University Spin-Out
The Company
This Leeds University spin out based business was struggling to grow revenues despite various funding rounds from venture capital backers. The company culture was steeped in the University and not commercial. Despite this the company had excellent protectable IP and great technical capability but lacked sales and commercial focus and clear leadership.
The Assignment
- Carry out a strategic review of business and develop a plan to revitalise business
- Present plan to the board and implement recommendations
- Raise new venture capital funding to refinance busines
- Implement recommendations agreed with company board
- Prepare new business plan and financial forecasts
- Secure further funding from existing institutional shareholders
- Recruit a new part time CEO with proven sales and commercial experience
- Restructure management roles to make them more effective and efficient
- Improve cash management and financial forecasting
- Relocate business out of University environment
- Secure scalable new revenue opportunities to grow business
- Secured necessary funding on back of new business plan
- Implemented reorganisation and recruitment plan to kick start business
- Transformed business through new senior management team
- 2009 revenue and profitability more than 3 times that of 2008
