Grow your business with the University of Sunderland Accelerator Fund. Apply for up to £16,500 to take your business to the next level.
Working with a charitable trust we've secured £100k of funding to be distributed over three years to support Enterprise Place members looking to grow their business. Enterprise Place members who have spent six-months developing their business idea can now gain financial support to take that next step and help make their business sustainable.
This flexible fund provides successful applicants with a cash award and business mentoring to support progress. Progress will be closely tracked with outcomes of the investment linked to job creation.
Interested in applying? Please read through the guidance notes below before making an application.
Who can apply?
Members of the Enterprise Place who have spent a minimum of six-months working on their business idea. These members would have the opportunity to apply for the fund up to three years post entry to the Enterprise Place.
The fund is only open to University of Sunderland graduates and Enterprise Place members developing and operating a business wholly based in the North East.
International graduates who have spent two years developing their business via the Tier 1 (Graduate Entrepreneur) Visa, who have moved onto the Tier 1 (Entrepreneur) Visa and are developing a North East based business.
Applicants do not need to be trading in order to apply for the fund. However, the panel will expect to see a compelling business plan detailing viable routes to market within 6-12 months of the grant being awarded.
How much can you apply for?
Applicants can apply for a maximum of £16,500.
This could be the total amount required, or a contribution towards the total cost; the committee may also decide to award a contribution to the total cost.
What can you apply for?
The UoS Enterprise Accelerator Fund is intended to be as flexible as possible with the main purpose being to allow applicants to use the fund for items which will significantly grow their business. This could include; capital equipment, partial employment of an intern, rental costs or bond on new premises etc.
The core objectives of the fund are:
To support new and developing Graduate Start-Up’s to establish and scale up their businesses in the North East
To ensure the Fund benefits recipients who have a long-term commitment to growing and maintaining their business in the region
To support applicants with plans to generate employment opportunities - with a job creation objective of five jobs created within five years
Recipients of the Award
The evaluation process post-award is as follows:
Successful applicants are expected to access regular mandatory advice sessions with Enterprise Place Business Advisors/Mentors to ensure that they are maximising the benefits of the investment in their business.
At six month’s post-award there will be a commitment for recipients of the fund to take part in a six-month evaluation and submit a short progress report detailing how funds have been spent and the business benefits.
At the end of 12 month’s post-award, the business will be required to commit to a final evaluation report evidencing how they have spent the fund.
Recipients will be expected to take part in a case study with the Enterprise Place.
The Enterprise Place will also seek to recover all or part of the award, should it transpire the award has not been used for the reasons stated in the application.
Examples of positive outcomes could be job creation, longevity of business, widening services or products, winning new contracts.
How to apply
Applicants are required to submit the following items by email to The Enterprise Place team:
A completed application form
A summary funding proposal (Maximum 1,000-word) detailing the research you have undertaken on your product or service offer, how the award would benefit your business and how you will meet the core objectives of the Fund.
A full business plan including cashflow forecast
Total budget including breakdown costs of the items (including items being part-paid for by the applicant, and/or by a third party)
The next and final round of the University of Sunderland Accelerator Fund will take place in September 2018. Applications must be submitted by the 30th of September 2018.
Submit your application
Before making an application please read through the applicant guidance notes.