Funding Innovation - icreate Wilton Wednesday Wilton Centre Dr Michael Anderson, Business Development, Wilton Centre
Mar 26, 2015
Funding Innovation - icreate
Wilton WednesdayWilton Centre
Dr Michael Anderson, Business Development, Wilton Centre
Outline
• Background– Innovation Accelerator– Accelerator programmes
• icreate– The programme– Delivery– Timescales
• Benefits– SMEs– Investors– Innovation Partners– Wilton Centre
Physical IncubatorThe Innovation Accelerator
Business Development support
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
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• 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
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