Help for ‘Born Global’ wannabees?
At the excellent ‘Innovate UK 2014’ exhibition there were many exciting products on show and visitors with yet more innovations.
On the BExA stand, we talked up the benefit of offering good commercial terms (and buying protection against non-payment from UK Export Finance or commercial insurers). UKTI explained its marketing and trade show support, and UKEF described working capital support once an export contract is won, but there were many innovations with a need for finance at an earlier stage.
Please can business angels, peer-to-peer lenders and others contribute ideas for solving finance needs for design, development and production and other early stage working capital needs.
At the recent IoE Business summit, held 21st Oct, hosted by Lesley Batchelor, the main take-away was to introduce a new Tax regime that would give incentives for exporters. Central issue was discussion on SMEs part in achieving the UK Government Export Goal of £1trillion by 2020.
Major point: Interestingly, total value of UK Trade with the world is est. £720bn of which £301bn is with EU and £10bn with China in 2013
1]Tax incentives to provide some relief along the lines of Patent Box
2]Trade Advisers to turn into Interim Export Managers
3]Mandatory for any business to have performed a market selection process ideally using a weighting table.