It's no secret that entrepreneurs and small businesses are struggling to rasie funds through traditional methods and recently new and different finance options have become available. With that in mind a group of finance oriented business have come together to launch the Next Generation Finance Consortium (NGFC).
According to Anil Stocker, co-founder of MarketInvoice one of the organisation's behind NGFC, it is an attempt to challenge the status quo. "There's a revolution going on in how businesses think about finance,"he said.
There are three aims to the initiative: education, awareness and collaboration. "There's no silver bullet, and different companies need different solutions," said Stocker. "We will be holding monthly events for entrepreneurs as well as liaising with government officials and sharing advice."
The founding members include crowd-sourcing platforms Crowdcube and Peoplefundit; online market place MarketInvoice, London Business Angels and Capital Enterprise.
"This is about people not being aware of the options available to them; for small businesses it is crucial to understand what is the right funding for you and when is the right time to get the funding," said Jenny Tooth of London Business Angels.
Commenting on the launch Sam Gyiamh MP said he welcomed the initiative. "When you step out on your own to launch a business you lose all the structures that were in place at school and in a workplace, but this brings people together and enables them to share information about what's out there," he said. "What's missing from the political debate is that it is the entrepreneurs who will do the work to get the country back on its feet and growing again."
One thing they all agreed on is that it is time to move on from bank bashing, as Stocker explained. "It's too easy to sit around and criticise without offering alternatives," he said. "That's what we are tryng to do."
For more information about the New Generation Finance Consortium click here, www.ngfc.org.uk