John Moore on funding SME businesses

Speaking at our recent Pinnacle Programme session was John Moore, founder and CEO of 3D4Medical, the world’s most successful producer of medical technology apps and platforms. Their software is used in clinical organisations and by medical students and lecturers in top universities across the globe.

 

With over 30 years’ experience in founding and leading successful start-up companies, John shared his experience of dealing with the various business and economic shocks he faced, how he reinvented his business after the recession, and his approach to sourcing funding.

 

Also speaking about funding strategies was Naoise Cosgrove, managing partner with Crowe, who gave an overview of the funding landscape and advice on how to avoid the common pitfalls facing SMEs in applying for funding.

Loans to the SME sector have halved since 2010. Even with an economy in growth since 2013, there continues to be a fall-off in SME debt. While this may be partly due to companies de-leveraging and restructuring their debt and taking a more cautious approach to debt post recession, the fact is pillar banks are lending less.

 

Traditional bank debt is harder to access for a number of reasons outside the control of business owners. A consolidated bank sector with a shrinking branch network and more centralised funding teams means finding the right funding person is just harder. This, together with a more automated decision-making process, more rigid lending criteria and stricter Central Bank guidelines, has meant that accessing traditional funding is more complex than it was 10 years ago.

 

SMEs need to work harder and prepare better when it comes to applying for funding, and are increasingly turning to more alternative sources. This session offered a mix of practical experience and insight into how best to approach raising finance for entrepreneurs with a growing business. Download a summary of John and Naoise’s presentations below.