£1.75m of business support is available for the next generation of UK clean tech pioneers.
Melbourn-based TTP Incubator and Carbon Trust boost start-up support to fuel clean tech bo...
The Carbon Trust is expanding its business Incubation scheme in response to a growing need for critical business support to spawn the next generation of commercial clean tech innovators in the UK. Melbourn-based, early-stage business growth consultancy TTP Incubator has been named as one of the Incubator Partners which will provide advice and support to the promising low carbon technology companies in the scheme.
Recent research from the Department for Business, Innovation and Skills1 shows business leaders expect clean tech to be the UK’s highest growth sector in the coming years. The Incubator scheme has a track record of preparing start-ups and spin-outs to attract all-important investment, with the 90 companies that have been incubated so far having raised around £86 million in private funding.
The Carbon Trust is on the lookout for 25 new joiners to the scheme over the coming year with up to £70k of support on offer to each. This covers strategic and business development consultancy, advice on corporate finance, management team recruitment and mentoring, product development, market research and engagement and guidance on intellectual property protection.
Incubatee companies typically attract around £16 of private funding for every £1 spent on incubation services. Companies that joined the scheme in 2008/09 alone have gone on to raise almost £19 million in private investment with the Carbon Trust's support.
Dave Raval, head of the Carbon Trust incubation scheme, said: “The UK has led the development of many low carbon technologies, but we must nurture and harness the UK’s spirit of innovation and ingenuity to generate the maximum economic benefit from the global clean tech revolution. You may have a great technology or service idea, but to make it fly and become a commercial reality, you need a strong business behind you and the know-how to attract investment. The incubator scheme has a track record of turning clean tech innovations into high-growth businesses.”
Chris Hole of the TTP Carbon Trust Incubator said: “We welcome this boost to the incubator scheme and look forward to working with the new partners to find and support the companies which will play a major part in reducing the world’s CO2 emissions in the future. To date, TTP has already helped 27 companies through the scheme supporting them with focused, technical market research and strategy advice, technology development work and advice on patent and broader IP strategy. This work enables supported companies to build their commercial plans and predict their need for further funding. TTP’s own venture capital team builds on this work to make the case for investment to the broader financial community and to help companies navigate the fog of funds, large companies and private investors that are looking to invest in the low carbon economy even in the current economic climate.”
The boost to the Incubator scheme forms part of the Carbon Trust’s Clean Tech Revolution campaign, which aims to make the UK a global hub of low carbon innovation and ensure it reaps the rewards of developing new clean tech industries. Recent Carbon Trust analysis demonstrated the UK could generate up to £70 billion for the economy and almost 250,000 jobs in offshore wind and wave power alone.
A good example of TTP’s work supporting innovative companies through the Carbon Trust's incubator scheme is its work with AdInfa (www.adinfa.com). AdInfa has developed software and systems to monitor and manage the energy consumption of data centers (which now accounts for up to 5% of electricity consumption in some advanced economies). Philip Petersen, CEO of AdInfa, said: “I found the breadth of TTP’s experience, covering both financial and technical issues of great value in helping AdInfa define it’s market and secure customers in a highly competitive industry and in attracting the attention of potential investors.”
To assist the scheme’s expansion, the Carbon Trust has selected six expert early-stage business growth consultancies who will lead the delivery of the incubation support: Angle Technology, CLT, Conduit Parters, E-Synergy, Isis Innovation and TTP. In addition, the Carbon Trust Incubator Network has been established to assist this, and help scout for promising low carbon technology companies across the UK. The network includes SETIC (East Kilbride), UMIC (Manchester), SETsquared (Bath), Life-IC (Rotherham) and Imperial Innovations (London).
1 Survey of UK business leaders commissioned by the department for Business Innovation and Skills. Further information here: http://www.bis.gov.uk/uk-bosses-tip-cleantech-technology-and-media-to-be-the-three-highest-growth-sectors-by-2020.
For more information or an interview please call the Carbon Trust press office on 0207 544 3100.
The Carbon Trust
• The Carbon Trust is an independent company set up in 2001 by Government in response to the threat of climate change, to accelerate the move to a low carbon economy by working with organisations to reduce carbon emissions and develop commercial low carbon technologies.
• We cut carbon emissions now by providing business and the public sector with expert advice, finance and certification to help them reduce their carbon footprint and to stimulate demand for low carbon products and services. Through our work, we’ve already helped save over 17 million tonnes of carbon, delivering costs savings of over £1billion.
• We cut future carbon emissions by developing new low carbon technologies. We do this through project funding and management, investment and collaboration and by identifying market barriers and practical ways to overcome them. Our work on commercialising new technologies will save over 20 million tonnes of carbon a year by 2050.
About the Carbon Trust - TTP Incubator
The Carbon Trust - TTP Incubator provides assistance to entrepreneurs for the commercialisation and exploitation of their innovations in the clean energy and low carbon technology area.
Support to these companies includes engineering, marketing, ip and investment readiness services. This support is funded by The Carbon Trust, and 27 companies from across the British Isles are already receiving help from TTP to grow.
UK companies seeking support should contact the Incubator on www.ttpgroup.com/carbontrust
TTP is an independent technology company where scientists and engineers collaborate to invent, design and develop new products and technologies. Working across a wide spectrum of industries including health, telecoms, industrials and consumer, TTP creates breakthrough solutions that bring strong commercial value to clients and the benefits of technology to all.