£1m funding competition for East London businesses

A new £1m funding competition, which will see companies apply  for funding of up to £100,000 for their projects, has opened.

The Technology Strategy Board will invest the money for Tech City Launchpad to support support the growth of creative and digital businesses working in the Tech City area around Old Street and Shoreditch in east London.

Businesses entering the Tech City Launchpad will also be introduced to the IC tomorrow digital test bed programme that will be relocating to Shoreditch during the summer. IC tomorrow removes barriers to innovation and provides a trial management system for application providers, service providers and rights owners.

Projects will be up to 50 per cent funded by the Technology Strategy Board, up to a maximum grant of £100,000, who 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.

The three-stage application process starts with an open invitation to submit ideas through a two-minute video. Using both community and expert assessment to prioritise the proposals, about 20 project applications will then be invited to submit written proposals.

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 established in the cluster.

David Bott, the Technology Strategy Board’s Director of Innovation Programmes, said: "We want to support this hotspot of digital and creative industries by enabling companies to go further and faster towards commercial success."

"We are looking for projects that may be too risky for companies to go for alone, or that may take them into new areas."

Further information:
Technology Strategy Board