More than 100 businesses have come forward to be part of new a Dragon’s Den style venture which sees a high-profile businessman risk £5 million of his own personal wealth to help the next generation of entrepreneurs.
Last month Stoke-on-Trent businessman Mo Chaudry launched MOmentum Capital. For businesses who make it past the Dragon’s Den pitch, it will see Mo invest up to £250,000 per company into businesses at all stages; across Stoke-on-Trent, Staffordshire, and then the wider Midlands, including Shropshire.
The scheme is backed and supported by Staffordshire Chambers of Commerce and is being delivered in a way that has never been done before.
Funded entirely from Mo Chaudry’s personal wealth, Mo launched the scheme to help create jobs, support the next generation of entrepreneurs and drive long-term economic prosperity. Over its first five years, the initiative expects to support around 20 companies, creating or safeguarding approximately 200 jobs. With reinvestment over a 25-year period, the scheme could help support up to 6,000 jobs.
Since its launch, the initiative has created substantial discussion across business networks and social media, highlighting what Chaudry describes as “clear noise in the system,” around the lack of accessible investment for regional entrepreneurs.
Applications are now being reviewed ahead of the closing date, with the high level of early interest reinforcing the need for alternative, locally driven funding models.
The Staffordshire-based entrepreneur, a Pakistani immigrant who did not start school until the age of nine and arrived in the UK unable to speak English, began his career insurance canvassing while living in a £10-a-week bedsit before building a successful financial services business and making his first £1 million before the age of 30.
MOmentum Capital is open to founders from all backgrounds. Applications close on 30 March, with shortlisted businesses invited to pitch directly to Chaudry and his team in a Dragons’ Den-style process. Successful companies will be announced shortly afterwards and will also receive mentoring through Staffordshire Chambers of Commerce.
The 65-year-old entrepreneur owns a portfolio of national and international businesses across the property and health and fitness sectors and last year sold the UK’s most famous waterpark, Waterworld. He acquired in 1999 and subsequently turned it around to become the most successful water park in the country.
Mo said: “The response has been incredible. More than 100 businesses have already come forward, which proves there is real demand for investment. The businesses who have shown interest are at different stages and from a wide range of industries.
There’s clearly noise in the system, founders want backing, they want speed, and they want someone prepared to take a chance on them and through this scheme I can do that.”
He added: “Stoke-on-Trent is a city with a proud industrial heritage and the place where a true hero of mine, Josiah Wedgwood, built his pottery empire. He didn’t just build a business, he invested in infrastructure, championed innovation and helped put this city on the global map.
Decades of underinvestment and limited access to funding have held Stoke back, and I want this fund to help create the next business pioneer of our time.”
It’s not too late to register interest in the scheme. To do please contact Staffordshire Chambers of Commerce on 01782 202222 or email start@staffordshirechambers.co.uk. To find out more about Mo visit: www.mochaudry.co.uk
