Entrepreneurs looking to grow their businesses in the West Midlands were offered valuable advice on securing funding and building strong foundations at the region’s largest business funding event last week. Hosted in Birmingham, the Business Funding Summit attracted more than 160 delegates eager to explore investment opportunities and hear from industry experts.
The event, organised by Oxford Innovation Advice as part of its Business Growth West Midlands Investment Readiness programme, brought together a host of investors, financial institutions, and business advisers. The summit aimed to help local entrepreneurs navigate the complexities of securing funding and scaling their operations.
Business founders, including Debra Glover, founder of eco-friendly cleaning brand Iron and Velvet, Adam Johnson, CEO of The Plough in Harborne, and Krishna Yadlapalli, CEO of Booghe Toys, shared their personal experiences and the lessons they had learned in their entrepreneurial journeys.
Debra Glover, who has grown her brand in a competitive sector, urged entrepreneurs to seek out external expertise, saying: “Steal knowledge wherever you can find it. Don’t think you have all the answers. Take advantage of the help and support available – it’s invaluable if you want to grow a business.”
One of the key themes discussed at the event was the importance of building solid foundations before focusing on brand development. Krishna Yadlapalli, who recently secured a £1.2m investment for his toy business, explained that getting the operational side of the business right was crucial before turning attention to brand-building. “If you can get the operations right, you can build the brand. As soon as we started making money and standing on our own feet, things became easier,” he said. “Get your house in order first, and the brand will follow.”
Adam Johnson, who has led The Plough through various stages of growth, highlighted the significance of surrounding oneself with the right team. “Surround yourself with great people – that fundamentally is key for me. Surround yourself with people that can do things you can’t. Make sure the people you have around you share your values,” Johnson advised.
Open communication with investors and stakeholders, especially during challenging times, was also identified as a key factor in business success. Entrepreneurs were encouraged to foster transparent relationships with investors, as this could make navigating difficulties much easier in the long run.
The Business Growth West Midlands Investment Readiness programme has already helped businesses access over £2.5m in funding, with a further £24m available for companies seeking investment in the near future. The programme is designed to support businesses at various stages of growth, offering them access to the tools, advice, and networks they need to succeed.
Jane Galsworthy, managing director of Oxford Innovation Advice, emphasised the importance of support for entrepreneurs, saying: “This event demonstrated that success in business isn’t just about having a great idea – it’s about accessing the right support, advice, and networks. Even the most capable entrepreneurs benefit from external expertise and guidance.”
The summit was funded by the West Midlands Combined Authority as part of the UK Shared Prosperity Fund and included exhibitors such as Barclays Business Bank, ART Business Loans, Pro Enviro, Frontier Development Capital, and Mercia Ventures.