Today, Ian's thoughts on the latest SME lending figures were published by Virgin Start Up.
“The fact that half of all applications for bank finance from start-ups are rejected is not surprising - we hear it all the time from entrepreneurs. We think that entrepreneurs require better advice and guidance before applying for funding, not only to improve their chances of acceptance, but to improve their business model in such a way as to better take advantage of the opportunities that the funding brings."
“The UK’s productivity has failed to recover from its pre-recession levels almost 10 years after the beginning of the crisis. The fact that only 3% of UK start-ups become mid-sized companies, compared with 6% in the US is something that requires attention. The funding landscape for start-ups has changed dramatically over the last decade, empowering entrepreneurs like never before, but the support available for entrepreneurs between obtaining seed funding and their first raise is severely lacking.”