In response to the ongoing COVID-19 outbreak the Enterprise Fund – £7,500 ‘Grow It’ grants and £50,000 ‘Scale It’ investments – will not be accepting new applications until further notice. This includes the cancellation of the upcoming deadline of 5th May 2020.
Please get in touch at firstname.lastname@example.org with any questions or to see what other support we can offer.
The Scale It award, supported by the UEA Enterprise Fund, will make investments of up to £50,000 available for social/commercial ventures looking to secure substantial growth. The investment will be in the form of a convertible loan which is likely to see UEA taking equity in your company in the future.
The Scale It award is available to all current students and those who have graduated in the last five years.
How does the investment work?
With this investment structure, while the initial investment is in the form of a loan, this will convert into equity at your next funding round - the next occasion your venture raises additional funding. The exact shareholding will be determined by the valuation set on your company at this future round, and the amount of funding you are seeking (hence the term ‘convertible loan’). If your company does not require any further funding rounds, the loan can be repaid.
Please note: while it should be clear that investments can only be paid into incorporated companies, there is no need to have incorporated your company at the time of submission, as this can be done once your application has been successful.
For this scheme you will need to submit:
- A business plan not exceeding 20 pages
- A 2 minute video pitch
- A 2 page executive summary
All applications are made via our online application form
These applications will be assessed, and those which meet both the investment criteria and the required standard will then be invited to pitch to the investment committee.
- The business plan should demonstrate how the funding will make a significant difference to the development of the company. In particular, the plan should display how the funding will enable the company to become self-sustaining, through either revenue generation or further investment to be raised.
- We expect all applications to show that they have validated any core assumptions and tested the business model in some way.
- The project must be legal and not detrimental to the reputation of the university.
- Applicants will be expected to have engaged significantly with the Student Enterprise team prior to submission. For example, through one-to-one coaching, start-up mentoring and by attending workshops.
- Please note, that while anyone eligible for the funding may apply for this schemes, any applications will be at an advantage if funding has already been secured from the ‘Try It’ or the ‘Do It’ or ‘Grow it’ schemes.
For further information about the Scale It award, you can get in touch with the Student Enterprise team by dropping into EnterpriseCentral, emailing email@example.com.Apply now for a Scale It award