£10,000 Investment Package Launched for North East SMEs
Access to business support and investment funding for innovators in the North East Fund of England.
The North East Innovation Fund is being provided through a partnership between investment firm Northstar Ventures and Newcastle support agencies Generator and Auxin Services. The programme has been established to offer innovators in the North East access to business support and investment funding.
The initiative is intended to help entrepreneurs and their companies shape and refine their innovative ideas to validate their commercial proposition. The support offered is expected to aid businesses in their ambitions of successfully presenting to investors and engaging better with potential customers.
Applicants will be asked to demonstrate their unique idea, product or service and prove its worth. They will submit a business idea to a panel made up of experienced investors, business analysts and investment readiness coaches.
For qualifying and successful companies, there is a ¬£10,000 funding package available. The package has two elements:
- ¬£6,000 to be used by the business to build the initial proposition or even prototype.
- ¬£4,000 to fund the support being offered and deliver outcomes.
Applicants will also benefit from peer-to-peer knowledge sharing and new networking opportunities.
SMEs operating in the North East LEP area (County Durham, Northumberland and Tyne and Wear) across all sectors can apply.
CEO at Generator, Jim Mawdsley, said:
“This is a brilliant opportunity for businesses that have unique and new ideas to access expert guidance in how to articulate their innovative ideas to potential investors and embed some best practice systems and processes to give their business the best chance of success.”
The deadline for applications to be received is Wednesday 12 September 2018.