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The keynote speaker was Sherry Coutu CBE - a business woman who is someone to have on the radar. She wrote the Scale-Up Report which is all about Scaling Up! :) It's a great report with stats and useful info on the UK Economy Scale Up market. I haven't managed to read it as yet but luckily I was there to hear from Sherry Coutu herself, in which she explained some of the main points of the report.
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| From The Scale-Up Report |
The main points I gathered from her presentation were:
- A ScaleUp is not a StartUp is - A scale up grows customer orders or employee numbers by 20%
- The common business term SME (Small Medium Enterprise) should be changed as small wil not always remain small.
- Finance is not the issue - work on Leadership then seek finance; leadership skills come first.
- When deciding which company to fund the things they look for in a start up are; Motivation of the entrepreneur - why they want to solve that problem? Is it something they will continue to do in 10 years? As a Venture Capitalist, they need to want to solve the problem you are solving aswell. Also how emotionally stable you are is important. And are you analytical? Are you thinking about the company culture? For example how you explain your business to the investors is an indication of how you will talk about your business to your staff. And how motivated are you? What have you sacrificed?
- And one point I really remembered that hit hard was - Investors aren't there to make your dreams come true, but to make a return on their money. Its not the X Factor but I Factor (Investment factor)
- And finally, find a Cofounder. - Really successful companies start with two people.
Let me know what you think?
tnx
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