Recently, the Dynamo Advisory Board convened its first quarterly meeting to help drive the growth and success of the North East technology sector. One of the main challenges the group discussed was navigating the start-up and scale-up scene.
If you’re passionate about the North East tech sector, we’d love you to get involved! Get in touch for more information.
SUCCESSFULLY NAVIGATING START-UP AND SCALE-UP
The group’s first agenda item circulated around strategies to position the North East as an area conducive to start-up and scaleup success. A sub-working group of the Board presented distinct areas of focus Dynamo can adopt and champion moving forward, following a recent workshop and research exercise.
The group agreed similar tact is needed across industry barriers to growth, to allow Dynamo members to achieve tangible, positive results in the ecosystem.
STRATEGIES FOR PROMOTING START-UPS
Champion Role Models and Inspiration: Encourage and support the development of local entrepreneurial role models. Highlight the success stories of start-ups in the region to inspire budding entrepreneurs.
Foster Networking and Co-Founder Matching: Facilitate networking opportunities and platforms for aspiring entrepreneurs to connect with potential co-founders and mentors. Building partnerships and networks is essential for successful start-ups.
Provide Entrepreneurial Education: Enhance education programmes and initiatives that focus on entrepreneurship. Develop courses or workshops to help individuals gain the necessary skills and knowledge to start a business. Board member, Kevin Beales, mentioned: “…in the start-up ecosystem, most people with the personal experience required to start a business have likely been involved in start-ups before”.
Elevate Funding Support: Explore options to increase funding support for start-ups. Consider offering grants, low-interest loans, or subsidies to reduce the financial burden on early-stage businesses.
Create Affordable Co-working Spaces: Address the lack of co-working spaces by encouraging the development of affordable and accessible co-working spaces across the region.
Develop Mentorship Programmes: Establish mentorship programmes where experienced entrepreneurs can guide and support those looking to start a business.
Showcase External Investment Opportunities: Encourage start-ups to seek investment from outside the region if local funding sources are limited. Promote networking with investors from other areas.
Expand Entrepreneurial Promotion: Increase efforts to market and promote the North East as a welcoming place for entrepreneurs. Disseminate success stories and create a positive image of the region for aspiring business owners.
STRATEGIES FOR SUPPORTING SCALE-UPS
Reinforce the Angel Investment Network: Strengthen and organise the angel investment network to provide better support to scaling businesses. Encourage more angel investors to participate in the region’s growth.
Construct a Centralised Ecosystem: Consider centralising resources and support in a specific location to build a strong and comprehensive ecosystem for scale-ups. Concentrating resources can help create a supportive environment for growth.
Forge Partnerships with Corporate Brokers: Collaborate with corporate brokers who can connect scaling businesses with a broader investment mindset. Encourage the exploration of national and international investment opportunities.
Enhance External Messaging: Improve the messaging regarding investment opportunities, ensuring that local businesses understand the benefits of seeking external investments to fuel growth.
Amplify Role Models’ Visibility: Increase the visibility of successful entrepreneurs who can serve as role models for scale-up businesses. Their experiences and expertise can provide valuable guidance. Board member, Andy Lawson, stated: “…we’ve got the role models but need them to come to the forefront more”.
Magnify Individual Focus: Shift the focus from organisations to individuals. Provide support and resources directly to aspiring entrepreneurs and scale-up leaders. Consider emphasising individual development and growth.
Consider Introducing a Dynamo Membership Gifting Programme: Introduce a membership sponsorship program where members can sponsor individuals in their start-up or scale-up journey. This programme can help bridge financial gaps for entrepreneurs.
PREVIOUSLY:
- Merger update
COMING UP:
- Nurturing Talent and Collaboration
- The Rising Perception of the North East Tech Sector
- Increasing Diversity in the Tech Sector in the North East
- How to Get More R&D Spend
- Levelling up the Dynamo Membership
Dynamo is a not-for-profit tech membership organisation encouraging collaboration and supporting the growth of the North East of England tech sector. To find out more about getting involved with Dynamo, contact Al (Aleasser) Alzein, Membership Engagement Manager, via LinkedIn or via:
Email: Al.Alzein@dynamonortheast.co.uk
Phone: 07719 030 607
