Startup Funding in the UK – National and Local News
As October draws to a close, we’ve rounded up the latest UK startup news in to a short digest. The month has seen great pilots, new money opening up to fuel entrepreneurship, and a major boost to young entrepreneurs and the UK creative and film industry.
First UK Start-Up Loan Awarded to Boost UK Young Entrepreneurialism
As mentioned earlier in the month ‘Massive Months for the UK Startup Scene‘ – Start-Up Loans, aimed at encouraging young entrepreneurship has awarded it’s first loan. Tangle Dress Design has received a £2,500 loan.
“The Tangle concept is about original design, quality craftsmanship and making unique, tailor made luxury more affordable. I want to provide a modern and design-led approach to dressmaking for women who don’t want to dress the same as everybody else.”
Elena Mingas – Founder of Tangle Dress Design
Creative England Hits £2million in SME funding and £500,000 Investment Marks in Film Funding
Adding to the organisation’s £1.5million investment in film, October marks not only the start (it only opened in October 2011), but also a milestone for UK start-up support.
“We have had a strong first year, laying down some good foundations for the future. These statistics are welcome as they show that we have been delivering on our founding principles to support and develop creative talent and businesses.”
Caroline Norbury – Creative England Chief Executive
Creative England has also been aiding SME growth through a £5 million fund that it is aiming at Creative Digital SME’s, it’s currently made £2 million available as interest-free loans.
New Enterprise Allowance Pilot To Be Expanded Nationally
An initiative to allow entrepreneurs in East Anglia to get a weekly allowance of £1,274 over 26 weeks to develop a business plan and then gain access to a £1,000 loan to put it in to action, has been deemed a huge success. Launched in August 2011, the New Enterprise Allowance scheme has seen nearly 40% of over 1,000 entrepreneurs converting in to starting up a business.
“These are people that want to take responsibility for looking after their families and see self-employment as a way to do that. It’s an attractive route in that it gives some flexibility.”
Mark Hoban, MP – Minister for Employment
The success of the scheme has led to the UK government opening the scheme to a national level with 33,000 allowances.
Read more: Hundreds start up businesses
Entrepreneur First Expands Graduate Scheme After A Successful First Year
Entrepreneur First, a UK not-for-profit programme to encourage graduates to take a route of tech entrepreneurship as a career has built on it’s 2012 success deciding to expand the programme three-fold for 2013.
“Since we founded Entrepreneur First we have been constantly amazed at the skills and proven entrepreneurial flair of the graduates leaving our universities. We have seen some fantastic ideas and startups come out of the inaugural Entrepreneur First cohort and we are delighted that we have been able to expand the programme in our second year, giving us the chance to help more of the country’s most talented graduates to pursue their ambitions of creating their own high-growth startups.”
Matt Clifford – CEO of Entrepreneur First
The programme opened new applications in September to give training, mentoring and bridge the gap between academic study and going in to business as a UK startup founder. Investors in the scheme include the City of London Corporation, Microsoft, BskyB and Experian.
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