A BUSINESS incubator is looking for its next cohort of ambitious entrepreneurs after helping its first eight small businesses achieve national recognition and investment funding.
Durham City Incubator, which is based at Salvus House, at Aykley Heads, Durham, offers intensive support for businesses which have been trading under 12 months as they go for the next stage of growth. The entrepreneurs receive training and advice on issues ranging from financing and marketing to legal issues and business strategy.
The incubator, which has been designed to keep talent in the region, is a unique collaboration between Durham University, New College Durham and Business Durham, the economic development organisation, which works on behalf of Durham County Council. It is now appealing for the second wave of entrepreneurs to step forward and apply for the programme.
Sarah Slaven, operations director at Business Durham, said: “It’s fantastic to see that the nurture and support these entrepreneurs are receiving is already working. The aim is to help them have businesses with real longevity and these entrepreneurs keep their talent in the region. There’s nothing like this in County Durham and we look forward to seeing the next businesses joining us.”
The Incubator was developed as part of a wider drive to grow the Durham City economy and to offer Durham University graduates and New College Durham student’s high quality facilities and business support to grow their ventures in Durham City.
Mark Cullen, of Raw Botanics Ltd, said the incubator had been instrumental to the successful launch of his business.
“Through the DCI's on-going program of seminars and 1-2-1 workshops, we learned how to prepare and submit a professional business plan that secured our business funding from one of the region’s leading investment firms, Northstar Ventures,” he said. “The advice, guidance and connections we’ve gained has truly allowed us to turn our idea for an e-commerce business into reality.”
The innovative County Durham companies include:
Each business owner is matched with a mentor and given support over six months. They receive a start up grant of £2,500 each and are able to take advantage of high quality workspace at a discounted rate.
Dr Tim Hammond, director of commercialisation and economic development at Durham University, said:
“Creating a new business is an exciting career choice for an increasing number of our students. The Durham City Incubator builds upon the enterprise support provided within the university.”
Dawn Fairlamb, vice principal at New College Durham, said: “As a college, regional and economic development is extremely important to us. We want to ensure that our students’ talents are harnessed and nurtured, so they can reach their full potential and make a positive contribution to the local economy.”
Durham City Incubator is part of Durham Internships and Collaborative Enterprise (DICE), which is part funded by European Regional Development Fund (ERDF) as part of the 2014-2020 European Structural and Investment Fund Programme.
To apply for the Durham City Incubator, log onto www.dcincubator.co.uk.