The launch of Virgin StartUp
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In 2013, Virgin Unite partnered with Virgin Money, The Northern Rock Foundation and Project North East to run a pilot programme that provided funding for early-stage entrepreneurs. The project inspired the launch of Virgin StartUp, a not-for-profit organisation that exists to help founders across the UK to start up and thrive.
Since its launch in 2013, Virgin StartUp has distributed more than £80million in Start Up Loan funding to 6,000 UK founders in its role as national delivery partner of the British Business Bank. More than 1,000 founders have also taken part in a Virgin StartUp accelerator or business growth programme, with many more supported through its programme of Masterclasses, free events and online resources.
Emilie Vanpoperinghe, co-founder of Oddbox, the veg box saving wonky fruit, commented: “Virgin StartUp provided valuable resources, mentorship, and networking opportunities that helped accelerate the growth of Oddbox, particularly in terms of connecting us with other entrepreneurs.”
Virgin StartUp understands the challenges that founders face and that funding is only part of the journey when it comes to setting up viable and sustainable businesses. That’s why Virgin StartUp has built one of the largest networks of entrepreneurial mentors in Britain. Now, it has just launched a dedicated online Community where founders can connect with one another, and access personalised 1:1 mentoring from some of the brightest entrepreneurs in Britain.
Genevieve Sweeney, Founder of luxury knitwear brand, Genevieve Sweeney, explained: "The Virgin StartUp community has been invaluable, being able to share and learn about our experiences whilst motivating and supporting one another.”
This approach to helping founders start and scale businesses all across the UK delivers positive results too, with 74% of businesses supported and funded by Virgin StartUp still trading after 3-years, compared to 54% being the national average.
Female founded businesses
In the UK, one in five start-ups has a woman founder. The further you go on the funding journey, the greater that underrepresentation becomes. By the time you get to venture funding, only 2% goes to an all-women founded team. That’s why Virgin StartUp launched its 50:50 Pledge in 2019, a commitment to close the funding gap between women and men founders.
The team is now very close to its goal, currently funding 48% women founders and 52% men founders through its Start Up Loans. And when looking at the programmes and accelerators that Virgin StartUp runs: the latest Collective Impact programme has 50% women founders and 52% of participants in the London Accelerator programme have been women.
Empower100
Virgin StartUp recently received funding from the Greater London Authority via the UK’s Shared Prosperity Fund to launch a new fully funded accelerator programme for underrepresented business owners based in Greater London.
Empower100 supports founders from underrepresented groups – including women, people from an ethnic minority background, people with disabilities and neurodivergent founders – in the capital, maximising their chances of scaling and financing their businesses successfully.
The programme consists of 42 hours of expert support through group workshops and one-to-one sessions, equipping founders with the key skills and advice they need to succeed across three core areas: growth strategy, leadership skills and investment readiness. Each founder also has a weekly meeting with a different expert to help them work through specific problem areas in their business, such as sustainability and purpose, brand building, sales and marketing, leadership, finance and investment.
Varun Bhanot, co-founder of tech fitness company, Magic AI, said: “I can’t thank Virgin StartUp enough because you find like-minded founders in this network and community.”
Tanya Patel, founder of British fashion brand, Chapter London, added: “Participating in the Virgin StartUp Empower 100 Accelerator has been a game-changer for my business, delivering inspiring education, mentorship from industry leaders, and exclusive networking opportunities. Virgin’s support is a springboard, already propelling me forward with renewed energy, and I can’t wait to see what comes next!”
After the programme, founders continue to be part of a facilitated peer-to-peer support group for six months where they can share what they’ve learnt on their fundraising and business growth journey. During this time, all 100 founders receive free access to Virgin StartUp’s community support platform so they can access additional support and resources, live webinars and a business advice helpline.
Visit Virgin StartUp to learn more about the incredible work the organisation is doing to support entrepreneurs in the UK.