According to O’Neal, “New businesses that start here in Osceola County will not want to leave here”.
FinSMEs
25/08/2009
Cadent,the provider of 3-D digital solutions for the orthodontic and dental industries, completed a $15m round of financing led by new investor Fortissimo Capital.
Proceeds will be used to accelerate the expansion of the company in North America and the launch of new products in Europe and in the USA.
The company is also backed by a syndicate of venture capital investors including, Apax Partners, Panorama Capital (J.P. Morgan Partners), STAR Ventures and SV Life Sciences.
According to Terence J. Gunning, Chief Executive Officer of Cadent, “This financing round validates Cadent’s position as the undisputed leader in 3-D digital dental impressions and services and signifies a new growth stage for the company that will extend the reach of our technology platforms worldwide”.
FinSMEs
25/08/2009
According to the report, entrepreneurs aged 50 -65 years, created 27% of successful start ups in the UK from 2001 to 2005. Over the period, more than 350,000 companies were set up, with over 50-year-old entrepreneurs responsible for creating 93,500 companies and employing almost 400,000 people.
The figures show that the UK had 122,300 third age founders responsible for successful start up companies. Among these, nearly 47,000 were entrepreneurs aged 50 and older who set up a company on their own.
Another finding is that where a company was created by both young and over 50 years old, older founders were more actively involved in the business with 60% responsible for wanting to form a team and 53% having the original business idea.
The report also found that older entrepreneurs are highly motivated by the desire to give something back to society and that only half said they intended to retire after reaching 65 years old.
Commenting on the study, NESTA’s Chief Executive, Jonathan Kestenbaum was quoted to say: “At a time when an ageing society is being viewed as a problem, our study shows that there is a wealth of experience driving the UK economy today. Many third age entrepreneurs are setting up exciting new companies which are employing thousands of people”.
FinSMEs
25/08/2009
The fund, created by the regional development agency One North East, is a four year project having the target to help organisations to develop innovative ways of assisting people into work, deliver regeneration and boost the third sector’s sustainability and contribution to economic growth.
The successful bidders of the first round of funding were:
– Keyfund Federation (£125,000)
– Acumen Trust (£149,909)
– Project North East (£148,700).
Keyfund, based in Newcastle, has been awarded for its project “Keyfund Social Licensing” having the target to enable 1000 disadvantaged young people to make an increased contribution to the economic development of the region by helping them to fulfill their potential and live sustainable and independent lives.
The Acumen Development Trust has received the award for “Contracts Matter”. This project aims to provide effective leadership in the third sector acting as a support hub developing third sector organisations and encouraging them to work together to win employability and skills contracts from which they may otherwise be excluded.
PNE, based in Newcastle, will implement its “Places for Everyone programme” with the aim to support Third Sector organisations to deliver successful capital development projects by increasing their awareness of the process, minimising mistakes and building their confidence.
The second round for funding is currently underway while the third round will open later this in 2009. The Third Sector Capacity Fund is managed by Rocket Science, an independent organisation with experience of working with the sector and with grant funding.
FinSMEs
25/08/2009
NESTA, Manchester City Council, the Economic and Social Research Council, the Northwest Regional Development Agency and the Arts and Humanities Research Council are investing £600,000 in this project.
In order to develop ideas that can transform company’s prospects, Creative Credits will award SMEs £4,000 worth for their own £1,000 investment.
The application process requires businesses to answer an on-line questionnaire and if eligible, they will enter into a draw. Successful applicants will spend the credits with a creative business as long as it is registered on NESTA’s online gallery and their project meets the programme criteria.
The target is to award 150 companies in two different rounds – the first 75 will be picked in October, and the second next February.
Hasan Bakhshi, Director for Creative Industries in NESTA’s Policy & Research Unit says: “This is a groundbreaking programme which will have a multiplier effect in terms of stimulating Manchester’s economy – both for the benefit of SMEs and creative businesses. As Greater Manchester is one of the UK’s leading creative industry hubs, we felt it was an obvious choice for the pilot. We will be tracking the development of all the businesses taking part so that we can measure conclusively the additional impact this has on stimulating innovation and growth”.
FinSMEs
25/08/2009
Plextronics is an international technology company that specializes in printed solar, lighting and other organic electronics. The company’s focus is on organic light emitting diodes (OLED) and organic solar technology, specifically the conductive inks and process technologies that enable those and other similar applications.
The financing will allow the company to continue to grow its research, development and pilot manufacturing programs, all of which are aimed at the commercialization of its technology.
Several of Plextronics’ existing private investors also contributed to this financing. Prior to this one, the last financing round that Plextronics completed was a $25m Series B financing in 2007.
FinSMEs
25/08/2009
The investment round was led by Pivotal Investments, a clean technology focused venture capital firm based in Portland, Ore, and Akula Energy Ventures, which will be co-investing directly in the company’s development projects.
