The Northern Accelerator – Integrating Capabilities in the North East
Lead higher education institution (HEI): Durham University
Higher education (HE) partners: Newcastle University, Northumbria University, University of Sunderland
CCF follow on funding award: £3,563,439
Having launched a stream of highly investible businesses in the last 3 years, continued CCF funding sees the partnership expanding in the North East with the addition of Teesside University, further strengthening the pipeline of innovative commercial opportunities coming from the region’s university research.
Northern Accelerator’s flagship support offer, Executives into Business, which built on a previous ERDF programme, will also roll out to universities in the SETSquared partnership. Execs into Business enables the recruitment of an experienced CEO at the early stages of a spin-out, giving businesses the best chance at success.
Northern Accelerator’s full programme of support also includes impact and entrepreneurship training for academics and pre-incorporation funding to help academics progress their research projects closer to commercialisation. The initial phase of CCF funding saw the launch of a Northern Accelerator Seed Investment Fund, managed by Northstar Ventures, and this will act as a cornerstone for the development of a much larger long-term venture capital fund for university spin-outs in the region.
The additional funding from Research England’s Connecting Capability Fund will allow the partnership to build a strong pipeline of spinout opportunities to feed the investment fund, as well as introducing a new scale-up programme, for businesses deemed to have high growth potential.