60 second start-up: Fundingstore.com

0-5 seconds: Sum your business up in a sentence:

FundingStore is the world’s first whole of market searchable platform for small business funding and advice.

5-10 seconds: What's the business model?

Funders and advisors pay a subscription fee to be found in searches by SMEs.  It is free to search, and our team of experts also offers a service to help SMEs get their funding proposal in shape.

10-15 seconds: Who are your competitors?

We are the first whole of market independent platform.  Some Angel Networks and brokers offer a similar proposition in their vertical space, but there is no direct competition.

15-20 seconds: What's your USP?

A completely independent, whole of market search for funders and advisors, which matches funding and advice criteria (funding level, funding type, type of advice needed, sector, size, location) with active funders and advisors.

20-25 seconds: How have you funded it so far?

FundingStore was initially self-funded by the founders.  Early in 2013, we secured substantial angel investment for expansion and have quickly grown the business thereafter.

25-30 seconds: What were you doing before?

I am a marketeer and Chartered Accountant and spent the last 20+ years advising larger SME businesses on growth, business development and funding. I am also co-author of the best selling business book "Running a Limited Company", which will shortly be published in its 8th edition.

30-35 seconds: Where did the idea come from?

After years advising businesses, I saw a clear need for this one stop platform for businesses to find funding.  Similar platforms have been created in other sectors, Rightmove made it easy to search the whole housing market by specific criteria (location, budget, etc).

But no-one was doing it for business funding and advice. I was actually pretty surprised no one else had done it, but since they hadn’t, I decided I would.

35-40 seconds: What's the smartest thing you've done so far?

FundingStore, of course.

40-45 seconds: What's the stupidest?

Trying to launch a musicians website 10 years ago – there was no demand.

45-50 seconds: If your business was a biscuit, what would it be?

Perhaps the humble digestive - we’re accessible to everyone, keep things simple, offer good value, and searching for help on FundingStore can be enjoyed with a cup of tea (or a beer…).

50-55 seconds: Which idea are you a bit jealous of?

I think RightMove is a brilliant idea.

55-60 seconds: Where are you going to be in 12 months' time?

We will have an even larger choice of funders and advisers on board and a regular flow of businesses benefiting from it. We already have angel investors, many banks, brokers and alternative finance options such as peer-to-peer, pension-led funding, factoring and asset-based funding.

But there are many more, and we hope to include these within the next year.

 

To find out more about FundingStore.com, click here, like them on Facebook or follow them on Twitter.

Catch up with last week's 60 Second Start-Up here.

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