We are excited to announce the launch of the Founders Fund, a unique initiative aimed at supporting early-stage entrepreneurs of Norwich and Norfolk. Developed in collaboration with the successful Ecosystem Partnership Programme, this fund provides stipends to help founders from disadvantaged socio-economic backgrounds take their ventures from idea to market. The Founders Fund will be administered by Connected Innovation and Akcela Ventures, and is part of a broader effort to strengthen the entrepreneurial ecosystems in Norfolk and Suffolk.
What is the Founders Fund?
The Founders Fund is a newly established fund designed to offer financial support to entrepreneurs who might otherwise face barriers in transitioning to full-time entrepreneurship. With stipends of £10,000 available for up to three founders of startups with high growth potential, the fund is intended to allow these companies’ founders to focus fully on developing their businesses without the immediate pressure of financial constraints.
This initiative is a direct response to the challenges identified in our region, including the limited access to seed funding compared to other areas in the UK. By providing this financial lifeline, we aim to create more opportunities for early-stage companies to thrive, attract more investment, and encourage innovation within the local startup scene.
Who is Eligible?
To be eligible for the Founders Fund, applicants must meet the following criteria:
- High-Growth Potential: Applicants should demonstrate a strong potential for growth and scalability. This could be shown through a solid business model, innovative product or service, and plans to attract future investment.
- Disadvantaged Socio-Economic Background: One of the key focuses of this fund is to support founders who may not have the financial means to pursue their venture full-time. Applicants from disadvantaged socio-economic backgrounds will be prioritised.
- Commitment to Entrepreneurship: Founders must be ready to commit fully to their venture, using the stipend to transition from employment into entrepreneurship.
How to Apply
The application process for the Founders Fund is straightforward, and we encourage all eligible founding teams to apply. Here’s how you can get started:
- Share your idea: Akcela provide robust support for startups, including mentorship, office space, and business development guidance. The first stage of the process is to come and meet with the team to discuss your idea and the business potential.
- Participate in Evaluation Workshops: Selected founders must participate in a series of evaluation workshops, which focus on business model development, product-market fit, and financial planning. These workshops help refine your startup’s strategy and prepare you for the next stage of growth.
- Apply for the Stipend: Once you have completed the workshops, you can submit an application for the £10,000 stipend. Your application should highlight your business’s growth potential and how the stipend will enable you to take your venture to the next level. Demonstrating that without the support, you could not move your venture forward.
- Selection Process: The selection committee, comprising representatives from Connected Innovation, Akcela and the Suffolk delivery partners, Innovation Labs, will review applications. Up to three founders will be selected based on their potential for growth, alignment with the program’s objectives, and socio-economic background.
What’s Next?
The Founders Fund is just the beginning. Selected founders will not only receive financial support but will also benefit from continued mentorship, office space, and access to a vibrant entrepreneurial community. The goal is to increase the number of successful early-stage ventures in Norfolk, preparing them for seed investment rounds and long-term success.
We believe that by providing this level of support, we can help close the gap in seed-stage funding in our region, ultimately fostering a more inclusive, innovative, and dynamic entrepreneurial ecosystem.
If you’re an early-stage founder looking to scale your business, this is your chance to secure the support you need. Apply for the Founders Fund today and take the next step in your entrepreneurial journey!
For more information on how to apply or to learn more about the program, register your interest today with details on you startup.