Why it matters: The funding aims to create more opportunities for Suffolk-based founders, particularly those from disadvantaged backgrounds or underrepresented groups who may be more likely to struggle to launch their ventures.
The big picture: The grant, part of the Ecosystem Partnership Programme, seeks to address the lack of startup incubators in the East of England and promote a more inclusive tech ecosystem.
Key details:
The funding will support 'The Future' project, developing stronger connections between experienced entrepreneurs and the next generation of diverse regional startups
iLabs plans to identify, engage, and support early-stage startups from underrepresented groups
Since 2019, iLabs has supported several emerging Suffolk businesses, including Queue Pay, Guided Innovation, and West View IT
What they're saying:
Peter Basford, iLabs founder: "The latest funding is a huge vote of confidence in Innovation Labs and its mission to create an environment that allows more Suffolk-based founders to start businesses that grow and thrive in this region."
Amanda Allan, Barclays Eagle Labs Director: "We are proud to be able to support such projects, which are designed to help early-stage tech entrepreneurs."
By the numbers:
iLabs has five locations across Suffolk and Norfolk, plus one in Kuala Lumpur
The innovation hub was founded in 2019 by Peter Brady, Peter Basford, and Hermione Way
The bottom line: This investment provides an opportunity to boost diversity in Suffolk's tech startup scene, creating more jobs and attracting a wider range of talent to the area.
How to apply: Contact iLabs to learn more and discuss your eligibility.
