Emerging start-up foundry’s funding drive on Seedrs to be used to incubate 10 start-ups and address high failure rate in UK scene
Innovify, a new breed of start-up foundry, has today launched a £250,000 crowdfunding drive that it will use to incubate 10 start-ups this year, thereby helping address the high failure rate among UK start-ups by plugging the scene’s “missing gap”.
The joint London and Indian-based company has opened the crowdfunding round – its first-ever – with Seedrs, a leading equity crowdfunding platform.
“Although the UK has a very well established start-up eco-system, the failure rate is very high due to a fundamental problem many founders face,” explains Maulik Sailor, Innovify’s founder and CEO. “That problem is finding the right technical co-founder (i.e. Chief Technology Officer) with the appropriate skill-set and experience. Most CTOs don’t have wide skill sets and lack general product management expertise and agile and lean development practices. This results in the end product being expensive, not fit for purpose and, ultimately, failure and high losses.”
Jeff Lynn, CEO, Seedrs said: “Innovify essentially plugs this missing gap by coming on board as a company’s CTO, enabling them to develop their minimum viable product, launch it to market and gain early traction at much lower cost. Their successes to date are testament to the model and we’re honoured they’ve chosen Seedrs to crowdfund properly.”
“The bottom line is this model makes the start-up more attractive for further investors,” adds Sailor.
Innovify was founded in 2011 to accomplish one simple mission: taking people’s great ideas and giving them the necessary support and guidance to become incredible products and services. Their model has successfully helped the likes of Kwanji, Landbay, Converza, Heavenote, Flatchecker, Globr and AtMayfair. Innovify’s target is to help start-ups launch 100 products in the next 10 years, with at least 50 proving successful.
Prior to founding Innovify, Sailor worked on product and technology development at Microsoft, Nokia, BBC, The Wall Street Journal, Betfair and Visa.
More information about Innovify’s crowdfunding campaign can be found at seedrs.com/startups/innovify
Innovify is a digital product management company, founded in 2011, with the vision of identifying great technology ideas and transforming them into value-driven products and services. Innovify offers focused business solutions, funding and infrastructure that converts million dollar ideas into Minimum Viable Products (MVPs), accelerating entrepreneurs’ ability to acquire investors.