Deadline: August 20, 2022
Future 100 provides investment and access to supply chains, backed up by expert business advice, coaching and mentoring, to break down the significant barriers faced by Black British entrepreneurs when setting up and growing their businesses.
The programme will also create a vital and tight-knit cohort of Black British entrepreneurs, with valuable, regular opportunities to network and share experiences, successes and challenges.
- Despite being shown to be significantly more innovative than counterparts, many ethnic minority founders struggle to access external finance to help their businesses survive and grow.
- Black entrepreneurs experience the poorest outcomes of all. According to research from Extend Ventures, in the 10 years from 2009-2019 only 0.24% of venture capital went to Black entrepreneurs – a total of 38 businesses. Just 0.02% went to Black female entrepreneurs.
Future 100 – key goals
Increased and improved access to finance: More Black founders confidently scaling and diversifying their businesses.
Business growth: More jobs created, more Black businesses succeeding.
Female founders boost: Equity and better representation of Black female founders, reflected in an increase in women entrepreneurs participating and accessing finance through Future 100 or from other investors.
Supply chain involvement: Increased participation of Black-owned SMEs within Sky’s supply chain and the wider economy.
Policy changes and wider systemic impact: Codification of Future 100 leading to more, similar programmes and partnerships with corporates, and ultimately wider policy and systemic changes in the UK entrepreneurship landscape.
What Future 100 will offer
Future 100 will:
- Offer funding of up to £15,000 for the most innovative new business ideas and exciting existing companies.
- Provide access for Black entrepreneurs to supply chains, connections and insights from a global business. Sky is actively diversifying its supply chains to create greater opportunities for Black businesses.
- Offer tailored 12-week programme of workshops and insights days with Sky executives and other market-leading experts
- Work with a network of mentors and community organisations to advise and assist new enterprises through direct financial support and products nurturing talent and innovation.
- Support Black founders and entrepreneurs with relevant knowledge and skills, as well as opportunities to meet influential people, prospective partners and funders.
- Generate much-needed research and data around what works in overcoming barriers faced by Black British entrepreneurs. Real examples of successes and challenges from Future 100 will be widely shared, encouraging investment by other corporates in future programmes.
Who is it for?
The programme is open to applicants between 18 and 30 years old of Black African, Black Caribbean, Black British and/or Mixed-race descent. You will need to be a UK resident.
Whether you have been working on an idea in your spare time, have a small side-hustle that is taking off or have the beginnings of a thriving business, the Future 100 Growth Fund can help.
THE FUTURE 100 GROWTH FUND
We are interested in hearing from businesses with ideas, start-ups and businesses with a high potential for growth, acceleration and scalability. Your business will need to be:
- UK registered
- Data – or technology-driven and if available, have a MVP (minimum viable product)
- Ready to scale – you may have already had some investment (from family, friends or other sources)
As a founder you will need to:
- Be aged between 18 and 30 and a UK resident. We are particularly interested in supporting female Black founders.
- Be of Black African, Black Caribbean, Black British and/or Mixed-race descent (at least one founder of a business must be of Black ethnic descent).
- Own at least 10% of the company and have sector-specific business and industry knowledge.
- Be able to commit to a 12-week hybrid programme of strategy workshops, insight day events, networking evenings and other events.
We are particularly interested in hearing from applicants from the digital marketing, creative, media and technology, sports technology, professional services, entertainment, logistics, education, health and lifestyle, FinTech and Internet of Things sectors.
Applications will open on the 1st of July and close on August 20th.
For the application process, we’ll ask you to complete a form describing your business idea and the problem it solves. We’re also interested in hearing about your motivation for developing the idea.
After applications close, we’ll review applications, and spend time getting to know even more about your team, market, progress, and idea through a two-stage interview process. Our goal is to notify the final group of businesses and founders by the end of August.