God’s Own County? Or God’s Own Country?


From Catalonia to the Aland Swedes in the north of Europe to Sardinia and Sicily in the south, there seem to be an ever increasing number of demands for independence, greater regional autonomy or simply more local power. Could it be that Yorkshire is now about to join that list? God’s own county may not become God’s own country, but with serious conversations being held about a ‘Yorkshire mayor’ it looks like the region could well be set for much greater control over its own economy, investment and spending.

…And apparently we already have the runners and riders. Mane’s neatly plaited and jig-jogging round the paddock are Ed Balls from the Red Stable and William Hague from the Blue.

At first glance it is – to use the colloquial term – a no-brainer.

Yorkshire’s Gross Domestic Product – roughly £120bn – is equal to that of the Ukraine and bigger than 11 EU countries, including Hungary, Bulgaria and Luxembourg. Leeds is the largest legal and financial centre outside London – its financial and insurance industry is reckoned to be worth £2.1bn a year. Sheffield has an economy equal to that of Ghana. On the sporting field Yorkshire gained more medals at the Rio Olympics than Canada.

Yorkshire has a bigger population than Scotland: its GDP is twice that of the whole of Wales. And yet it has the powers of neither.

Liverpool, Manchester and Teesside have directly elected mayors, exercising executive powers. And directly elected mayors are more responsible to the local electorate: they’re in power for four years – they can take the tough decisions that need to be taken. What’s more a local mayor is more recognisable – more of a figurehead, both engaging more people in politics and attracting inward investment. A ‘heavyweight’ like Ed Balls has to be more attractive to foreign companies than, say, the head of the regeneration department at the local council.

Yep, it’s a no-brainer. Roll on the first elections for Yorkshire mayor in 2018.

Wood, Frank Watson, 1862-1953; Alexander Darling, Mayor of Berwick-upon-Tweed (1925-1927)

Or maybe not…

Because the more I think about it, the more cautious about the idea I become. Hang on, I’m just going to jump in the car…

I drove from Leeds to London to Birmingham to Liverpool to Manchester and back to Leeds. A round trip of not quite 500 miles. But on that journey I drove through four areas with directly elected mayors – five if Yorkshire follows suit. That’s five directly elected mayors with their attendant salaries, staff and bureaucracies. Many would argue that what this country needs is less government, not more government.

It’s like a business adding layer upon layer of ‘spending and oversight’ committees: ultimately, they’re all costs which have to be borne by the people that produce the wealth.

And I’m not sure that a politician is the answer. Andy Burnham and Steve Rotherham – both Labour party stalwarts – have washed up in Manchester and Liverpool respectively. Aye, there’s always Mayor of Yorkshire, love. I may have failed at Westminster but t’party has found me a cushy number in Leeds…

No thanks.

If we are to have a Yorkshire mayor, give me someone with business experience: someone like Gary Verity – or better yet, Barry Dodd, someone with experience of business, spending, the LEPs and dealing with politicians.

Mayor of Yorkshire would be a tough gig. Getting Leeds to agree with York is a challenge, before we try and get Sheffield to agree with anyone in West Yorkshire. And then there’s geography. As my former TAB York members on the coast would tell me, Scarborough to Skipton is a three day camel trek.

Money does need spending in Yorkshire, but I have my doubts as to whether a mayor is automatically the right answer. The problem is that the Government seems addicted to expensive gestures, irrespective of their real benefits.

…Which brings me neatly on to HS2. What’s the latest bill? Somewhere north of £50bn – it’s set to be the most expensive railway in the world. I suspect it will cost Elon Musk less money to colonise Mars. Let’s spend a fraction of that money and improve the rail link between Leeds and Manchester and Liverpool. An hour stuck in a siding outside Huddersfield would concentrate the new Mayor’s thoughts. At least they’ve stopped calling the trains ‘sprinters…’

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Dear Prime Minister…


Last week I looked at the lessons we can learn from the General Election campaign.

This week I wanted to start with, ‘The dust has settled and we can get back to normal…’ But, apparently not: still no deal with the DUP and a Queen’s Speech which roughly translated as, ‘Sort it yourselves, I’m off to Ascot.’

Apparently many Conservative MPs are privately admitting to disappointment at the way the Prime Minister has handled the talks with the DUP. Ah well, it’s not as though she has any major negotiations coming up…

But sooner or later the dust will settle: sooner or later we will have a government that won’t be in permanent crisis. Perhaps then the politicians could turn their attention to business: to the tens of thousands of small business owners up and down the land that are building a future for themselves and their families.

