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Magnify Your Business Idea

magnifying glass and fifty pound note
magnifying glass and fifty pound note

Magnify glass with £50 note by Images of Money, http://www.flickr.com/photos/59937401@N07/5857465853

After the big announcement about the City Deal and the Creative Quarter, I think we are looking forward to a series of initiatives and announcements. Pretty much first off the mark were Confetti Institute of Creative Technologies and South Nottingham College with their million pound Magnify initiative which will back new start-up enterprises. It will be formally launched in the autumn, so we don’t know anything beyond their joint press release. But they say:

This new scheme has been set up by Confetti and South Nottingham College to give ex-students an opportunity to pitch their business idea and be in the running to receive financial grants of up to £100K, plus mentoring, training, business support, office space and the opportunity to work alongside some of the city’s big industry players. …A cash injection into Magnify of £350K a year over three years will see Confetti and South Nottingham College work with the entrepreneurs to get their business ideas off the ground with both organisations potentially taking a stake in the business.

But don’t despair if you are not an ex-student of either establishment:

Entrepreneurs pledging to recruit from the talented pool of Confetti and South Nottingham College students/graduates are also eligible for the scheme.

Magnify’s “talent lab” will be housed within Antenna. All we know about the selection process is that you will have to “…put forward [your] ideas in a business plan and if successful will enter the lab where [your] projects will be nurtured and honed during a development process. Following development, Confetti and South Nottingham College will select business ventures to invest in.”

So if you qualify, and have an idea, get cracking on that draft business plan!

 


John is one of our team of bloggers. He can be reached on john AT creativenottingham.com and followed on Twitter @johnwithbeard