Gwen Naylor was a small business owner based in London who experienced a major loss in revenue due to the recent Extinction Rebellion protests.
She quickly realised that she would need to increase her product offering to avoid the risk of it happening again.
Three weeks later while out on her morning jog, she had a eureka moment. A fantastic new product development opportunity popped into her head. This would help steer her business in a new direction with her existing customer demographic and beyond.
Gwen heard about the Innovolation Framework from one of her friends up country, and thought she’d pitch the idea to us.
She had a problem.
Cash was tight. Very tight. The business was down to the last £10K in the account. She had invested her savings into the business already. Yes, she had a small overdraft facility, but really, she didn’t want to use that.
We reckoned that this new product development costs would top about £140K, but time was of the essence. If we didn’t get moving with it quickly, there would be not much point Gwen doing anything more on it.
She tried to get loan from the high street bank she’d banked with over the past decade, but they were unable to help with the short-term request.
We simply bolted on the missing R&D finance module, and through our lender, successfully approved the full facility of £140,000.
Gwen agreed to go ahead a few days later.
A representative was scheduled to visit her the next day and had the documents signed at her home office. Within a matter of days Gwen was in receipt of funds and asking us to speed up the development of the new product.
We obliged, and her development costs were covered. Bingo!