Incubator Difference Engine Opens for Second Sitting

July 12, 2010 - PRLog -- The mentor-lead accelerator program, The Difference Engine  (http://www.thedifferenceengine.eu), started earlier this year, has opened applications for its second programme. Successful applicants will earn themselves £20k of seed capital and a place on an intensive 13 week mentoring programme (20 September - 17 December, 2010), in exchange for an 8% equity share.

“The team spirit amongst the nine teams working closely together for the first round earlier this year made the whole experience fun as well as hard work,” said founder Jon Bradford. “Last time’s successful businesses are currently in discussions with various VCs to raise further investment capital. Naturally we’d like to continue building on that success this time”

The programme is open to any digital businesses, and around ten will receive funding places on the programme. Although these rules are not ‘set in stone’, typically those that earn places on the programme are: web-based or software oriented at version 1.0 (for more ambitious projects, a prototype can be developed within the 13 week programme); ‘disruptive’ (market changing) technology solutions that are not capital intensive; and teams rather than individuals, who must have the right to work in the UK/appropriate visas.

Although based in the North East of England, there is no geographic limitation for entrants but applicants will need to be in North East of England (Sunderland Software City) full time during the 13 weeks of the programme.  (Last time’s successful applicants came from all over the UK and two from Eastern Europe.)

This times programme is funded and supported by a variety of organisations including One North East, Middlesborough and Sunderland City Councils. Mentors come from a variety of backgrounds and include serial entrepreneurs, technology experts, and professionals such as lawyers, marketing specialists, accountants and venture capitalists.

When the programme closes, participating businesses should be investor ready, and will be expected to present their businesses and products to a group of venture capitalists and angel investors at a demonstration day.

Applications should be made via the website: http://thedifferenceengine.eu/apply/ by 23 July, 2010 .

Shortlists will be made by 6 August, 2010 – twenty applicants will be shortlisted, of whom around ten will earn places on the programme.

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The Difference Engine (http://www.thedifferenceengine.eu/) is a seed accelerator programme that selects about ten companies per round, providing funding of £20,000 per team, along with support and mentorship. The application process for the second Difference Engine programme later this year is now open (closing July 23, 2010). For an insight into the programme, based in the North East of England, check out TheDifferenceEngine.tv (http://www.thedifferenceengine.eu/tv/)