BUILDING STRONG FOUNDATIONS
Navigating through the world of accountants, lawyers and patent attorneys can be a daunting business and something that many startups (and others) can be wary to engage in, find it difficult to know who to trust, what they need and when, and how much to pay.
At the CRL, part of our programme is supported by a fantastic group of experienced Service Providers who help with our Fundamental Sessions and provide one to one sessions with the teams; Kingston Smith, IBB Law, Mathys & Squire and KPMG High Growth Technology Group. It’s also a great chance for themselves to be involved in the growing hardware focused startup manufacturing sector, with some exciting products being developed right here at the CRL.
“It’s great to see the entrepreneurs of the future.”
Business Types and Planning
As you’re setting up your business structure, understanding and considering the legal implications is vital. Chris Hayes from IBB Law went through the various options and described how these subsequently link to your tax and IP decisions and more.
Kush Puri from KPMG brought a wealth of advice and experience to the teams, reviewing their business plans, modelling and strategy and showing how this can then be translated into the financial modeling and forecasting essential for investment.
Accounting for success
Jonathan Seymour and Mark Newbold from Kingston Smithpointed out that when developing and deciding on your business model and type, it’s not only about choosing a suitable type for the product you’re making but also about considering how you can fund and grow the business in the short and longer term. Even considering your possible exit strategy from the very beginning.
“It will be interesting to see how the businesses develop over the next three months or so… harnessing their ideas and working on their business plans.”
There are a number of opportunities for startups, SMEs and R&D focused businesses such as R&D tax credits and relief and various Government Enterprise Investment schemes (SEIS & EIS). Alongside online accounting software such asKS Connect to ease startups financial tracking and forecasting.
Drawing the Line
Where and when do you start with design rights, trademarks, patents, copywriting? Mathys & Squire’s Sean Leach and Aymeric Vienne talked through the alternatives and the recommendations and pitfalls to look out for around each. Recently there was a “case” held in the supreme court concerning the protection of design rights for Trunki that exemplified how careful you need to be when deciding to protect your design (Trunki V Kiddee).
The Startup Journey!
We like to balance perspectives for all the programme areas that we’re covering with our startups and after our accountancy, IP and business modelling sessions we had Philip Ross, Director of Safehinge, sharing his story and lessons learned over the last ten years. From his origins as a Product Design Engineering graduate in Glasgow with a patent on a hinge to combat finger injuries in doors, through the realities of setting up a business and investors, protecting your IP and building a team with the right experience and skills.
We’re always on the lookout for other inspiring, honest and exciting stories and insights to share!
27/11/2015 written by CRL