Member Article

There is such a thing as free cash

A small business club has announced it will be giving away free cash - and an extra pair of hands - to lean early-stage enterprises as part of its Fund 101 initiative.

Enterprise Nation will be offering entrepreneurs the chance to win £500 plus $500 worth of outsourced freelance help - reflecting the rising trend for businesses to start small while testing the market and adapting their product as they go.

Enterprise Nation founder Emma Jones said: “With a distinct lack of easily-accessible funding options for start-ups, it’s no wonder that many look to self-sustainability and organic growth rather than getting bogged down with the often over-complicated and time-consuming routes to investment and support.

“Many are starting out with an unfinished product and ‘pivoting’ as they go. A quick cash injection and a fresh pair of expert eyes can make a big difference to these businesses.”

Fund 101 will be giving away £1,000 a month over the next six months, with a cap of £500 per business. To qualify, candidates need to demonstrate they have a solid enterprise and write a short elevator-style pitch about why their business stands out.

Judges will then pick five businesses a month that will go out to the public vote on the Enterprise Nation website.

The cash is provided by leading online and mobile payment provider PayPal and the outsourced help from freelance portal Elance.

Businesses can apply here

CASE STUDY

Sock Monkey Emporium founder Emma Maudsley put her £500 in cash winnings from last year’s Fund 101 to clever use. The single mum-of-two used it to pay her fees to the GBK Oscars Gift Lounge with The Artisan Group and got her little monkeys in front of Beyoncé, Jessica Alba, Uma Thurman and Hilary Duff.

The investment paid off when she spotted Hollywood actress Jessica Alba’s baby daughter Haven with the soft toy in a photoshoot for Parenting magazine.

Emma spent the balance on socks and materials.

After giving up her café manager job to concentrate on her sock monkey-making business full time, Emma now supplies two shops and has developed a loyal customer-base overseas.

Emma said: “I was adamant I didn’t want to go down the route of finding external funding for my enterprise. For me that would have been more of burden than a help. So I bootstrapped. While it’s been tough, it’s amazing how resourceful and hungry for success it makes you.

“When I won Fund 101, I was determined to put the money to good use. It’s shown me that some investment, however small, can make a big difference.”

This was posted in Bdaily's Members' News section by Enterprise Nation .