TUUSSO Energy, is a developer of utility-scale solar power plants to provide renewable energy for Investor-Owned Utilities (IOUs).
Owen Hurd, President of the company, was reported as saying: “This financing is a big step forward and accelerates the rate at which we can turn pipeline projects into active projects.
“The timing couldn’t be better – it allows us to act on opportunities created by the recent economic downturn, at a time when banks and utilities are more sensitive than ever to the financial health of their partners”.
TUUSSO’s first project, TA-High Desert, will be competed in early 2011 and will supply 20MW of solar-generated power to Californian utilities.
FinSMEs
25/08/2009
With an injection of $50m for loans and $24m for technical assistance from the American Recovery and Reinvestment Act, the U.S. Small Business Administration (SBA) is expanding its Microloan program and increasing access to capital for small businesses across the country.
SBA’s Microloan Program provides a source of capital for entrepreneurs, including women, low-income individuals and minorities, who usually have difficulties to obtain capital in order to start and grow their businesses.
According to SBA Administrator Karen G. Mills, “with these resources, we can put more entrepreneurs and small business owners in a position to succeed and create jobs that will in turn help drive our nation’s economic recovery”.
The Microloan Program supports microlenders by providing them with up to $3.5 million in low-cost loans from SBA to finance their lending to small businesses. SBA’s interest rate to microlenders is based on the five-year Treasury rate, with adjustments tied to a microlender’s average loan size.
Microlenders use the SBA funding to provide loans of up to $35,000 to entrepreneurs, which can be used for working capital and acquisition of materials, supplies, furniture, fixtures and equipment.
SBA also provides grant funding to microlenders to finance technical assistance and counseling programs for their borrowers, including staff, classroom training and occupancy costs.
Since the Recovery Act, SBA has approved 8 new applications from the following lenders to join the Microloan program:
– Vermont Community Loan Fund, Inc. of Montpellier, Vt;
– Neighborhood Development Center of Saint Paul, Minn.;
– Cen-Tex Certified Development Corp. of Austin, Texas;
– The Emperor Organization of Tallahassee, Fla.;
– Staunton Creative Community Fund, Inc. of Staunton, Va.;
– Lane MicroBusiness (d.b.a. eDev) of Eugene, Oregon;
– FINANTA (American Street Financial Ser.) of Philadelphia, Pa;
– Accion USA, Inc. of New York, N.Y.
15 new loans to microlenders for $10.7m are ready to be disbursed.
FinSMEs
25/08/2009
The firm, which makes small wind turbines to power homes and businesses, is looking to increase its North East presence, planning to create jobs and setting up new headquarters near Newcastle Airport.
VWE has identified the North East as a key area for its technology even attracted by the considerable expertise in renewable energies existing in the region.
In the area, the company is initially building a team of six staff as well as working with fabricators in the region to make components.
On this point, VWE chief executive Tony Gordon, was reported as saying: “We were attracted to the North East because of the region’s strategic commitment to all forms of wind generation and the strong skill base. This has enabled us to recruit exceptional people to grow our business.
“The availability of funding from NorthStar and the help they gave us in building the investment round is vital to our commercial success”.
VWE’s first product, a 3KW turbine, is aimed at the domestic and small commercial market.
The 6KW turbine will be backed by the investment and launched later in 2009.
FinSMEs
24/08/2009
Complete Genomics, a Mountain View-based human genome sequencing company, raised $45m in private equity financing and closed its Series D funding round.
Two new investors, Essex Woodlands Health Ventures and OrbiMed Advisors add to existing investors Enterprise Partners Venture Capital, OVP Venture Partners, Prospect Venture Partners and Highland Capital Management, which reinvested in the company.
Founded in 2006, Complete Genomics provides DNA sequencing of human populations that will enable large-scale research of the genetic mechanisms underlying drug responses and complex diseases.
According to Dr. Clifford Reid, chairman, president and CEO of the company “This new capital will enable us to scale up our facilities in preparation for large customer projects.
“We now plan to launch our large-scale commercial sequencing centre in January 2010 with the goal of sequencing 10,000 human genomes next year”.
The centre is being built in the heart of Northern California’s Silicon Valley.
FinSMEs
24/08/2009
The quarterly research was conducted from July 29 to August 12 and covered 184 service-sector firms divided into
– Business and Professional Services, such as accountancy, legal and marketing firms and
– Consumer Services, including hotels, bars and restaurants, travel and leisure
According to figures, business levels are slightly improving in comparison to the previous three quarters.
In Business and Professional Services, the value and volumes of business both rose very slightly on the previous quarter for the first time since May 2008, though both measures remain “below normal”, for the seventh consecutive quarter.
In Consumer Services, business values and volumes fell slightly, at much slower rates than in the previous three quarters.
