City Council invests thousands of pounds in local small start-up tech companies

The City Council is funding a new scheme through the Milton Keynes Investors Group (MKIG) to provide five start-ups with £7,000 each to help develop their business.

Tech based businesses based in Milton Keynes who have fewer than ten employees, and who have been trading for less than three years will be able to apply for the funding.

By tech, the City Council means the business is either developing new technology or using existing technology in an innovative way.

Milton Keynes is a hotspot for tech start-ups, and as a result has one of the highest levels of start-ups in the UK.

The City Council wants to ensure that tech talent stays within the city, creating new jobs and opportunities for local people as businesses continue to grow.

Entrepreneurs are being encouraged to apply for a grant – which doesn’t need to be repaid – if they need a modest cash injection to get them to the next level or to get a specific project off the ground. This could include investigating a patent, covering legal or even marketing costs.

One of the five firms will then be offered an additional £5,000 next year following a ‘dragon’s den’ style pitch.

The investment is part of the City Council’s £3.5m Economic Recovery Plan, which has supported hundreds of businesses and thousands of residents across Milton Keynes following the pandemic.

The scheme which has now opened for applications, is managed by the MKIG, which is the largest not-for-profit angel network in the UK. MKIG provide a free pitching platform for founders, with no success fees, and are frequently approached by MK-based micro businesses for funding.

Deputy Leader of Milton Keynes City Council and Cabinet Member for Economic Recovery and Renewal, Councillor Robin Bradburn, said:

“Milton Keynes has a thriving, vibrant, and prosperous business community, which has one of the highest levels of start-ups in the UK. We recognise that investment at the right time can massively help start-ups grow their business and that’s why we’re investing thousands of pounds in the MK Tech Fund. Providing grants to tech start-ups will help to attract inward investment and create jobs for local people.”

With so many enterprises choosing Milton Keynes as their operational base, the city may soon overtake other tech hotspots in the country to become the best location for seeking innovation in tech and establishing a successful tech business.

To find out more including full terms and conditions, visit https://www.themkig.com/