Water innovation centre joins Microsoft in bid to boost start ups from minority groups

Water sector innovation centre of excellence, Spring, has joined an initiative launched by Microsoft and venture capital firm, Impact X, to bring tools and funding to start-ups from underrepresented groups.

According to the Impact X-Venture Studio initiative, it hopes to achieve three core things: unlock the potential of tech start-ups, at scale; help tackle the most pressing challenges the water sector is facing; and ensure fairer representation of minority groups in the start-up space.

Impact X chief, Eric Collins, said initiative hopes to “rebalance investment for unrepresented groups.” The firm describes itself as “founded to support underrepresented entrepreneurs across Europe.”

According to Collins: “Research shows that in recent years more than 90% of the total amount of venture capital raised went to white entrepreneurs, while only 0.24% went to black entrepreneurs and only 0.02% of investment going to black female founders.”

Collins went on: “Research has revealed that venture builders that match entrepreneurs directly with industry challenges are starting to outperform classic accelerators. Recent data shows that 72% of start-ups from venture builders going from Seed to Series A funding were successful — compared to only 42% of traditional start-ups. Overall, the venture builder approach achieves 44% better results compared to traditional start-ups.

“A venture builder like the one we are creating with Microsoft can short-circuit the long arduous process in getting initial contracts in place.

Microsoft support includes US$150,000 in free Azure credits, expert guidance from technical advisors and Azure specialists, free working space in Shoreditch, and tailored mentoring.