Business consultancy services for Stephen Britt of Cycle Power
The entrepreneur Stephen Britt has come up with a new cycle propulsion system. Based on a battery powered kit that can be added to any bicycle in under fifteen minutes. The kit allows the full range of gears to be used and provides assistance for around 10 miles. The kit is unique in being the lightest conceived, and can be fitted by anyone. The idea had already found favour with CommercialiSE, winning an award early in 2009. A route to market needed to be found.
Helped develop the IP protection of the product idea, (PTC WIPO). Talked through the possible routes to market for both licensing and manufacturing. Considered various funding options, grants, debt and equity. Was instrumental in introducing Stephen to a SEEDA business mentor. Undertook market research through the British Library. Put Stephen in touch with several development agencies to facilitate the development of the product. Introduced a pillar of the Mechanical Engineering community, who has given his support to the product. Sat in on a meeting with potential investors and supported the pitch.
Cycle Power have won another two awards since working with me, these were from the University of Brighton. This has led to increased visibility for the product and entrepreneur, appearing on the front cover of the University of Brighton's Channel magazine. Quotes have been received for the development work, funding to finance the work is being sought. Stephen was invited to be a speaker at the University of Brighton's "Reality Cheque", event, celebrating the achievements of graduates. They have a much better understanding of business and business practices, and how to apply them to the product to move things forward. They have a wealth of materials to back up pitches made or loans applied for. And the support of some very experienced business and engineering people.