We are delighted to announce that LOOP has been successful in applying for grant funding via the Newcastle University Rise Up programme.
Rise Up is an initiative that looks to support current students and recent alumni of the University in the development of entrepreneurial ideas through mentoring, network connections and financial support. The grant funding will be used to contribute to the development of a unique selling point of the platform, our Material Asset Passports (MAPs) which combine with the marketplace to help make reuse and sharing of material assets “business as usual” across the built environment.
LOOP is connected to Newcastle University through Co-Founder Terry Clarke’s alumni status and the funding will be utilised straight away to progress our idea. Find out more about the process below.
“Rise Up with the support of Santander Universities is delighted to support LOOP and co-founders Lydia Dutton and Terry Clarke. With their combined industry experience and entrepreneurial flair, Terry and Lydia are set to transform the material reuse industry.”
Claire Adamson, Enterprise Manager at Newcastle University.
Getting started on any entrepreneurial journey is a challenge right from the very start, however there are often great support networks in close proximity and we have been lucky enough to find such support from Newcastle University, support which will help develop the platform and accelerate our progress significantly.
What was the process?
After the initial application, we were partnered up with a business mentor on the Rise Up programme to discuss our aims for LOOP and identify areas where the University may be able to help.
Following our successful initial application, we were invited up to Newcastle to pitch “Dragon’s Den style” to the adviser board, a panel of experts in fields such as finance, technical development, business development and sales & marketing.
LOOP presented a pitch outlining the aims of the business, where grant support was required and how it would be spent, followed by a lively 20 minute Q&A session.
The grant support is a fantastic boost to the development of LOOP and verifies the huge opportunity presented by the circular economy in the built environment. In an industry where the sharing and reuse of material assets is limited by legacy working practices, contractual complexities, lack of data, timing issues and so on, LOOP is positioned as a platform to help bridge the significant gaps that exist today.
Having the support and validation from Newcastle University that the grant funding provides is a catalyst which helps LOOP progress toward our mission to index and leverage all material assets in the built environment, through facilitating large scale reuse and sharing.