TechHub Swansea has launched a tech accelerator in partnership with the Welsh Government, giving successful teams the chance to win up to £10,000 in funding.
The programme, ideas.fund, will seek to identify the startups in Wales that have the potential to grow quickly.
Launched today, the accelerator will take on a maximum of 10 startups which will receive two months of mentorship from brands including JustEat, Google, New Look and Entrepreneur First.
Commenting on the announcement, Edwina Hart, economy minister, said: “The ideas.fund programme will provide a platform where start-ups and entrepreneurs can focus wholly on honing their business plans while gaining valuable skills from a solid support team around them. It’s vital that these entrepreneurial people are given the time, money and encouragement they need to make sure their businesses get off the ground and scale rapidly.
“Technology-based companies and start-ups are a vital part of the economy in Wales and time and again we’ve proven that commercialising digital technologies is something we do really well. Ideas.fund will give Welsh start-ups the opportunity to showcase their high-quality business ideas to investors across the UK, helping push their businesses to the next level and putting Wales on the map as a hub of innovation,”the minister added.
Matt Warren, one of the directors of TechHub, said: “Wales has proven itself to be a major technology player at a UK-level, but we are confident there is even more talent out there. ideas.fund aims to uncover the next big wave of disruptive ideas and turn them from concepts into concrete, lucrative businesses.
“As a tech entrepreneur myself I know that getting a start-up off the ground can be a struggle, but the unique programme ideas.fund will offer gives entrepreneurs a real chance to show how their business could generate value in a busy tech market.”
Applications are now open and will close on 18th March. Shortlisted applicants will be invited to a large-scale demo day in London on 24th June, where they will have to pitch to various investors and VCs.