Europe’s first £1m startup accelerator is currently taking applications. Ten companies will come together in the North East with £100,000 each and support from mentors to push forward their startup ideas.
The programme, run by Ignite100, has a short application period of just three weeks and closes on July17th. The accelerator will start in Newcastle in September.
There are four parts to the programme:
Shape: Through a series of mentor events with entrepreneurs, angel investors, venture capitalists and significant businesses each start-up is challenged to help the founders answer: are the underlying assumptions correct? Is the business proposition the best it can be or should it be re-shaped?
Build: Each start-up develops their product, their business model and their customer proposition. Concepts and prototypes are tested in sessions with potential customers under the guidance of the teams’ mentors.
Sell: ignite100 ends with the Investor Day where each team presents their business proposition to angel investors and venture capitalists. Using the Shape and Build stages as the foundation the Sell stage sees founders develop their presentations, their presentation skills and their product demo.
Launch: Subject to teams meeting pre-agreed milestones, the balance of the £100,000 funding will be released, allowing teams to build upon all the learning achieved during the programme and providing the runway necessary for further funding.
ignite100 has been launched with the support of Finance for Business North East Technology Fund, managed by the IP Group, and from the Finance for Business North East Proof of Concept Fund, managed by Northstar Ventures, together with a group of angel investors including Hotspur Capital Partners and Green Lane Capital.
The Finance for Business North East (FBNE) Technology and Proof of Concept Funds are two of the seven venture capital and loan funds established as part of the £125m FBNE programme which is backed by the European Regional Development Fund, the European Investment Bank and One North East.