VENTUREFEST, the annual regional gathering of entrepreneurs and investors, has been hailed as “phenomenally successful” despite a £75,000 shortfall.

That was the verdict on yesterday’s event by organiser Chris Wilson, as hundreds of business people swamped the 46 stands at York Racecourse.

The Venturefest team had to suddenly cut their cloth this year when they lost funding from the doomed Yorkshire Forward regional development agency and Business Link Yorkshire.

Mr Wilson said: “It was phenomenally successful in the light of a shortfall of public sector support.

“York Professionals Board and the Venturefest team rallied together to stage this eighth Venturefest, which was an achievement in itself.”

Mr Wilson said there was no way of knowing whether as many as 2,000 people had again passed through the doors, though he said this would have been difficult to achieve.

That was because one of the casualties this year was the hugely popular University Showcase, which had to be dropped, and in the past a significant number of those attending were students.

“It’s a tragedy because these graduates are a pipeline to the future,” he said, but hoped they would be back if European funding was found to finance the showcase.

The day began with a networking breakfast with the company Gaist, last year’s Innovation Showcase winner.

It continued with numerous talks, including ones given by entrepreneurial graduates from York St John Business School about spreading innovation around the world to increase profit, and investors offering advice on what makes them invest.

The event closed with a gala dinner, when the winners of Innovation Showcase and the Investment competition were announced.