Up to £3,000 for scaling up existing businesses
Founders Fund 3,000, provides grant funding for students and graduates to help scale up and grow their existing business. It is designed for those who have been trading for over 12 months and are in need of extra funds to help take their business to the next level.
The grant can help fund a range of items, if you can clearly demonstrate that your business has shown progression since launch and is ready to expand. 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 a registered trading status (sole trader, limited company, etc.), and have been trading for over 12 months. Applications will only be accepted following confirmation and evidence provided.
The business must be in a position that is ready to expand, for which evidence must be provided in the application.
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 3,000, you will not be eligible to re-apply.
If you have previously received funding through Founders Fund 1,000, you are eligible to apply as long as you have been trading for over 2 years and meet all other requirements.
If you have previously received funding through Founders Fund 500, you are eligible to apply as long as you have been trading for over 12 months and meet all other requirements.
Please note, the maximum amount students and graduates can receive from the Student Enterprise Team is £3,000. For example, if you are successful in applying for Founders Fund 1,000 and 3,000, the total amount you could receive is £3,000.
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 you are successful in winning funding, 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 3,000 to help scale-up your 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 business, or the problem it is solving.
- What your 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 it’s for. Explain who your target audience is, what you know about them and how you attract them to your business.
- Who’s involved. Tell us who is involved in running the business and what their roles are.
- 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:
Progression – Since launch, you must demonstrate 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 grow your 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 a 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 continue to grow your business.
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.
