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UK, Iawards will promote Business Innovation

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Science and Innovation Minister Lord Drayson today launched the iawards, the first Government backed-awards to celebrate achievements of the UK’s best innovators.
The announcement come as a new survey commissioned by the Department for Business Innovation & Skills shows that businesses believe British innovators are “unsung heroes” whose contribution to making Britain a better place to live and work often goes unnoticed.

The iawards includes 13 categories reflecting the greatest challenges the UK faces where science and innovation offer the best chance of developing viable solutions.

The awards are open to all British organisations or teams that demonstrate how their innovative qualities relate to at least one of the following challenges:
– Addressing the healthcare needs of an ageing society;
– Increasing international security from tackling global poverty to minimising the threat of terrorism;
– Preserving finite natural resources in the face of population growth and climate change;
– Delivering public services which make best use of new technologies.

UK Trade & Investment, the Government organisation which helps British companies win business in new markets, will work with the winning companies to help them find new potential business opportunities and partnerships. In addition, the winners will be invited to attend key industry events.

The deadline to get part in the iawards is fixed on September 17th 2009.

FinSMEs

21/08/2009

GroFin Africa Fund, $170m to invest in SMEs

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GroFin announced the final close of the GroFin Africa Fund at US$170m.

The fund, has the target to invest in roughly 500 small and medium enterprises in over a period of five years.

To date the fund has committed $17m to 50 transactions and is currently considering investment into a further 24 companies to the value of $8m. The fund works in Nigeria, Ghana, Rwanda, Kenya, Tanzania, Uganda and South Africa investing between $100,000 to $1m in SMEs operating in various sectors of the economy ranging from manufacturing to retail and services.

Following a first close of $140m in the fourth quarter of 2008, recent commitments by the European Investment Bank (EIB) and PROPARCO (AFD Group), through the Investment and Support Fund for Businesses in Africa (FISEA), brought about the final close of $170m.

The EIB and FISEA join African Development Bank, CDC, International Finance Corporation, FMO, Norfund, Shell Foundation and GroFin Investment Holdings as investors to the fund.

Jurie Willemse, Managing Director of GroFin waas reported as saying: “This is a clear demonstration of the high levels of interest that investors have for smaller investments in that deliver both quantifiable investment and development returns. The confidence shown in the GroFin team and our unique business model, that integrates risk finance with business development assistance to mitigate the investment risk, is heartening.

“The enterprise sector represents an exceptional investment and development opportunity at this time and has illustrated resilience through the economic crises. There are an ever growing number of entrepreneurs in Africa looking to start and grow companies and our viability based model – specifically developed for the African market – makes real returns possible in a segment that is overlooked by most investors”.

FinSMEs

21/08/2009

USA, Syndiant Raises $10.7 Million

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Dallas-based manfacturer Syndiant closed a $10.7 million series B funding round with private investors and the Texas Emerging Technology Fund, which will enable the company to accelerate its mass production ramp and product development roadmap.

Syndiant produces small and high resolution light modulating chips used in ultra-portable projectors to embed in handheld electronics such as smartphones, notebook computers, portable media players, video game consoles and cameras.

Mark Harward, CEO of Syndiant, was reported as saying that “Securing this funding was a huge accomplishment, especially given the current state of the economy. It speaks volumes to the opportunity we have with our superior technology and business strategy.

“The Texas Emerging Technology Fund (TETF) was an important initial investor in this round. Syndiant is proud to have met the milestones on schedule to secure the second and final tranche of the TETF’s $3.5M investment”.

The TETF has the target to expedite the commercialization of innovations, create and establish private sector entities that will increase high-quality jobs and increase applied research projects for Texas Institutions of Higher Education.

FinSMEs

21/08/2009

EIF supports micro businesses in Ireland

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EIF and Irish First-Step Microfinance signed a guarantee agreement under the Competitiveness and Innovation Framework Programme (CIP) helping to provide enhanced access to finance for micro businesses in Ireland.

The agreement will allow micro enterprises in Ireland to access to over 3 million euros of additional funding guaranteed under the CIP which will help to support new entrepreneurs and create over 600 jobs.

This funding will be provided by the Social Finance Foundation.

The target of First-Step Microfinance is to provides loans to those who have difficulty accessing finance from traditional commercial banking.

Commenting on the transaction, Ms. Pauline Irwin-O’Toole Chief Operating Officer at First Step said: “First-Step is pleased to renew its partnership with the EIF. This Guarantee will enable First-Step to provide enhanced access to finance and to mitigate a part of the risk in relation to bad debts on the loan portfolio. This intervention is both timely and crucial for small start-ups and developing businesses in Ireland in terms of job protection and job creation”.

FinSMEs

20/08/2009

Global Private Equity investment down 80% in first half of 2009

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Private equity investments decreased 40% in 2008 to $189bn, a new research from International Financial Services London (IFSL), the independent organisation promoting UK financial services worldwide stated.

