Objective
The overall objective of the KREO FMD project is to improve support mechanisms for innovative firms and to enhance the formation and the development of innovative companies across Europe. The specific areas of business support to be developed are in the finance of early stage innovative companies through Business Angel Networks and the improvement of management capabilities. These will be developed amongst innovative companies through the use of tool kits, management consultancy, and management training. Support mechanisms will be validated and modified versions developed for application within each partner regions.
Objectives:
The overall objective and expected achievements of the KREO FMD project is to improve support mechanisms for innovative firms and to enhance the formation and the development of innovative companies across Europe. The specific areas of business support to be developed are the provision of finance to early stage innovative companies through Business Angel Networks.
These systems for financing innovative companies are to be introduced in the KREO regions and are based on a template provided b the Oxfordshire example. Management capabilities will be developed amongst innovative companies through the use of tool kits, management consultancy, and management training. Support mechanisms will be validated and modified versions developed for application within each partner region.
Description of the work:
The specific areas of business support to be developed are:
The provision of finance to early stage innovative companies through Business Angel Networks. The Business Angel Network currently operating in Oxfordshire is to be expanded. New systems for financing innovative companies are to be introduced in the KREO regions.
These systems are to be based on a template provided by the Oxfordshire example:
- The development of management capabilities in innovative companies through the mechanisms of: "Tool Kits", (self-help workbooks designed to introduce managerial issues to the innovative entrepreneur);
- Management consultancy delivered by teams of experienced personnel;
- The provision of management training for innovative entrepreneurs;
- The establishment of frameworks to assist in the building of management teams in innovative companies;
- Validation of support mechanism practices and develop modified versions for application within partner regions.
More specifically, the project will enhance networking and the exchange of technology, capital, and personnel between the enterprise zones that comprise the KREO regions and contribute to a formal pan-European framework to test and implement new methods of support for innovative businesses. Additionally, the project will help instil international orientation of companies participating in programmes with support from the network.
Milestones and expected results:
Schemes developed under the Project will introduce novel elements of infrastructure including enhanced provision of finance and initiatives to develop managerial capabilities within innovative companies.Validation of original support mechanisms through the monitoring of both the operation and the impact of schemes and assessed against best practice measurements. The transfer and dissemination of support mechanisms across European regions with modification to meet local conditions.