£10k investment and support programme launches for North East SMEs

Investment firm Northstar Ventures is offering innovators new access to business support and cash from the North East Fund Innovation Fund.

The company has teamed up with Newcastle support agencies Generator and Auxin Services on a new programme that includes an investment worth £10k.

Chosen enterprises will receive two months of business advice as they prepare their idea, product or service for investment, with the remainder of the investment going towards building an initial proposition or a prototype.

Generator chief exec Jim Mawdsley said: “This is a brilliant opportunity for businesses that have unique and new ideas to access expert guidance in how to articulate their innovative ideas to potential investors and embed some best practice systems and processes to give their business the best chance of success.

“We are eager to see what types of businesses apply, Generator has historically worked within the music and digital sectors, so it will be interesting to see what other sectors are making waves in our region.”

David Anderson, principal at Auxin Services, commented: “Northstar Ventures is backing this business support programme to give ambitious entrepreneurs the best possible chance to demonstrate that they have market proven ideas that could turn into scalable businesses.

“We have helped hundreds of businesses across the UK prepare for investment over the years, it really is our bread and butter, and to be able to work with businesses that have already had a cash injection will be significant to the outcomes we will be able to leverage.”

He continued: “Cash though is only one thing. The most common issues in growing businesses are effective business planning, to identify an innovative, scalable model, matched to real market needs with the clarity to provide the reason to buy. This and building the confidence to perform are the real benefits of this programme.”

The North East Fund Innovation Fund is supported by the European Regional Development Fund.

SMEs in the North East LEP area, from any sector, can apply to be considered for the programme before September 12.