Life for any start up can be difficult. Government policy can change and any company entering the greentech arena has to be aware of all these policy decisions. Greentech start-ups will also have to research tax breaks and other resources that can help a fledgling business.
- Talk to the experts about R&D tax credits
Many companies are unaware of the tax breaks offered by R&D tax credits. Experts Innovation Plus comment that companies that specialise in anaerobic digestion frequently qualify for this tax incentive. Given that the scheme allows companies that use R&D through ‘testing, experimentation product development and process improvement,’ to be able to claim over 33% of their development costs in the form of tax credits, it’s always worthwhile seeing if your greentech start up might qualify for this unique benefit.
- Research your market
The greentech start up market place is crowded. It’s one thing to have a new idea. It’s totally different to trademark or patent your idea in order to protect your company and invention. It really will pay you dividends in the long term if you ensure that your idea is unique.
- Start up hotspots can help
An article in The Guardian featured a startup hotspot interactive map. 581,173 new businesses registered with Companies House in 2014. You may find that it’s better to collaborate with your business competitors rather than alienate them in order to gain the most customers in your particular region. You could also use the map to find out more about your competitors.
- Make use of grants and advice
Not every business has access to endless financial resources or knows how to market their products or services. There are numerous organisations that can help greentech start-ups. The blog Greenwise Business lists a number of companies that specialised in greentech and have been flagged up as ‘ones to watch’ over the coming years. A quick read of the list shows how all of these companies received investment help in order to develop their products.
- Talk to the Carbon Trust
With a wide range of informative articles and advice for businesses on its website this invaluable resource is an essential one-stop-shop for anyone just starting up a new business. The Trust offers accreditation and can also help with finance for the reduction of the carbon footprint and other green strategies. The Trust is independent and offers insights into the global economy as well as the domestic market.
- Start as you mean to continue
Whether you are starting a conventional or a greentech business there are certain fundamentals that apply across the board. Make sure that your accounting procedures are in order, invest in business premises and well paid staff and be prepared to show customers what you can offer.
You may be producing an innovation or concept that is difficult to grasp, make sure that you can show the prospective customer the benefits of green technology and why it will suit their needs. Just because you are offering a new concept doesn’t mean that you can’t persuade the consumer to invest in your product.