Springboard launched with a ‘Dragon’s Den’ style pitching event at the Digital Jersey Hub, and four local entrepreneurs vied to impress investors. It is the first time that start-ups will be able to access crowdfunding in the Island, and will also provide a route to larger equity funding from experienced investors.
For the first time, a local start-up can now offer rewards to individuals who like their idea and want to invest, much in the same way as Indiegogo or Kickstarter. The platform will be accessible online, for those who need to raise up to £50,000.
Start-ups looking for larger amounts will be able to pitch their ideas to a database of more experienced investors in return for equity shares.
The Springboard initiative has been developed by Digital Jersey and supported by Jersey Business, the Jersey Chamber of Commerce, Institute of Directors, Infinite Lightbulb, Envestors and the Digital Leadership programme.
Tony Moretta, CEO Digital Jersey commented: ‘This is an incredibly exciting opportunity for Jersey. Local entrepreneurs have struggled to find funding routes for their start-ups, businesses that we hope will go on to employ local people and provide revenue to the Island. It has stifled innovation. To date, if you wanted to raise a few thousand pounds to around a hundred thousand, your only options were to fund it yourself or go to family or friends. This puts Jersey entrepreneurs back on a level-playing field with those in the UK and elsewhere, who have had this facility for many years.’
The Springboard initiative launched at the Digital Jersey Hub on Tuesday evening, and saw four local entrepreneurs pitch their ideas to investors in person:
- The Pizza Box– Showcased their sourdough pizza meal kits, providing their audience with freshly made pizza as they explained how funds would go towards their global franchise strategy.
- Phundex– Jersey based FinTech business Phundex were the only business looking to raise funds via equity. They pitched their end-to-end digital pathways platform, that supports collaboration between family offices, innovation hubs, funds, administrators, and investors, across the investment lifecycle.
- The Zingela Club– Membership rewards platform Zingela Club, pitched their plans to scale across the UK and the Crown Dependencies, offering members exclusive rewards or packages provided by local businesses.
- Lapin Logic– Game developers Lapin Logic, showcased their road safety app aimed at reducing child road accidents. The pitch included a guest speaker who gave his views on why it contributed to the cause.
These four businesses are now live on the springboard.je site, and actively seeking investment.
Islanders who want to be first to take part in local initiatives and businesses, are invited to register as crowdfunding investors at springboard.je. Local entrepreneurs can also register on the site and start raising funding for their start-ups.