Proof
Of Concept or Accelerator: typically raising between £20,000 and £100,000
This
round usually takes place with small private companies where there is a small
team, a big vision, a huge market and a working prototype of the product or
service. There may only be minimal sales or
traction, often because they are an early-stage start-up.
Once upon
a time a funding round at this stage (if you could call it that) was generally restricted to what’s known as
the three Fs of 'fools, friends and family',
Most
major cities now have at least one start-up accelerator, helping companies
really get their working model off the ground.
Check out
Entrepreneurial spark the world's largest incubator/accelerator for more information on where one may be in a city in the
UK near you.
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