The Enterprise Fund has been launched to support students with innovative and viable business ideas.
Financial awards and mentoring support will be provided to students judged to have enterprising ideas, a clearly identified market gap and scalability.
Financial awards will be granted following the completion of an application form, demonstrating proof of concept and proof of market, and a formal presentation to a judging panel.
Who is it for?
The Enterprise Fund provides funding to business start-ups and social enterprises subject to terms and conditions. To be eligible for the Enterprise Fund you must meet all of the following criteria:
- UH students and alumni (graduated within 5 years)
- UK based businesses
- Less than 2 years trading
Please note the enterprise fund is not currently open to international students (outside the EU) due to visa restrictions.
Funding for Business Start-ups
Business Start-ups can apply for two types of funding:
1) The Initial Seed Fund
Up to £500 will be available as an initial seed fund to support pre-trading activities. The funding assists early stage development of ideas with commercial potential and helps such ventures make the transition into business start-ups.
2) The Initial Seed Fund
Up to £2000 will be available to newly trading start-ups to fund further development and growth activities.
Funding for Social Enterprises
Social Enterprises can apply for three types of funding:
1) ‘Try it’ awards
Up to £500 will be available to individuals to test if their idea is viable, scope out market potential and trial the service on a small scale.
2) ‘Do it’ awards
Up to £5,000 will be available to individuals to develop an entrepreneurial idea. These awards are for invididuals who are confident their project will work and have the basic skills to do it.
3) ‘Build it’ awards
Up to £15,000 will be available to individuals who have been operating a social enterprise or community project for over a year and can demonstrate a viable business case for further development.
All funding is subject to eligilbility criteria. Please contact the Enterprise team for full terms and conditions.
Source: http://www.herts.ac.uk/why-us/enterprise/enter-competitions-and-access-funding/enterprise-fund.cfm
