LBS alumnus receives grant from Innovate UK
Rapid Recap will use its £47,959 grant to help businesses affected by Covid-19
13 August 2020
Justin Patrick (MBA 2017) has secured a grant of £47,959 from Innovate UK for his new app, Rapid Recap, which aims to connect businesses affected by Covid-19 with angel and institutional investors to raise money.
Innovate UK is a non-departmental public body and acts as the UK government’s innovation agency. Its Fast Start funding programme has been set up to promote business-led innovation in response to the global pandemic.
Commenting on the achievement, Justin said: “We are honoured to be given this opportunity to support Innovate UK's Fast Start funding goals and look forward to assisting businesses and investors in forging new relationships to emerge stronger than ever.”
“As a major innovator of digital services in corporate finance, we are sharing our solutions with the broader business community to promote increased capital formation, innovation and competitiveness.”
The free Rapid Recap app is in the same product family as Peregrin Marketplace, a hub for businesses started by Justin in 2017 that provides transaction management solutions for private equity and corporate development. Rapid Recap will be released to companies and institutional investors in August 2020, with a special focus on businesses that have been unable to access the Future Fund or CBLIS government financing support programmes.
Rapid Recap profiled by Digital Humanities Institute, University of Sheffield
Rapid Recap is a project to facilitate private rescue financing for the UK's most innovative high-growth businesses adversely affected by COVID-19.
These businesses are largely not eligible for the Enhanced Coronavirus Business Interruption Loan Scheme (CBILS) and have cash requirements that exceed other forms of available government support. The total affected market includes an estimated 30,000 businesses, which employ an estimated 3.3 million people (10% of UK jobs) and contribute £196 billion to the UK economy each year.
Our objective during the project period is to facilitate over £200 million in additional private rescue financing for these UK businesses. We will achieve this by providing free online resources to fast-track financing, with content that includes (1) standardised and customisable digital documentation, and (2) a portal for rapid exchange of information between fundraising UK businesses and angel investors, venture capital (VC) firms, non-bank lenders and other qualified financiers in the UK and abroad.
Rapid Recap is distinct from other available products and services because it will be tailored to the COVID-19 funding environment, will be designed for rescue financing (in addition to conventional financings), and will be provided as a free service to qualified users during the project period.
The project will (a) apply rapid application development (RAD) methodology, (b) showcase cutting-edge technology for dynamic data-driven web services, and (c) leverage Peregrin’s existing intellectual property, content and software architecture to allow for accelerated deployment.
The project outputs will include the Rapid Recap web application and associated documentation (user requirements, technical documentation, user design, penetration and vulnerability report).
Client and Project Leader’s Website
Justin Patrick, Project Director (Managing Director — Peregrin Marketplace Limited)
Darren Chowles (Senior Developer — ID Studio Web Agency Limited)
Matthew Groves (Research Software Engineer — The Digital Humanities Institute)
Michael Pidd (Director — The Digital Humanities Institute)
Alan Broadhead (Director — Broadhead Consulting Limited)