History The company, formed following an MBO from an international household name, had taken a leading role in the development of an intelligent loom to be used in motor vehicles greatly simplifying the connectivity of various in-car entertainment and information systems. Not only is the loom lighter (fibre optic cables are used), but the in built intelligence allows for 'plug & play' thereby greatly easing production and allowing dealer retro-fit. Although the technology had been adopted as the industry standard, further funding was proving difficult to find despite the involvement of the corporate finance department of a 'big 5' firm. SME Corporate Finance involvement Recognising the need for urgent action and perhaps a fresh approach, we held discussions with management and quickly identified a weakness in the company's rights to exploit the technology. This problem manifested itself in two ways: (i) distinct commercial implications for the future (ii) an immediate turn-off for potential investors (or something that any good due diligence exercise would reveal). We felt that progress could not be made unless this issue was addressed and effected an introduction to experts in the field of IPR and patent pooling who have assisted the company reach the agreements necessary to exploit its developments and protect its interests. In the meantime we worked with the company to revise its business plan, particularly in the areas of financial projections and sensitivity analyses. Together we promoted its future prospects to gain the interest of potential sources of funding. These could be categorised under three main headings: (i) UK institutions (ii) NASDAQ (iii) Joint venture partners. In the end it was a combination of (i) & (iii) that proved most appealing with around two thirds of the requirement to be filled by two UK institutions and the balance from a Japanese trade investor. The advantage of this strategy is that it leaves the NASDAQ angle open for a time when the multiples will be stronger and it provides an exit route, in whole or in part, for the investors at this round.