Guidance for companies applying for assistance from the Experience Bank
Introduction:
The Experience Bank is a pool of people who are willing to use their experience and in some cases money to invest in new and ambitious businesses.
It is a major plank of the ‘Routes to Investment’ suite of products and services offered by North East Access to Finance.
This note sets out how the ‘bank’ works, and how to apply for help.
Overview
The Bank is a database of people who have skills and experience which could be of value to early stage and/or ambitious businesses.
All members understand that they are likely to do a small amount of work without compensation. However most members will be interested in forming longer term relationships: as non-exec directors, business angels, coaches, mentors, consultants, or a combination.
The database will facilitate connecting individuals to businesses.
Experience Bank will be purely a method of facilitating a link. It will not attempt to pre-match people and does not warranty in any way if the relationship will work or not.
We believe the best judges of the potential for a working together are the business and the potential Mentor/non-exec etc.
The process
1) Obtain a simple application form and legal guidance notes by contacting Tim Potts at NEA2F tim.potts@nea2f.co.uk
2) Complete the form and e-mail to Tim. If you have questions, or would like a little help, contact Tim.
3) We will anonymise your application and send it to all our Experience Bank members.
4) You will receive a profile of Bank members who are interested and once you have shortlisted those you would like to talk to, let Tim know and he will connect you up.
5) Please make sure you read the legal guidance and note that any arrangements you make with the Experience Bank member is entirely up to you and the Bank member.
6) If you are working with other professionals and or fund managers, you may wish tyo introduce them to anyone you decide to work with from the Bank for a ‘second opinion’
- Please remember that the meeting is a two way process and that you need to present an attractive and convincing proposition to the potential mentor/investor.