Up to £1,000 for new businesses
Founders Fund 1,000, is designed to help students and graduates who have registered as a sole trader or limited company and are within 12 months of having launched their business, freelance career or social enterprise.
The grant can help fund a range of items, if you can clearly demonstrate how and why they will help you develop your recently launched business. Examples include:
- Specialist equipment & materials
- Website development
- Marketing & advertising costs
- Relevant training courses
- Test trading activities
- Software subscriptions
- Business insurance
Please note, this funding is highly competitive and we only have a certain amount to allocate each year. The Student Enterprise Team hold the right to withdraw the funding opportunity at any time.
Make sure to read all of the below information carefully to give yourself the best chance of success.
If you have any questions or need help with your application, please contact the Student Enterprise Team at enterprise@swansea.ac.uk.
Terms & Conditions
Eligibility:
The funding is available to current Swansea University students and recent graduates (within 2 years).
Those applying for the funding must have already registered a trading status (sole trader, limited company, etc.), and are within 12 months of having launched their business. Applications will only be accepted following confirmation and evidence provided.
They will have conducted necessary research & planning to validate their idea, are ready to test trade, made initial sales, or developed a Minimum Viable Product (MVP).
The funding can only go towards UK based businesses. Individuals or teams which include a student on a Student Visa are NOT able to apply for business funding, due to visa rules. Individuals on a Graduate Route Visa are able to apply for funding. More information on the Graduate Route Visa can be found here.
If you have previously received funding through Founders Fund 1,000 for your business, you will not be eligible to re-apply and should instead look to our other funding opportunities.
Students or graduates who have also received £3,000 from the previous Big Pitch competitions will not be able to apply as they have reached the total amount available to students and graduates.
How the funding works:
If your application is successful, you will not be gifted the money, it works as a reimbursement. This means you have to spend the money first using your own means and keep all of your receipts/proof of purchases in order to claim back the money.
All items you intend to buy must be agreed upon beforehand in-writing by the Student Enterprise Team. Please note we are unlikely to approve items that benefit the individual and not the business (vehicles, computers / laptops, etc.).
To claim back the money you’ve spent, you will be provided with a Student Expense Form which you need to complete and send to enterprise@swansea.ac.uk along with your receipts/proof of purchases. Your payment will then be processed.
Once your application has been approved, you will have a maximum of three months to complete your claim.
Please note, if you do not comply with these requirements the Student Enterprise Team have the right to retract any funding offered.
Once you have submitted your claim, payments can take up to 5 weeks to come through, however there may be occasional delays.
Application Process:
To apply for Founders Fund 1,000 to help develop your recently launched business, follow the link below where you will provide information on:
- Your student/graduate details
- Your business name, social media/website links
- Details of your trading status
- A completed Business Overview Template:
- Concept
- Market research
- Marketing
- Operations
- Costs
- Skills
- Progress made to date
- How much funding you require and what it will go towards
- Your next plans for the business
If you are applying as a team, please select one member to fill out the application form, where you will have the opportunity to input details of those in your team.
Your application must also include:
A 3-minute video presentation on your business, which should include:
- Your story. Tell us why you/your team started the business & what it means to you.
- Outline the need for your business. Showcase the consumer need for your idea/business, or the problem it is solving.
- What your idea/business is. Describe the products/service you are providing, how it meets your consumer need / provides a solution to the problem and how it works.
- Who’s involved. Tell us who is involved in running the business and what their roles are.
- Who it’s for. Explain who your target audience is, what you know about them and how you attract them to your business.
- Funding required. Explain how much funding you require, what it will go towards and your expected return on investment (ROI).
- Progress made to date and future goals. Demonstrate what you have achieved so far with your business, your future ambitions and the steps you will take to get there.
Review Process:
For your application to be successful, you must show:
It is a validated business – We want to see there’s been a growing demand for your product/service. Provide information on your sales made to date, your target audience, how you attract them and what makes your business unique.
Need for funding – Provide a clear list of the items you intend to buy, what they are needed for, how much they will cost and how they will help develop your new business. As well as your expected return on investment (ROI).
Creativity – This could be in terms of the products/services you are selling. How your business operates. Your branding & marketing efforts. How you deal with customers. What makes your business unique from the competition.
Innovation – The business is original, doing new things and different to everything else on the market. Or, it is improving existing products or services in fresh, exciting ways, advancing above the competition.
Sustainability & Social Impact – The business is sustainable in terms of materials, operations or impact. It is helping to combat local or global problems for the planet and/or people, such as those outlined in the UN’s Sustainable Development Goals.
Growth potential – The business has high growth potential in terms of generating increased revenues, profit and market share, and/or has the potential to increasingly solve the needs of the problem it’s solving, whether that be for people or the planet.
Presentation – You have presented your business creatively, clearly and concisely, covering all important aspects.
Commitment – You have demonstrated that you are committed to your business and have the drive to continue to progress.
Applications will be reviewed at the end of each month. Please allow up to 6 weeks to be notified on the outcome of your application.
If your application is successful, you will be notified and will meet with a member of the Student Enterprise Team to explain next steps.
If your application is not successful, you are welcome to arrange a meeting with the Student Enterprise Team to discover how you can develop your business for future applications.
Please note, the Student Enterprise Team’s assessment and decision on application approval and funding allocation is final. If applicants are not compliant with all of the terms and conditions, they have the right to revoke any funding offered.
Apply
Click this link to apply. (By applying you are agreeing to the terms and conditions set out in this document. Please make sure you have read through all of the above information carefully)
If you have any questions or need help with your application, please contact the Student Enterprise Team at enterprise@swansea.ac.uk.
