UPDATE: Applications for the Future Fund will open tomorrow, 20th May 2020. The closing date for applications is currently scheduled for the end of September 2020.
In the latest instalment from our Covid-19 rapid-fire video series, we're joined by Dom Hallas from Coadec to talk about the challenges facing the UK's startups and the latest support package announced by the government to help support this broad sector.
Want to get in touch with Dom and share thoughts or ask questions about the government's support package?
You can reach Dom and the Coadec team on this email address: Dom@coadec.com.
More details on the coronavirus Future Fund can be found on the government's website here along with the headline terms document mentioned in the video.
As Dom mentions in our interview, the document currently raises more questions than it resolves and, according to some experts, is riddled with issues. Much will, we anticipate, become clearer in the next few weeks. The government’s approach to all the Covid-19 initiatives has been to launch the framework and principles with as much detail as reasonable in the time frames they’re working to, and then to spend time ahead of ‘go live’ dates, refining and clarifying.
Planning to apply for the startup fund support?
We’d highly recommend to anyone planning to fundraise right now that they use the brilliant advice and preparatory materials provided by Duet Partner’s John Hall, expert board adviser and investment expert, which you can access in his Farillio guide on getting investor ready.
It's worth taking a look at the founder, 'Dragon' and investment adviser advice contained in Farillio’s pitching under pressure video guide too.
John’s view on the challenges and essential facts for startups to be aware of in Covid-19 circumstances can also be found in his Duet blog on the topic here.
And for some extra recommended reads on fundraising in this crisis...
We recommend the following:
LinkedIn: My 10 lessons learned from listening to Pete Flint about leading your business through this storm and, this is a long read, but a really well-curated, excellent piece:
Firstround.com: The Founder's Field Guide for Navigating This Crisis