An accelerator that will help scale-ups raise over £1m has just launched
Moonshot Academy, co-launched by Entrepreneurial Spark founder Jim Duffy, hopes to turn the most promising start-ups into million pound businesses
A new accelerator that was founded to “tackle the billion-dollar issue of companies failing to scale and optimise on return” has officially launched.
Moonshot Academy will offer scale-ups mentoring via a “partner for life” system, which sees business owners ‘buddied up’ with successful entrepreneurs until they exit – which Moonshot claim is an industry first.
Founded by Jim Duffy, Bill Morrow and Al Walker, the trio have a wealth of accelerator, investment and start-up hub experience between them – with their other current ventures all lending themselves to the three main areas of an accelerator.
Duffy is founder of established business accelerator Entrepreneurial Spark, Morrow is founder of online investment platform Angels Den, while Walker founded Colombian-based workspace sharing company Siembra Coworking.
Helping businesses attract investment,with an eventual high exit for the founder, the accelerator helps scale-ups via three phases known as ‘launchpad’, ‘orbit’ and ‘moonshot’.
‘Launchpad’ is designed for start-ups with a validated idea to both develop a clear business plan and raise up to £150,000 worth of seed investment.
‘Orbit’ looks to help businesses further refine their business plan, as well as helping entrepreneurs with financial modelling and the valuation of their enterprise – while attempting to raise £350,000.
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Finally, the ‘moonshot’ phase will target founders ready to scale their business and eventually exit to the tune of £1m – at which point they’ll leave the Moonshot Academy.
Officially registered in Glasgow, Moonshot won’t have a stand-alone presence but will place a big emphasis on London, offering 20 co-working spaces for businesses that are in the pre-scale stage – yet harbour big financial ambitious.
Speaking to The Scotman, Duffy said:
“Many business-builders have the potential to become millionaires and create something sustainable, but because they don’t know what they don’t know, the chances for many are slim to zero.”
“We only profit once our partner businesses profit… it’s a win-win situation. Too many early-stage businesses across the UK are failing to secure investment, and don’t fully understand how to effectively pre-scale their company… that’s where we can help.”