Sir Tom Hunter is to create a second base for a pioneering support scheme for aspiring business owners, just four months after the initiative’s launch in Glasgow.
Sir Tom, along with fellow philanthropic investor Willie Haughey, backed the creation last November of Entrepreneurial Spark by Jim Duffy, the former policeman turned serial entrepreneur in pubs and car valeting.
The not-for-profit initiative is the first of its kind in Scotland to bring together under one roof, free of charge, both the incubator and the accelerator support that start-ups and developing businesses need.
The first site offers fully equipped hot-desks and meeting space in a 6000 sq ft space at the Glasgow headquarters of Mr Haughey's City Refrigeration empire.
Now Sir Tom is to back a parallel facility at his head office at the Olympic Business Park in Ayrshire, where he built his own business Sports Division. East Ayrshire Council has already committed to backing the project with three-year funding of up to £150,000.
Sir Tom's commitment over an initial five years will enable Entrepreneurial Spark to support 25 to 30 start-up or nascent businesses every six months, with the aim of sending them out funded and fully operational to create employment opportunities.
The facility will also work with schools in the area to support the next generation of entrepreneurial talent.
Mr Duffy, chief executive of Entrepreneurial Spark, said: "Tom recognises that by providing early stage infrastructural support combined with business growth expertise, we can hothouse more businesses faster to provide new and high value jobs and opportunities for Scotland. This commitment underscores both the need and the efficacy of our offering to potential high growth businesses."
He added: "We see Entrepreneurial Spark not as an enterprise but as a movement, for entrepreneurs by entrepreneurs. We understand business growth hurdles, and hopefully the ladders to overcome them. Moreover, by having 25 to 30 businesses working alongside one another you have no idea of the synergies and shared problem-solving that goes on."
Sir Tom has set aside a floor of his head office to provide all the necessary infrastructure required for the Ayrshire Entrepreneurial Spark and will personally be involved in mentoring and supporting the businesses there.
He commented: "I more or less started Sports Division here – all we need is one high growth business to follow suit in whatever sector they choose, and this investment will have paid for itself umpteen times over. It really is very exciting."
Current supporters of the Glasgow facility, including Michelle Mone and Mr Haughey, will also participate in helping the Ayrshire businesses.
Sir Tom added: "Importantly I believe all three Ayrshire councils completely get this, as does John Swinney, who has been hugely supportive of the concept.
"I think this could be the most productive public-private partnership on offer in the entrepreneurial space, and I truly hope when we come to launch in May that partnership will be signed and sealed."
Mr Duffy added: "As we get up and running here in Ayrshire, I'd ask anyone interested in participating as a business, a mentor or sponsor to get in touch at www.entrepreneurial-spark.com."
Participants also get mentoring from staff at Boston-based Babson College, a leading US business school, via Skype.
The Glasgow site has 36 early stage businesses, with over 50 people on a waiting list. Up to 10 are moving on to the Business Gateway high growth pipeline, five are registering as new companies with share agreements, three are applying for patents, and one is closing on an international licensing deal.
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