Start-up champion seeks potential entrepreneur partners

Liverpool cofoundery Nova, which has already invested in more than 80 technology start-ups, is looking for at least another 38 entrepreneurs to partner with by the end of 2019.

Nova teams up with aspiring entrepreneurs who have an initial idea, giving them financial support, mentorship, and a team of experts to help create and launch a tech start-up.

It removes the most common risks for new entrepreneurs who can take part in the free programme while continuing with their day jobs and are not required to risk investing any of their own money.

So far, it says, it has generated more than £100m in shareholder value from its start-ups, and created in excess of 200 jobs.

Research suggests that the majority of start-ups in the UK are unsuccessful, with 92% failing in the first three years.

However, Nova says its start-ups are six times more likely to succeed.

It says this is due to Nova’s ability to tackle the five reasons for failure: building something nobody wants; the wrong cofounders; hiring the wrong people; failing to execute sales and marketing; and chasing investors rather than customers.

These are the most common reasons, and are responsible for 80% of unsuccessful start-ups, claims Nova.

While entrepreneurs from all over the UK are encouraged to apply to Nova’s Mentorship and Investment Programme, entrepreneurs from Manchester or Liverpool made up 28% of the applications, with the North West matching London.

Andrew Dean, head of partnerships at Nova, said: “Launching a start-up is not easy. There are plenty of challenges, especially early in the process where the most common mistakes occur.

“Meanwhile, entrepreneurs worry about having to quit their day jobs to make a go of it, or needing to invest their own money and risk losing it.

“We aim to ensure that no brilliant ideas for new technology are wasted, so we remove all the risk and provide guidance through every stage of the process.”

He added: “We’re thrilled that so many ambitious and talented people local to our headquarters in Liverpool are applying to work with us.

“In 2019, our goal is to partner with a minimum of 38 entrepreneurs.

“We want to encourage anyone with a great idea to apply, and are looking forward to exploring new, innovative ways of solving problems with technology.”

Previous Nova success stories include Aquarate, a suite of sensor-based products which digitise NHS processes and increase the quality of patient care.

It was developed by former LJMU student Rebecca Taylor in her final year and Nova helped her to develop the product and launch it commercially.

Aquarate is working with the Liverpool Royal Hospital, and other leading hospitals across the UK, and the products are set to be trialled with patients within the next year