US-based tech accelerator set for launch in UK
TechStars partners with Springboard to support 20 start-ups in London
US start-up accelerator TechStars has announced that it will be backing companies in the UK with the launch of TechStars London.
Developed in partnership with UK accelerator Springboard, TechStars London will provide mentoring support to up to 20 early-stage companies every year for three months from its base in London’s Tech City.
As TechStars’ first accelerator launch outside of the US, the new project will provide each start-up with seed funding of $15,000, in addition to an optional $70,000 loan, which can be converted into shares at a later date.
The programme, which is set to open applications to start-ups on March 16, was finalised today at a meeting in 10 Downing Street with the minister for culture, communications and creative Industries Ed Vaizey, TechStars’ CEO David Cohen and partner Mark Solon, and Springboard founder Jon Bradford.
Originally launched in Boulder, Colorado, TechStars now runs additional US accelerators across Boston, Chicago, Seattle and New York, where the project has supported 175 companies to date.
It is hoped that the new London-based accelerator will provide financial and developmental support to start-ups from the UK and Europe, as well as those from further afield.
Founder of TechStars David Cohen is positive about the UK start-up scene: He said: “We’ve had our eye on the burgeoning London tech scene for some time, well aware the US doesn’t have a monopoly on either tech skills or entrepreneurship.
“The current business climate here means we can work with an incredibly broad spectrum of British and international teams and top talent. Merging with Springboard will allow TechStars to deliver great results both for start-ups and investors.”