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So here’s my open letter to whoever is PM when the music stops. I’m sure TAB members and franchisees will have their own ‘wish lists.’ Here’s mine…

First and foremost, Prime Minister, perhaps you and our other elected representatives could put your big boy pants on? Raise your eyes from the Westminster village and your plots and counter-plots and realise that there is a country to govern. More importantly a country which faces serious challenges – whether it is the ageing population, the ridiculous amount of money wasted on treating the all-too-preventable obesity crisis or the impact AI and robotics are going to have on our jobs. It is time to stop kicking every potential crisis into the long grass and hoping it doesn’t need addressing again until you are writing your memoirs.

And then there’s Brexit – in particular, defining the shape you want it to take. Call me old fashioned but – like most business owners – I prefer to go into negotiations knowing what I want to achieve. That doesn’t seem to be the case at the moment.

As a business owner and a father, I want to see continued investment in our world class universities. We cannot turn the clock back: we live in a global society and we’re not just competing locally for the best talent, we’re competing internationally. So let’s do everything we can to attract that talent to the UK. And while I’m on education, could we just have a radical overhaul of the school curriculum? As Dan and Rory get older I look at some of the work they bring home and I think, ‘that’s the same essay I did thirty years ago.’ If they ever need to know about an ox-bow lake they’ll ask Wiki: teach them to be creative, to solve problems.

Increasingly work is about successful collaboration: and yet we continue to examine ever more irrelevant subjects on an individual basis. Would it be so hard to examine a project that four students had worked on together?

What’s next? A comprehensive review of the tax system. Seriously, what is National Insurance? Would anyone invent it now? In much the same way as we have 20th century town centres trying to cope with 21st Century shopping habits, so we have a 20th Century tax system trying to cope with 21st Century working patterns. People have more than one job, they’re employed, they’re self-employed, they’re contracting, they’re working overseas. Goods are designed in one country, refined in another, manufactured in a third, shipped across continents and sold across the world. And all the time, the poor old tax system is puffing and panting as it runs after the money.

Simplify the system and embrace the Laffer Curve. Give business an incentive to invest and to make profits and it will generate the revenues the country needs. Treat it as a cash cow to provide for everything and everybody and it will rapidly move to a more hospitable tax regime.

It may also move to somewhere you can get a phone signal. I know this is looking dangerously to the future, but could we please have a full and speedy roll out of 5G? Yes, yes, I know your Chancellor has said that he is committed to it but so far that commitment doesn’t extend to a starting date. Right now the UK is ranked 54th in the world for 4G LTE connections and bluntly, it is not good enough. We are behind Morocco and Greece. Even 4G only works intermittently – unless you’re driving through parts of North Yorkshire, when ‘intermittent’ would be a remarkable improvement.

5G is expected to start rolling out worldwide in 2020: according to this article in Wired, South Korea has been preparing for it since 2008. That’s very nearly ten years. In the Spring Budget we committed the mighty sum of £16m for ‘further research.’ If we are going to leave the EU and become a ‘global hub’ then we are going to have to do a lot better than £16m.

Lastly, could we please make long term investments in a coherent, joined-up, 21st Century transport system? Other countries in Europe have taken the long term view, invested in their rail networks and now have modern, connected, effective services. Meanwhile there is a credible argument that the Conservatives lost their majority thanks to congestion on Southern Rail. £90bn on HS2? I can think of other priorities. HS2 will save minutes: business owners waste hours sitting in contraflows on our ‘smart motorways.’ No matter, I’ll just save up and buy one of these little beauties

That’s it. Except that if you’re still struggling to cobble a government together give me a ring. I know plenty of owners of SME’s who are first-rate negotiators. 10 members of the DUP to sort out? They’d do it before breakfast…

Best regards

Ed

It’s Time for E-levels


There’s a simple truth that all parents know. Letters from school are very rarely good news:

It has come to our notice that…

It is with some concern that I write to you regarding your son…

And, of course

The school nurse has regrettably informed me of an outbreak of head lice.

Yes, almost always bad news: unless of course, your son or daughter goes to Saint Francis High School in Mountain View, California.

