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Funding Innovation - icreate

Funding Innovation - icreate. Wilton Wednesday Wilton Centre Dr Michael Anderson, Business Development, Wilton Centre. Outline. Background Innovation Accelerator Accelerator programmes icreate The programme Delivery Timescales Benefits SMEs Investors Innovation Partners

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Funding Innovation - icreate

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  1. Funding Innovation - icreate Wilton Wednesday Wilton Centre Dr Michael Anderson, Business Development, Wilton Centre

  2. Outline • Background • Innovation Accelerator • Accelerator programmes • icreate • The programme • Delivery • Timescales • Benefits • SMEs • Investors • Innovation Partners • Wilton Centre

  3. Physical IncubatorThe Innovation Accelerator

  4. Business Development support

  5. Accelerator programmes • Since mid 2000’s 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

  6. 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

  7. 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 Delivery through Innovation Partners

  8. Timescales • Set up Q4 2012 • 1st competition opens January 2013 • 1st 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

  9. 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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