Are YOU ready for Tees Dragon’s Den?

Jan 15 2008 by Sue Scott, Evening Gazette

ARE YOU sitting on the next big business idea? Do you have the guts to take it into the Dragon’s Den?

Entrepreneurs from the Tees Valley are being invited to brave a pseudo set of demonic execs modelled on the hit BBC show, to try to tease out businesses best deserving a cash injection.

Staged by One NorthEast-backed NStar Finance and Business at the Wynyard Rooms at Wynyard Park, Billingham, Teesside’s very own Dragon’s Den will comprise a panel marginally less ferocious than the TV boardroom bullies.

The show, which will continue to be fronted next series by Darlington’s self-made success story Duncan Bannatyne, notched up its first millionnaires - Igloo Thermo Logistics - in November. The aim of NStar Finance and Business’s event on January 23 and 24 is to create some more.

But it promises “constructive feedback” from the panel including top investment fund managers rather than the ritual humiliation glory-chasers endure on the TV show. They will also be given advice on improving their pitch to financiers and pointed in the direction of possible funding.

Caroline Hughes, manager of NStar Finance and Business said: “Many businesses have great ideas, but attracting funding is often difficult. The advice and guidance we can offer can help to make them commercially more attractive to potential investors.”

“It’s an excellent way for entrepreneurs to improve their pitch to potential investors. It can be difficult for businesses in the early stages and being able to present well is vital.”

The course looks at issues of business growth including: why you need money; how much you need; valuing the business as well as understanding risk, and negotiation.

The NStar Finance and Business programme was set up last year and is funded by One NorthEast. Its parent body, NStar Finance manages £38m in four venture capital funds, supported by private investors, One NorthEast and regional European development grants. £10m is available to businesses for proof of concept finance, while £2.4m is set aside for getting creative industries off the ground and a further £2.4m is aimed at firms operating in health, chemical processing, engineering and renewables. There is also a £23m co-investment fund to gear larger enterprises.

Since its launch, NStar Finance and Business programme has helped 500 SMEs in the North-east with training, coaching, mentoring and advice. NStar, meanwhile, has invested £7m in 120 firms seeking proof of concept funding, while the co-investment fund has completed 20 deals worth £25m in bio-tech, energy, pharmaceuticals and IT.

The survival rate for new firms in Tees Valley is good, according to Business Link North-east. Latest figures show that 90% of companies in Teesside survive their first year and 80% their second, although just 69% continued into their third.

Besides Funding your Business Needs, there is a range of free, one-day courses to help entrepreneurs make the most of a range of financial support services.

To book a place on the course, which costs £175, please visit www.nstarfinanceandbusiness.com For details call 0191 230 6370.