Last week the Principal sent out a rather unusual letter: Dear Parents, we’ve made $24m…

You may have seen that Snap Inc. – parent company of messaging app Snapchat – floated on the New York Stock Exchange. The company has never made a profit – last year it lost $515m – but that didn’t stop investors piling into the stock, attracted by Snapchat’s 161m daily users. The price rose from the initial $17 a share to end the opening day at $24.48 – valuing the company at $28bn.

That was good news for the company’s backers, great news for the two founders, Evan Spiegel and Bobby Murphy, both still in their twenties and both now multi-billionaires – and quite extraordinary news for Saint Francis High.

Back in 2012 the school – encouraged by one of their parents who had seen how excited his children were by a fledgling app – invested $15,000 in a little known start-up. That start-up was Snapchat and, five years later, the principal has been able to write to parents regarding the small matter of $24m. We can assume that the cake stall won’t be so crucial in the future…

Meanwhile in the UK there’s a crisis over school funding. I was listening to Radio 4 the other morning when the head of Altrincham Grammar School for Boys said that the school was considering asking for voluntary contributions of £30 to £40 per month from parents, with “many other” schools also apparently considering a similar move.

One head teacher went much further, suggesting that if the funding problems couldn’t be resolved she would need to run her school on a four-day week, scrap the sixth-form or remove arts subjects from the curriculum.

Despite this, Philip Hammond, our (relatively) new Chancellor, has committed himself to spending £500m on vocational education. The move was trailed on Sunday morning’s Andrew Marr Show and confirmed in Wednesday’s Budget. It’s a bid to train more skilled workers and thereby boost productivity and the UK economy. The plans will see 15 ‘routes’ into employment, linked specifically to the needs of employers.

The government is calling these plans – due to be introduced from the 2019/2020 academic year – “the most ambitions educational reform since the introduction of A-levels some 70 years ago.” The new qualifications will be known as ‘T-levels’ and will increase the amount of training available to 16-19 year olds by 50%.

And I’m absolutely in favour of the move. I don’t often quote former shadow business secretary Chuka Umunna, but he was right when he said, “It takes the British worker to Friday to do what the equivalent French or German worker will do by Thursday afternoon.”

The country has to close the productivity gap – but let’s not stop at T-levels. Let’s have E-levels as well.

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Yes, let’s see Entrepreneurship on the National Curriculum.

Why shouldn’t schools take a leaf out of Saint Francis High’s book and invest in emerging local companies? And why shouldn’t Entrepreneurship be a recognised subject alongside Science, Technology, Engineering and Maths?

The scientist, the engineer or the mathematician might well go on to start a business in the future. But they won’t do that without the entrepreneurial spark: if there was ever an education secretary brave enough to kindle that flame and put Entrepreneurship on the curriculum then he or she would have done the country an enormous service.

Because let us be clear on one thing: it is the entrepreneur, not Government policy, that creates jobs and growth. It is the entrepreneur’s willingness to sacrifice security, to put his house on the line, to give up sick pay and holiday pay and pursue a dream that, yes, benefits himself and his family. But at the same time it also enriches – figuratively and literally – the country and the wider economy.

A Conversation with my Wife


Last week I discussed ‘permission.’ That my job is very often about giving an entrepreneur ‘permission’ to grow: to open the door and see what it could be like, to see the potential for himself and his company. But as I wrote last week:

…Going through that door can be painful. Because you’ll need to have a couple of conversations: one with your team, admitting that maybe you don’t have all the answers. And one with your spouse or partner, saying that you have room to grow: that you’ve had a dream, and you’re going to pursue it…

It’s the second of those painful conversations I want to look at this week. There’s no doubt at all that setting up and building a business puts a strain on a relationship. If you Google ‘business success leads to divorce’ the number of results is terrifying.

But sometimes a regular blog needs to go into deep water. Besides, we’ve tackled loneliness and depression in previous blogs: why not marriage guidance?

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(A note on pronouns before I start. As around 75-80% of TAB members are men, and as I’m going to relate this to my own experience, I’ve used ‘he’ for the entrepreneur and ‘she’ for the partner. But swap them round and every point I make is at least equally valid.)

So let me share some of my own story…

When I pushed breakfast round my plate in Watford Gap services and made the decision to start my own business, it wasn’t just a decision about me: it was a decision about my family as well. And yes, it lead to a lengthy conversation with my wife. It also lead to a couple of years of being largely dependent on Dav’s income: years when I was building TAB York and Dav paid the price in going without a lot of life’s luxuries.

