Case Studies

SpineStrength

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The concept: 
Douglas Higgins (MEng) is a carbon trader, and more.

Whilst reading Mechanical Engineering at Imperial, Doug saw a problem. Being an avid gym goer and rugby fanatic it became clear that there was no definitive exercise equipment to improve scrum technique.


He went on to excel in demonstrating the enthusiasm, innovation and entrepreneurial spirit that encapsulates the characteristics we are looking for at FIG.
He began the patent application process to grant him the exclusive rights to develop resistance-training machines that rotate about the C7-T1 vertebrae.

Doug needed £70,000 to get the patents secured and see company moving.


How we helped them:
We helped him clarify his plans and helped create a precise product roadmap. We worked with FIG Strategic Partners (2020 accountants & ip21) to create reliable financial forecasts and to complete the patent protection process. Having raised the finance, Doug’s company, SpineStrength, has had the patent granted in the UK and entered the national phase. We also worked with a FIG Strategic Partner (clock) to negotiate a debt for equity deal that has seen and tremendous results for the company and freed up cash-flow.

We went on to negotiate a similar debt for equity deal with the main suppliers, Rob and Andy from Leisure Lines, who also have added significant value to the company with their years of experience. The prototypes are in development and the panel of Non-Execs include two FIGureheads with experience in manufacturing and medical PR. With the list of potential customers signing letters of intent to purchase the equipment growing daily, SpineStrength is set to make a significant impact.


Our involvement now:
FIG has a director on the board and holds weekly meetings with Doug to check on progress and offer advice. SpineStrength, the company that holds the patent for the revolutionary piece of kit designed by Doug, has found in us investors, accountants, lawyers, advisors, a sales team and customer network.

12

schools involved from
across the UK & Ireland

152

hardworking student
entrepreneurs registered

207

ideas pitched
on PMC

£3,000

granted to PMC
winners (and counting)