Ignite100: Europe’s first £1M accelerator programme

Ignite100 has launched a £1m startup accelerator programme that will invest up to £100k per team for ten teams later this year in the North East of England.

Building upon the success of its massively successful predecessor, The Difference Engine, ignite100 will deliver a 13 week acceleration programme alongside £100k of investment capital, comparable to the recently announced Y Combinator $150k funding and the first of its kind in Europe.

Funding has been provided by the Finance for Business North East Technology Fund managed by IP Group plc, Finance for Business North East Proof of Concept fund managed by Northstar Ventures and angel investors including Hotspur Capital Partners and Green Lane Capital.

Initially, up to £15,000 investment capital will be made available at the outset of a 13 week programme, with the remaining balance of the £100,000 being invested subject to the successful completion of the programme and meeting pre agreed criteria.

Jon Bradford, Executive Director at Ignite100, said:  “Difference Engine was the first major acceleration bootcamp programme in Europe.  ignite100 redefines acceleration programmes again and will be first acceleration programme in Europe to offer up to £100k per team.”

“With a mix of investment capital, intensive business development support from experienced mentors and external advice from key partners such as Google, Microsoft, Paypal and Amazon Web Services, we believe we can build a portfolio of innovative high growth businesses that will redefine the digital industry in the North East. The offer of £100,000 from two leading technology-focussed venture capital businesses and the participation of angel investors makes the ignite100 programme a very compelling opportunity for digital companies.”

IP Group’s investment manager Nick Edgar believes there to be real value in the scheme. He said: “Early stage businesses often come with a great deal of risk and ignite100 has been developed to help offset this – the whole point of the programme being to ensure a much greater likelihood of long-term success. The combination of funding, specialist advice and networking opportunities provides a solid launch pad for those serious about taking their digital business idea forward and there will be second round funding opportunities for those demonstrating a successful and profitable business model.“

Dr Richard Exley, Head of Proof of Concept Funds at Northstar Ventures, added: “ignite100 is a much needed initiative and is a worthy follow on to The Difference Engine which was a fantastic spring board for many early stage digital businesses. We first saw the value of accelerator programs when our portfolio company Graphicly went through Techstars Boulder and gained hugely from the process and subsequent investment. Furthermore, we have invested in five businesses that successfully completed the previous Difference Engine programs.  Our enthusiastic participation in ignite100 demonstrates Northstar’s commitment to further success from these programs.”

Colin Willis from Hotspur Capital Partners stated: “We are excited to be supporting Ignite100 having been involved in The Difference Engine. Whilst we are very good at coming up with great ideas in Europe we are poor at executing.  The programme gives the tools, contacts, US lean start-up mindset and peer pressure to change this.  We have been surprised by the speed at which the companies after the programme are developing for example ScreenReach within 12 months from start up is now operating in 4 countries, and partnering with multinationals in a variety of markets and has raised over $2m. With the £100k kick start IPGroup and NorthStar Ventures give each Ignite100 participant we expect this new cohort to do a lot more faster.”

Those interested in applying to ignite100 can visit www.ignite100.com with applications ready to be accepted and the programme set for a September launch. The closing date for applications is Sunday 17th July at 23.59 PST.

For more information on the Finance for Business North East Technology Fund and Finance for Business North East Proof of Concept Fund, please visit: www.northeastfinance.org. Finance for Business has been made possible by a collaboration between the European Investment Bank (EIB), European Regional Development Fund (ERDF) and regional development agency One North East (ONE). The EIB has provided funding of £62.5m with ERDF and ONE supplying the remaining £62m.