An ambitious bid to raise an extra £10 million a year from business angels is underway in London.
The new flagship scheme, Angels in the City, is designed to power the growth of the Tech City initiative.The Corporation of London has launched the venture in partnership with London Business Angels.
Tech City, the Government-backed area which includes Old Street, Shoreditch and extends out to the Olympic Park in Stratford, is already home to a cluster of over 500 high-growth potential SMEs.
The new scheme – which runs until March 2013 – aims to recruit and build the capacity of a new pool of 125 new angel investors, drawn from the Square Mile, the UK’s financial and business epicentre.
Through Angels in the City, it is anticipated that over 40 Tech City businesses and similar technology-focused start-ups in the surrounding areas will benefit from angel investment each year, creating around 200 new jobs per annum.
Participants will benefit from a rolling programme of workshops and round tables over the next 18 months, providing insight into the investment process, risks and rewards, and how to take advantage of tax breaks with experienced investors offering top tips.
Once ‘angel-ready,’ participants will be invited to pitching events where London Business Angels will facilitate face-to-face meetings between these new angel investors and innovative entrepreneurs from Tech City and the surrounding areas. Pitching events are scheduled for May and November 2012 and February 2013.
• For more information, go to: www.cityoflondon.gov.uk/angelsinthecity
• For additional coverage, go to CambridgeElevator http://bit.ly/u9cVyk
