£1.5m funding for tech entrepreneurs secured
MORE than 30 start-up technology-focused social enterprises are set to benefit from £1.5m government grant.
Businesses which qualify for the Social Enterprise Accelerator scheme will receive seed funding, intensive mentoring and work space over a three year period.
The Social Accelerator Programme in Manchester will fast track high growth technology start-up businesses in the North which combine both commercial and social objectives. It is being run by partners dotforge, an established for-profit technology accelerator, The Royal Society of Arts and UnLtd, the world’s largest supporter of social entrepreneurs.
Doug Ward, co-founder and chief executive of TechHub in Manchester and adviser to the government on technology, is part of the set-up team and involved in securing the funding.
He said: “This is a real boost for the technology sector in Manchester. However, to capitalise on the funding we need the business community to recognise the investment potential offered by tech start-ups and get behind us.
“This is both an opportunity and a challenge for our region. An opportunity to demonstrate that investor capability to support tech activity does exist outside London. We need to stop local success stories from migrating out of the area in search of capital, these fledgling businesses could be the next Google and we want to enjoy the economic benefit.”
Entrepreneurs that are selected to join this Accelerator programme will work out of FACTORY – a new facility on the former Granada Studios site in central Manchester currently in development where start-ups, businesses, academics and corporates will collaborate and network.
The Social Enterprise Accelerator will support a minimum of 36 digitally-focused, social start-up ventures in co-working spaces, providing £20,000 seed funding, mentoring, support from global business and technology partners, fast-track access to key decision-makers and second round investors. There will also be a follow on equity fund of £260,000 per programme.
