Start-up incubator Wayra joins forces with UnLtd: The Foundation for Social Entrepreneurs to open Wayra UnLtd Academy in London to tackle social issues
Tech start-up incubator Wayra is to open a new central London academy this summer to provide funding and mentoring for tech start-ups geared towards positive social change.
Working in collaboration with UnLtd, Wayra will award £40,000 to ten start-ups who impress a panel of judges after being shortlisted to pitch their ideas during the Wayra UnLtd Week later in the year.
Successful candidates will have access to business mentoring from Wayra’s parent company Telefonica and receive the funds in exchange for a 5-10% stake in their business.
Entrepreneurs for social change
“At Telefónica, we believe that digital innovation provides exciting solutions to help fix societal problems,” said Gonzalo Martín-Villa, CEO of Wayra. “As entrepreneurs are such great problem solvers, their ideas will be well-placed to help address some of the most difficult social issues”.
The decision to open a tech start-up incubator specifically for social ventures was made after research from Telefonica revealed that one in six tech start-ups have a social focus after analysing applications to Wayra’s existing start-up accelerator, Wayra Academy London.
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Cliff Prior, CEO of UnLtd said, “We are delighted to be working with Wayra, the world’s biggest and best tech incubator network to give these entrepreneurs the world’s best incubation and market connections, so they can achieve the very best social impact, which our society so sorely needs.”
Wayra UnLtd recently received a cash injection from the government’s Social Incubator Fund, which has already paid out over £2m to support early stage social enterprise start-ups this year.
Social venture technology entrepreneurs from all ages and backgrounds can from today, until mid-June, submit their ideas or projects by completing a form at http://wayra.unltd.org.uk/