New Innovate UK Pilot for £1m Regional Angel Accelerator programme
An opportunity is available to apply to co-ordinate a new pilot £1m grant fund to provide non-diluted co-investment alongside angel-led deals in innovating businesses. The objective is to increase the regional angel capacity and interest in investing in earlier stage, technology disruptive businesses.
A study by the UK Business Angel Association and Beauhurst shows that almost 2/3 of all early stage investment is in to companies in London, the South East and the East of England.
Building on Innovate UKs Investment Accelerator model of deploying grant funding blended alongside private investment, we are piloting a scheme to encourage Angels to invest in early stage, disruptive technology businesses outside London, the South East and the East of England. We are looking for imaginative proposals that build capacity and interest in investing in these opportunities within angel networks and groups.
Applicants must include angel networks or groups, but collaborations could also include universities, Local Enterprise Partnerships, Growth Hubs. The successful applicant will partner Innovate UK by deploying a ring-fenced £1m of grant funding alongside Angel investments to a portfolio of companies. Innovate UK will provide technical assessments and the grant will change the risk profile in taking investments in early stage R&D activities.
The competition to receive applications from potential partners opens on 29th October and there is a briefing event in Birmingham on the afternoon of 7th November in Birmingham.
If you would like to find out more about how it works and how you could potentially deploy the funding then please contact me at [email protected]