I’m a business adviser working with high growth start up and existing businesses that are looking to significantly increase their turnover and staffing by developing innovative products and services. I’ve been an adviser for the past four years, previously running a publishing business and a consultant in a creative sector consultancy as well as working in academia. As well as creative industry knowledge my specialism lies in market research and marketing having worked for one of Scotland’s largest MR agencies.
About the business:
Company A are a growing business in the Creative Industries sector, to be precise TV production. The company had a few interesting projects on their development slate however they were spread across various genres and were not yet in paid development. The company were keen to secure equity investment however in reality they were far too early to consider such a move. The key thing the client needed to do was build up their development slate with projects narrowed into one or two key genres. Research was carried out by the Business Gateway research team which showed the value of high quality drama and the client was left to expand their slate in that area. Not an easy thing to do a) to find talented writers and b) to pay for them, indeed it required a bit of skunk working; however 6 months later the client came back with a more developed slate and two projects in paid development. This allowed us to introduce the Scottish Investment Bank who provided support for a corporate financier to not only develop a suitable business plan and financials but introduce them to relevant funders and distributers. This helped secure an initial first look deal which funded additional development staff within the business. When their first series was commissioned by a UK channel they received deficit funding from the same distributor and successfully sold the series overseas. With subsequent series also commissioned the company went from strength to strength without the need for equity dilution.
Lessons: Don’t run before you walk; There are alternative options to equity; Know your market and what they want.
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