+

Cookies on the Business Insider India website

Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.

Close
HomeQuizzoneWhatsappShare Flash Reads
 

Wayra pledges to help startups across the UK so they don't feel 'pressured' to come to London

Dec 8, 2016, 18:06 IST

Wayra

London-based startup accelerator Wayra - operated by Spanish telecoms giant Telefónica, which runs O2 - is expanding across the UK next year, with new programmes launching in Oldham, Birmingham, and Cheltenham.

Advertisement

As a result of the expansion, the accelerator expects to support three times as many companies, going from 17 in 2016 to 50 in 2017.

The new programmes in Oldham, Birmingham and Cheltenham are being referred to as pre-acceleration services. They differ from Wayra's established accelerator in London because they don't offer direct investment (Wayra backs startups in London with funds of up to £40,000 in exchange for equity).

Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More

What the new programmes do offer, however, is mentoring, coaching, office space, and access to corporate and investor networks. There is also the possibility of bringing companies into the main programme investment once they've been through pre-acceleration

In total, 24 companies will be hosted in new facilities in Oldham and Birmingham over a six month period, while six companies will join the new GCHQ Cyber Security accelerator in Cheltenham for three months.

Advertisement

Ministry of Defence

Gary Stewart, director of Wayra UK and Telefónica Open Future, said in a statement: "It's become abundantly clear that not everyone feels the benefits of technology and entrepreneurship. Our goal is to democratise entrepreneurship by ensuring that people from all around the UK are able to launch their startups without being pressured to come to London.

"Our new programmes allow us to help businesses in the Midlands and Greater Manchester much more effectively, generating jobs and economic growth, while we continue to also support London's tech ecosystem.

"In addition, our new accelerator with GCHQ will encourage the next generation of cyber security startups, with the ambition that people will start to see the UK as the cyber capital, just as it is the fintech capital."

Wayra has invested in 150 startups since launching in 2012. It claims that those businesses have gone on to raise $110 million (£87 million) between them, with $20 million (£16 million) of that in 2016. Some 80 Wayra graduates have also partnered with Spain-based telco Telefónica, be it through a trial or a more official contract.

Advertisement

NOW WATCH: 7 places you can't find on Google Maps

Please enable Javascript to watch this video
Next Article