More than 100 businesses have come forward to be part of a new £5 million Dragons’ Den-style scheme launched by Mo Chaudry.
Stoke-on-Trent businessman Mo launched MOmentum Capital, which is funded entirely from his own personal wealth to help entrepreneurs start of grow their companies, last month.
He will invest up to £250,000 per company into businesses at all stages across Stoke-on-Trent and Staffordshire, and then the wider Midlands area. It is expected to support around 20 companies over its first five years, creating or safeguarding approximately 200 jobs.
Mo, who owns a portfolio of national and international businesses across the property and health and fitness sectors, says the launch has created a ‘clear noise in the system’ around the lack of accessible investment for regional entrepreneurs.
He said: “The response has been incredible. More than 100 businesses have already come forward, which proves there is real demand for investment. The businesses who have shown interest are at different stages and from a wide range of industries.
“There’s clearly noise in the system, founders want backing, they want speed, and they want someone prepared to take a chance on them and through this scheme I can do that.”
He added: “Stoke-on-Trent is a city with a proud industrial heritage and the place where a true hero of mine, Josiah Wedgwood, built his pottery empire. He didn’t just build a business, he invested in infrastructure, championed innovation and helped put this city on the global map.
“Decades of underinvestment and limited access to funding have held Stoke back, and I want this fund to help create the next business pioneer of our time.”
The scheme is backed and supported by Staffordshire Chambers of Commerce.
Applications are now being reviewed ahead of the closing date on 30 March.
Shortlisted businesses will be invited to pitch directly to former Waterworld owner Mo and his team in a Dragons’ Den-style process.
Successful companies will also receive mentoring through the Chambers.
To register an interest in the scheme, contact Staffordshire Chambers of Commerce on 01782 202222 or email start@staffordshirechambers.co.uk
