggest problem. And its one that in the current climate banks don’t/won’t/can’t help with at affordable rates. Even things like the Small Firms Loan Guarantee Scheme are hampered by the fact you have to go via a ‘useless’ bank to apply.