Mitie launches £10m start-up fund
Mitie has launched a £10m fund to back public sector managers with innovative ideas for starting mutually owned businesses in the UK.
The facilities management and catering firm's Mitie Entrepreneurial Programme will predominantly target teams that have considerable public sector experience and innovative business ideas to support the Government's focus on efficiency and deficit reduction.
However, it also open to people from the private sector looking to run a business with Mitie's support.
Support will be offered in the form of equity, working capital, management expertise, back office and administrative infrastructure.
Mitie, which stands for Management Incentive Through Investment Equity, boasts a history of helping 80 successful start-ups using the "Mitie model".
Ruby McGregor-Smith, Mitie chief executive, 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."
For more information or if you have an idea for a business, visit www.mitie.com/entrepreneurs.
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By Janie Stamford
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