Exciting Developments in Cornwall as New Angel Network Plans to Boost Local Economy

Photo: British Business Bank Chair, Stephen Welton (centre) visiting Falmouth University, with (from left) Meg Salt, Investment Manager, South West, for The FSE Group; Masayuki Kishi, product manager at Amutri; Professor Emma Hunt, Vice-Chancellor and Chief Executive of Falmouth University; Michael Calver, CEO of Amutri. Amutri is a Falmouth Launchpad success story which specialises in 3D visualisation technology and has received equity investment from the British Business Bank.

In an innovative move for regional economic development, Cornwall is poised to see the creation of its very own angel investment network.

This network is being developed as a collaboration between the Cornwall Chamber of Commerce and the British Business Bank, the UK’s economic development bank.

A New Investment Era for Cornwall

Following the success of the £200m South West Investment Fund initiated in July of the previous year, the establishment of the Cornwall Angel Network aims to replicate and expand on the achievements of the Cornwall and Isles of Scilly Investment Fund. This fund has notably helped local businesses attract over £100m of private investment in the past five years.

What is an Angel Investor?

Angel investors are individuals who provide capital for business startups, usually in exchange for convertible debt or ownership equity. These investors not only provide funds but also contribute valuable experience, expertise, and contacts which can significantly accelerate a business’s growth.

Cornwall’s Burgeoning Investment Landscape

Stephen, the Chair of the British Business Bank, recently hosted an event in Newquay, orchestrated by the Cornwall Chamber of Commerce, that convened both seasoned and prospective angel investors to deliberate on this new network. This event marked a crucial step in a three-day visit across Cornwall, where Stephen engaged with various local businesses, investors, and organizational bodies, including Cornwall Council, to discuss strategies for economic growth and enhancing business finance accessibility.

“The appetite for angel investment in Cornwall is strong, and we are committed to fostering a robust community of angels and potential angels,” Stephen remarked. He further highlighted the considerable increase in equity investment in Cornwall, with an average of 14 deals per year over the last five years, a significant uptick from the preceding five-year average of six deals annually.

Network Synergies and Regional Growth

The Cornwall Angel Network is set to complement existing initiatives like the Tech South West’s Angel Investor Programme, aiming to enrich the local investment community and stimulate higher levels of equity investment. Kim, Chief Executive of Cornwall Chamber of Commerce, expressed enthusiasm about the network’s potential. “We’ve seen significant improvements in the equity landscape in Cornwall, thanks to collaborative efforts including the South West Investment Fund and initiatives from Falmouth University,” he said.

Falmouth University’s Role in Local Enterprise

During his visit, Stephen also toured Falmouth University’s venture studio and business incubator, Launchpad Futures, which works closely with new enterprises to spur growth through expert knowledge and resource sharing. Emma, Vice-Chancellor of Falmouth University, endorsed the angel network initiative. “The Cornwall Angel Network will significantly enhance our efforts to support burgeoning businesses through our Launchpad Futures programme,” she stated.

Conclusion and Call to Action

The Cornwall Angel Network promises to be a pivotal element in Cornwall’s evolving business ecosystem, supporting innovative startups and creating new job opportunities. For those interested in joining the angel investment community or seeking financial support for their startups, the Cornwall Chamber of Commerce is your gateway to getting involved in this promising network.

For further information or to register interest, stakeholders and potential investors are encouraged to contact the Cornwall Chamber of Commerce. This initiative marks a substantial stride towards cultivating a diverse and robust economic environment in Cornwall.