Dare You Enter ‘The Angels Den’?
The hugely successful six part series, ‘The Dragons Den’, featured entrepreneurs pitching their ideas to secure investment finance from the Dragons... elite business experts.
The London Development Agency (LDA), however, promises that its business experts will be a little more ‘angelic’, but firm nevertheless.
On Monday 25th April, the LDA and The Design Association (the business interface of CSD) gave a group of designers a first look inside the ‘Den’ they hope to create.
As was previously announced on the CSD website, the LDA is running a yearlong Creative Business Accelerator (CBA) Pilot programme to provide London based creative businesses with intensive support to help them attract funding from investors.
The first stage of this pilot took place during a CSD Focus Group, where CSD members were asked to explain what form of investment support would work for them and other designers looking to raise finance.
It soon became apparent that one theme prevailed, as CSD member Lynda Brockbank commented:
“Design is a people business and we get up every day for the love of it. The problem is that banks, to whom most of us turn for finance, do not seem to understand the creative industry, our product, our service. They are only interested in the bottom line.”
This is a problem which Frank Peters, Chief Executive of The Design Association has been closely following: “Over the years, it has become worryingly apparent that there is little or no financial support available for the creative industry.”
His comments echoed those of Emma Drever, a GLE researcher involved in the CBA Pilot, who was present at the Focus Group:“ I have been busy trying to find out what kind of financial support is out there for designers and others in the creative industry and the results are not encouraging.”
Monday night’s event was chaired by Anthony Clarke, from Greater London Enterprise (GLE) and it provided an excellent platform for him to explain more about the year-long ‘Creative Business Accelerator’ pilot, and in particular the GLE’s involvement:
“ It is hoped that the Pilot will successfully bring together the world of creativity and investment. With The Design Association’s help, the LDA will run Focus Groups that will establish what type of investment support the creative industry really needs. GLE will provide the investment, as well as much needed business advice.
In 1987, the GLE established the London Business Angels and to date, that network has over 200 Business Angels (Private Investors) with a total of £50 Million available for investment. Currently, over 50% of the projects that the Angels have invested in are in the Creative Industry sector, so we are experienced in this field.”
What will the CBA Pilot offer Designers?
- Intensive workshop programme interfacing with professionals and investors.
- Individual diagnostic and assessment of business strengths and investment readiness.
- Up to 5 days direct individual support to address key issues of investment readiness (Angel Mentor).
- Support with pitching to investors and the opportunity to present to investors.
The Creative Business Accelerator will be launched on the 14th June 2005 at Cass Business School, during a
1 day Workshop entitled “ Creative Industries SME’s: Investment Readiness & Funding.
For further information and to receive an application form please contact The Design Association.
