Skip links
Funding new software

Funding New Software

Are you a business owner?  Are you fed up with manually managing your cash flow and spending all of your time with you head in spreadsheets when you just want to focus on making your business a success?


It sounds like you need software.


Now that you’ve decided to get software, you know which one you need and where to get it,  but the only problem is the business doesn’t have enough money to pay for it.


Luckily, that’s not the end of the road and there are ways you can get funding to finally get the software package you need to make your life that whole lot easier.  Today we’ll run through some ways in which you can secure funding for your business.


If you are an emerging business or have been identified as high growth, it might be possible for you to get some grant funding for your software project.


Typically, the implementation services might be part funded, or a full scoping exercise might be funded up to a point.  Software licenses are usually not included int he grant funding award.


In Scotland, you can speak to Scottish Enterprise.  They have a wealth of experts and various grant and funding options available to businesses of certain size and criteria.  One of their technology advisors can provide you with updated and accurate information on how to apply for grants for your business.


Young Company Finance (YCF) Scotland is a publication that can also provide you with insights and tips into taking your business from the start up stage to the maturity stage.


Investment in new business software is seen as a crucial step towards the ongoing success of your business.  It can be viewed as you preparing your business to grow therefore most funding bodies will offer some kind of assistance with the costs.


If you are preparing to raise finance for your business overall, here are some ways to help you get the ball rolling:


Local Government

EOS Technology Investment Syndicate – as entrepreneurial led group of private angel investors who provide seed funding to start ups or early stage science and technology businesses.


SMART:SCOTLAND – A Scottish Enterprise service which provides grant funding to Scottish SMEs to undertake things such as feasibility studies.


Scottish Loan Fund (SLF) – offers funding to established businesses with sustainable operating profits and positive cash generation across all sectors.


Angel Investors

Angel Investors can be a good place to start when looking to secure funding.  Typical angel investments can be anywhere between £10K-£750K.  With Angel Investments, if you have the basics completed, you can get a decision fairly quickly.  The basics would include a water tight business plan and evidence of your finances (which software can provide).  Try and find a group who match your industry sector or have the same sector experience.  This will make the concept easy to visualise and also provide a rich source of added expertise.


Here are some Angel Investors you might be interested in checking out:


Gabriel Investments – recognises the need to ensure a safe environment for the right business ideas, innovation and ambition in Scotland and have created as access to funding for pre-start up and start up businesses.  The ideas are put before the Gabriel Syndicate and one idea is chosen for investment, nurturing and support.


Archangels – and Edinburgh based angel syndicate which has been investing in Scotland early stage technology businesses for over 20 years.  Typically £10 million per annum is invested into Scottish businesses by this group of over 60 investor members.


It’s also worth noting that for future investments, if you have software implemented that can provide potential investments with up to date financial information at the click of a button, then you will be in good stead in the minds of the investors.


Innovation Funding

There is funding to be had for innovation and development – especially if you work in collaboration with Scottish Universities and their academic expertise.  Companies such as Interface can connect you to academic expertise and can help with funding options.  Their scheme is open to all small and medium sized enterprises in Scotland who are partnered with an academic establishment.  Even if you are not partnered, they can help you find a partner.



Crowdfunding, or crowd sourced capital, though less conventional, can be a great way to get funding through donations.  There are many crowdfunding websites out there to start your journey.  But remember to protect your idea through intellectual copyright before publishing your idea online.


Crowdfunding can be a good PR exercise too as your idea could go viral.  It is worth knowing, however, that if you fail to reach your targeted amount by your deadlines then all investment will be returned to the donors.


It is also useful to know that your idea needs to be simple as people will not get behind the idea if they don’t understand it.



Once you’ve secured your funding and you are ready to invest in software that will make your business life easier, Cofficient can help.  We can provide you with the latest NetSuite packaged that are geared exactly towards your growing business.  Through the use of automation, NetSuite can provide you with valuable data and insights without the need for spreadsheets.