Mishcon Academy: Digital Sessions podcast – Support for start-ups during COVID-19

Mishcon Academy: Digital Sessions are a series of online events, videos and podcasts looking at the biggest issues faced by businesses and individuals today.

Join Partner Andrew Wolfin and Associate Lydia Kellett as they discuss the support available for start-ups during COVID-19.

This Mishcon Academy: Digital Session covers what we’re hearing from the tech start-up community, what support is available to these early stage businesses, and what they can be doing to maximise their chances of survival.

Editor’s note: This podcast was recorded on 14 May. Since then, the Government has announced further details on the Future Fund and applications opened on 20 May.

Partner Andrew Wolfin commented:

At the time of recording we were a little sceptical about the number of businesses who would be able to take advantage of the Future Fund and in particular there were concerns around SEIS and EIS eligibility. The Government has since clarified that Future Fund investors will not lose their relief on previous investments made prior to any investment through the Future Fund. However, it remains to be seen whether any further revisions will enable the investments themselves to qualify for those reliefs.

Since applications opened on 20 May, the Fund has been massively oversubscribed, which has come as something of a surprise to many within the start-up community. Given the extraordinary take-up already, it seems likely that the size of the fund will be increased. Even so, it may go to support only a small proportion of the UK start-up community: I suspect primarily those with VCs already behind them who are looking to follow on their existing portfolio investments.  The level of demand from growth companies in technology and life sciences in particular is encouraging and suggests that the Fund will in fact dwarf original expectations.”

For our briefing note on the Future Fund click here.

For our note on funding options for businesses click here.