1. 20 Dorset Business October 2013 Dorset Business October 2013 21
dorsetbusiness.co.uk dorsetbusiness.co.uk
Seed Mentors Seed Mentors
Ward Goodman Chartered
Accountants and business advisers,
in association with Seed Mentors are
at the forefront of an exciting new
government backed funding scheme
for start up business called the Seed
Enterprise Investment Scheme –
SEIS.
The SEIS scheme offers the most
generous tax breaks for private
investors, who invest in new
businesses. Private investors can save
50p in the pound on their tax bill, if
they invest their income, and if
Capital Gains are used, then
investors can realise a tax relief of
64p in the pound.
If an investor can take advantage of
what is called “carry back” which is
the opportunity to reduce their tax
bill for the previous year, the tax
relief can reach 78p in the pound.
What is more, “loss relief” is
available on this type of tax break so
if any investments made that do not
perform this can also further reduce
the risk of loss to investors.
Seed Mentors actively seek out good
local businesses, and are instructed
by an SEIS Investment Fund called
the Seed Advantage Fund to find
them suitable investments.
With backing from the fund, Seed
Mentors are in a great position to
help new and ambitious local
businesses to launch their business
ideas.
Seed Mentors have been conducting
local pitching clinics at various
venues whereby candidate companies
can meet our review panel and
present their business ideas for
funding.
Shani Randall from Seed Mentors
comments: “Once a candidate
company has presented to our review
panel, who represent our live
investment fund, they are able to give
a funding decision, typically on the
day or within 14 days of presenting.
“The swiftness of our decision
making process has really made a
huge difference to companies that
otherwise had not been able to secure
funding through normal funding
streams”.
Ward Goodman, a leading
accountancy practice based on the
south coast, are specialists in new
business start ups.
They review all the business plans
submitted by the hopeful candidates
and provide Seed Mentors with all
the essential accountancy
information needed, together with
the pitching clinics, to help them
select the very best businesses to
back.
Roger Duckworth, a Director at Ward
Goodman, is very enthusiastic about
SEIS and its potential to drive local
businesses forward. Roger comments:
“SEIS is a great scheme for the right
business and we are delighted that
we are playing such an active and
vital role in creating job
opportunities in Dorset”.
Start-up funding for
south coast business
It’s Dragon’s
Den meets
The Apprentice
Roger Duckworth and Richard Dare Directors at Ward Goodman and
Shani Randall from Seed Mentors
‘Magnet man’ attracts his offer
How to make your presentation successful
Jon Cullum from Green Wing UK,
known locally as “The Magnet Man!”
was slightly sceptical when he came
to present his business idea at the
Seed Mentors Pitching Clinic held at
Ward Goodman’s offices in Ferndown
in August 2013.
Jon, right, came looking for funding
for his business which uses magnets
as an energy saving device within the
catering industry.
The funding will support further
research and development and
ensure independent tests are carried
out to enhance the technology’s
benefits.
The energy saving devices supplied
by GWUK reduce energy
consumption, carbon emissions and
operating costs for businesses and
homes at an affordable price.
Having looked for funding elsewhere
without success Jon was not
convinced that this pitching clinic
would actually represent a live
funding pot, or that he would be able
to get a swift decision to actively
support his business idea. Jon’s
opinion soon changed when he met
the review panel of Seed Mentors.
They were so impressed with Jon’s
business idea and his dedication and
commitment, coupled with what he
had achieved so far, that the Seed
Mentors review committee made him
an offer on the day that will enable
him to take his business forward.
Having met the Seed Mentor team,
Jon was particularly impressed by
the commitment to ongoing business
mentoring support from Seed
mentors to enable him to create the
right foundations and support to
drive his business forward.
With Ward Goodman’s help, the final
steps are being taken so that Jon can
receive his funding.
When Jon was told that he had been
successful and that he will be backed
by the fund, he said: “You have just
made my week!”.
Laura McHarrie says; “It’s key to
put together a comprehensive
business plan and make sure that
you have considered all the risks
to the business. Show the Seed
Mentors panel that you really
understand your business and
explain how you would use any
funding if offered”.
Richard Jones, an entrepreneur
who has just successfully
obtained funding for his film and
TV distribution business, has
capitalised on his over 20 years
experience in the media sector to
win over the review committee.
Richard says; “With the backing
of the fund, I am confident that
my business has a great chance of
being really successful”.
Laura McHarrie, one of the Seed
Mentors review panel, is enthused
by how the funding system works.
Laura is founder of The Hidden
Edge that specialises in business
support and has been a well known
face amongst the local Dorset
business community for many
years. Laura has been one of
Business Links’ leading lights who
both mentored and supported many
of the thriving businesses that can
be found across the Dorset region.
With her experience, Laura is a
perfect candidate to be one of the
review committee panel.
“I really think that the pitching
events are a great way for
companies to present themselves to
the Seed Advantage Fund”
comments Laura.
“What I particularly like is the fact
that these events are held in private.
So no one need feel that they are
going to be embarrassed in front of
a large crowd. This immediately
enables them to relax and really do
themselves justice and it really
shows when they present their
business idea to us” observed
Laura.
Through the forum of their pitching
clinics Seed Mentors have made a
number of offers to local companies
since they launched their regional
pitching clinics in June 2013.
Whilst Seed Mentors can actively
introduce funding to potential start
up companies through their SEIS
fund, some companies may not be
investment-ready when they
present. In this instance the review
panel have provided helpful and
constructive suggestions to enable
that candidate company to return
with a stronger offering for future
consideration.
Seed Mentors organise pitching
clinics in different locations and
have selected Bournemouth,
Christchurch and Poole as one of
the key areas where they can find
entrepreneurs who will meet the
criteria for backing.
Seed Mentors formed a strategic
partnership with Ward Goodman to
develop the SEIS opportunity in the
Dorset area. “Pitching clinics are a
challenge for the entrepreneur, they
have to face some tough questioning
from our review committee”, says
Shani Randall from Seed Mentors.
“So you need to have done your
homework!”
Our next pitching clinics
will be held on:
October 16 – Northampton
October 22 – Bournemouth
October 29 – London
November 22 – Bournemouth
For further information please
email Shani Randall on
s.randall@seedmentors.co.ukLaura McHarrie and entrepreneur Richard Jones who obtained funding
for his film and TV distribution business