A survey conducted by EY Fast Growth Tracker has found that about 71% of entrepreneurs across the UK are aiming to fundraise during the next 12 months. For the full story please read the news bulletin below which was issued by Insider News Media today.
Roger Mundy, Managing Director, Beardsley Theobalds, 20th November 2017
UK entrepreneurs reveal fundraising goals
About 71 per cent of entrepreneurs across the UK are aiming to fundraise in the next 12 months, according to new research by EY, with 84 per cent of these looking for up to £10m each.
The EY Fast Growth Tracker has interviewed 371 business owners and alumni from EY’s Entrepreneur of the Year programme about their fundraising and exit plans. Of those that are aiming to fundraise, 22 per cent want less than £1m, 50 per cent want between £1m and £5m, and 12 per cent want between £5m and £10m. A further 17 per cent want more than £10m.
The study also found that funding is the biggest hurdle to British business success, with 50 per cent of respondents agreeing that it is the largest constraint on their growth.
Approximately 61 per cent of those surveyed completed a funding round in the last 12 months, although 40 per cent of this group found the process to be a distraction from running their business.
Victoria Price, EY Entrepreneur of the Year lead partner in the North, said: “Entrepreneurs, with their innovative and optimistic outlook, will help to lead the way for UK business. In a rapidly changing world where others see barriers, entrepreneurs will often see opportunity.
“Other businesses can learn a great deal from their ‘can-do’ attitude, passion and sense of purpose, which contributes to their fast growth and ambitious plans for the future.”
The EY Entrepreneur of the Year programme aims to bring together fast-growth business leaders from across the UK to network and share insights and celebrate the role that entrepreneurs play in powering the UK economy. The 2018 instalment, which is now open for nominations, will mark the programme’s 20th anniversary in the UK.