Backed by investors, including former Tesco CEO Sir Terry Leahy, Nova is a ‘cofoundery’ that attracts venture capital investment and is looking for new entrepreneurs. Tony McDonough reports

A Liverpool-based business ‘start-up factory’ says it wants to help created 30 new ventures 2020 and is seeking applications from fledging entrepreneurs.

Backed by investors, including former Tesco chief executive Sir Terry Leahy, Liverpool-based Nova is a ‘cofoundery’ that attracts venture capital investment for start-ups in the  healthtech, fintech and eGaming sectors.

It takes a 25% equity stake in each business with venture capitalists taking another 25% stake. Each of the entrepreneurs goes through a full mentoring programme, preparing them for their first investment pitches at free ‘start-up schools’.

To date, it has raised more than £10m in investment capital for around 70 successful tech businesses, creating over £72m in shareholder value and over 200 jobs. In December it launched a new fundraising campaign to  raise £600,000 to help more entrepreneurs.

Its previous investments have included a Dungeons & Dragons inventory app, a hand hygiene improvement system for hospitals and a foetal monitoring wearable for expectant mums. Nova is now opening applications to a 2020 start-up programme that plans to uncover latent entrepreneurial talent from across the North West.

Andy Dean, head of partnerships at Nova, said: “We know that there are many barriers facing people who want to start a business, often the risks involved are high, including the financial requirement, the time, and the diverse skills needed.

“The prospect of doing this alone, all whilst supporting their family without any existing employment, can kill many brilliant businesses before they even begin.

“We all know someone who believes they are sitting on that brilliant tech business idea, and probably have been for years, but does nothing about it. We have a programme that allows those people to actually prove if it is a great tech idea and then supports them to realise their ambition to build and launch it.” 

Successful applicants join the fee-free start-up programme, alongside their day job, to develop, launch and grow their business over a 12-month period.

“We all know someone who believes they are sitting on that brilliant tech business idea, and probably have been for years, but does nothing about it,” added Andy. “We have a programme that allows those people to actually prove if it is a great tech idea and then supports them to realise their ambition to build and launch it. 

Click here for further information on the programme and the application process