NW partnership aims to boost technology start-ups

A new partnership that aims to fund university spin-out companies in the technology and biotechnology sectors could boost job opportunities for graduates in the North West.

Private investors' network Envestors will work with the University of Manchester Incubator Company (UMIC), the University of Manchester Intellectual Property and Manchester Science Parks to connect promising start-ups with potential backers.

Envestors managing director, Tom Wilkins, said: "As the banks continue to restrict lending, entrepreneurs are increasingly looking for alternative funding avenues, which is where private equity, venture capital and private investor networks, like ourselves, can help bridge the gap."

The organisation is currently working with Imagen Biotech, which operates out of UMIC's Manchester Bioscience Incubator, to help it secure investment.

It is looking to raise capital to hire additional staff and purchase new equipment so it can secure a larger market share for its drugs analysis software.

"The biotech and technology market offers a great potential for fast-growth investment," Wilkins said.

"We hope the partnership will reinvigorate the sector and stimulate a dynamic environment for technology businesses to grow."