Seedcamp is a week-long event to help entrepreneurs from across Europe, the Middle East and Africa) find funding. Run by a group of experienced angel and VC investors across Europe, it held its first gathering in September 2007 and hopes to hold the event annually, and NESTA has pledged €200,000 to support it for the next three years.
Jonathan Kestenbaum, CEO of NESTA said: “There is a wealth of good ideas out there that, with the right type of backing can transform this economy. Financial capital is only one of the key ingredients and on its own, will not be enough. Seedcamp offers young businesses access to the sorts of networks and specialist advice that can make or break a start-up.”
The event is effectively a competition. Twenty companies are chosen following an online application, those that are selected will be able to meet serial entrepreneurs, corporates, product designers, venture capitalists, recruiters, marketing specialists, lawyers and accountants that will help the selected teams put together the foundations of a viable business.
At the end of the week, five teams were chosen to receive £50k worth of funding in exchange for 10% of the equity, with no additional preferential terms or rights.