1. Funding breakout group Ideafest 3 February 2012

2. Key messages 1 – Paperwork – Too time consuming – Differs by funder – BUT helps crystallise thoughts Need -Better guidance by funder -Proactive client exec -Good feedback when not successful

3. Key messages 2 – Sources of funding – Banks not participating – VCs not joined up by investment stage – Takes time to develop effective ‘angel’ ecosystem Need -Founders to target friends and family -‘Big bang’ investment from government (£200m)

4. Key messages 3 – Too risk averse – Entrepreneurs afraid to fail + lose family money – ‘Angel’ Investors don’t understand risk Need -Better appreciation of risk at every level -Angels willing to follow their money -Returning entrepreneurs -Better support structure