A funding competition that will see the Technology Strategy Board invest £1m to support the growth of creative and digital businesses working in the area around Old Street and Shoreditch in east London opened today.
Companies have the opportunity to apply for funding of up to £100,000 for their projects through the so-called Tech City Launchpad competition that has been designed to support and extend the east London technology community.
The Technology Strategy Board will provide the base funding for the projects and this will then act as a catalyst to attract more investment. Projects will be up to 50 per cent funded by the Technology Strategy Board, up to a maximum grant of £100,000.
’We will then help approved projects gain the remaining 50 per cent funding through a funding workshop involving key investors such as business angels, venture capitalists and other larger companies in these industries, who will then invest in the companies,’ said Nick Appleyard, head of digital at the Technology Strategy Board.
The three-stage application process starts with an open invitation to submit ideas through a two-minute video. About 20 project applications will then be invited to submit written proposals. Some of these will then be selected and offered up to £100,000 funding each from the total £1m budget.
It is hoped that businesses from outside the area will also participate in this competition, by basing their projects in the area or partnering with businesses that are.
Further details are available here: http://www.innovateuk.org/content/competition/competition-for-rd-funding-in-digital-projects-tec.ashx