Establishing an entrepreneurial support system in the early stages is essential to help founders navigate the many challenges startups face. The obstacles that can trip up a new business are not insignificant. According to Tech Nation’s latest report, 80% of startups collapse within the first two to five years.
Undoubtedly, collaboration is linked to entrepreneurial success. An active network offers know-how, access to funding and the talent startups need to prosper and grow.
#21toWatch is supported by a range of sponsors and partners who share cofinitive’s ambition to spotlight and support the world-class science and technology entrepreneurs, startups and ground-breaking innovation from across Cambridge and the East of England.
Joining the cohort of #21toWatch 2023 sponsors, cofinitive is thrilled to welcome Innovate UK EDGE, Bailey Fisher, Keltie, EBCam and Marks and Clerk.
Highlighting the benefits of its collaborative network, Helen Turton, Stakeholder Relationship Manager at Innovate UK EDGE East of England, commented: “Innovate UK EDGE has a key focus on connectivity across the innovation ecosystem, which feeds into our commitment to help ensure that local businesses benefit from the wide range of support available to them.
“Over the last three and a half years we have supported 1,266 businesses across the East of England to secure £53m in grant funding, raise £120.5m in investment funding, increase their collective turnover by £170.5m and create 1,189 jobs. We are working closely with our partners across the East of England ecosystem including, Innovation Centres, Catapults, Growth Hubs, Research Technology Organisations, Universities, Councils, business associations and Membership Organisations, to make them aware of the support available for innovative, high-growth businesses via Innovate UK EDGE, and for us to fully understand their business support offer so that we can work more closely with them.”
Building a talented team for rapid growth is a key startup success factor. However, the ongoing skills gap and economic uncertainty continues to curb growth in vacancies.
Bailey Fisher’s executive search helps fast-growth businesses in the technology and life sciences sectors. Managing Partner, Toby Young, explains how to attract the top talent: “Building the right team is integral to success and it is tougher than ever to hire excellent senior-level talent, so whatever the size or stage of your company, it’s vital that you stand out from the crowd.
“Companies need to consider their employer branding and value proposition. Employees want purpose as well as profit and are putting this higher on their list of priorities than remuneration when choosing their next role. Flexible, hybrid working is also here to stay with candidates now raising questions about flexibility early in the interview process. Culture is also key to attracting and retaining the best candidates, and more challenging to get right with teams working remotely.
“We work with companies that are tackling some of the world’s biggest challenges, so it’s a great fit for us to be involved with initiatives like #21toWatch that are helping nurture the next generation of game-changers.”
On top of the extensive support network that #21toWatch offers, the Top21 can take advantage of a raft of bespoke packages offered by the sponsors and partners. These packages are designed to help startups on their journey and includes everything from market access and investment to commercial insight and legal.
Penningtons Manches Cooper, a leading UK and International law firm is a loyal supporter of #21toWatch. Rachel Bradley, Partner, said “We are a firm dedicated to working with startups and spin outs, and we pride ourselves in being with companies right from the start and then staying with them through their growth journey.
“I am proud to be a part of this special science and tech ecosystem in the Cambridge and the wider East Anglia region. We are keen supporters of #21toWatch and all that it offers to young companies, including the incredible opportunity to be recognised and helped along in their journey to success.”
Faye Holland, Director of cofinitive and instigator of #21toWatch, said “We are extremely proud that the #21toWatch campaign continues to grow. Attracting new partners who participate in front of and behind the scene, is a testament to the very high caliber of people, companies and ‘things’ that we showcase. Our sponsors and partners get early access to some of the most promising new ventures and opportunities on the longlist, shortlist and Top21.”
Other supporters include Ashtons Legal, Birketts, Foresight, HSBC, ip21, Kao Data, RSM, Taylor Wessing, St Johns Innovation Centre, Tech East, Tech Nation and The Bradfield Centre. Cambridge Independent also returns as a media partner for the campaign, as a natural extension of the cofinitive sponsorship of our Science and Technology Awards.
