Issue 0056 Will You Have an ESIC Story?
Will you have an ESIC story? Do you know what ESIC is? Well, please join me for the next couple of minutes and I'll give you an overview of an ESIC story.
Have you developed a new product, process, service or developed an organisational or marketing methodology? Have you been undertaking research and development? Have you already participated in the Accelerating Commercialisation Grant Programme? Have you registered a patent, plant patent or a registered design? These are some of the requirements for you to join us on an ESIC story.
First of all you need to talk to an accountant and have a strategy determined for you.
You'll need to have a company and undertake a self-assessment process. The accountants that I'm going to introduce you to later have a product which we've developed which will assist them to assess whether your company can be deemed to be called an "Early Stage Innovation Company". If you can, you can raise whatever sum of capital you require from a significant number of investors to help you commercialise your project.
Assessing yourself as being an "Early Stage Innovation Company" is only the first part of this journey. Your accountant will then have to assist you to go through the "investment ready" phase because investors will want to know more about your business than just that you're an Early Stage Innovation Company. They will want to see your Budgets, Cashflow Forecasts, Business Plan and an Information Memorandum so they can decide whether they wish to invest in your Early Stage Innovation Company.
The next phase that your accountant should be able to assist you with is the investment pitch preparation phase so that you can present an investment presentation to business organisations like Business Angels which are situated in capital cities and major provincial areas around Australia and also Founders Forum, which also has groups around Australia which are keen to invest in ESIC companies.
Accountants/Advisors can Assist
The accountants that I'm referring to who can assist you are the accountants/advisers who are on our website - www.esssmallbusiness.com.au. If you click onto the Accountants/Advisors Directory and insert your postcode, the system will identify for you the accountants/advisers who are committed to assisting small/medium enterprises, inventors and other businesses to assess whether you’re an ESIC and then to assist you on the investment readiness and investment presentation phases.
If you do all of that successfully, you will also have an outstanding ESIC story which you can share with your business colleagues.
A complimentary copy of an article "Will you have an ESIC Story", can be downloaded below.
We're presenting a webinar on the ESIC Story on Wednesday 7th September 2016. Click here to register to attend, free of charge.
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Episode 0056 Will You Have an ESIC Story?
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