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UCLan backs entrepreneurs with funding boosts

A number of budding entrepreneurs at the University of Central Lancashire (UCLan) have been backed by a funding boost.

Through its mentoring and business support arm Propeller Hub – formerly known as Northern Lights – UCLan has provided financial support to 13 students and graduates over the last three months by offering up to £1,000 to new businesses through the Propeller Enterprise Awards.

The cash injection, decided by a judging panel after applicants were invited to present their business ideas, is helping a variety of businesses including fashion brands, arts companies, an international B2B consultancy, food vendors, support groups and more.

The funding will be used for a variety of purposes including purchasing equipment, contributing to marketing materials and event promotion, covering insurance and paying for web development and hosting.

Steve Simm from Propeller said: “We’ve worked hard over a number of years to create a culture of entrepreneurship within the university community that continues beyond graduation. Our aim is to help shape successful graduates whose enterprising skills benefit the region economically, environmentally and socially.

“Over the last three years alone, Propeller has played a part in creating an estimated 542 businesses that have generated more than 1,000 jobs with an estimated annual turnover per business of £40,000.”

Original story: Insider Media