Digital entrepreneurs invited to bid for a share of £0.5m
DIGITAL entrepreneurs in the West Midlands have been invited to compete for a slice of a £500,000 social investment fund.
The Tech for Good Challenge initiative is a partnership between Big Issue Invest, the social investment arm of the homeless charity, and Nominet Trust, with support from several corporate partners including LDC, Birmingham-based Unity Trust Bank, Bank of America Merrill Lynch, MITIE, Salesforce Foundation. It is also supported by The Big Lottery.
The challenge, which is now open for entrants, aims to identify England’s most innovative and disruptive early-stage ventures whose imaginative use of digital technology is expected to have a profound impact on the future life chances of young people.
Up to 20 teams will be selected for an intensive mentoring programme with 10 finalists chosen to receive investment of up to £50,000, as well as ongoing support.
Commenting on the initiative, Martin Draper, regional head of LDC in the Midlands, said he hoped entrepreneurs from across the region would step forward and seize the opportunity to develop their businesses.
“The West Midlands has a well-deserved reputation as a hotbed of digital innovation and technology expertise. This is a perfect opportunity to secure not only funding through the challenge, but also to access a pool of business expertise to help fuel the growth of their enterprises. We’re keen to see the region flex its creative muscle and play a big role in this, as well as playing a part ourselves in mentoring those businesses that can make a real positive social impact,” he said.
Early-stage ventures that fit the criteria are invited to submit information about their enterprise, product or service via a form on the Big Issue Invest website at http://bigissueinvest-csv.com/ . Applications close on April 15.
Nigel Kershaw, chief executive of Big Issue Invest, said the funding opportunity was designed to find businesses which were helping others through the use of technology.
“It’s not just about providing these ventures with money. It’s about our corporate partners providing their resources, expertise and market knowledge too. By ensuring they are truly engaged with the ventures in which they are investing, we redefine the idea of corporate social responsibility. Our ultimate aim is to create an environment that makes it easier for young people to change their lives,” he said
Peter Kelly, Business Development and Marketing Director of Unity Trust Bank, added his aim was to provide support that boosted local economies, created jobs and encouraged the development of communities across the UK.
“Because we are a social enterprise ourselves, we are committed to enabling social development in the communities we serve and contributing to a more sustainable society. Supporting the Tech for Good Challenge allows us to invest in the future of young people and provide finance to support ideas around digital technologies that deliver social impact,” he said.
