In News, Deep Tech, Investment, Startups•December 10, 2016•7 Minutes
Bristol-based tech startups search for investment at SETsquared's 13th annual Accelerating Growth Showcase
SETsquared gave the opportunity for high-tech startups to pitch for a share of over £25 million in late November. The initiative aims to connect investors with the most innovative tech companies based in SETsquared incubators across the country – and 3 of them were from Bristol!
"The whole team has worked really hard on creating a guest list which includes only individuals and funds ready to invest"
VRGO, Inclusive Media Solutions and Inductosense were among the 22 companies to attend the event at Euston Square in London, that was curated by the SETsquared team, to pitch for financial backing.
The global number one university business incubator put the cutting-edge companies in touch with over 200 angel investors, venture capitalists, high-net-worth individuals and corporate investors.
Monika Radclyffe, SETsquared Bristol's Centre Director, tells us, "We want to give our ventures an opportunity to pitch and present in front of investors."
One of the reasons so many tech companies are eager to get involved with this event is because the results are often so fruitful. "The whole team has worked really hard on creating a guest list which includes only individuals and funds ready to invest," explains Monika, "and we hope the event will lead to increased amount of capital invested in SETsquared companies."
"We used this event to meet and network with a wide range of delegates"
SETsquared also provided those participating with excellent mentoring, including exhaustive pitch training prior to the day. Founder and CEO of Inclusive Media Solutions, William Britton, says, "As a growing startup, we've been fortunate enough to be supported by SETsquared. This has opened doors for us that we would be 100 times more difficult without their support."
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But, it wasn't all just about the chance to pitch. Every company exhibited at the event, meaning a more informal conversation could be had between entrepreneurs and investors, allowing for more well-rounded decisions to be made.
Monika tells us, "it was a good idea for all companies to have a stand to showcase their product, and have a place to be approached for an informal chat, following their pitch on stage."
Representing Bristol
The event received tremendous feedback and those who took part are hopeful it will lead to big things. Joe Ryan, the founder of VRGO (demonstrated left), tells us, "We took part in the event as we are raising our first investment round and it was a fantastic opportunity for us to pitch to a room full of investors. We hope to spark interest in the product and raise further funding to close the round."
VRGO is a unique virtual reality (VR) chair, providing users with another way to experience VR. It's designed to create a more realistic exploration of the depths of VR, allowing users to stay engaged longer with its hands-free, wireless, tilt-based movement system. And, the chair is small enough to fit nicely in most living spaces.
Meanwhile, William tells us Inclusive Media Solutions looked to the event as a next step: "After recent approval for a clinical trial of our innovation we looked towards the Accelerating Growth Investment Showcase to help us raise the capital required to execute and support the trial.
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"We used this event to meet and network with a wide range of delegates, sharing our mission and gathering their insight into our investment proposal."
Inclusive Media Solutions created EasyVideo (pictured right), which allows people with learning disabilities to scan household items, such as a washing machine, to queue a short tutorial explaining how to use it. EasyVideo essentially wants to encourage independence for those who have learning disabilities cost effectively and efficiently.
It was a success for Inductosense too! Matt Butcher tells us, "It was brilliant; my colleague and I left with sore throats afterwards and a load of follow-ups."
Inductosense (pictured left) has developed a product to enable wireless, fast and repeatable detection of cracks, corrosion or defects in structures and products and "used the 2016 Setsquared Accelerating Growth Investment Showcase to kick start our fundraising activities."
Monika tells us the accelerator has played an integral role for many companies, "We've had reports from companies who have raised funding directly as a result of this event in the past. We also had one company securing the investment as part of the pitch practice event at Apple stores – a few weeks before the main event!"
Across its 14 years, the showcase has contributed an astonishing £3.8bn in Gross Value Added (GVA) to the UK economy by helping over 1000 companies raise over £1bn; a figure that continues to rise.
Check out SETsquared's website to find out more about its incubators and follow them on Twitter to keep up with the latest news: @setsquared
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