GRADUATES of a business accelerator programme at the Northern Ireland Science Park have raised capital investment of more than £20 million.
The so-called 'tough love' Springboard programme aims to give a leg up - and dose of reality - to early stage companies.
And according to the science park, graduates of the scheme are six and a half times more likely to succeed in business than the average start-up.
Through a 16-week period, each Springboard candidate has their business proposition challenged, refined and rigorously tested.
Springboard director John Knapton said graduates of the scheme were "hot prospects" for capital investors.
“Springboard is very different from many other business development programmes, not least because it is individually tailored for each company," he said.
"Yes, it’s a tough process – the experience provided is that of a collective of critical friends, asking those hard, challenging questions.
“On the flipside, entrepreneurs who complete Springboard are really investor-ready. By asking the difficult questions and coaching them, we ensure that they have a tried and tested commercialisation strategy and they are fully prepared to pitch for investment. Springboard takes a lot of the guess-work away for potential investors.”
Winners of the park's Invent 2014 awards Plotbox which provides cloud software for cemeteries and finalists Photonic Measurements which makes chemical analysers for the water quality industry are the latest Springboard graduates to attract investment.
“Our companies graduate with significantly reduced go-to-market risk. When they achieve investment, they are also poised to make the most strategic use of it to grow their business. As a team, we are extremely proud that to date, 95 per cent of Springboard graduates are still actively growing their business today," added Mr Knapton.
Plotbox and Photonic Measurements secured funding from techstartNI that makes equity investments into early-stage technology start-ups with strong product or service ideas aimed at large market opportunities.
Jamie Andrews from the investor said: ‘‘Our investments in these two companies are techstartNI’s seventh and eighth investments in a year. Both investments reflect our desire to invest in strong founding teams, with a deep knowledge of the markets they are targeting. We look forward to continuing to work alongside NISP Connect’s Springboard programme, which provides companies with a great foundation for the fund-raising process.’’
For more information on joining the Springboard programme or if you are interested in giving your time pro bono as a specialist mentor, please visit www.nispconnect.org/springboard