According to the IFSL’s report Private Equity 2009, one of the main reasons of the fall was due to the difficulties of private equity firms to obtain debt finance from banks to complete buyout deals.

The report also showed that investments hit a 12 year low in the first half of 2009, collapsing to $24bn, 80% down on the same period in 2008.
Private-equity backed deals generated only 7% of global merger & acquisition volume in 2008 (the lowest level since 2001 and down from the record high of 21% in 2006) and 3.5 % in the first six months of 2009.

According to the report, fundraising levels were down only 8% in 2008 to $450bn, a figure influenced by the relatively strong start to the year, while the slowdown accelerated in 2009, with less than $100bn being raised in the first half (a two-thirds fall on the same period in 2008).

Global private equity funds under management amounted to $2.5 trillion at the end of 2008 with a 15% increase due to the strong fundraising activity and to the rise in unrealised portfolio investments as firms didn’t want to exit their stakes in market conditions of falling valuations.

Speaking about the immediate future of the industry, Marko Maslakovic, Senior Economist at IFSL, was reported as saying: “The slowdown in private equity investments and funds raised in the first half of 2009 is likely to persist for the rest of the year. Although banks will remain the largest lenders to private equity firms, other participants may have the opportunity to enter this market as some $500bn in loans extended on existing deals will need to be refinanced in the next few years”.

According to the report, London remains the largest European centre for the management of private equity investments and funds, second only to New York globally.

FinSMEs

19/08/2009

Scotland, additional funding for universities and colleges to drive innovation in SMEs

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The Scottish Further and Higher Education Funding Council (SFC) increased funding for its innovation voucher scheme to support universities and colleges collaborate more with businesses.

The first phase of the voucher scheme, which started in Febraury 2009 , offered universities grants of up to £5,000 to meet the costs of new ventures with small to medium enterprises (SMEs), allowing 17 universities and 30 businesses to collaborate on a variety of projects.
Now, the second round of funding has been increased and extended to include colleges. Consequently, each of Scotland’s 20 universities can apply for up to £15,000, and up to £3,500 is available to each of the 43 colleges.

They can use the funds to offset costs for a broad range of activities to support SMEs in the development of new products and processes, new services, improving production processes, and experimental testing and measuring.

Projects receiving funding in the first phase cover different areas such as energy and sustainability, culture and tourism, construction and engineering, digital media, textiles, and manufacturing.

FinSMEs

18/08/2009

UKTI looks for international trade service specialists

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There is time until the next September 11th to take the opportunity available to companies which can deliver specialist international trade services for UK Trade & Investment (UKTI) in 4 different regions of England.

UKTI is looking for qualified organisations ready to provide specialist international trade information, diagnostic, brokerage and delivery services to the business community in the East of England, North East, North West and London regions.

Successful bidders will work with the Development Agencies in these regions, UKTI and partners.

Expressions of Interest can be made by completing the ad hoc Pre Qualification Questionnaire which should be returned by 12.00hrs BST on Friday 11 September 2009.

For further information, click on the dedicated UKTI page:
https://www.uktradeinvest.gov.uk/ukti/appmanager/ukti/ournetwork?_nfls=false&_nfpb=true&_pageLabel=england

FinSMEs

18/08/2009

New Private Equity Fund to set up in China

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Hong Kong brokerage CLSA is setting up a 10 billion yuan ($1.4 billion) private equity fund with Chinese state-owned investment firm Shanghai Guosheng Group.

The companies signed an agreement to create a joint venture – named Guosheng CLSA (Shanghai) Industrial Investment Management Co Ltd – by the end of 2009 and launch the fund, which will invest in renewable energy, environment protection and consumer-related sectors.

For China, the operation is meant to reduce firms’ dependence on bank financing by boosting the number of yuan-denominated funds.

FinSMEs

18/08/2009

USA, MobileIron Raises $11m in Series B Funding

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MobileIron announced its $11m Series B financing round co-led by Norwest Venture Partners, Sequoia Capital, and Storm Ventures.MobileIron is a company dedicated to making smartphones enterprise-ready, solving problems chief information officials face as enterprise data moves to the smartphone. MobileIron’s Virtual Smartphone Platform uses proprietary mobile data virtualization technology to provide both smartphone management and real-time wireless cost control to IT and end-users.

Gaurav Garg, Partner at Sequoia Capital was reported as saying that “MobileIron’s innovative technology positions it to play a pivotal role in the expansion of smartphones in the enterprise”.

Bob Tinker, CEO of the Sunnyvale-based company said that “our mission is to enable our customers to embrace smartphones throughout their organizations and our partnerships with Norwest, Sequoia, and Storm play an important role in our ability to do this”.

FinSMEs

18/08/2009

CBI worries about education report findings

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According to Richard Lambert, CBI Director-General, students of the new 14-19 diplomas should be encouraged to see functional skills such as English, mathematics and ICT, as absolutely vital for their present and future success.

Commenting on the Ofsted’s report on new 14-19 diplomas, in which it said the quality of teaching of functional skills needs to improve, Lambert said that some of the findings were a real concern.

