Innotech Insights Ltd
4th June 2016
Innotech Insights develop new and existing technologies to primarily apply, through both product sales and applied tailored services, to the Smart Cities, Data Collection and Security industries, Innotech Insights have identified certain markets where our collective expertise and technologies will provide greatly improved processes and services. Initially, we have marketed towards the Data Collection Industry, where both directors have a wealth of experience. Here, the company aim to generate new methods of data collection with unprecedented accuracy and all new visualisation tools for fully interactive end client engagement. Having designed and built equipment for national events during our previous employment, we have witnessed an ever increasing market for crowd observation and pedestrian monitoring which is a large part of our upcoming developments. Additionally, we have developed off-grid ‘mobile’ equipment applicable to various industries in an attempt to widen our market and aid future diversification, complimented by some key supplier partnerships.
Where are you based and why is it a good location for your business?
We are based in Whitwood, Castleford, in West Yorkshire. This location is perfect for us due to it’s proximity to the M62 at Junction 31, and also the A1M and M1. We expect to be playing a contributing role to the continuing growth of the Northern Powerhouse.
How did you come up with the idea?
After twenty collective years in one of the UK’s leading data collection companies, we identified certain areas that were not being explored or capitalised on by its current market leaders. With new “smart” collection methods emerging on a global scale, we felt the timing was perfect for a small, fresh and innovative company, with a focus on innovation, to lead the introduction of smart detection and data collection to the UK market, which research shows is not as advanced as its European of global counterparts. As an emerging company, we feel we are free to innovate within this evolving industry through our own research and development, and also bridge the gaps between adjacent markets like the security industry through manufacture and sales of current mobile technologies.
What’s the Business Model?
Our business model is ‘no matter how keen, let’s keep it lean’. We are well aware of the fact that most businesses don’t survive their first two years. We will buck this trend, as we wish to realise our ambition of becoming employers on a large scale, and boost manufacturing in the locality. We believe in investing in a workforce to provide expansion and stability, whilst maintaining a lean management structure. We are already looking into employment grants with a view to taking on our first full time employee before the first anniversary of our company.
Who are your competitors?
There are very few companies within the data collection industry that offer the products and services Innotech Insights are providing. All data collection companies that develop their own technologies do not offer sales and servicing within their industry as it does not compliment their business model as a data collection service provider. This has resulted in a lack of technological advancement. Our model differs in that we have identified several UK councils and events that are actively seeking to purchase their own technology to create a self-contained service and not rely on outsourcing to companies that may prove unreliable.
What’s unique about your business?
As a smaller company, we have more control over both front and back office operation. This results in a more efficient and accurate service. With almost all similar competition based overseas, we are faster to react, more available for support and with no importing of some of the finished products, and those that are imported done so through partnership, our products are very competitive on price. We have partnered with two EU manufacturers, allowing Innotech Insights to represent their interests in the UK.
What stage was your business at when you applied for the Start Up Loan?
Innotech Insights had been established for one month when we decided to apply for the start up loan.
How have you used it to grow your business?
We have used the loan to allow us to buy materials and components to build prototype equipment and test its performance before marketing. This has resulted in our company securing equipment sales and led to a partnership offer from a leading data collection company.
Who is your regional delivery partner and how did they help you get a Virgin Start Up Loan?
Airedale Enterprise Services provided a complete management service of our loan application process. our mentor, Phil Harrison, guided us on the business plan and the Financial Forecasts; making sure that these were comprehensive, consistent and compelling. Phil also worked with us on putting together the pack of vital supporting documents which meant that the loans were approved swiftly on the first submission.
Biggest achievement so far?
We currently have a proposed partnership offer from a data collection company based in the south of England. This offer, though not agreed in full, will see our company benefit from their marketing and customer connections, whilst they will benefit from showcasing our tech to their current client portfolio, and expanding their current operations into the north of England. This we see growing into a mutually beneficial business relationship which will lead to the rapid expansion of both companies in their respective fields of expertise.
What’s next for your business?
We are looking into further funding options such as business angels. This is to allow for the rapid growth and expansion potential to be capitalised upon. We are also currently prototyping more ideas which will have significant appeal across various market places.
Business name: Innotech Insights Ltd
Founder(s) name: Liam Wright & Chris Hambleton
Based in: Whitwood, Castleford