NatWest and RBS are aiming to support thousands of entrepreneurs and high growth businesses with a network of eight new business accelerator hubs that will offer free workspace, hands on mentoring, a start up ‘bootcamp’ and a free programme of up to 18-months of advice, support and funding clinics.
Entrepreneurs will gain access to hubs in Birmingham, Bristol, Cardiff, Leeds, Manchester and Belfast, uniting them with fellow entrepreneurs, specially trained bank staff and experienced, aspirational business mentors. They will also have the opportunity to go on to pitch to potential investors. ‘Growth awards’ of up to £50,000 will also be launched across the country offering cash injections to businesses when they need it most. A further two locations will be announced next year.
The hubs will be rolled out over the next two years, beginning with Birmingham early in 2015. NatWest will look to situate hubs in existing banks premises where possible.
Building on the Entrepreneurial Spark model which has already proved successful in Scotland, applicants will be welcomed from any sector and do not need to be NatWest or RBS customers. Applications are being accepted now for the Birmingham programme and entrepreneurs in other cities can also register their interest online.
Alison Rose, CEO of commercial and private banking, said: “This is a step-change in how NatWest supports entrepreneurial talent in the UK. By opening up our premises and providing them with support and a far reaching network of contacts, we are backing the businesses of tomorrow and helping ambitious entrepreneurs take their businesses to the next level. This is good for them, good for us and ultimately good for the UK economy. We have a trusted partner in Entrepreneurial Spark and together we can really make a difference to those businesses at the start of their journey.”
The hubs will be physical work spaces for up to 80 entrepreneurs selected to join the programme through a competitive application process, with each hub hosting two intakes every year. At the end of the programme each hub will host a ‘graduation’ event bringing together entrepreneurs, investors and business advisors for mentoring and networking sessions. These events will also see rewards for outstanding businesses and the opportunity for the graduating businesses to pitch to win cash injections for their business.
Jim Duffy, CEO of Entrepreneurial Spark, said: “Our work in Scotland has had a positive impact on the huge upsurge in the number of new business incorporations, and better still those who go through our programmes have an 80% survival rate which is way above average. Our shared vision with NatWest is to create an entrepreneurial revival across the UK and we can’t wait to take our success story to benefit a wider audience.”
