Female entrepreneurs in the North East who want help to grow their business or commercialise their ideas are being urged to come forward to seek investment.
Mercia Ventures, which manages the North East Accelerate Fund, is actively encouraging applications from women to help unlock their economic potential. Mercia has backed seven businesses that were female founded or have women in senior roles since the fund started investing in February and is keen to back more.
Successful entrepreneurs can receive up to £1m in venture capital as well as coaching and other support. The Accelerate Fund was established by The North East Fund with the support of North East Mayor Kim McGuinness and The North East Mayoral Strategic Authority.
Ian Wilson, Fund Principal at Mercia Ventures’ Newcastle office, said: “The fund has got off to a flying start and we’ve been encouraged by the strong interest from women so far, which indicates growing confidence amongst female entrepreneurs in the region. However we acknowledge there is still more to do to improve female representation and access to capital.
“It’s not about favouring one group over another; it’s about ensuring the best ideas have the opportunity to succeed. By backing diverse founders, we gain access to wider thinking, stronger innovation and businesses that are often closer to the needs of customers.
“We aim to build the next generation of high-growth companies in the North East and women have an integral role to play in that.”
Entrepreneurs who have received backing so far include Cassandra Ukaobi, whose wellness brand Tolicious offers supplements and beauty products; Henrietta Newble of AnFiTest which is developing diagnostic technology for equine and livestock health; and Sri Hollema of Mat Zero which produces heated mats for disaster-hit communities or outdoor use.
Others include Dr Kara Danks, whose precision wellness platform Alloniq helps people understand their health patterns; and Laura Weaving of Duo Global Consulting, whose platform helps leaders to improve performance and productivity.
Sarah Pavlou, a business consultant and coach who is working with some of the group, has spent over two decades supporting women in business and says a number of common themes emerge. Sarah says: “For many women, the biggest challenge is not building a great business, it is gaining equitable access to the funding, networks and support needed to scale.
“Confidence is another issue. I’ve coached a lot of women who really know what they are doing but don’t believe in their own capabilities. Women founders bring fresh perspectives, strong leadership and a proven ability to identify underserved markets and emerging opportunities. By helping them recognise their capabilities and avoid common pitfalls, we can increase their chance of success and their contribution to the regional economy.”
Both Mercia and the North East Fund are signatories to the Investing in Women code which aims to improve access to finance for female entrepreneurs. The Rose Review, first published in 2017, found that the UK could achieve £250 billion in growth if women entrepreneurs were funded to the same level as men.
Jason Hobbs, CEO of the North East Fund, said: “We are proud to support female entrepreneurship and that our funds are investing in many businesses founded and led by women. Unlocking the economic potential of women represents a huge opportunity to boost the region’s growth and prosperity.”