• Startups
  • June 17, 2020

The Business Show Feature: A new commercial eco-system for SMEs

You can view the original article here.

Traditional institutions failing SMEs
In a recent governmental report 25,000 SMEs failed to get funding from traditional lenders either VC’s or banks, and the law society says that 40% of SMEs in anyone year faces a serious legal problem because they have not sought legal advice or have poorly drafted and misunderstood contracts. And business advice for SMEs has often been found wanting. This is because the institutions that should be supporting an entrepreneurial market have become institutionalized And it is ironic that the future of our economy, jobs our future prosperity, comes through startups and SMEs.

A new business eco-system
However there is good news, we are seeing a new eco-system emerge made up of crowdfunding, legal services, new business accelerator programmes, accountancy and even working environments – described as co-working spaces such as Central Working, Shoreditch Works, The Innovation Warehouse or the The Hub from London. Collectively these are offering aspiring entrepreneurs and SMEs the means by which they can move forward and contribute meaningfully to the overall UK economy.

Sound advice for SMEs
There is a saying that when institutions fail people learn to get what they need form each other, and that is what has been happening over the last 5 years, a new eco-systems has been growing (this is not only a UK phenomenon). SMEs or startups can raise funds from platforms such as Crowdcube raising £18m in 2013 a 500% increase from 2012. Crowdfunding is a great place to pre-test a business idea, and the funders become not cold VC types, or rigid bank managers but a committed, engaged, supportive network. Startups can engage with accelerator programmes such as SeedCamp, Ignite 100 or Techstars that gives your business idea a thorough workout, and legal services such as LawBite, or My Barrister, provide the legal support that every SME needs. These are just but a few examples. This new growing eco-system is the means by which startups and SMEs in the UK will thrive.   

Founded by Clive Rich- barrister and international negotiator- LawBite is a digital legal service offering SMEs secure plain English business contracts as well as other legal services at an affordable price. LawBite is an online solution to the legal problems SMEs face.   

Journey further...

In closing

Nothing in this article constitutes legal advice on which you should rely. The article is provided for general information purposes only. Professional legal advice should always be sought before taking any action relating to or relying on the content of this article. Our Platform Terms of Use apply to this article.

Related Articles

Read more of our latest blog posts, featuring all the latest legal news, analysis and opinion from our expert lawyers.

blog image
  • By LawBite Team
  • May 01, 2022
What are Articles of Association?

Setting up a limited company is one of the most common routes entrepreneurs take when they start their business. If you have decided to take this r...

blog image
  • By LawBite Team
  • May 01, 2022
Do I need a privacy policy on my website?

The short answer is yes, all businesses that process personal data must have a detailed privacy policy. In most cases, a privacy policy will sit on...

blog image
  • By LawBite Team
  • April 13, 2022
Understanding Conflict of Interest (COI)

One thing our lawyers consistently emphasise to our clients is the importance of having well-considered and expertly drafted documentation, for exa...


LawBite can help you

LawBite is on a mission to provide business legal advice that is easier to access, clearer to understand and much cheaper. Our on-line legal advice platform can quickly connect you with expert business legal advice. Our friendly, highly qualified business lawyers, solicitors and mediators will give you the guidance and reassurance that comes from customised legal advice for small and medium sized business.

Whether you are bringing or defending a legal claim, outsourcing work, want a business contract review to ward off disagreements, talk to an expert trademark lawyer, resolve a contractual dispute with methods like mediation and arbitration, or getting your new company set up and on the right footing with a robust shareholder agreement and GDPR standards, we can help you succeed.

defend a claim

Talk to a Lawyer

Book a Call
defend a claim

Essentials Plan

Join for Free