ADD offering three companies £5k seed funding
Seizing the Zeitgeist, IT supplier Advanced Digital Dynamics (ADD) has launched a ‘Dragon’s Den’ style business investment competition which it hopes will result in three 'creative' companies receiving an investment of £5,000 each in addition to substantial management support and nurturing.
The competition is supported by QU2, Leeds Metropolitan University’s management hub for high growth businesses which is offering winners a year’s free access to its business accelerator programme. The 10 short-listed companies will present to a judging panel which includes Margaret Wood MBE, founder of niche manufacturer ICW, on 26 September in Leeds.
ADD will take a 5% stake in each of the three companies.
Entries are open to both start-ups and companies established in the last three years.
ADD director Julie Pickersgill said: “Far from being involved in the project solely as an ‘angel investor’, we’re genuinely determined to forge strong partnerships with the three successful companies.
“In return for our equity stake, we are committed to sharing and passing on the formative lessons we’ve learnt to those with passion and the potential to grow their enterprises. Our commercial advice will span critical areas such as innovation, strategy, sales and recruitment while reinforcing the importance of always keeping the big picture in mind.”
ADD, which was founded in 1997, is based at Harrogate’s Pannal Business Park with a sales office at Daresbury Science Park in Cheshire.
The company has grown in recent years from a team of three to 20 staff. In the year to January 2013, ADD reported sales of £3.4 million and ptp of circa £120,000.
Net assets of the company are just over £500,000.
Jonathan Belbin owns 90% of ADD's equity and
Further information on applying for the funding can be found here.