A new programme of support has been launched in Yorkshire to help innovative healthcare companies access the finance they need to grow their ideas.
Launched in Leeds, the Yorkshire Forward-backed investor readiness programme is offering regional healthcare businesses a tailored package of support that will increase their chances of accessing venture capital in the current economic climate, and also prepare companies to access financial support once the economy enters recovery.
The three-year programme, worth £1.8m, forms part of Yorkshire Forward’s ongoing strategy to support the development of the healthcare technologies industry in Yorkshire and Humber. It will firstly appraise the current status of a company, its investor readiness and financial needs. It will then build a tailored package of support; including one-to-one mentoring and workshops that will help the company develop its investment proposals to make it as attractive as possible to potential investors from the UK and overseas.
‘Some companies will be 99 per cent ready to go to market and will just need support to refine proposals,’ said Yorkshire Forward assistant director of business, Alex McWhirter. ‘Others will be just starting out on their journey and can benefit from a tailored package of support that will put them in the best possible position to access finance once the money markets are flowing more easily.
‘Our intelligence indicates that companies are more likely to attract investment once they have reached proof-of-concept stage and registered intellectual property on an idea – which is something that this programme can help with.’
Investment in healthcare technology companies is said to account for a third of all European venture capital activity. Research indicates that venture capital investors are looking to markets where they can identify growing and sustainable demand, which ideally suits healthcare technologies that are responding to the changing health demographic of the population.
Companies that want to find out more about the programme can do so by visiting www.investinginhealth.co.uk