A bursary of up to £5,000 is also available to young entrepreneurs. This fund and can be used to support a new enterprise in various ways including purchase equipment, building of a website, innovative marketing and first run costs. The fund is aimed at those individuals engaged in the project and will enable them to progress from prototype to market. We are well aware of the difficulty for any business to obtain any funding for product development or the first run of materials. The fund will go some way to either covering these costs or helping with the business infrastructure.
Applications for the bursary fund are expected to be received from entrepreneurs who have developed a product or service through either the Academies or the FABLab. Depending on what the monies are required for, it is expected that the applicant will contribute around 20% of the project cost.In addition, each bursary applicant can also receive special support that can cover advice on creating a business plan and on-going advice on the delivery of the project or business idea.
In all areas of this project, Menter Mon will continue to mentor the young entrepreneur either through specialist advisors, project staff or through agreement with other agencies on or around the island.