Despite the generally uncertain economic climate, we have seen no diminution in the flood of interesting new ventures being launched.
In common with others who are investing in start-ups, I receive at least 2 or 3 propositions per week.
Its undisputable that the bar has been raised pretty high now for new tech companies. There is so much outstanding innovation about and the volume of new businesses is so high that fairly tough criteria are having to be set in order to filter.
For example, the companies we are favouring are those:
1. Founded by 2nd and 3rd time tech entrepreneurs
2. Aspiring to build global businesses with scale
3. With genuinely original ideas which are game changing or a significant advance on current state of play
4. Where the founder(s) have built prototypes or are already demonstrating momentum in customer/consumer adoption
5. Where founders have shown an ability to considerably ‘bootstrap’ the business with very little or no external cash (outside of friends and family).
Funding business plans from first time entrepreneurs just won't happen anymore!
For businesses with some or all of these attributes, there is still a large amount of money available.