Dragon's den

We did a "Dragon's Den" type pitch in front of an audience of about 80-100 people at the Good Deals 2010 conference on 16 November 2010. The panel was chaired by Anthony Ross (Bridges Venture Fund) and we had investors from the Natwest "not-for-profit" section, the Social Investment Business and Equity Plus on the panel. The feedback was very useful:

• work with partners - it's too big to do on your own
• make sure you have done your homework - how long will it take to breakeven point?
• couldn't you start smaller?

So we have taken these comments on board now, and with all that we learned at the conference, are exploring some new ideas/partners. We were particularly excited by the potential of "Social Impact Bonds" - as was used to fund an ex-offenders programme, using private money. Recidivism decreased, the private investors made profit and the government spent no more (there must be a catch somewhere...)!

Funding uncertainty

We went down to London to see our Investment Adviser at the Social Investment Business in June. There was a great nervousness in the organisation, as the new coalition Government had already announced that Futurebuilders, one of the 4 main funds it manages, had been closed. They had no idea whether the Government would continue with the Social Enterprise Investment Fund (SEIF) the specific fund for the healthcare sector, they were waiting for the 5th of July.
Now they know that the fund won't be closed, but they don't know the size of the allocation. It looks like Deep Green will probably still get the money it needs for the preparatory work; planning consent, surveys and preparation of a detailed Business Plan. Fingers crossed.

Good prospects

This document - the Prospectus - is to help us communicate to potential partners what Deep Green is, what it will bring to the local area and what it can bring to the table, i.e. up to £6,000,000 of loan and grant from the Social Investment Business, depending on the package, with a costed business plan for a specific site. We have identified some potential sites of the right size, and are working through our list of local authorities, regeneration agencies and Registered Social Landords. I'd be happy to share this with anyone who is interested - just send me a message.