NESTA joins Seedcamp in search for bright young business talent

30/10/2007

"There is a wealth of good ideas out there that, with the right type of backing, can transform this economy."

Seedcamp is an organisation dedicated to helping entrepreneurs start businesses from across EMEA (Europe, the Middle East and Africa). It kicked off with Seedcamp Week in September, where successful applicants attended a week-long networking and mentoring event in London. Seedcamp Week will take place annually and NESTA has committed funding for the next three years. The investment will also help support the best of the successful candidates during a three month stay in London.

Six businesses were chosen at the end of Seedcamp Week to remain in London for three months. Over this time, they continue refining their products and will be able to build relationships with the experts that they were introduced to at the week-long event through a series of mentoring events. It is hoped that with continued mentorship they will be able to grow their ideas and establish viable businesses that change the technology landscape.

At the end of the three months in London the start-ups will present their business ideas to a group of potential investors, including NESTA, and may secure further funding to progress their businesses.

Commenting on their support for the initiative, Jonathan Kestenbaum, CEO of NESTA said:

"There is a wealth of good ideas out there that, with the right type of backing, can transform this economy. Financial capital is only one of the key ingredients and on its own, will not be enough. Seedcamp offers young businesses access to the sorts of networks and specialist advice that can make or break a start-up. NESTA is very excited to be a part of the project and we look forward seeing the innovative businesses it yields."

For further information, please contact the NESTA press office on 0207 438 2608.

NESTA is the National Endowment for Science, Technology and the Arts, the largest single endowment devoted exclusively to supporting talent, innovation and creativity in the UK. Its mission is to transform the UK's capacity for innovation by investing in early stage companies, informing innovation policy and encouraging a culture that helps innovation to flourish.