The diplomas, which were introduced in September 2008 and combine theoretical study with practical learning, are the most important element of the 14–19 reforms. The main component of the diploma is the specialist subject content, such as engineering or creative & media.

However, students must also complete functional skills (English, mathematics and ICT), a project, 10 days’ work experience, and a unit of additional or specialised learning intended to complement or extend the specialist subject work.

“School leavers must be armed with basic skills, otherwise they will struggle throughout their career. Diplomas should be equipping young people with skills for a specific career, but they must also impart basic literacy and numeracy skills”, Lambert said.

FinSMEs

17/08/2009

UK, Chancellor impressed by tax support service for business

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Chancellor Alistair Darling said he was impressed by the way the HMRC Business Payment Support Service (BPSS) was performing in its work to support struggling businesses across the UK. The service is staffed by 300 payment advisers and open 7 days a week for businesses who need more time to pay HMRC taxes – including VAT, Corporation Tax, Income Tax and National Insurance Contributions (PAYE).

According to official data, since its lunch, in November 2008, the service have helped over 185,000 UK businesses to spread tax payments totalling £3.3b over a timetable they can afford.

Visiting today the hub of the Service in Cumbernauld, Glasgow, the Chancellor was reported as saying: “I’m hugely impressed by the team here at Cumbernauld, who are going the extra mile to ensure struggling businesses get the help they need. It’s vital we do everything we can to support people and businesses through this downturn. This service is giving thousands of businesses across the country more time to manage the pressures they’re facing, and helping to keep many people in work.

“I’ve said to the team today that this service is a key part of the government’s efforts to sustain jobs and get more people back into work faster. It’s vital we do everything we can to support people and businesses through this downturn”.

FinSMEs

17/08/2009

Belfast, 10/09/2009, “Licensing: What you Need to Know”

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Northern Ireland Science Park (NISP) is organising the seminar “Licensing: What you Need to Know”.

The event, which will take place on September 10th at the NISP hedaquarter, will provide an overview on what constitutes a license, its key components, how IP owners can protect IP and maximize corporate value through licenses.

The seminar will be led by Mathew Forde and Rory Campbell, lawyers from Northern Ireland’s media, IT and IP law firm Forde Campbell LLP.

The event, free of charge, is opened to CEOs and managers involved in strategic business growth and development, or scientists or technology experts considering a business start-up.

FinSMEs

17/08/2009

USA, University of Central Florida announces 2 new incubators

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The University of Central Florida (UCF) Business Incubation Program grows fast.

Last week, two official statements announced the opening of the UCF/Sanford Business Incubator at 110 W. First St. in Sanford and the creation of a joint partnership with the City of St. Cloud and Osceola County to develop an incubator facility at Stevens Plantation in St. Cloud.

The Sanford incubator will focus on small business enterprises that exhibit the most potential for growth and development. Dr. Tom O’Neal, executive director of the UCF Business Incubation Program, said that 14,000 square feet of office space were leased for the new St. Cloud incubator, which will open during the first quarter of 2010.

The Incubation Program, developed in collaboration with the City of Orlando and other local institutions, manages different facilities in Metro Orlando in order to provide tools, training, infrastructure etc. to start-up companies in the community. According to the website, the Program, since its founding in 1999, has helped more than 100 emerging companies create over $500m in annual revenue and more than 1,600 new jobs with an average salary of $59,000.

FinSMEs

17/08/2009

FLA figures show SMEs are turning to leasing

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An increasing number of businesses are taking advantage of operating leasing, according to new asset finance figures published today by the Finance & Leasing Association (FLA).

The figures for the period April-June 2009, show that asset finance overall fell by 39% compared with the same period last year but the use of operating leasing (excluding cars) in increased by 9%.

Around £1bn of new equipment, ranging from commercial vehicles, aircraft, ships, rolling stock to plant and machinery, IT and other business equipment, was acquired by businesses through operating leases during the second quarter of 2009.

According to FLA, the leading trade association for the asset, consumer and motor finance sectors in the UK, the value of operating leases for business equipment (including copiers, telecoms, vending and catering equipment, security equipment, medical equipment and office furniture) increased in the second quarter of 2009 by 42% on the same period last year.

Operating leasing for plant and machinery grew by 27% over the same period. The majority of these agreements are associated with smaller businesses.

FinSMEs

17/08/2009

US, Teachscape raises $16m from ABS Capital Partners

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Teachscape, company leader in the development and delivery of outcomes-based professional development programs for educators, completed a $16 million Series C financing led by ABS Capital Partners, a leading later-stage growth company investor.

According to a joint statement, the resources will be used for expansion as well as continued development of leading technology-enabled products.

Teachscape provides video-based online professional learning resources and technology tools to align curriculum, instruction and assessment and masters degree programs for K-12 educators. It currently works with thought leading public school districts, archdiocese and state departments of education throughout the United States, serving 1,200 schools in 25 states with more than 50,000 educators in 600 districts.

FinSMEs

16/08/2009

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