News and Blog

18 July, 2013

Official launch of EcoMachines – we’re open for applications!

After many months of prep work, we have the pleasure to announce that EcoMachines Incubator is officially open for business, and is now taking applications for the Accelerator programme kicking off in November. We are using Lean Startup principles to transform the early-stage funding model for hardware and engineering companies in the energy and cleantech industries Participating start-ups will receive £100,000 in equity funding, intensive mentorship, access to industry partnerships and an investor network.

 

Download the full press release here.

 

EcoMachines Incubator aims to transform the early-stage funding model for hardware and engineering companies. EcoMachines Incubator is looking for seven early-stage startups, in the high-value manufacturing and advanced engineering space, to join its nine month accelerator programme starting this November. Participating startups will receive £100,000 in equity funding as well as access to mentorship, industry partners and investor network. Successful graduates of the accelerator programme could benefit from a further £500,000 of follow-on funding and continued support by EcoMachines Incubator.

 

In recent years, investors have shied away from investing in hardware because of its perceived difficulty. We want to make the hardware space attractive for investors again. We still depend on hardware for everything we do. Yet the lack of innovative funding models for early-stage advanced engineering startups is holding back the potential of both UK and international entrepreneurs to address some of the world’s most pressing problems. At the moment, the process of building a hardware company takes far too long. We will use Lean Startup principles to help companies achieve through our nine month accelerator programme what it would take them two years or more to do on their own.

 

One of our Advisors, Prof. Nelson Philips from Imperial College says: “The arrival of the seed funding accelerator model in the energy and cleantech hardware space is an exciting development. Investors have been attracted to the digital media and internet space due to the fast time-to-market, relatively low capital requirements and high profile stock market exits. Hardware, has yet to see these same business and cost model innovations. EcoMachines’ innovative investment model addresses many of the problems with current approaches to investment in hardware and engineering.”

 

EcoMachines Incubator is focused on companies working in energy, cleantech, transportation and industrial high-tech fields.