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The future of funding for SMEs and entrepreneurs in Greater Manchester
Launched on behalf of AGMA and the Commission for the New Economy, pro.manchester’s innovation and enterprise research investigated the availability of funding and support for entrepreneurs in the Greater Manchester region. The findings of the research were unveiled this week in a breakfast briefing in Manchester. The research has outlined 10 recommendations to establish Manchester as the UK’s leading region for innovation and enterprise including the creation of CENBAR the centre for business angel research, here in Manchester in association with the three leading business schools. The pro·manchester analysis challenges the Rowlands Report [November 2009] which suggested there is an equity gap SMEs who need between £2 million and £10 million of funding. The Manchester report finds no evidence for this proposition and suggests that companies looking for funding between £2m and £10m (and any other size for that matter) should come to Manchester, where MPEG, the Manchester Private Equity Group will be happy to accommodate them, The research suggests there is an opportunity to develop more co-working facilities in Greater Manchester along the lines of New Work City, Dog Patch Labs and the Feel Good factor in the USA. Co-working schemes provide soft rents, rates, Wi-Fi and desk facilities to help entrepreneurs get projects and businesses off the ground. Fly the Coop in the Hive is an example of the way forward in Greater Manchester. John Ashcroft, chief executive of pro·manchester, and director of the innovation and enterprise research project, said: “Over the past six months pro·manchester has undertaken some great workshops with hundreds of financial, professional and business representatives across all sectors. “We have developed 10 key recommendations to ensure the Manchester region creates the right environment for entrepreneurs and SMEs to flourish and grow.” Mike Emmerich, chief executive of the Commission for the New Economy, said: “pro·manchester's report deals head on with access to start-up and growth capital, a major issue for our (and our competitor cities’) most innovative entrepreneurs. “The research is a timely contribution to Greater Manchester’s thinking on what forms of business support we should focus much more constrained resources on to help us grow our economy and create growth and prosperity.” |
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Vital funding streams to support SMEs and entrepreneurs in the North West have been recommended this week in research by financial and professional services organisation, pro·manchester