3 tips to turn a great idea into a great success
Enterprise Europe Network adviser Jakub Rakoczy based in Oxford Innovation Services (UK) has been helping British entrepreneur David Holloway at Terraseed to bring his BioFilm® weed control to an international market. Reflecting on a successful couple of years for Terraseed, David and Jakub share their tips for international growth.
Share your innovative ideas
Jakub: The first step is often the most difficult one: many entrepreneurs have great ideas but don´t know yet know how they can get them off the ground. Enterprise Europe Network advisers can help identify potential funding opportunities, check your eligibility and find the best match for you. So it’s really worth sharing your ideas at an early stage.
David: For us at Terraseed, the Network provided a springboard to move forward with our SME Instrument Phase 1 application. SME Instrument is a very competitive funding scheme for innovative businesses. With the Network’s support, we made it: Terraseed was awarded a feasibility study grant in early 2016.
Get support that matches your needs
Jakub: Beyond the financial rewards, SME Instrument beneficiaries also benefit from up to 15 days of business coaching coordinated by Key Account Managers (KAM) from the Enterprise Europe Network like myself. KAMs ensure that the entrepreneurs receive the right services and support to get their project off the ground. This means identifying their challenges, their coaching needs and selecting the most suitable coach. It’s a big responsibility, so KAMs have to build a relationship of trust from day one. The aim is for the company to come out of the process with a blueprint for future sustainable growth.
David: Our team at Terraseed has benefited tremendously from KAM support. In our case, intellectual property was always an issue. But thanks to an IP audit and further discussion with our KAM and the UK Intellectual Property Office we’re now on top of it.
Widen your knowledge and your network
Jakub: The business coaches provide invaluable support in areas such as business development and strategy, company performance and efficiency, as well as cooperation-building. But the support doesn’t end once the business coaching is completed. Enterprise Europe Network advisers remain an essential, trusted and free source of practical advice on doing business in other markets. As they are working with hundreds of colleagues across the globe they are also an excellent means to find new business partners in international markets.
David: Jakub and his Enterprise Europe Network colleagues are still supporting us and the team at Terraseed as the company continues to grow.
Jakub Rakoczy is an Enterprise Europe Network adviser based in Oxford Innovation, UK. The Network has team of 28 colleagues from across Europe and beyond who work together to create business opportunities for small businesses in the areas of biotechnology and chemistry. In 2016, they organised 11 international business matchmaking events and company missions for over 1400 participating companies. So if you're looking for some support to grow your business, they can help.