Member Article

Support for Manchester technology start-ups

A Manchester-based technology start-up programme based has secured £1.5m funding from the Government to back social start ups.

The funding to the Social Enterprise Accelerator scheme will help support at least 36 social start-up ventures with seed funding, intensive mentoring and work space over a three year period.

Local businesses and investors are being urged to get behind this investment opportunity, which must be match-funded by January 22, 2014.

The Programme will fast track high growth technology start-up businesses in the north, which combine both commercial and social objectives, and is being run by partners dotforge, an established for-profit technology accelerator, The Royal Society of Arts (RSA) and UnLtd, the world’s largest supporter of social entrepreneurs.

Doug Ward, co-founder and chief executive of TechHub in Manchester and adviser to 10 Downing Street on technology, is part of the set-up team and involved in securing the funding.

He said: “This is a real boost for the technology sector in Manchester. However, to capitalise on the funding we need the business community to recognise the investment potential offered by tech start-ups and get behind us.

“This is both an opportunity and a challenge for our region. An opportunity to demonstrate that investor capability to support tech activity does exist outside London.

“We need to stop local success stories from migrating out of the area in search of capital, these fledgling businesses could be the next Google and we want to enjoy the economic benefit.

“Technology is one of the big growth sectors worldwide and if we really want to meet the challenge of establishing a technology hub here in Manchester then the investment potential needs to be understood.”

Entrepreneurs that are selected to join this Accelerator programme will work out of FACTORY – a new technology hub in central Manchester currently in development where start-ups, businesses, universities and corporates will collaborate and network.

Lee Strafford, entrepreneur and founder of Plus Net, is also backing the fund. He said: “The shift towards a more US-style investment into tech start-ups is already happening in the UK.

“This is good news. With this type of accelerator programme, investors are able to see returns from a wider pool of start-ups rather than the old style of taking a majority stake on a single business which might or might not flourish.

These types of businesses can scale extremely fast and are an attractive proposition. It is exciting that this kind of investment opportunity now exists outside London. It is good for business and good for our region.“

This was posted in Bdaily's Members' News section by Simon Malia .