Startupbootcamp IoT, a start-up accelerator programme based in London, is to be allocated a portion of £1 million in funding from the government for this year.
The programme is due to start in October and will support ten start-ups working on connected device projects for a range of domestic and enterprise uses.
Each start-up will get 15,000 Euros in funding, free office space in the British capital, and direct access to IoT experts and potential investors.
It’ll run for three months, and at the end of this period, the businesses will pitch to investors, VCs and angels at a demo day. This will be a chance for them to show off the progress they’ve made.
Matthew Hancock, minister of state for culture and the digital economy, believes that the government is helping to create a new generation of technology businesses.
“Government investment in the IoTUK programme is helping develop the next generation of technology which will power our economy and transform peoples’ lives,” he said.
“This latest funding boost will help companies bring their fledgling Internet of Things ideas to market and take advantage of emerging global opportunities.”
Supporting the next generation
Raph Crouan, managing director of Startupbootcamp IoT, said: “There are some great hardware startups and IoT technologies being created in the UK at present.
“Now we’re looking to really develop this ecosystem, and government support will help us to take our program to the next level.”
Startupbootcamp isn’t the only support scheme for young IoT firms. R/GA, an integrated tech agency, has just launched its first ever connected tech venture programme.
Launched in partnership with InnovateUK, which is the government’s innovation company, the programme will be based at R/GA’s new London headquarters.
Focus on hardware, data and AI
Businesses developing IoT technologies – especially around connected hardware, smart cities, big data and AI – are able to apply to take part on the scheme.
The lucky few will get help from the agency on branding, marketing and technology design, and will also be given access to mentors and investors. Up to ten firms will be supported.
Stephen Plumlee, managing partner at R/GA Ventures and global chief operating officer at R/GA, said: “This is our third IoT program globally, and we are delighted to extend our unique R/GA Ventures approach to the UK as we look to support companies from around the world that want to bring their technologies to the UK market.”