The Mitie Entrepreneurial Programme is open to people from both the private and public sectors who want to run a business with Mitie’s support, but it will be particularly targeted at teams that have considerable public sector experience and innovative business ideas to support the government's focus on efficiency and deficit reduction.
The new fund will be open to management teams with a viable business plan to develop a mutually-owned business with the support of equity, working capital, management expertise, back office and administrative infrastructure from Mitie.
Mitie, which stands for Management Incentive Through Investment Equity, has a long history of partnering with management teams to start up businesses, having participated in more than 80 successful start-ups in its 23-year history.
The Mitie model is structured so that management teams take an equity stake in a business which they are motivated to grow over a five to 10 year period and is eventually acquired by Mitie in full. The company says that this model has not only supported hundreds of entrepreneurs to build successful businesses in the UK, but has contributed to Mitie’s growth and allowed those entrepreneurs to share in that success. Many members of Mitie’s senior management team have participated in equity models.
Mitie’s chief executive Ruby McGregor-Smith said: “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.”
Those with business ideas are invited to visit www.mitie.com/entrepreneurs.
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