New Govt. English N.W. Venture Fund Has Already Failed

British inventor and business consultant responds to the launch of new government-backed venture capital funds for new technology enterprises. According to Michael Bond, inventor of the Clearway Automatic Fire Extinguisher, much of the effort in these new funds has already failed.

Although the new English North West Regional Venture Capital fund has only just been launched local innovator and consultant Michael Bond is claiming that it has already failed in the Government's ambition of nurturing new enterprise and new business for the region.

The fund is one of several venture capital start-up and development funds being established under government remit throughout the country. Intended to nurture new business they still do not address the needs of new innovators and entrepreneurs for the seed support necessary to launch a new venture.

Without seed funding, Bond states, there is nothing to start-up, nothing to develop, nothing to launch. From personal experience in launching two new ventures over the last couple of years Bond knows the importance of seed funding to make the first step in developing an idea and turning it into a successful product. It is especially vital for the kind of technology start-ups that the government is trying to encourage, yet every fund established so far has been handicapped by the same policy of turning away seed requests in favour of later stage developments.

While Bond offers his best wishes to the fund and the ventures it aims to help the issue of true first step seed funding remains outstanding - there is nothing in the region and very little in the country that can help turn a bright idea into a worthwhile product. His critics might point to the government's SMART awards for new technology innovation and these are one good source of support to the new innovator; but only if that innovator has the money to make up the shortfall of such an award; and whilst there are a number of private seed funds around the UK that an innovator could tap into they too remain reticent to invest in the first step.

The only answer for an innovator remains private business angel finance, the most difficult sector to survive in.

For Bond's latest venture, an automatic fire extinguisher for the worldwide home and small business markets, it is business angel finance that is looking to be the best bet to get it off the ground. Even here the final source may not even be from the UK as he is having discussions with a US source along with a couple of UK backers to raise the necessary funding. It may be, that like many British innovations in the past another opportunity will be lost to the country in favour of more adventurous overseas investors.

For further details of Bond's efforts you can follows his story on his web site at www.clearwaycompany.com where he is keeping a regular diary.

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