At Onyx Health, we work with healthcare business of various sizes all with one aim of growing their business.
Often the stumbling block to them realising the vision for their innovative products is funding.
We look at funding that is available to healthcare companies in three of the most innovative healthcare areas in England.
In most parts of the country, local funding is available to support business development and growth.
A grant can be a great source of start-up funding, primarily as there is no interest to be paid. These are available from various government, councils, charitable bodies.
There are also a number debt and equity finance options available for small businesses.
These grants and funds are supported by the European Regional Development Fund (ERDF), European Investment Bank (EIB) and the Regional Growth Fund.
Individuals who invest their personal money, are emerging as noteworthy investors. The UK Government offers tax breaks to UK taxpayers who invest in start-ups, small and early stage companies.
The investment arms of large healthcare corporations such as Medtronic, Johnson & Johnson and Novartis, like to invest money into health technology SMEs developing innovative, disruptive technologies.
The European Commission finances projects that are highly innovative. Innovation is understood to mean as something novel on an European scale, but preferably also on the global scale. The UK is among one of the top beneficiaries for this source of funding.
This is now considered a viable funding option for health start-ups and SMEs. However, because of the limited amount of money that can be raised, crowdfunding is normally used in tandem with raising money from other sources of funding.
At Onyx Health, we work with healthcare businesses of various sizes with one aim of growing their business. We look at funding that is available to healthcare companies in some of the most innovative areas in England.