By Claire West
Private investor network The Ideas Factory (TIF) is to give 100 UK entrepreneurs a kick start through a £1m “incubator fund”.
The seven figure war-chest will be used to get people with good ideas to a stage where they can attract investors. 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.
The budding businesses will be picked after completing an initial day-long course. Once signed up they will they be assigned a mentor picked from a pool of business experts who will oversee a training and development programme that will cover everything from accounting and finance, to marketing and establishing an online presence, to writing a business plan and public presentation skills.
At the end of the three month process, which is supported by personal development company RockStar Consulting, entrepreneurs should be “investor ready” — in a position to raise the start-up capital they need from external investors.
The £1m fund will be raised through TIF’s wide network of dedicated investors, who will receive shares in the fund.
The fund will take equity stakes in the businesses once they are market-ready, and build returns based on their success.
TIF intends to raise the full £1m by the end of the year, but will start investing in entrepreneurs next month.
TIF 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.”