Early-stage businesses across Staffordshire are being invited to apply for a £5 million Dragons’ Den-style scheme after entrepreneur Mo Chaudry refined its focus to target companies ready for growth.
More than 140 businesses expressed an interest in the entrepreneur’s MOmentum VC scheme when it launched earlier this year and three – Chapter Technologies, DPP Link and RxSure – were invited to pitch for funding last month at the Barlaston Hall estate which has become his new home.
The former Waterworld owner decided not to invest in them but has given comprehensive feedback and advice on their presentations and business plans, to help them going forward.
He is now looking for early-stage businesses based in Staffordshire who need investment to help them grow.
Mo said: “The businesses who pitched were passionate about their products and services and we were impressed with all three of them. I want to thank them for the time and effort they all put into the process. Each business has been given tailored feedback, which we hope they will use to help them going forward.
“Unfortunately, they weren’t investable currently, but I am hopeful that further down the line, if they take on board the feedback given, that may change. MOmentum VC isn’t just about investment, it’s about providing support and advice to businesses who pitch to us and using our expertise, helping them shape their future whether we invest or not.
Mo added: “MOmentum VC is in its infancy, and this is just as much a learning curve for us, as it is the applicants. Applications remain open but now we want to focus purely on early-stage businesses, who are through the start-up phase and need investment to help them grow. I feel that’s an area MOmentum VC can have a real impact.”
The scheme, supported by Staffordshire Chambers of Commerce, will invest up to £250,000 per company into early-stage businesses across Stoke-on-Trent, and Staffordshire.
For more information, email start@staffordshirechambers.co.uk.
