Accelerate50 competition will award a £50,000 prize including free office space for a year.
Sussex Innovation, the business incubator owned by the University of Sussex, has announced Accelerate50, a competition to identify the most game-changing scale-up in the local business community. The winning company will receive a grand prize acceleration package worth £50,000 – including a free office for a whole year.
The contest is explicitly aimed at businesses with scale-up potential, an area of focus for both Sussex Innovation and the UK government’s economic strategy. In last year’s annual report, the Scale-Up Institute highlighted 5 key challenges that hold back British businesses bridging the gap from start-up to scale-up. By offering this prize, Sussex Innovation seeks to address the ‘Infrastructure Gap’ that limits access to the space and R&D facilities that afford businesses the opportunity to expand.
Nigel Lambe, Chief Executive of Sussex Innovation, said: “With the Accelerate50 competition, we’re hoping that we can have the biggest possible impact as the home of scale-ups in Sussex. We know that hubs like ours are tremendously beneficial to companies navigating that growth journey, helping them to find a community of support, build strategic and leadership skills, and access the talent and financial resources they need to help them scale.
“If, by giving away this package of support free of charge, we can encourage a brilliant business to fulfil its potential and have a significant impact on our local economy, we believe that the cost to us will be repaid tenfold.”
Accelerate50 is open to any Sussex-based business of more than 4 staff, and the winner will be judged according to three parameters that are critical for growth: ambition, innovation and scalability. Applications must be made before 7th May at the competition page, with the winners announced following a final interview on 20th May.
The winning company will receive a high impact 12-month acceleration prize, which includes:
• A private office for up to 30 staff for one year, including all utility bills, high speed internet connection, free parking and an on-site concierge team.
• Membership of a monthly CEO Club to network and share challenges and insights with other scale-up directors and founders.
• A package of member benefits including discounts and special offers with local retail, hospitality and professional service partners.
• Strategic meetings with a senior member of the Sussex Innovation consultancy team to identify growth opportunities and build connections with potential customers, suppliers and partners.
• Consultancy and practical support to help deliver growth projects including market research, marketing and financial planning.
