SMEs with Latent Assets: Developing Business Plan and Raising Funds

An established technology consultancy had developed an innovative fuel cell technology.  They believed it could reduce the size and cost of fuel cells. They had received grant money to develop a small prototype and had obtained some early A round funding.  They now needed to raise considerably more money to complete the product development and take it to market.

A member of Second Mile joined the Company as COO.  As part of an executive team, the task was to develop the business plan: evaluating the potential market and determining the lead sector and potential customers; researching competitors and confirming their USP; determining development and production strategies, plans and costs.

The COO/management team approached potential customers and partners to elicit interest in the technology and product.   Provisional agreements to work with international manufacturers were established.   Prototype development was then undertaken to demonstrate key performance requirements to customers.  The management team negotiated with investors to secure further funding for the business.

The result was a successful IPO on to the AIM market raising £12M.