Paragraf makes electronic devices using graphene, an incredibly strong and flexible material which is an excellent conductor of heat and electricity.
Having developed the technology to produce high-purity graphene sheets at scale, Paragraf decided to switch from a research and development focus, to also manufacturing their own products.
The decision was taken following a storm of global events – COVID, the Ukraine war and the collapse of the electronic chip market.
The company faced challenges including:
- A slow, largely manual production process with low product yield
- Outgrowing their existing premises
- Lacking in-house expertise to manage a manufacturing facility
- Needing extra staff to help grow all areas of the business
Simon Thomas, CEO, Paragraf, said: ““We had so many challenges in front of us, which a lot of start-ups or spin-out businesses face. Finding talent, finding premises, getting capital equipment, or just support to grow your supply chain. We reached a point where those missing parts of the puzzle were causing critical problems for us.”
With Growth Works’ support, Paragraf secured a £150,000 capital grant towards buying an atomic layer deposition system. This is a core piece of equipment for building Paragraf’s products, fulfilling key steps of the manufacturing process which Paragraf staff were previously doing manually.
“One of the most important things you can do for a start-up is help them save money. For example, via grants to improve energy efficiency, or capital grants that can save us a percentage of the cost of a capital purchase. In the grand scheme of things, it doesn't sound like much, but it makes a massive difference,” Simon said.
Simon highlighted another benefit of capital grants for scaling businesses.
“Asking your board of directors to sign off purchasing a £300,000 piece of equipment often becomes a long, protracted discussion. Having a capital grant to cover part of the cost allows you to get a much faster answer. And this means you can move forward faster with the business. So, capital grants are really important in several aspects.”
The Growth Works skills team are currently working with Paragraf’s HR manager to strengthen the company’s approach to finding, recruiting and retaining excellent staff. This is especially important as Paragraf prepares to open a second facility in Huntingdon, with the aim of recruiting around 100 additional staff by the end of 2023.
In addition, Growth Works advisors have provided business coaching to Paragraf staff, particularly focussing on developing their international sales.
The result is that they are on track for further business growth with increased production and new recruitment and has created 20 new jobs.
“This piece of equipment enables us to increase the volume of sensors we're producing up to a level that people want to buy, as opposed to just one-offs when we were building by hand,” says Simon.
“The capital grant was really helpful to us. Everything about scaling companies is about speed. So, anything that slows you down is critical. And anything that helps you remain at the pace you want is a successful interjection. Getting that equipment was fundamental to achieving some of our objectives going forward.”
Simon and his team are looking forward to recruiting more staff with support from Growth Works, to get their second manufacturing site fully up and running. This will enable Paragraf to continue its ambitious business growth plans, including further commercial expansion internationally.
Paragraf are also working with Growth Works on setting up a network of like-minded businesses for mutual support and information sharing.
“Without Growth Works, we wouldn’t have had the successes we’ve had in scaling up production and creating new jobs. Our Growth Advisor has been brilliant, I highly recommend her. She’s very, very proactive and does her best to get us as much support as possible.”
- Would you like to learn more about how Growth Works could help your business grow and scale?
- Check your eligibility and tell us about your business here to join our programme: https://www.growthworkscoaching.uk/get-started/
- Or get in touch at enquiries@growthworks.uk
Image: Simon Thomas, CEO, Paragraf