Dav’s income allowed me to pursue my dream. You might say that in the same way I give an entrepreneur permission to look through the door, my wife gave me that same permission. I’ll be eternally grateful for that.

Were there some tough times in the first two years? Was the cash flow – with two young children – strained at times? Did it get a little tense occasionally?

Yes to all three.

As I’ve already said, starting a business puts a strain on a relationship. But it’s not just the cash flow – and now we move into real Venus and Mars territory.

The entrepreneur starts a business: his thoughts go something like this:

I’m starting this business for the benefit of my family. Sure things are going to be tough for a while, but ultimately we’ll all benefit. She must be able to see that – and she must be able to see that I’ll go insane if I stay where I am.

His wife takes a different view:

Our security’s gone out of the window. We might not be able to pay the mortgage this month. The kids need new clothes and I need a holiday. And all for what? So that he can spend his days trying to build “a better widget.” Like the world needs another widget…

Then there’s attention: or lack of it. As Dav would tell you, there were plenty of times in the early days of TAB York when I was ‘there but not there.’ All entrepreneurs are the same. Suddenly your head is full of staff who aren’t performing, suppliers who aren’t supplying, the inevitable cash flow problems. It’s all too easy to forget the things you used to do together: date nights, weekends away, the simple act of listening when your partner is talking to you…

Communication is vital in building your business. It’s vital when you come home as well – especially when you’re no longer the boss, but an equal partner.

I often write about the importance of communicating the vision you have for your business. There’s an exact parallel with a relationship. I don’t want to use the word ‘vision’ as it’s too impersonal: but you need to keep focused on the future; on what you want for the family, and for each other.

That’s what Dav and I had – and it’s what we still have. And more than anything, that helps you keep business in perspective.

So yes, there were tough times: some triumphs and some disasters. But as my pal Kipling would say, we tried to treat those two impostors just the same. And we met with pizza instead of steak and treated those two just the same as well…

The Only Certainty is Uncertainty


From the Daily Mail: 24th June 2017

“What on earth were we worried about?” That was the triumphant cry from Prime Minister Michael Gove yesterday as he celebrated ‘Independence Day’ – the first anniversary of the UK’s historic decision to leave the European Union. “What do we see now?” he asked to loud cheers on the Conservative benches. “The pound riding high, the stock market at a record level, small firms liberated from the shackles of Brussels’ red tape and free to recruit. Foreign firms rushing to invest in ‘the Switzerland of Northern Europe.’ The motion to make June 23rd a national holiday was passed by a majority of 378, with only the SNP and the handful of Labour MPs remaining after last month’s general election voting against. Celebrating with a pint of Late Knights’ Worm Catcher, Lord Farage said it was “a wonderful day for ordinary British people.”

From the Guardian: 24th June 2017

“I propose these measures to the House with a heavy heart,” said Chancellor of the Exchequer Nicola Sturgeon as she announced more tax rises and further austerity measures in her second emergency Budget of the year. “Exactly twelve months has passed, Mr Speaker, since we took the ridiculous and xenophobic decision to leave the EU. We now see the pound approaching parity with the dollar, the stock market plunging and unemployment rocketing.” Prime Minster Dan Jarvis – who seems to have aged ten years in the six months since the SNP/Labour coalition came to power – looked on with a pained expression. He is back in Brussels tomorrow as he tries to negotiate Britain’s re-entry to the EU, but must know that Angela Merkel and the German bankers will make the UK pay a heavy price.

Two scenarios, each equally unlikely.

But this time last week anyone predicting a lame-duck Prime Minister, an even lamer Leader of the Opposition and thirty shadow cabinet resignations in one day would have been advised to increase their medication.

Given the outcome of the Referendum – and the consequent fall-out – we can say goodbye to any hint of certainty for the next few weeks, and possibly for a good deal longer.

…Which is going to make running your SME extremely difficult. Big companies will be reluctant to commit to orders, fuel costs will increase as the pound falls against the dollar and – I suspect – some banks are going to be unwilling to lend as they watch their own share prices drift south.

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My question last week was, ‘Does Brexit Really Matter?’ I stand by my thesis that five or ten years from now it will not be the most significant factor in the success of your business or your personal life. But in the short term there will be some very difficult questions for owners of SMEs to deal with.

Confidence, costs and the availability of capital will certainly be three of them – but there’s a fourth, highlighted by this article on the BBC website. Will the pool of talent dry up? When you need to hire someone outstanding to drive your business forward, will there be anyone left in the UK? And if there is, will a small business in North Yorkshire be able to compete?

