Off the back of a 200% increase in applications in the last week and last-minute requests for more time to apply, Black Equity Organisation (BEO) is extending the deadline until 23rd June to allow as many Black businesses the opportunity to join the second cohort of the Future 100 Growth Fund, which offers up to £15,000 of investment.
The financial boost is part of a £1m partnership between Sky and Black Equity Organisation to identify and turbocharge the country’s most innovative Black business ideas and companies.
As well as the cash injection, successful companies will receive access to supply chains, a free 12-month Sky Business broadband and phone package and access to business mentors – including Sky executives.
Applications will now close on 23rd June 2023 at www.blackequityorg.com/f100 and successful applicants will be notified by August 2023.
The tailored 12-week programme is recruiting its second cohort of businesses and has already helped Black entrepreneurs successfully set up and grow their companies.
David Carrigan, Group Director of Diversity, Inclusion & Wellbeing at Sky, said, “We’re committed to supporting Black entrepreneurial talent and our partnership with the BEO allows us to support ambitious Black businesses that want to grow and drive economic growth in the UK. We’re proud to not only be able to provide direct funding and mentoring but also a free 12-month Sky Business broadband and phone package offering them better productivity and saving them thousands of pounds.”
Black Equity Organisation Chief Executive, Dr Wanda Wyporska said, “The Future 100 Growth Fund is an innovative initiative that doesn’t shy away from addressing the massive disparities that exist between the business fortunes of Black and white entrepreneurs.
“Research shows that approximately 88% of Black founders finance their startups themselves, with an average investment of £14,000*. This lack of investment, in terms of both financial and social capital, and challenges accessing supply chains, is limiting a highly innovative and motivated part of the economy.
“I encourage Black entrepreneurs to apply for the Future 100 Growth Fund; it could be the best business decision you ever make.”
The F100 Growth Fund is keen to hear from businesses and start-ups with a high potential for growth, acceleration, and scalability.