An initiative to support smaller businesses who are actively trying to raise capital to help them get in shape and become investor ready is preparing to welcome applications for the second cohort of SMEs this September.
Co-funded by the British Business Bank and InterTradeIreland and facilitated by Ormeau Baths, the Investor Readiness programme will provide a further 15 Northern Ireland founders with three months of support, delivered via a rolling schedule of five companies being selected per month.
With 15 founders already through the initial week-long sprint, the participating businesses also avail of three months of ongoing tailored support.
This includes desk space at Ormeau Baths, along with access to weekly check-ins designed to provide ongoing guidance and feedback to participants as they execute their fundraising campaigns, supporting these first 15 businesses in their ambitions to raise over £34 million collectively. The programme is already packing a punch with a number of investment rounds set to close in the coming months.
With an acknowledged gap in local support to help early-stage businesses become investor ready, the programme is aimed at helping a diverse range of founders from across Northern Ireland who are looking to raise investment in the immediate to short term, to navigate the fundraising landscape.
One of the first cohort of local businesses to take part in the programme was genomic analysis specialists, BlokBio.
Co-founder, Simon McDade said: “Participating in the investor sprint at Ormeau Baths was an invaluable experience for us at BlokBio.
“Amid the fast-paced environment of a start-up, it helped us refine our capital raising strategy and crystallize our narrative at a crucial point in our journey. Furthermore, the soft meetings with investors offered an excellent platform to test our approach and opened up a wealth of opportunities beyond the sprint.”
The British Business Bank’s Senior Manager for Northern Ireland, Susan McKane explained the Bank is working hard to drive sustainable growth and prosperity by supporting access to finance for smaller businesses and unlocking the potential of innovative businesses.
She said: “We have so many brilliant early-stage businesses in Northern Ireland, many of whom are seeking investment and so we’re keen to help ensure they get a strong head start on their fundraising journey.
“Having helped hundreds of start-ups navigate this path, the team at Ormeau Baths are utilising their vast experience and network to deliver this exciting pilot programme to a diverse group of founders.”
Speaking about the programme, Shane O’Hanlon, Funding for Growth Manager at InterTradeIreland said: “InterTradeIreland is delighted to support this initiative which aims to support Northern Ireland start-ups as they start the journey of becoming investor ready.
“This pilot programme offers Northern Ireland businesses tailored support in the form of sprints that allow businesses to fine tune their approach to seeking investment with the opportunity to build partnerships with investors and established networks.
“InterTradeIreland is proud to support Northern Ireland businesses as they navigate the fundraising landscape and discover the best pathways to raising capital and grow their business on the island and beyond.’’
Each of the 15 businesses are receiving individualised on-demand support in addition to structured group-based support and deep dives to stress test the goals and position of the company in the market and to develop an understanding of the company’s needs.
Recognising that the founders need different types of backing before and at various phases of a funding round, they are receiving help to strengthen areas of weakness and build momentum before a funding round and are also getting support with negotiation or investor relationships during a funding round.
Ormeau Baths General Manager, Claire Halliday said: “This partnership signifies our collective commitment to supporting start-ups and entrepreneurs in Northern Ireland, providing them with invaluable tools and guidance to navigate the investment landscape successfully.”
Leading the programme, Chris McClelland General Partner, Broadstone said: “The sprints have reinforced the immense potential we have to grow a world-class entrepreneurial culture in Northern Ireland.
“These founders are working on products that can radically change the lives of millions of people and, in turn, our local economy.
“The standard of founders here are no different from those I’ve worked with in start-up epicentres around the world however here they are at a disadvantage due the lack of experienced investors. It is crucial that we level the playing field and turn regional into an advantage.”
For more information about the programme visit www.ormeaubaths.com
About the British Business Bank
The British Business Bank is the UK government’s economic development bank. Established in November 2014, its mission is to drive sustainable growth and prosperity across the UK and to enable the transition to a net zero economy, by improving access to finance for smaller businesses. Its remit is to design, deliver and efficiently manage UK-wide smaller business access to finance programmes for the UK government.
The British Business Bank’s core programmes support over £12.2bn of finance to more than 96,000 smaller businesses.
As well as increasing the supply and diversity of finance for UK smaller businesses through its programmes, the Bank works to raise awareness of finance options available to smaller businesses. The British Business Bank Finance Hub provides independent and impartial information to businesses about finance options, featuring short films, expert guides, checklists and articles from finance providers to help make their application a success.
The British Business Bank is also responsible for administering the government’s three Coronavirus loan schemes and its Future Fund, together responsible for delivering £80.4bn in finance to 1.67m businesses. These schemes are now closed to new applications.
British Business Bank plc is a public limited company registered in England and Wales, registration number 08616013, registered office at Steel City House, West Street, Sheffield, S1 2GQ. Wholly owned by HM government, the Bank and its subsidiaries are not banking institutions and do not operate as such. They are not authorised or regulated by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA). A complete legal structure chart for the group can be found at www.british-business-bank.co.uk
About Ormeau Baths
Designed by Robert Watt, Ormeau Baths features the classic red-brick style that Belfast is known for all over the world and has gone on to become a heritage-listed building.
For over 100 years, the Victorian Bath House provided a neutral space where school kids, families and workers could come together to play, swim — and of course, freshen up.
But with structural cracks in the swimming pool and the modernisation of nearby homes, The Ormeau Baths began to fall out of use, leaving its future uncertain.
As a result, the building was closed and sold in 1990.
After much deliberation over how to use such an iconic space, it was converted into an art gallery in 1995 that went on to receive worldwide acclaim for their exhibitions showcasing local and international artists like Yoko Ono, Gilbert & George and Victor Sloan.
Almost 16 years later, the building once again went on the market.
With many other historic buildings in Belfast at the time being torn down or taken over by multi-national chains, there were concerns that The Ormeau Baths would fall out of the hands of the community.
Thankfully in 2017, a deal was struck between a group of entrepreneurs and key members of the NI diaspora to transform the building into a coworking space that would go on to become the heartbeat of indigenous tech start-ups in Northern Ireland.
With over 200 members from almost every industry imaginable, we’re proud that 130+ years since the building went up, Ormeau Baths is still a place where people can come together and where community thrives.
To find out more about how our building is used and who’s involved check out our spaces/people pages — or come see us for yourself.
