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North East iPad fund launched

As technophiles across the world scramble to get their hands on Apple’s latest product, a North East firm has launched an investment fund aimed at helping companies cash in on the iPad.

Regional screen agency Northern Film and Media (NFM)has launched the £40,000 Apple iPad fund for creative businesses to learn more about producing applications for the device.

The iPad, which was launched earlier this week in a blaze of publicity, fills the gap between mobile phones and laptop computers.

The wireless tablet computer is expected to become a huge global seller and could present technology companies with new opportunities for growth.

NFM chief executive Tom Harvey said: “We want the North East to establish a front-runner place in the rapidly evolving global content market.

“We will do whatever it takes to ensure that North-East companies have every opportunity to get their products developed, made, distributed and bought on whatever new platforms come along.”

“This region is a hothouse of creative talent and this pot of money will help our companies get to the front of the queue and steal a march on their competitors throughout the UK and further afield.”

NFM has launched the new fund to help the development of iPad ideas from sketches to the finished product.

The apps put forward for investment must have potential to generate revenue and be developed by teams where at least 70% of the group’s talent have their base in, and 50% of the budget is spent in, the North East.

One company in the region which already has plans to tap into the new opportunities presented by the iPad is Newcastle-based Shout Digital – which currently develop iPhone applications as well as websites.

Director Gary Boon said: “The iPad is something we are looking at and we are already planning on extending one of our iPhone applications to the iPad.”

NFM is keen to help develop new features for the iPad and new iPhone 3.2 SDK which do not replicate the functionality of apps already designed for iPad, and be capable of being launched by Summer 2010.

There should also be an investment of money and/or accountable time from a private investor, which could be an equity firm or from the company’s own resources.

NFM will provide funding from between £1,000 and £10,000 per application.

The closing date for applications is Wednesday, February 24.

This was posted in Bdaily's Members' News section by Ruth Mitchell .