ignite100 is a mentorship-led accelerator programme for start-up businesses, with a £100,000 package available to participants.
The programme provides seed capital, business premises and mentors and it has the ability to sustain momentum after the end of its run. ignite100 is Europe's first £1 million accelerator programme.
The initiative comprises 13 intensive weeks based in Newcastle in the North East of England – home of the Thinking Digital conference and the programme's predecessor, the Difference Engine.
ignite100 will enable the exchange of experience, advice, know-how and counselling provided by over 50 business mentors including experienced entrepreneurs and venture capitalists.
Each participating team will receive £5,000 per founder (to a maximum of £15,000) for which the funding provider will accept 8% of founder shares per start-up. In addition, participants will be provided with office space and other services from various partners including hosting, legal and professional services. Subject to the teams achieving pre-agreed milestones, the balance of the £100,000 will be released in the form of a convertible loan with a discount of 20% against the next funding round.
Technology businesses, including those who exploit the internet may apply. Start-ups with a hardware element may also be considered, however the provider favours web-based 'disruptive technologies' that are not capital intensive. Start-ups at a very early stage will be accepted. Equally, ignite100 can provide assistance to later stage businesses.
Anyone within the EU and beyond can apply to ignite100, as long as their team can work legally in the UK for the duration of the programme. Teams that meet the pre-agreed milestones and receive follow-on funding from the programme funders will be eligible for a full Entrepreneur Visa.
The autumn programme begins in September 2012 and applications for the Autumn 2012 intake are open now here
The deadline for receipt of applications for the autumn 2012 intake is 30 June 2012.
To find out more, click here.