In recent years, a spotlight has been cast on UK scientific expertise and the inspiring progress made in medical and technological development. Much of this has been associated with university spin-outs, an increase in the formation of new companies and adapting existing companies into new areas.
Essential advice
Across all sectors, some companies have been opportunistic, whilst others fast-tracked concepts they were already developing. The speed at which businesses are now formed and set off on their commercial journey has been exceptional.
But it is always important to pause for breath and focus on ensuring the right structure and strategies for continuing success.
For example, balancing tax advice and employment advice between short-term needs and the long-term optimisation of the company needs careful deliberation, particularly in relation to future funding and scaling.
In addition, there’s currently keen competition for people qualified in certain key roles and able to work in the UK. This has highlighted shortages of individuals and teams that have the necessary skills to help companies move forward – which makes it vital to ensure that HR policies are designed to ease recruitment and encourage retention.
Looking further ahead
In response to this situation, Mishcon de Reya have produced a Founders Handbook. It’s a plain English, user-friendly guide that looks at the vital early stages of a company, and explains the options for creating your entity, sourcing your funds, building a team, choosing the right contracts and more.
The focus is on helping new companies start off on a sound legal and commercial basis. The Founders Handbook also looks further forward and suggests strategies that can be incorporated now to make the future more secure, both for your business and for you as a founder.
Mishcon de Reya's Founders Handbook is not only essential reading for embryonic businesses, but also useful reference for existing companies as they reach key points in their development. That might be, for example, reviewing commercial contracts or avoiding the common mistakes made in data compliance policies.
Clearly setting out your choices for a variety of situations, the Founders Handbook can help steer your business in the right direction. If you need answers to more specific questions, the Emerging Companies team at Mishcon can draw on their wide-ranging knowledge and experience to support.
Download the Founders Handbook.