• We prepare a summary of the proposal and the suggested investment terms (after preliminary negotiation with the technology transfer office)
• We may carry out further technical due diligence using independent experts on the technology or the market
• After consultation with colleagues the Rainbow Investment Director can approve a Pathfinder investment

(2) Investments greater than £25,000

• We prepare a summary of the proposal and the suggested investment terms
• We may carry out further technical due diligence using independent experts on the technology or the market; generally this will be supported by a pathfnder investment by the fund
• Usually, we ask you to make to make a presentation to our advisory board, Spectrum. The board meets at least every 3 months but can meet more frequently where there is a need to move quickly
• Occasionally we will put a proposal to the Spectrum Board at a preliminary stage, without seeking an investment recommendation, especially where a point of principle is involved, or our Board's experience might help in the decision
• If a proposal has the support of the Spectrum Board (who may suggest changes to the proposal), the Fund will ask the Fund Manager (Midven) to formally approve an investment. The Fund Manager will not approve an investment which does not have the support of the Spectrum board. Investment decisions are made by the Midven board, which comprises its non-executive chairman and senior executives of the company, including Rainbow's Investment Director.