Having spent ten-plus years on the pitching side of funding competitions, what an absolute joy, and honour, to be on the other side of the table last week for the Scottish EDGE finals. With a £1.5m prize pot up for grabs it was never going to be easy for the founders, or the judges.
How I empathised with the finalists.
Just getting onto the stage is, I well remember, a feat in itself in front of a vast audience. Then there’s remembering your three minute pitch, being thrown off-course by any number of factors: faces you least expect to see; a bizarre, or even incorrect introduction; a judge you wish wasn’t there; a mic which doesn’t function; a wardrobe mishap; a pat on the bottom from the compere [and, oh yes, that has all happened to me]. But as a MCWOACA [middle class woman of a certain age] perhaps it is only now I have the gall to mention it even though I was very much OACA when the pat was delivered.
Much more importantly, last week’s EDGE contestants delivered pitches with passion and expertise. But it’s always the Qs and As where folks shine. Where well researched questions [from the judging panel] probed and delved and, almost without trying, each and every entrepreneur shone with their answers. Expert market knowledge flowed effortlessly across the stage along with passion, drive, determination and resourcefulness.
As to be expected, intellectual property and the role it was going to play in business growth was a key area of interest for me, particularly when contestants had mentioned a desire to export – of which I am greatly in favour. This said, thanks to a number of international factors, exporting products is now infinitely more difficult than it was when I started the export journey for Totseat, which took us to 50 countries and some. Exporting services is a definite win – and so should it be – for anyone looking for growth opportunities. More than 70% of SnapDragon’s turnover is generated outwith the UK and has been for some years, so I’m [still] practicing what I preach.
Pitches over, it was time for the debate. Hugely difficult decisions to be taken. Monies awarded would, and will, change the course of founders’ lives.
Albeit all contestants were told, within 24 hours, of whether they were to be funded now, or ‘not yet’, the amount of money awarded wasn’t divulged until The Awards Ceremony, a week later, which again I was privileged to attend.
The joy. Bursting enthusiasm. And relief – which shone from the stage that night – was brilliant to see. Tear jerking moments as ambition was understood to be within reach.
I know what goes into bootstrapping, growing, raising investment and scaling a business. I’ve been there, done that and got the T-shirt.
I understand ‘doing what you can with what you’ve got’, the very late nights and early mornings, the endless missed life events and family parties, the heartache and the hope.
I know what it’s like to have your intellectual property [IP] stolen, but that if you register your IP properly – trademarks, design rights, patents – this can protect you as you grow. Copyright is an unregistered right – automatically applied. It’s super valuable, can be enforced online, and should never ever be underestimated. [You may need to register copyright in the US if challenging in a court of law, but others can give better advice than me on this].
So in heartily congratulating all 37 winners, of course, my parting shot is a request that all acknowledge, recognise and protect what they can, IP-wise, as soon as they are able. The Intellectual Property Office funds, through regional development agencies, IP audits and these are definitely worthy of consideration in the early stages of growth.
Businesses which recognise and protect their IP tend to grow faster than those which don’t. And growth is absolutely what business life is all about.
