 An enthusiastic take-up of funding and support among North-East entrepreneurs has fuelled demand for a fresh range of enterprise development services. Newcastle-based NStar is working to stimulate the region's economy by encouraging ambitious businesses to expand and grow. The two early-stage technology funds which NStar established in 2004 - Proof of Concept and the North-East Co-Investment Fund - have attracted a wave of applications from local businesses. The funds are worth a total of £33m and continue to help innovative companies to expand and excel. Proof of Concept has recently made its 100th investment. Both funds are managed by NStar subsidiary, NorthStar Equity Investors, and have been financed by the European Regional Development Fund (ERDF) and One NorthEast. From this spring, NStar is expanding its family of funds. Companies with strong growth prospects in the arts and media sectors will be able to apply for finance through the Design and Creative Fund. Set up with £2.4 million from One NorthEast, this exciting new fund will help support imaginative ideas through their early stages. Also new for this year, the Three Pillars Fund, financed by One and managed by NStar, has been designed to provide investment in the energy, health and process industries, working alongside other initiatives. Karl Gardiner, head of strategic business development at NStar said: "Investments from these funds will help business ideas and projects through their riskiest stages and will hopefully take them on to attract further funding. "These are not grants, they are convertible loans and all applicants must have a keen eye on their market and their potential to succeed commercially." The funds stand alongside a range of support and mentoring services, offering entrepreneurs access to expert guidance as their businesses grow and develop. Launched last November, NStar Finance and Business is a programme of innovative financial support services, including training, coaching and advice aimed at SMEs. Through free one-day introductions and more in-depth follow-on courses, the service helps businesses understand how external finance can help them. NStar also runs three distinct mentoring services - E-mentors, a free online advice service; Accelerator mentors, a specialist service for companies looking to raise over £1m in development capital; and Exemplar - a new search service that matches the expertise of non-executive directors, advisers and mentors with the needs of individual businesses. Jane Metcalfe, business development manager at NStar, said: "We are currently looking for high calibre people to join Exemplar and share the benefit of their experience with ambitious growing businesses in the region. "With national coverage, the database will allow local companies to tap into top-flight advice on strategy, finance, marketing and management. "It will also be a rewarding experience for the mentors as they help guide some exciting business ideas onto the market. "This is an exhilarating time to be running enterprise development services in the North-East because the response from entrepreneurs is so strong. "Our expanded range of funds and support programmes reflects a real need in the region for easy-to-access finance coupled with reliable, expert advice."
For more information on NStar funds and services, or to become an Exemplar mentor, email enquiries@nstarfinance.com or call NStar on (0191) 211-2300.
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