Search for the big idea could make a difference

Dec 3 2009 By Andrew Mernin, The Journal

DIGITAL start-up businesses from across Europe could be heading to the North East following the launch of a major new programme.

The Difference Engine, which will be run in Middlesbrough and Sunderland, will offer online entrepreneurs start-up capital of £20,000, mentor support and a working environment to ready their ideas for the market.

The Europe-wide scheme will initially see 10 teams of applicants selected to take part in an intensive, 16-week cycle at Boho One in Teesside’s DigitalCity Business.

They will each be given £20,000 in return for an 8% share of their resulting business as their ideas are primed for commercial success.

At the end of the programme the investor-ready businesses will present to a group of venture capitalists and angel investors at an open day.

The first course runs from February 2010, until next June, while a second course will begin the following month at Sunderland Software City.

Organisers of the scheme, who claim it is the first of its kind in Europe outside the London area, are encouraging overseas applicants as well as those from the North East.

Jon Bradford, The Difference Engine’s managing director, said: "The launch of [the scheme] is a reflection upon how much unlocked entrepreneurial talent we know there is in the UK and Europe.

"A lot of this talent never realises its potential because there is limited access for young entrepreneurs to intensive mentor-led programmes."

Mark Elliot, chief executive of DigitalCity Business, said: "The fact that we as a region are supporting a project of this nature demonstrates just how far we have come industrially and how great our ambitions are."

Among the mentors are Darren Jobling, business development director at Gateshead video games firm Eutechnyx, and Paul Callaghan, chairman of Wearside technology outfit Leighton Group.

Neil Stephenson, chief executive of North East data security specialist Onyx Group – who will also serve as a mentor – said: "It’s great to be involved in an initiative that is genuinely helping to stimulate the digital economy.

:: Applications can be made online at www.thedifferenceengine.eu  before the closing date of January 4, 2010.