Accelerator programmes Since mid 2000s a new method of incubating technology start-ups with these features : –Open, competitive application process –Provision of pre-seed investment –Focus on small teams not founders –Time limited support of events and mentoring –Cohorts or classes of start-ups Successful models operated in USA and Europe(e.g. Techstars, Y Combinator and Seedcamp) but limited to IT/Digital start-ups and modest initial investments Ref: NESTA discussion paper: The Startup Factories June 2011
icreate Accelerator Programme An annual cohort of 3-4 technology based SMEs to be recruited into the programme Basis of programme is to nurture and accelerate growth of high potential new products and processes in the Wilton Centre Innovation Accelerator incubator or adjacent areas The prize for the SME is investment funds(£50-£150k), support services, development programme, heart of industry positioning and mentorship; leading to fast track growth The prize for the investor is UK-wide filtered deal flow and enhanced probability of success/growth in a highly supported environment The prize for partners is active participation in new business development, brand positioning, co- investment/follow-on investment opportunity and service provision
Delivery through Innovation Partners Teesside University Finance for Business North East Rivers Capital Northstar Ventures IP Group Wilton Centre NESTA Tees Valley LEP CPI Ward Hadaway UNW PERA Optimat Siemens Barclays Lombard Asset Finance Redcar & Cleveland CC HR Helping Hand NEPIC
Timescales Set up Q4 2012 1 st competition opens January 2013 1 st competition closes end February 2013 Shortlisted candidates for up to three investments of up to £150,000 each by April 2013 Due Diligence by funders March – May Winners by June 2013
Benefits of icreate SMEs –Investment, support, environment(heart of industry positioning), network Investors –Deal flow, risk management, sector specialism Innovation Partners –New business opportunities, network synergies, exposure Wilton Centre –Potential tenants, business development capability, awareness, enhanced probability of client growth
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