Outsourcing firm Mitie has launched a £10 million Dragon’s Den-style ‘entrepreneurial fund’, aimed at investing in management teams with innovative business ideas to support the government’s focus on deficit reduction.
The fund is open to small businesses from both public and private sectors, although considerable public sector experience is required.
Management teams will take an equity stake in the their business, which they will grow over a five to ten year period, with the eventual aim of being acquired by Mitie in full.
Mitie chief executive Ruby McGregor-Smith, said: “We are passionate about providing opportunities for people to develop their careers and grow successful outsourcing businesses.
“With the launch of this fund we hope to attract dynamic entrepreneurial teams that want to start mutually owned businesses which provide innovative services to their customers and create jobs in the UK.”