Programme aims to fund West Midlands SMEs

Edited by the Engineeringtalk editorial team Oct 22, 2003

150 of the region's business leaders and opinion-formers will assemble today at the Crown Plaza Hotel, Birmingham NEC to witness the launch of InvoRed.

150 of the region's business leaders and opinion-formers will assemble today at the Crown Plaza Hotel, Birmingham NEC to witness the launch of InvoRed, a pioneering investment readiness scheme for technology West Midlands' SMEs and innovators, giving successful applicants assistance in raising up to GBP 3 million funding.

Companies at pre-incorporation stage will be given help to attract funding of up to GBP 500,000.

Intelligent Orthopaedics, a spinoff from Staffordshire and Keele Universities, will be the focus at the launch - the first in a series of InvoRed's West Midlands Business Forums.

Formed in November 2002, Intelligent Orthopaedics is a medical devices company whose skill-set is based on 11 years research and some GBP 750,000 of research investment.

Its philosophy is to design and develop medical devices, in particular within the field of orthopaedics, using 21st century technology.

Currently the company has two products, secured with world patents, poised to hit the market and it will demonstrate at the InvoRed launch how it plans to penetrate a global market whose total value is in measured in billions.

Intelligent Orthopaedics will introduce the concept of the company to an expert panel comprising a regional investor, a strategic consultant and former blue-chip investor and an entrepreneurial business specialist and receive intensive advice and feedback on their submitted business plans.

Further questions and feedback will then be taken from the invited audience - providing Intelligent Orthopaedics with a unique opportunity to raise its profile and obtain expert advice on areas such as route to market, finance and property issues.

Advantage West Midlands Interim Director, Access to Finance, Mary Martin, will chair the event on Tuesday 21st October.

"Creating wealth through enterprise lies at the heart of the West Midlands regional economic strategy.

The vision of the Regional Finance Forum is to ensure that innovation, entrepreneurship and business growth are not adversely affected due to a viable business being unable to access appropriate finance.

Advantage West Midlands is, therefore, pleased to support InvoRed help make this vision a reality", said Norman Price, AWM Board Member and Chair of the Regional Finance Forum.

InvoRed, the flagship scheme developed by Connect Midlands, a business advisory network - backed by Advantage West Midlands (AWM) and the ERDF (European Regional Development Fund) - is available only to early-stage technology companies, or even innovators with technology-based ideas and plans.

Post-launch - InvoRed will offer business coaching through the "Green Stream" to prime Intelligent Orthopaedics to become 'investment ready' when presenting itself to potential investors.

"The overwhelming response and expected attendance at today's launch of InvoRed is a clear indication that the West Midlands is recognised as a growing region for technology companies.

InvoRed will now offer these companies access to the critical support they need to meet with people and organisations that can help them achieve the funding they need for growth", said Connect Midlands Director, Isabell Majewsky.

InvoRed's West Midlands' campaign will be co-ordinated from a regional headquarters based at the University of Warwick.

It will support organisations at all stages.

"Whatever kind of technology company you are, if you want to grow, InvoRed is waiting to hear from you", added Majewsky.

She concluded: "We have the people and the organisation and we can shape your organisation or idea in to one that investors will be attracted to.

There is absolutely nothing to lose and everything to gain by giving InvoRed a call".