UK businesses ‘have trouble finding funding’

Entrepreneurs are having trouble finding the necessary funding in time to turn their ideas into finished products, a survey has found.

Researchers for the Boots Centre for Innovation suggested businesses find funding takes so long to obtain, they eventually lose their competitive edge.

Entrepreneurs also complained funding is not available for some types of business, which the organisation said limits innovation.

Most of the survey’s respondents said they also needed commercial advice and support to help them identify the best route to market and develop business plans which address everything from production to logistics.

The centre launched the survey to mark its first anniversary supporting entrepreneurs with new ideas for the health and beauty sector ‘from concept to the store’.

Ged O’Shea, the organisation’s managing director, said he was not surprised by the survey’s findings.

“The UK has a long tradition of inventors who come up with wonderful ideas which other countries then commercialise,” he said.

“Meanwhile, large organisations talk about ‘open innovation’, but few seem courageous enough to truly foster it.

“We are finding a wealth of good ideas which offer huge potential benefits to our customers. We encourage anyone who is developing innovative ideas to contact us,” he added.

© Crimson Business Ltd. 2008