Jenny Tooth comments on the measures put in place by the Government to help businesses
Well it seems that the lockdown will continue to the end of April. We are all adjusting to life on-line and, like me, many of you are working even longer intense days, with a sense of total availability for Zoom, Google Hangouts, Meet-ups and all kinds of new exciting platforms to share ideas and insights. What is clear is that our economy is taking a massive battering and for many months to come, and that many small businesses will not survive.
The Government has put some very important measures in place these past weeks and these have the potential to address the needs of a range of businesses across the UK, although access remains a massive challenge. However, for so many of the businesses backed and supported by our investment community, CBILS and the wider grant and employment measures are either not relevant or sufficient to meet the needs of pre-revenue and early revenue generating innovators and disrupters. We know that our investment community is striving to support their investee businesses, bringing hands-on support strategic advice and experience, drawn from having lived through several economic cycles. We are grateful to all of our community who have been sharing ideas and experience about how they are working with companies and triaging their needs to ensure that support and advice is targeted and relevant. We also know and as you will see in today’s newsletter, that, despite these challenges, some deals are getting closed including some great results for investors – and we congratulate those who have managed to beat the odds and pull the various parties together to get the investment over the line.
At the same time, we are continuing our interactions with Government, BBB and key stakeholders to gain commitment to set out a package of measures to support the Angel and early stage investment community to bring further co-investment funds and further fiscal stimulus to the market at this time. We are expecting a further announcement in relation to support for the equity market in the near future and we will keep you informed on progress. There is no one panacea for the challenges around equity and a multi-faceted approach is required from Government. Most importantly we all need to work together at this time to share knowledge and experience and mobilise our combined voice to get things done by the Government. I am sure that many of you have seen the latest campaign that UKBAA has signed up to alongside many key players in the market to “Save our StartUps” so please lend your support and sign the petition. As part of our campaign and evidence, we also want to profile all the great businesses backed by our community that are addressing the Covid-19 challenges across all the implications for our economy and society and so do keep sending us details and case studies of these vital contributions and innovations so that we can promote these on your behalf. Meanwhile do check out our COVID-19 information hub with a range of resources and links and also do join in our webinars and those organised by our members.
All that remains is to wish you and your family a very safe and healthy Easter time.