Over the next three months, they will be guided through the process of growing and developing their businesses and will receive expert mentoring and advice. The programme is supported by Techstars, founded in 2006 and backed by over 75 different venture capital firms, that provides mentorship-driven programs for entrepreneurs. Each of the teams will also receive $20,000 seed funding from Techstars.
Based at the Barclays Escalator, London’s newest open innovation space designed to support start-ups and entrepreneurs, the teams are given the optimum environment to thrive, with the opportunity to network with and learn from likeminded individuals. This gives them the support and foundation to build on and succeed.
More than 300 companies from almost 50 countries worldwide applied for one of the eleven places on the programme. The winning ideas range from an alternative to pay day loans, to a next generation credit scoring system, to a peer-to-peer funding platform for real estate.