Ignite100 launched this month and provides, in addition to an original investment, a 13-week acceleration programme for 10 teams.
Finance for Business North East Technology Fund managed by IP Group, Finance for Business North East Proof of Concept Fund managed by Northstar Ventures and angel investors, including Hotspur Capital Partners and Green Lane Capital, have provided funding.
This latest accelerator programme is part of a recent wave of similar projects aimed at start-ups and entrepreneurs across the country. In London, there are a number of ventures situated in and around Old Street’s Silicon Roundabout technology community, while entrepreneur Mark Hales launched a £200,000 programme in Birmingham in May.
As part of Ignite100, participants will be able to access the experience, advice, know-how and counselling of more than 50 mentors including experienced entrepreneurs and venture capitalists.
Initially teams are provided with funding of £5,000 for each founder (up to a maximum of £15,000) and move to Newcastle for the programme where they receive intense mentoring and business support. Subject to the teams achieving pre-agreed milestones, the balance of the £100,000 will be released in the form of a
Jon Bradford, executive director at Ignite100, says, ‘With a mix of investment capital, intensive business development support from experienced mentors and external advice from key partners such as Google, Microsoft, Paypal and Amazon Web Services, we believe we can build a portfolio of innovative high-growth businesses that will redefine the digital industry in the North East.’