Delegates also statedthat more regional funds, and more efficient ways of trading secondary private company sharesare required to improve the funding landscape for growth businesses
Business leaders believe that a lack of Government support, banks being unable to open up funding, and a shortage of venture funds, are key factors holding back the growth of businesses looking to scale up and expand. In addition, the need for a greater array of regional funds and a more effective way of trading secondary private company shares needs to be addressed to improve the funding outlook for growth businesses.
These are the key findings resulting from a poll of several hundred CEOs, corporate executives, advisers, investors, and venture and private equity professionals, which took place yesterday at the 2018 finnCap Ambition Nation Summit in Central London.
36% would like to see more banks open up funding to SMEs, with 30% stating there need to be more venture funds to ensure growth businesses have the funding they require
27% thought there should be better Government support for SMEs, while 16% said they wanted to see a better venture debt market
13% said more efficient ways of trading secondary private company shares is needed, with 7% calling for improvement in listed market support for growth businesses
While 71% disagree that the IPO market is broken, a significant minority, 29% believe that it does need to be reformed
Around 32% believe that the key outcome from a shift to a 'purpose' economy will be improved productivity, with a further 29% predicting it will lead to more flexible working
Unsurprisingly, 79% of respondents said they were using technology to transform their business while 29% said they were not using technology in this manner
Sam Smith, CEO of finnCap and opening speaker at the Ambition Nation summit, said: "I was delighted that so many senior executives from across business and financial services were able to attend this summit and contribute their views and opinions on how to improve the funding and expansion landscape for dynamic growth businesses, which contribute so much to our economy."
finnCap advises ambitious growth companies, helps companies access growth capital and promotes their stories across public and private markets. finnCap is the largest advisor to ambitious growth companies and the No. 1 broker on AIM.