It’s all well and good having a great idea, but without the contacts or know-how of an industry, it may be difficult to kick-start your business and pitch it to the right people. The Ideas Factory and their wide network of dedicated investors, who will receive shares in the fund, will give small businesses expert advice and guidance that will help them put their start-up on the right track.
Entrepreneurs will be provided with up to £20,000 of cash, consultancy and training to help them take a good idea and turn it into a viable business proposition. After completing an initial day-long course, the Ideas Factory will hand pick 100 budding entrepreneurs and assign them a mentor who will oversee their training and development programme.
Covering everything from accounting and finance, to marketing and establishing an online presence, to writing a business plan and public presentation, business hopefuls will be able to put their business venture to the test and make it market-ready.
Since it begun as an angel investor in 2009, the Ideas Factory have a network of over 35,000 members and in the last 36 months alone, have raised more than £15million in investment capital.
Their founder Jonathan Willis said: “This fund is to help the people who have got brilliant ideas – but little else. Without some help, their idea will stay just that.
“We want to equip them with a plan that will set out how the idea will translate into a credible business and provide them with the tools that will help attract the investment they need.”