Bringing leading young businesses to the UK The UK’s attractive Sirius Programme has a new format and a new (private sector) management
The Sirius programme aims to bring some of the best young entrepreneurial talent from around the world to the UK where they can build their businesses for the benefit of themselves and the UK economy. Participants receive a complete package of services to maximize their potential for success – probably better than any UK young business could expect.
The package includes seed funding of approximately £35,000 plus 30-days of acceleration training, mentoring, twelve-months office accommodation and support in obtaining visas from a dedicated Sirius allocation. The total package is estimated to be worth up to £60,000. Companies participating will cede a 10% stake in exchange for the support received.
Sirius was developed originally by the then UK Trade and Industry (UKTI) in 2013 to promote the UK as a destination for young entrepreneurs, and to date has attracted over 2,300 gifted and ambitious applicants from 93 countries, leading to 73 companies coming to the UK. The programme aims in the future to attract up to 100 entrepreneurs representing 40 new companies to the UK each year; and these will be spread across different regions of the UK.
Management of the Sirius Programme has been transferred to a consortium of private and charity sector organisations to facilitate its growth and development. The consortium includes The Accelerator Network, Entrepreneurial Spark, NACUE, Natwest (part of the Royal Bank of Scotland Group), The Rain Gods and White Horse Capital.
The support programme is to be run on a not-for-profit basis and seed funding for the start-ups will be sourced from UK private investors under the Seed Enterprise Investment Scheme (SEIS), with the expectation of a strong investment return given the calibre of international start-ups and the support they will be able to access in the UK, now including investor input.
Timothy Barnes, Chairman, Sirius New Direction Ltd commented (3 Nov), “The development and growth of the Sirius Programme underlines our confidence in the reputation of the UK as a leading global destination for young entrepreneurs. There are some incredibly ambitious entrepreneurs with great business ideas that would benefit from being based here and we are keen to hear from them all!”
He added: ‘It is a highly competitive programme, but with much of the previous marketing conducted outside of the UK it is not as well known within the country as it might be. Teams from anywhere in the world can apply, as long as one or more of the co-founders is from outside of the UK. Overseas students already in the UK as part of their education are particularly welcome.’
Applications for the new format programme are open now via http://www.siriusprogramme.com – the first cohort to be selected before the end of the year, to be active in the Spring of 2017.
John Whatmore, November 2016