ignite100 is a mentorship-led accelerator program for start-ups but with a big £100,000 difference. ignite100 provides seed capital, office space and mentors, and the runway necessary to sustain momentum after the end of the acceleration programme.
The new Ignite100 will be a startup accelerator programme with a £1m fund that will invest up to £100k per team for ten teams later this year in the North East of England. ignite100 has been launched with the support of Finance for Business North East Technology Fund, managed by IP Group plc, and from the Finance for Business North East Proof of Concept Fund, managed by Northstar Ventures, together with a group of angel investors including Hotspur Capital Partners and Green Lane Capital.
Ignite100 provide teams funding of £5,000 per founder (up to a maximum of £15,000). The founders move to Newcastle for the 13 week programme where they receive intense mentoring and business support. Subject to the teams achieving pre-agreed milestones, the balance of the £100,000 will be released in the form of a convertible loan note (it’s a straightforward deal but please see the FAQs for more detail on this).
Applications for our Autumn 2011 intake are open now here.