Basemap

7thNov 2011

Basemap were introduced to SETsquared in Spring 2011. At that time, Basemap were in need of additional funding in order to expand the business and looked to SETsquared for help. Ben Partridge, SETsquared's Entrepreneur in Residence immediately began working with the Basemap directors Simon Court and Richard Steele. The aim was to look at the Basemap business plan and get Basemap ready for potential investment. 

Ben's advice allowed Basemap to become more focused on the key essentials that investors are looking for when investing in businesses. Ben, Sarah and Sophie (the SETsquared team) worked with Basemap on their pitch and this culminated in the opportunity to pitch to Surrey 100 club members in May 2011. The pitch to Surrey 100 was successful and several investors were interested although the interest was not strong enough to warrant investment at that time.

BasemapAround this time, SETsquared also helped us to apply for research funding through ISIC and Basemap were able to get a grant for £15,000 which has allowed for the development of a solution that compares bus timetable data with GPS tracked data to investigate bus punctuality. Essex County Council provided the basis for a trial of this solution and are extremely impressed with the results. It is now hoped that this solution can be sold throughout the UK council transport planning sector.

In Summer 2011, Basemap were struggling getting a small extension on their business overdraft. Ben arranged a meeting with the International Commercial Manager for HSBC, who spent nearly two hours discussing Basemap. Subsequently, this has led to Basemap acquiring the much needed overdraft facility.

Basemap, now has a firm financial footing and has just won two large bids for Association or Train Operating Companies and for Traveline. SETsquared continue to provide Basemap with adhoc advice and have been key in helping Basemap to become a successful and expanding SME.