"We aim to ensure that no brilliant ideas for new technology are wasted, so we remove all the risk and provide guidance through every stage of the process."
Liverpool cofoundery Nova, which has already invested in more than 80 technology startups, has announced that it is looking for at least another 38 entrepreneurs to partner with by the end of 2019.
Nova teams up with aspiring entrepreneurs who have an initial idea, giving them financial support, mentorship, and a team of experts to help create and launch a tech startup. It removes the most common risks for new entrepreneurs, who can take part in the free programme whilst continuing with their day jobs, and are not required to risk investing any of their own money.
So far, it has generated over £100 million in shareholder value from its startups, and created over 200 new jobs.
The majority of startups in the UK are unsuccessful, with 92% failing in the first three years. However, Nova startups are six times more likely to succeed. This is due to Nova’s ability to tackle five reasons for failure: building something nobody wants, the wrong cofounders, hiring the wrong people, failing to execute sales and marketing, and chasing investors rather than customers. These are the most common reasons, and are responsible for 80% of unsuccessful startups.
Whilst entrepreneurs from all over the UK are encouraged to apply to Nova’s Mentorship and Investment Programme, 15% of all applications in 2018 came from entrepreneurs in the Liverpool area - second only to London.
Andrew Dean, Head of Partnerships at Nova, commented:
“Launching a startup is not easy. There are plenty of challenges, especially early in the process, where the most common mistakes occur. Meanwhile, entrepreneurs worry about having to quit their day jobs to make a go of it, or needing to invest their own money and risk losing it. We aim to ensure that no brilliant ideas for new technology are wasted, so we remove all the risk and provide guidance through every stage of the process.
“We’re thrilled that so many ambitious and talented people local to our headquarters in Liverpool are applying to work with us. In 2019, our goal is to partner with a minimum of 38 entrepreneurs. We want to encourage anyone with a great idea to apply, and are looking forward to exploring new, innovative ways of solving problems with technology.”
Previous Nova success stories include Aquarate, a suite of sensor-based products, which digitise NHS processes and increase the quality of patient care. It was developed by former LJMU student Rebecca Taylor in her final year, and Nova helped her to develop the product and launch it commercially. Aquarate is working with the Liverpool Royal Hospital, and other leading hospitals across the UK, and the products are set to be trialled with patients within the next year.