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Thrive is set up by Funding London, a venture capital company bridging the finance gap for early stage businesses based in London. With over a decade’s experience in supporting the startups of London through a variety of funding vehicles, Funding London sensed a need to illuminate the ever-evolving scenario of London’s early stage businesses.

Thrive features interviews with and opinion from budding entrepreneurs, investors and industry experts. A mix of contributors from all areas of the industry is desired in order to spark genuine discussion about ongoing critical issues. While it showcases the effectiveness of successful ventures, it also encourages sharing lessons learned from missteps and unsuccessful projects.

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Early Stage Market · 9 April '20

Government Support for Startups

Navigating the Crisis Webinar Series

Delivered by Dom Hallas, Executive Director of The Coalition for a Digital Economy (Coadec), the webinar focuses on providing insights into the impact the pandemic has had on the early stage ecosystem. The session highlights several government support schemes businesses can take advantage of.

Key findings:

  • A 32% drop in start-up investment in Q1 has been recorded. Initial indications are that last month was even worse (Beauhurst data).
  • Crowdfunders, Angels, Micro VCs and EIS funds unable to meet increased demand from many of their portfolio for bridge investment.
  • Disproportionate impact on pre-/seed stage – larger funds with capital are protecting companies, further up the value chain.
  • Nine out of ten start-ups need help with cash flow.
  • 18% of SMEs could collapse within four weeks without help and 31% believe they will be unable to survive if the UK-wide lockdown lasts three months or more.

Government support schemes discussed:

  1. Coronavirus job retention scheme (AKA furlough scheme)
  2. Coronavirus business interruption loan scheme (CBIL)
  3. Statutory sick pay refunds
  4. Business rates reliefs and grants
  5. VAT and self-assessment payments deferred
  6. HMRC time to pay scheme
  7. Self-employed income support