How 6 emerging UK startups survived COVID-19 after missing out on a $700 million government fund
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Founders shared their stories of personal sacrifice and triumph – from one who sold their home to another who completely transformed their business model. The COVID-19 pandemic sparked a wave of panic among investors in the early months of 2020, with many investors fleeing early-stage startup deals. deals amid fears that the pandemic was about to trigger a global recession, according to data from SeedLegals.
But when Prime Minister Boris Johnson instituted a nationwide lockdown in March, outdoor sport was brought to a standstill – and Flair with it. "You just have to be completely honest with yourself. Looking at the current situation, you have to think: 'Would I try and start my company today, in this climate?' If the answer's no, it probably means you should do something else."
Founded by serial entrepreneur Steven Novick, the firm boasted around 60 employees at its height – but was cut down to just 10 workers under COVID-19. Asked about the Future Fund, he said there had been a "serious lack of communication" on the part of the government, and accused officials of "not caring about small businesses."
At the time of writing, BYP had successfully crowdfunded more than £820,000 – more than triple the required sum –"It doesn't make a lot of sense," Oniwinde told Business Insider. "I was disqualified straightaway because I hadn't raised the money before this arbitrary deadline, even though we've now got close to a million in our pocket.
But because that funding had come in the form of convertible loans and other means, rather than equity, the firm couldn't apply for Future Fund support. "We kept fundraising but switched to a 'pre-Series A' round, instead," Whitaker told Business Insider, adding the company was set to close around $2 million in new investments.
"I think the Future Fund and the furlough scheme were both good support measures, but the former's eligibility criteria and did exclude a good number of startups.
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