East Mids entrepreneurs hungry for capital in 2018
Some 84% of entrepreneurs across the UK aim to fundraise up to £10m each over the next 12 months, according to a new report from EY released today.
The EY Fast Growth Tracker interviewed 371 business owners about their fundraising and exit plans. It found that funding remains the biggest hurdle to British business success, with 50% of business owners agreeing it is the largest constraint on their growth.
Despite the majority of those surveyed completing a funding round in the past 12 months (61%), many found this process to be a distraction to running their business (40%).
However, this has not stopped UK entrepreneurs from being hungry for capital. 72% of those wanting to fundraise in the next year are looking for up to £5m in capital, with a further one in six (17%) wanting to raise over £10m.
Alumni from EY’s Entrepreneur Of The Year programme also took part in the survey. The programme, which brings together fast-growth business leaders from across the UK to network and share insights, celebrates the role entrepreneurs play in powering the UK economy. 2018 will mark the programme’s 20th Anniversary in the UK, and is now open for nominations.
Neil Meredith, EY Entrepreneur Of The Year lead Partner in the midlands, 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.”
