News - 04 March 2014

£40k Boost for Next Generation of Nottingham Entrepreneurs

Notts entrepreneurs have the opportunity to win 16 £2,500 prizes from one of the city’s programmes designed to create the next generation of Nottingham start-ups.

The prizes, totalling £40,000, are being offered by the Next Business Generation (NbG) programme. The NbG programme has been designed to radically change how start-up businesses are created and supported in Nottingham City’s three priority sectors of digital, clean tech and life sciences.

The NbG provides intensive support to develop the next generation of Nottingham entrepreneurs. It is run by BioCity and strategic partner, the Nottingham Clean Tech Centre and Accelerace.

This is the first competition of its kind from NbG. The £40,000 prize fund challenges local entrepreneurs to clearly define and evidence the ‘customer group’ for their business idea, and the ‘problem’ that the proposed product or service addresses.

The NbG programme is part of the Nottingham Growth Plan, a strategic collaboration between Nottingham’s key public and private sector organisations aiming to drive the city’s economy forward. 

The programme was created because Nottingham City has the lowest one year business survival rate among the core cities, which suggests more support is needed for companies through the early stages of development.

The NbG is a flexible programme that has been designed to support three key areas of activity that advance the business idea. Spark, Develop and Launch help budding entrepreneurs with the development process to achieve quality start-ups. Spark helps identify business ideas and opportunities through a calendar of events and networking opportunities in Nottingham. 

Develop helps to clearly define who the customer is and design a business model ready for the third stage, Launch, an intensive element which prepares individuals for pitching and strategically introduces the idea to investors. Mentors and experienced entrepreneurs are on hand to help prepare a perfect pitch.

Toby Reid, Director of BioCity Nottingham and Acting Programme Director of the NbG, said “This competition is a fantastic opportunity to start something special.  We’d encourage anyone with a bright idea to come and talk to us.  To win this great prize, simply tell us your clearly defined target audience and the problem you are solving for them and you can be in with a chance to gain valuable money and support for your business idea.”

One early success story of the NbG programme is Creative Quarter based App Institute, Ian Naylor and Becky Halls created the business which provides mobile apps for business and organisations.

Ian joined the programme in October 2013 and his customers already include Yeomans and the NHS.  The team, which currently stands at six, is projected to reach 50 within three years. The success of App Institute is thanks to the support of the NbG programme which provided mentoring and support to the new business.

Ian Naylor comments “We’re really pleased to be part of the Next Business Generation programme they provide us with invaluable support. We initially proposed an app for one market sector, the NBG helped develop the idea and progress App Institute into a business that offers multiple types of apps, to multiple businesses. It will ultimately help create new jobs and more business into the city.” 

The aim of the competition is for all 16 £2,500 prizes to be used to support the entrepreneurs as they join the Develop part of the programme and start the process of building a scalable business.

The deadline for the competition is the 15 March. Each winner will take a massive step in progressing their business further.

Source: Eden PR

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