Business tips: 5 start-up funds for 2023

Business tips: 5 start-up funds for 2023

June 18, 2024
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This week, we look at 5 start-up funds to consider in 2023. 

For many people, the start of the year is a time for taking stock — and looking forward to what the future might bring. If you’ve resolved to make 2023 the year for your start-up, there are lots of ways to make that goal a reality. Here are 5 start-up funding opportunities for SMEs to explore in the months to come. 

 

Creative Catalyst 2023 for UK start-ups

The first of our start-up funds is the Creative Catalyst program. The program offers funding of up to £50,000 for UK-based start-ups (that includes GoSolo Global Account holders with a UK-registered business) in the creative industries sector throughout 2023, with the first round closing on 15th February. Applicants must demonstrate an awareness of their chosen sector, with a growth plan that shows how this funding will help their business develop. If successful, they will be partnered up with an advisor from Innovate UK, a leading innovation agency aimed at start-ups across the country. 

 

Social Enterprise Boost Fund

If you’re based in one of the UK’s most deprived areas, you could be eligible for a portion of the government’s £4.1 million Social Enterprise Boost Fund. Designed to stimulate innovation and kickstart community-focused projects in disadvantaged regions. This fund is available to enterprises classed as charitable, benevolent or philanthropic and will be delivered through a combination of capacity-building support and onward grant funding to local social entrepreneurs delivered in up to 6 local authority areas.

 

Nesta Impact Ventures investing in SMEs

Of course, government grants aren’t the only way to fund your SME. In recent years, venture capitalists have been behind almost every successful start-up story, and there are several opportunities to pitch your ideas to those with cash to splash. Take Nesta Impact Investments, for example, the venture capital arm of innovation agency Nesta. Recently they announced a £50 million funding pot for businesses focused on environmental and social change, with grants of up to £1 million available to successful applicants.

 

Beringea funds for new start-ups

Another venture capitalist firm offering start-up funds, Beringea has set aside funds to support eight new companies in 2023. Unlike other funding pots, this opportunity is open to start-ups across all sectors, with investments of up to £10 million available to the right applicants. Created to support UK firms looking to make it in the US — and vice versa — this fund has previously backed innovations in the SaaS, B2B, AI, data, and climate tech industries. 

 

Local funding for your SME

Finally, you might want to consider local funding options for your business. In the West Country, the South West Investment Fund will invest up to £5 million in SMEs throughout 2023, while the North West Fund will provide £155 million in funding to SMEs across the region. There’s also the Community Investment Fund, designed to support small businesses in Wales, and the Scottish Co-Investment Fund, which grants match funding of up to £2 million to eligible SMEs. Wherever you’re based, it’s worth spending some time online researching what’s available in your area.

With so many funding opportunities available, there’s never been a better time to get your start-up off the ground. And if you need a helping hand, GoSolo has all the tools you need to get started.

June 18, 2024
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By GoSolo Better Business Account