A Coventry company is to help ideas venture onto the internet by getting funding for new companies to develop on-line products and services.

Crimzon.com has been formed to get new firms through the early stages of working with on-line innovations.

The venture partners will provide different levels of assistance for entrepreneurs with ideas for the internet.

In some cases the Coventry company will be finding money to allow a scheme to be developed.

But people without a commercial background will also be offered assistance in drawing up business plans and preparing the necessary structure to attract investment.

This will allow the people with the ideas to concentrate on developing their product rather than having time taken up with running the business side.

Crimzon.com was started by businessman David Lloyd, who is an ex-managing director of two engineering firms, when he realised there was a niche in the market.

Major venture capitalists in London were refusing to get involved with smaller schemes outside the capital that were in the early stages of development.

He sold his businesses last September having decided that the Internet was about to take off in the UK, with the aim of developing up to a dozen web businesses over a two-year period.

Nicola Lloyd of Crimzon.com said:

“They were only investing in one or two internet projects, when we were seeing 800 a month.

“We would like to see the opportunities that are in London brought to the Midlands.”

The firm, which will make its profits from taking equity in new ventures and providing advice, marketing and business plans to some of its clients, will use a network of contacts to get a tailor-made service for its customers.

It is anticipated the initial investment will be between £5,000 and £50,000 to get a new business rolling.