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Ambitious crowdfunding campaign gathers pace for Middlesbrough e-learning firm

An ambitious Middlesbrough-based crowdfunding project, which could catapult a digital expert into the lucrative e-learning market, is quickly gathering momentum and intrigue from business experts across the region.

Tony Abbott and Alan Hammersley run mylearnadfriend, an e-learning portal for a variety of businesses.

The duo have set themselves an ambitious target of £300k to raise in a month-long campaign which, if successful, will lay the foundations for them to take their brainchild to the next level.

So far the pair have been given a huge boost, after around £200k was pledged by business experts who have been quick to get onboard.

Tony and Alan, who first met back in 1992 before setting up their project 20 years later, have reportedly created a package which could change the face of the lucrative worldwide e-learning market.

With over 60 years combined training and learning experience between them, the pair are now about to move into the booming global e-learning, which is worth an estimated $102bn having doubled over the last two years.

To help them reach the heights, the UK-based directors have set up a Growth Funding package which encourages investors to pledge an equity investment in return for a hefty payout when the business flourishes towards the end of a five-year plan.

Dad-of-four Tony, 57, from Great Ayton, said: “To get two thirds of our target pledged so quickly into our campaign shows we are not the only ones who see the massive potential of our product.

“What we have put together is like nothing else on the market, we have had £170k Proof of Concept funding from North Star to get us to this level. We are now excited by what lies ahead. We have had firm enquiries from several businesses in various sectors lining up to use the product.

“The platform is now live to accept investments of anything from £100, but through various networking events and word of mouth in the business world, people have heard about what we are doing and we have already had a lot of support.”

Mylearnadfriend is initially targeting 25 sectors, but has had enquiries in several others across the world.

Tony continued: “We are looking at around 25 different sectors which could benefit from e-learning, or learning on the move.

“We have had interest from retail, aviation, the hotel and leisure sector, financial and logistics. This product is beneficial for anyone who isn’t desk-bound, or who finds themselves on the move through the course of their day.

“They can log in and out of the system throughout the day, they could be sitting on a train or in a departure lounge at an airport or it could be used during downtime at a plant or factory.

“The firm who has set up the training package is able to monitor each employee’s progress, they can see how long they have been logged on for, how long it has taken them to complete a question, they can monitor them every step of the way.

“The days where a training package was put onto a powerpoint, or a CD or DVD, are gone. This programme is the platform, the bones of it if you like, and the business adds the meat so it fits their exact needs.

“To put it in layman’s terms, treat it like a taxi. We have simply provided the vehicle, and you can take it whichever direction you want.

“Growth Funding is a system which helps accelerate business, and it is ideal for what we are trying to achieve.”

Alan said: “People can pledge whatever they want, some have staked £100 into the Growth Fund page, others have gone to five or six figure sums.

“The larger the stake, the higher the return the individual receives when the business is sold at the end of the five-year plan.

“As an example, if someone put in £500, the percentage they would get at that rate would see them pick up a return of £7,500 if the business sold for £30m.

“That £30m figure is what is predicted on the business plan. It could be higher than that, the way the digital sector is increasing at the moment, sky is the limit. And the fact that this platform can be used by any company in any industry means our potential reach is gigantic.

“The £300k funding gives us the base to bring in people with media skills, content managers, people to work in the sales team and marketing of our product.

“We will need sector specific executives to work with individual businesses, and once we have proved we are a secure business we can open up to the international market where we have already identified some potential clients.”