I was talking to a friend of mine on Monday. “My son’s graduated on Friday,” he said. “Stellar degree from a top university. And now he tells me that he’s far more likely to work abroad.”

I suspect that conversation is being repeated up and down the country. And for the owner of a SME it’s a double whammy. Not only might your top talent move abroad, there might not be anyone around to replace them.

Hopefully you’ve now received (and read, obviously!) TAB’s ‘top tips in the light of the Brexit vote.’ One of those tips is simple: reassure your team, especially if you have EU nationals among them. Over the next 12 months the people you work with are going to be more valuable than ever – and more coveted by your competitors.

As everyone knows, I voted Remain. But living and voting in a democracy means you don’t always get the result you want. Now we have to get on with it. I hope – and believe – that there’ll be goodwill on both sides and that the sensible politicians in the UK and the EU will hold sway. But in the short term, the waters will be choppy. One captain may have resigned: those of us running SMEs don’t have that option. We’ll get through it – but a key part of that will be protecting, nurturing and retaining our teams.

What to do if You’re Not Donald Trump


Two weeks ago, I wrote about ‘The Things I’d Do Differently…’ and confessed that if I were starting the business again, I’d put more capital into it.

I introduced it with a story about recruitment entrepreneur David Spencer-Perceval selling everything he owned to start his business.

But maybe we’ve both been ‘Trumped’ – literally. Speaking at the town hall in Atkinson, New Hampshire the current second favourite to be the next President of the United States told a few of the 6,751 population – and hundreds of the world’s media:

My whole life really has been a ‘no’ and I fought through it. It has not been easy for me. And you know, I started off in Brooklyn, my father gave me a small loan of a million dollars.

(A short note on inflation here: Donald Trump graduated from college in 1968. $1m then is worth $6.8m now. And an equally short note to my sons if they might be contemplating starting their own business with a $1m loan from their Dad. No.)

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But supposing you’re not Mr Spencer-Perceval with a mansion to sell or young Master Trump having a chat with his Dad? How do you start a business with virtually no money at all? Because that’s what a lot of people want to do.

Here are five ideas that could help if you’re in that position: or if you’re one of my sons…

Crowdfunding: I wrote a whole post on Kickstarter and other crowdfunding platforms earlier this year. No question at all, this is an idea whose time has come – and we’re not just talking about raising small amounts either: Pebble Time recently became the most successful Kickstarter project ever, raising more than $20m. Closer to home, many of you will be aware of Pact Coffee: right now they’re looking to raise £20,000 via Kickstarter for ‘Pact in a Pod.’

Peer to Peer Lending is becoming more and more popular in the UK: initially loans to business were focused on those business with a credit history (but perhaps with a proposition that mainstream lenders judged too risky or didn’t understand). Lending Crowd is one of the best known examples, and will give you a good idea of how peer-to-peer lending could work for you.

Grants: The Government may be looking to make savings everywhere it can, but there are still grants and government-backed loans available. Here’s the Government’s website – and don’t forget bodies like local councils, LEPs and the Arts Council. Just to encourage you, I know of one business based in Scarborough that has secured an Arts Council grant of £50,000 over the next two years. You may need to invest some time doing your research and making an application – but that investment could pay off spectacularly.

Sell your product – or sell your idea: One of the most basic ‘incentives’ on Kickstarter is the product. You’ll be one of the first people in the world to own one. So use your imagination: see if there’s any way you can make sales of your product or service while it’s still on the drawing board.

And don’t be afraid to invite others to invest in your idea. There’s an ever-increasing link between universities and start-up businesses. Get academia on your side. Even if they don’t have any money, they’ll certainly have insight and expertise.

Competitions: ‘you’ve got to be in it to win it’ as the saying goes. It’s not just writers, artists and the X-Factor. There are a surprisingly high number of competitions where start-ups and small businesses can win significant amounts of funding and/or other help. These range from the local – Venturefest for example – to the national. And the national competitions are not simply the preserve of the banks: check out the Nectar Small Business Awards and The Pitch, just for starters.

This is by no means an exhaustive list – and I know many readers of the blog will have their own ideas to add. We’re living in an age of real opportunity for the entrepreneur – even the entrepreneur who may think he doesn’t have enough initial capital.

