By Claire West
Inngot, the UK’s showcase for innovative businesses and their intellectual assets has become a member of the adviser network of xénos, the Wales Business Angel Network, giving xénos angels and member companies preferential access to a useful and unique IP valuation system developed in conjunction with Grant Thornton UK LLP.
www.inngot.com , the "innovation directory" that helps companies record, promote and value their intellectual property (IP) and intangible assets, has joined the advisor network of xénos, the Wales Business Angel Network. xénos member companies will now be able to use Inngot’s services to help them build a fuller picture of their IP and understand its value in a fundraising context.
xénos introduces business angel investors to companies and individuals seeking growth investment funding. xénos’ adviser network provides its members with a directory of advisers who may be able to help them finalise deals more quickly.
The network has 120 registered investors, and represents an invaluable source of early stage capital to new ventures in Wales, facilitating £2.8m of investment during 2009/10.
xénos member companies will now qualify for full membership of Inngot free. They will be able to compile an ‘innovation profile’, which can be accessed online by potential investors. They will also be entitled to a 15% discount on Inngot’s ‘Sollomon’ indicative IP valuation service, developed with specialist input from Grant Thornton UK LLP.
Inngot recently launched its services nationwide, following successful pilots in Wales and the South-East of England. It provides a unique service aimed at organisations seeking to define and value their IP and other intangible assets. Clarity on the existence, ownership and worth of these assets is particularly critical for early stage businesses seeking equity funding from investors.
Inngot’s system allows businesses to identify and explain their intellectual assets and publish them in a standard format on a searchable ‘innovation directory’ accessible by potential customers, collaborators, investors and lenders. Once these assets have been defined, the ‘Sollomon’ methodology can be applied, using information from the company’s business plans.
Martin Brassell, co-founder and CEO of Inngot, commented on the relationship with xénos:
“IP is at the heart of most early stage investment decisions, so it is vital for investors to understand a potential investee company’s IP and how it contributes to the company’s worth. By joining xénos’ advisor network, we’ll be able to help xénos member companies understand and value their IP and intangible assets.
“We’ll also be able to provide xénos angels with a convenient, concise report on a company’s IP assets and the contribution they make, which can be shared confidentially on-line and support ‘due diligence’ enquiries.”
David Maas, manager of xénos welcomed Inngot to xénos’ adviser network:
“I’m pleased to welcome Inngot to xénos’ adviser network. Achieving an agreed value for a business is crucial to the success of any angel investment and Inngot will provide member companies with an inexpensive, independent self assessment tool that will enable them to value their key assets.”