To begin the process of endorsement for UK startup and Innovator business idea, candidate should perform a well researched market analysis and find an innovative business idea. Once a preliminary research is concluded, candidate should write a two page business summary or pitch statements. It should not exceed a reading time of around two minutes. Different business endorsement bodies have varied criteria for submission of business idea for endorsement purposes. However, most of them ask for a brief outline of your business idea.
What should you write in a two page business summary or pitch statements?
In the business summary, you should demonstrate how your candidate profile relate to your business idea. This is an important element as it is related to viability of your business idea and according to immigration rules endorsement bodies must evaluate whether the business idea is a viable business idea. Your initial market analysis should have revealed an innovative product or service. You should discuss why your offerings are innovative and is not readily available in the UK. This will be very difficult task as it would involve an in-depth market research. Scalability will be third most important element in a business idea that endorsement body must consider given UK startup and Innovator Immigration rules. Only scalable ideas will be acceptable for UK Startup visa and UK Innovator visa. In addition to Innovation, Scalability and Viability of your business idea you should also consider elements such as target market, resource requirement and personnel plan.
Start sending your business summary to relevant endorsement bodies
At the start of endorsement process, you should visit the UK home office webpage listing the current list of endorsement bodies. The list mention the name of the endorsement bodies, their contact and website address, their core areas of expertise, their business support offering, their business development support programs, expected intake of applications, etc. For detail you should contact them through their contact forms. Due to large amount of applications they receive they may take time to respond. Majority of endorsement body requires you to send business plan summary as a first step in business idea endorsement process. If your business idea is most likely to conform to immigration rules, you will be contacted by them to send them a detail business plan.
You first detail business plan to UK Endorsement bodies
Once you receive an invitation to apply for a full business plan, you should consider the criteria of the business plan template of the relevant endorsing body. In addition to the requirement of UK home office including the innovation criteria, Viability and Scalability, the Endorsing body may ask you to furnish additional information or criteria. You should answer their questions to get your business plan acceptable. Perform a recent competitor analysis, target market analysis, startup funding requirement, projected income analysis, payroll analysis, SWOT analysis, etc. Describe and discuss why you consider your business idea is Innovative, scalable and viable. Give reasons why you consider your product or service is unique and its is not readily available in the UK.
Don’t be dishearten by the response of UK endorsement body
Endorsement body may take time to respond after getting the detail business plan. They may reply that business idea is already in practice by local competition and is not unique. Do in-depth research again and find some lacuna in business offerings of local competition. Once you understand the local competition you will be able to come up with a unique business idea. Reapply the updated business plan to the relevant endorsement body. You should continually negotiate with the endorsement body in order to get endorsement of your business plan.
Engage in commercial negotiation
Once the endorsement body accepted your business proposition, they will send you the commercial agreement which will document the type of service you will receive from the endorsing body and fee structure. You should be able to sign up with the endorsement body and get endorsement letter. The endorsement letter will have the reference number which you can use in your immigration application.