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Archive Business Consultancy and Services Archive Wrap up for a nuclear winter, says Richard
Archive Business Consultancy and Services Archive Wrap up for a nuclear winter, says Richard | Wrap up for a nuclear winter, says Richard |
| Written by Lautaro Vargas | |
| Wednesday, 10 October 2007 | |
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A packed auditorium containing representatives from some of the region’s and the UK’s leading professional services firms was warned that nascent businesses are set to face a severe funding climate as the trickle down effect of the international lending crisis becomes a downpour. During a debate with Walter Herriot, MD of St John’s Innovation Centre, on whether there was a Cambridge funding gap, Library House chairman Doug Richard momentarily stepped aside from his argument that one didn’t exist to warn that one was certainly on its way. “Are we going into a nuclear winter? Yes. Is it in the far off future? No, it’s very now,” said Richard. “I think there's going to be a funding issue at the following stages: Seed, first stage, Series A, Series B, Series C. “The two largest sources of unaccounted for early stage risk capital are high net worth individuals who are not angel investors, meaning they simply have extra money. They provided hundreds of millions of pounds in the last three years, which was a golden period. “The second is all the other cross asset investors: hedge funds, private equity funds, the large corporations that take the risk capital off the balance sheet and were putting it into early stage risk activity. “They all stopped investing around 21 days ago and they stopped with a thud.” Brought together by BDO Stoy Hayward, Herriot argued in favour and Richard against the funding gap question: 50.25 per cent agreed with Herriot on the funding gap, while 49.75 per cent went with Richard – much closer than the 54/46 split identified at the beginning of the night. |
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