29.10.07
Angels help new business to fly

After a Dragons' Den-style presentation, a new Cornish business has won a £100,000 investment through Business Link Devon and Cornwall's Business Angels programme.

A consortium of three Angels offered Nick Schemanoff the six-figure sum for 40 per cent of his Depict3D.com business which puts 3D models of buildings on to the Google Earth model of the world.

"Businesses needing finance to expand often try a variety of routes but may not have considered Business Angels," said Nick who set up Depict3D.com in April in Gunnislake after receiving advice from Business Link's Information Gateway.

Using innovative techniques such as photo-realism, satellite imagery and aerial photography, his new independent modelling service meets a growing demand from businesses, institutions and local authorities to highlight their buildings on Google Earth and attract more people to them.

Depict3D.com draws models to a professional standard, using technology driven by the 3D drawing package Sketchup, and then places them in the Google Earth repository.

His website, www.depict3d.com, is now up and running and features clients, including the China Fleet Country Club at Saltash, The National Trust (Cotehele House) and the Innkeepers chain of hotels, whose models were developed in the pilot stage.

Needing finance to grow the business, he contacted Business Link Devon and Cornwall whose Business Angels programme was recommended by financial packaging specialist Yvette Coles, who explained: "We vet all applications and offer coaching to get the businesses investment ready.

 "We then circulate the 60 Angels with a two-page synopsis of the unidentified business and hold a monthly presentation. Usually around a dozen turn up, depending on their particular interests. We also hold a bigger annual event which is more like a trade show with exhibition tables."

Within one month of applying, Nick presented to the Angels and was offered £100,000 for 40 per cent of his business by a consortium of three.

Their leader, Ian Coggins, explained: "One of the many strengths of this business is its ability to address and benefit different markets. Our investment will help to kickstart a sales and marketing campaign, employ modellers and enable the business to grow more speedily."

Commented Nick: "I was amazed at how quickly it was all sorted. Basically we needed the finance to exploit the full potential of what is currently a home-based venture. I was very mindful of the need to bite the bullet and get sensible backing in place.

"Yvette was really helpful – she planned the presentation at the end of July and contracts incorporating the new company with the backers were signed within a month," added Nick, who is an IT professional with many years experience in sales and marketing whose grandparents came to the UK during the Russian Revolution. His grandfather, former military attache to the Tsar, later returned and was killed by the Communists.

Depict3D.com's customer base will cover a broad range as businesses using Google Earth include hotels for people looking for somewhere to stay, historic buildings to showcase their buildings and local authorities to support their tourism departments – as well as building companies, shopping centres, planning offices and estate agents.

The service also creates a free educational resource for schools and various other benefits. For example, having a 3D model on Google Earth automatically generates a 3D icon which can give a description of the model/business, contact details and links to relevant websites.

In addition, once a model has been built, it can be animated and exported into a format that allows it to be viewed in a media player and placed on a business's website as a promotional aid.

For further information please contact Carolyn Daw, The Marketing-PR Company, on 01566 771863/07866 697057 or email cdaw@marketing-pr.co.uk

The Objective One Programme for Cornwall and the Isles of Scilly has invested in Business Link Devon and Cornwall through the European Regional Development Fund (ERDF) and the European Agricultural Guidance and Guarantee Fund (EAGGF).

Editor's notes:

Business Link provides a free information and enquiry service via an information gateway on the web www.businesslinksw.co.uk and via the telephone on 0845 600 9966 to all businesses and those considering starting a business. Additionally it provides impartial business advice and support through a network of partner organisations, which it co-ordinates, and a register of independent business practitioners. Business Link for Devon and Cornwall delivers the national Business Link service to the region under contract from the South West RDA.

Business Link has received Objective One investment (European Regional Development Fund and EAGGF) to help companies improve performance and grow.

Clare Morgan
Media Relations Manager
Objective One Partnership Office
Castle House
Pydar Street
Truro TR1 2UD
Mobile: 07973 813647
Telephone: 01872 223439

cmorgan@cornwall.gov.uk

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