However, firms continue to suffer as profitability dropped in both sub-sectors and prices fell sharply.
In Consumer Services, 32% of firms cut prices and just 11% raised them, and the balance of -21% represents the lowest since the survey began in 1998.
The balance for Business and Professional Services was lower at -31%.
Analysing data, Lai Wah Co, Head of Economic Analysis at the CBI, was reported as saying: “Business conditions remain difficult for service sector firms. They have had to cut the price of their services in order to compete for business, and this has pushed down their profitability further over the past three months.
“However, service sector activity has not been anywhere near as weak as in recent quarters and things are starting to look up, particularly for business and professional firms. These companies have seen an increase in business, albeit modest, for the first time in over a year and they are now feeling more optimistic.
“We are still seeing consumers rein in their spending on services, but no longer at rapid rates. And across the service sector, prospects for business expansion and investment are the least gloomy for some time. Employment in the services sector was stable in Consumer Services, but still falling in Business and Professional services. In the latter, employment fell for the fifth successive quarter, but the rate of decline has moderated from the very steep falls seen earlier this year”.
FinSMEs
24/08/2009
New-York-based Urgent Career secured this Series A Funding to seeks to develop the process of finding, screening, and assessing sales talent to cover the lack of top-performing sales professionals at companies worldwide.
In particular, iNovia’s investment will be instrumental in accelerating the development of Urgent Career’s Algorithmic Linguistic Profiling Engine technology.
This technology uses algorithms to digitally analyze transcribed human speech in order to create a candidate profile measuring 32 dimensions of sales compatibility. By deconstructing the language candidates use to describe themselves, Urgent Career is able to quantify elements crucial to employee hiring and management, including sales style, experience, workflow preferences and behaviour.
Said Jeff Stewart, Chairman of Urgent Career, was reported as saying: “We are thrilled to have iNovia as a capital partner so that we can continue to revolutionize the way sales talent is assessed, screened and managed.
“Their investment not only will allow us to accelerate the development of our technology but also underscores both the strength of our vision, our business, and the staying power of our offerings. We look forward to the continued collaboration with the iNovia team”.
FinSMEs
24/08/2009
Fundraising activities were developed in partnership with First Bank, Southwest Bank and U.S. Bancorp’s Community Development Corporation.
After the good practice of the federal New Markets Tax Credit (NMTC) programme, in late 2008, the State of Illinois passed its $125m New Markets Development program aimed to attract long-term investors to low-income communities, promote growth and development and create new job opportunities.
FinSMEs
23/08/2009
After the close of this investment, Coherex has now raised nearly $28m in equity financing from outside funding sources since inception in 2003.
In this round, vSpring Capital and Oxford Bioscience Partners, which already participated in Coherex’ prior Series A Preferred Stock financing, were joined by Tullis Health Investors, a venture capital firm focused on the healthcare industry.
Coherex announced last June the FlatStent EF, the first “in-tunnel” device to receive European Community’s Mark clearance for closing Patent Foramen Ovale (PFO), a heart defect found in about 20% of the worldwide population.
Richard J. Linder, Coherex president and CEO said: “I am pleased to announce today that Coherex Medical has closed its Series B financing, particularly given today’s challenging economic times.
“This is a solid example of the quality of the Coherex team and our success in developing the Coherex FlatStent EF PFO Closure System, a technology that represents a significant advancement in the treatment and repair of patent foramen ovale, a common heart defect”.
Dinesh Patel, Ph.D., vSpring managing partner and Coherex board member, was reported as saying: “We believe that PFO closure represents a significant market opportunity, and we are confident that Coherex Medical has developed the next generation device for PFO closure with its Coherex FlatStent.
“In addition, we believe Coherex is establishing itself as a leading structural heart company, and as a result, we are excited to invest again in Coherex, its technologies and its people”.
FinSMEs
22/08/2009
The scheme, which runs until 31 December 2009, represents a short-term intervention that allows suppliers to purchase Government-backed insurance to either restore cover to the original level or double the amount they are able to obtain from the private sector (up to the value of £2m).
Trade credit insurance contracts provide suppliers insurance against the risk of a buyer defaulting on payment for goods after a period of credit. It gives suppliers confidence to extend payment terms to their buyers and banks the security to provide working capital facilities.
By offering suppliers protection against financial loss, trade credit insurance is even used to support provision of loans, invoice discounting and factoring services.
Reduction or withdrawal of credit insurance can therefore lead to financial pressure on both buyers (as suppliers may wish to shorten payment terms) and on suppliers (due to its interaction with other financial products such as loans, invoice discounting and factoring services).
In 2008, credit insurance firms insured over £300bn of turnover, covering over 14,000 UK clients in transactions with over 250,000 UK businesses.
FinSMEs
22/08/2009
