Despite what you might think, a recession is the best time to incubate an idea if your business is to build a strong foundation for the future.

Glen Manchester, chief executive of software company Thunderhead, thought so when he established it in 2001, following the dot com bust.

He realised competitors would be focused on efficiency savings and that, by spending time planning and researching the market, he could dramatically differentiate his product.

As a result, the company achieved an unbeatable growth rate of 28,558 per cent between 2003 and 2007, and first place on the 2008 UK Deloitte Technology Fast 50.

The message is simple: step back, take a long hard strategic look at your idea and position it correctly — then pitch for all you are worth.

If you have an idea that requires little in the way of resources then you are lucky but, for most ideas to get off the ground, financial backing is needed and selling can be one of the more difficult aspects of innovation.

But help is at hand to ensure you can convince those with the money to invest in your idea. Initiatives range from mentoring schemes run by Finance South East and TBAC Centres, to the social networking site Cmypitch.com Ask any of these organisations and the advice would probably be the same. Show the decision-makers what is in it for them.

Why should a manager, banker, venture capitalist or private investor buy-in to your idea, rather than another?

What can you say that will convince them that you are not putting money at risk, and that they will obtain the payback they seek?

If you are to do this successfully, you need to have a viable proposition and be very clear about what business you are in.

What do we mean by a viable proposition? Whether you are establishing a start-up, or growing an existing business, investors will want to see: o All the elements for a successful execution are in place o Your idea works or meets a need o You do not have all your eggs in one basket when it comes to customers and suppliers o You can demonstrate how a cash injection will make a major difference to growth For Sahar Hashemi, founder of Coffee Republic, the most important aspect is intimate knowledge of the market.

She believes there is no excuse when you can Google for information in seconds but she is surprised how badly this is done. In other words, do your homework.

If you prepare correctly, not only will your assumptions appear credible and your projections stack up, but your strategy is likely to include a sizeable order book, because you are solving a problem which nobody else has identified.

Depending upon the type of solution, you might also have the advantage of a patentable product, which makes your business defensible from competitors.

This is an attractive proposition for investors looking to secure multiple return on their investment in three to five years’ time.

However, you should not underestimate the ‘market value’ an experienced management team can add to an enterprise.

Business angel Permjot Valia recently invested in two Internet businesses. One was given a pre-market value of £10.6m, and the other a value of £460,000. He claims the only difference between the two was the level of management experience.

The second piece of the jigsaw is clarity. This becomes even more important if you are selling an idea verbally. Unfortunately, being so close to the idea can often make it harder to talk about its benefits.

The investor will want to know there is somebody who can sell the idea to potential customers.

If public speaking is not for you, get somebody from the company who is good at presenting to put forward your case.

But if you do decide to take on the role of spokesman, consider these points: o What is the objective?

o Who is the audience? What are they looking for?

o What are the key points about the idea?

o What is the best way to engage investors?

o Give them the opportunity to respond.

Fear can often be the biggest killer of a new idea. Another tip is to observe a number of pitches at local events such as the Thames Valley Innovation Conference or Venturefest, to hone your skills.

Undoubtedly, credit will remain harder to source, but take heart from Richard Lambert, director general of the CBI, who is reported to have said that bold equity investors are likely to play an important role in the reconstruction of the economy.

But they are no fools, and the trick is to ask for their cash in the right way.

o Contact: emma@emmathompson.me.uk Call 07832 268383, or see the website www.emmathompson.me.uk o This page is compiled by Science Oxford Networks: www.scienceoxfordnetworks.com