Don’t wait. Go out there and seize the moment. The best time to start your business isn’t in a boom or a recession or anything in between. It’s when you’re ready. If that’s now, good luck.

Kickstarting your Business


So here I am. Sitting at my laptop. And I’ve between £15 and £30 to invest: let’s see what I can get for my money…

Attack the Pack – the card game that replicates the experience of a pro bike race. And if I invest £18 I get one deck of ‘Attack the Pack’ playing cards and a branded LOKSAK pouch to ‘keep your deck safe on those wet winter training rides.’

How about Harvest – a stunning feature film set in the mountainous Cathar country? Wow! Just like Hollywood. I get to back a film. And for my £15 I’ve ‘joined the journey.’ They’ll keep me posted with regular updates and I’ll receive a ‘unique digital still’ from the shoot.

Then again, I could back The Really Magic Carpet – a children’s book on grief and hope. I need to spend slightly more – £33 – but for that I’ll get a copy of the book with a ‘letterpress illustrated nameplate’ inside it.

Well, I like cycling and I’m fond of a good film: but I never realised that one child in 29 is bereaved of a parent or sibling. My money’s going to The Really Magic Carpet – and good luck with it, guys…

If you haven’t already guessed, I’m on Kickstarter: specifically, the London, UK page of Kickstarter (and my apologies if any of the links don’t now work: I set them all up on Tuesday).

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Most of you will have heard of Kickstarter. It’s about the best example there is of Crowdfunding – defined by Wiki as ‘the practice of funding a project or venture by raising a monetary contribution from a large number of people, typically via the internet.’

That’s as opposed to writing a business plan, preparing a cash flow forecast, finding some security and making an appointment with the bank manager. Who once upon a time made a judgement, but now refers you to the Business Risk Assessment Unit (who I suspect might look somewhat sceptically on the three projects mentioned above…)

Crowdfunding is new – and right now it’s still small. It’s estimated that in 2014 the Crowdfunding industry raised $16.2bn – a significant amount of money, but a tiny fraction of the amount banks would have lent to businesses. But it’s expanding rapidly – and it is undoubtedly enabling projects and businesses that a traditional lender wouldn’t even consider to start, thrive and, quite possibly, start employing people.

Ten years from now crowdfunding may well be the main source of start-up capital for small and medium sized companies – especially in the creative sector. There will undoubtedly be a billion dollar corporation that wouldn’t have existed without crowdfunding.

So if I ‘invest’ through Kickstarter I’m offered a ‘reward’ – for example, my book and the illustrated name plate. But supposing I want more than that? Supposing I want to invest rather more than my £33 and I’d like to take an equity stake in the business? There are an increasing number of crowdfunding sites offering exactly that: take a look at Syndicate Room for example, and you’ll see what I mean. Equally, I can choose to lend money to a start-up or growing business – and potentially receive a far higher rate of interest than I would on the high street. Perhaps the best known example of this peer-to-peer lending is Funding Circle.

Back with Kickstarter – and the three examples I chose. ‘Attack the Pack’ was looking to raise £7,500. And it’s achieved its goal – with four days of the funding period to go, 315 backers have pledged a total of £9,201 (so just under £30 each). Harvest is 60% of the way to a £15,000 goal, whilst I’m delighted to see that 211 backers have sent ‘Magic Carpet’ comfortably past its £10,000 goal.

Those who argue that sites like Kickstarter and the whole principle of crowdfunding will never make a significant impact on the economy might say that the amounts raised for these ventures are not significant sums. I’d make three points:

  • Firstly, most of us have had a dream and started our own business: when something is your passion – when you simply have to do it – then any sum that anyone contributes is significant
  • Secondly, more and more businesses are now based on knowledge, not widgets. A great many businesses simply don’t need the initial levels of capital that stock, workshops and high street premises once demanded
  • …And I chose businesses that were looking for roughly similar amounts, so that my £30 would buy me something. Go back to the London page and you’ll see the Bluetooth Wearable Gesture Controller (amount raised, nearly $150,000): doppel – performance enhancing wearable technology – has raised nearly £90,000. And if you want to be really impressed, earlier this year Pebble Time became the most successful Kickstarter project ever when it raised more than $20 million.

That’s a very basic introduction to Crowdfunding in general and Kickstarter in particular. There’s no doubt they’re both going to play an increasingly important part in business life. Make sure you’re aware of the possibilities they offer, both for your own business – and for projects that might be close to your heart.