The Save Our Start-ups campaign is now focused on lobbying for the fast and efficient delivery of funds, after the government announced a £1.25bn support package for the sector.
The campaign first sent an open letter to the government to foster support for start-ups during the Covid-19 pandemic after it emerged that the majority were unlikely to qualify for the coronavirus business interruption loan scheme (CBILS).
Then on 20 April the government announced £1.25bn in funding for innovative start-ups.
Delivered in partnership with the British Business Bank and launching in May, the fund will provide UK-based companies with between £125,000 and £5m from the government, with private investors at least matching the government commitment.
“Everything was designed in a thoughtful way and I’m very supportive of it,” said Jeff Lynn, executive chairman and co-founder of equity crowdfunding platform Seedrs, who is involved heavily with the campaign.
“I look forward to seeing the details of the measures.
“The Save Our Start-ups campaign was a community calling for action.
“The main focus now has to be around the execution and delivery of the government’s measures and how that can be as efficient as possible.
“CBILS did not get off to the smoothest start – time is of the essence, it’s important money gets to businesses as soon as possible.”
A number of peer-to-peer industry stakeholders supported the campaign by signing its open letter to the government.
Some of these included: Giles Andrews, co-founder and director of Zopa and chairman of MarketFinance; Peter Behrens, chief commercial officer of RateSetter; and Mike Bristow, chief executive of CrowdProperty.
“I very much support the Save Our Start-ups campaign and also the cause for a runway fund because the UK has global start-ups and growth stage businesses that potentially lead the way in many respects in fintech and other tech sectors and they need to be fully supported throughout this process,” said Bristow.
“Delivering finance quickly to businesses that need it, including start-ups, will make a big difference in managing the impact on the economy and kickstarting the recovery,” a RateSetter spokesperson said.