Oxygen Accelerator has been awarded a contract to breathe new life into Spark, a startup scheme funded by and located at Wolverhampton University Science Park.
Spark offers startups business support worth up to a total of £10,000 ($16,800), including desk space, a network of on-site experts and mentors, as well as access to university facilities.
Oxygen Accelerator on the other hand is aimed at startups that have already grown beyond these initial stages and are in need of funding. The accelerator’s course teaches these companies how to attract investors. It lasts 13 weeks, and is led by mentors. Since its inception in 2011, Oxgen has seen 100 companies go through its programme, with a 71% success rate of startups raising investment afterwards.
Nigel Babb, commercial director at the Wolverhampton University Science Park, said: “The experience of the Oxygen team, combined with the resources and expertise we have here at the science park and university, means Spark has the potential to become an unstoppable startup machine and I have every confidence that we will be putting the Black Country on the map as the best place to start a creative, digital or technology based business.”
Simon Jenner, founder and chief entrepreneur at Oxygen Accelerator, added: “We have nurtured thousands of ideas and hundreds of startups, so we know a thing or two about kickstarting a business. Under our guidance, Spark will provide a space in which entrepreneurs can focus on the creation of their business, while tapping into the vast bank of business knowledge that the university has.”
