Propeller Enterprise Award
Up to £1000 to help you develop your enterprising project or business idea
What is it?
You can apply for between £200 & £1,000 award to help turn your enterprising idea into reality or to further grow your existing early stage business (including social/voluntary enterprises and projects). The award is flexible and Team Propeller will support you during your application and with your project. However the award does come with responsibilities and you must be prepared to put in the effort to make your project a success.
What can the award support?
- Feasibility exercises/market testing
- Marketing content & materials, including digital
- Operating costs
- Specialist Business equipment
- Specialist expertise
The award cannot fund travel expenses, phones, tablets or laptops.
What is the application process?
- Applications for the next round will open on 31st January 2020 at 9:00am.
- Applicants will be expected to attend an information session on either the 13th of February or 16th of February. At this session you will be provided with an application form, as well as our criteria for success.
- The application deadline will be the 28th of February at 4:00pm. Any applications received after this time will not be considered.
- Applicants will be shortlisted by the 6th of March. Successful and unsuccessful applicants will be informed by the 10th of March.
- Shortlisted applicants will be invited to present their idea to a panel of business owners on the 17th or 18th of March.
- Decisions will be announced on the 23rd of March.
How do I get the money?
If the panel decide to support your project, you’ll be offered an “Enterprise Deal” setting out:
- The amount of award you’re being offered
- What it will be spent on
- The time frame within which to spend the award
- Your commitment to attend review meetings and any additional workshops that your mentor recommends
- The evidence we’ll need to prove that you’ve spent the money on what we agreed you’d be spending it on.
We’ll structure each deal individually to suit the project. Up to 50% of the award will be paid upfront, with the full balance being paid to you once you have evidenced the initial spend. Award payments can only be made via BACS.
Can I change my mind?
- You can withdraw at any stage during the application process, just let your mentor know.
- If you want to withdraw after we’ve given you part of your award but before you’ve spent any of it then you’ll just need to return the money.
- If you’ve already spent some or all the money, then we’ll need you to evidence what you’ve spent and return any that you aren’t going to use. Your mentor will also work with you to understand why things haven’t worked out as planned and to see what lessons can be learned for the future.
- It’s important that you let us know as soon as possible if you wish to withdraw, or your plans change in any way.