Up to £500 for start-up ideas
Founders Fund 500, is designed to help students and graduates to take the first step towards starting their own business, freelance career or social enterprise. The grant funding will help turn your entrepreneurial idea into a reality by providing a helping hand to soon-to-be entrepreneurs in need of a financial boost.
It’s easy to apply for and can help fund a range of items, if you can clearly demonstrate how they will help the start-up idea progress. Examples include:
- Equipment & materials
- Website development
- Marketing & advertising costs
- Relevant training courses
- Test trading activities
- Networking opportunities
- Market research activities
Please note, this funding is highly competitive and we only have a certain amount to allocate each year. The Student Enterprise Team reserve the right to withdraw the funding opportunity at any time.
Please 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).
Individuals/teams applying for the funding must demonstrate a clear ambition for starting a valid business, freelance career or social enterprise, and must have made some progress in researching/developing the idea.
Those wishing to apply for Founders Fund 500 must also be in a position to register their business (sole trader/limited company, etc.) within 3 months of applying. Funding will only be released following confirmation of business formation and evidence provided.
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 the visa rules. However, 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 500, 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.).
Successful applicants must ensure to register a trading status (sole trader, limited company, etc.) within 3 months of their successful application. Funding will only be released following confirmation of business formation and evidence provided.
To claim back the money you have 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 and evidence of your business formation. Your payment will then be processed.
Once your application has been approved, you will have a maximum of three months to complete your claim and provide evidence of your business formation (Unique Taxpayer Reference / Company Number, etc.)
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 500 to help develop your business idea, follow the link below where you will provide information on:
- Your student/graduate details
- Your business name, social media/website links (if applicable)
- 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.
Review Process:
For your application to be successful, you must show:
It’s an idea worth pursing – Provide detail into why you believe this idea is meeting a consumer need or solving a problem & how. Provide information on your target audience, how you will attract them and how your idea will stand out from the competition.
It is a social/environmentally conscious business idea – Ideas which serve a social or environmental purpose, are sustainable and/or work towards supporting one or more of the UN’s Sustainable Development Goals, will have a higher chance of being selected to receive funding.
It is presented well – You have explained your idea clearly and concisely, in a manner in which anyone can understand.
The funding will help your business idea progress – 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 progress your idea forward.
Commitment – You have demonstrated that you are committed to the idea/business and have the drive to progress things forward.
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 idea 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.
