The need for short term, flexible working capital can be a major hurdle for innovators seeking to bring their new ideas to market, but not for one Scottish product designer who we were able to support through our Business Finance product.
David Law, founder of musical accessories business Noisy Clan, approached Reward for help with his exciting project to launch two new products, which he hopes will achieve the global success of the company’s launch product in 2021 – an ultra-compact music stand called the ‘Wee Stand’.
The Edinburgh-based company was established in 2019 by David with the aim of developing a range of accessories for musicians of all ages and abilities designed to make practising and performing easier. Drawing on his experience of many previous successful product developments, including the most popular cases for Apple devices during his time running businesses in California’s Silicon Valley, David is already well on the way to building a unique product portfolio that is sold globally.
A £250,000 working capital facility provided by Reward is facilitating the development of Noisy Clan’s new products. One is called ‘Grandstand’, which is a music stand specifically designed for home use, and the second is its new ‘Decoder’ product – a learning tool to assist with music theory.
David Law, Founder of Noisy Clan, said: “Being able to access funds as and when we need them at this stage of the new product development process is vital, particularly to build market awareness, and that’s why we are extremely pleased with the funding provided by Reward.
“Brian Machray and the team really did go above and beyond, keeping us in the loop at all stages and even facilitating an initial 20% advance whilst the finer details of the agreement were being finalised.”
Brian Machray, Business Development Director at Reward Finance Group, added: “We are really pleased to be able to support Noisy Clan, a fantastic new business with a bright future whose fresh ideas are already gaining popularity in their market. Through our Business Finance product, David and his team have a flexible working capital facility that will help them ensure short term financial demands need not be a barrier to realising their growth plans.”