Launchpad secures entrepreneur support funding extension

A programme that offers support to entrepreneurs and new businesses has successfully secured funding that will extend the programme until at least 2022.

The ERDF-funded Sheffield City Region Launchpad programme first launched in April 2016 and has since supported over 5,000 entrepreneurs and new businesses by sharing knowledge, skills and expertise.

Research by Sheffield City region showed the number of new business start-ups in the region was significantly lower than the national average. In response, the first phase of the Launchpad programme sought to provide practical support to new business owners, guiding them through the critical first two years of trading.

Additional ERDF funding has now been secured, extending the programme’s work for at least three more years. Plans are now in place to help entrepreneurs master core skills for business success such finance, marketing and business planning.

Launchpad runs business workshops, offers a business advisor service and encourages collaborations with existing business owners through its mentoring scheme.

Since its launch in April 2016, Launchpad has delivered more than 45,000 hours of tailored training to the self-employed, would-be entrepreneurs and new business owners, with 1,500 new businesses created.

Anna Smith, programme manager at Sheffield City Region Launchpad, said: “Launchpad is all about helping individuals to succeed in business.

“It’s a well-known fact that most start-ups fail within their first 18 months of trading.

“We wanted to give new entrepreneurs the best possible start in business by equipping them with the knowledge and skills needed to formulate and develop their own business ideas, but crucially to continue to lend support and advice when needed during those all-important first few years of trading.”

Anna praised the response to the programme, describing the area as “awash with entrepreneurial talent.”

“Small businesses make a major contribution to the local economy,” she said.

“Some of the businesses we have worked with are enjoying a great of deal of success and going on to expand their operations, recruit staff and help others to develop careers which would otherwise not be possible.

“Many of the new businesses created through the Launchpad programme have been driven by individuals keen to make their own mark on the world.

“In some cases this meant transforming hobbies and passions into pounds, whilst for others, their work offers something genuinely new and ground-breaking products and services which are transforming many of our everyday lives.”

With extension funding secured, Launchpad will continue to offer support to those interested in starting their own business across the Sheffield City Region as well as helping those who have been trading for three years or less.

Commenting on the programme’s achievements so far, Anna said: “I have been proud of everything Launchpad has achieved over the past three years and as a result of the additional funds we have secured, many more aspiring entrepreneurs will be able to access the support and assistance they need to transform ideas into successful businesses.”