OneEleven, the UK's first 'post-acceleration innovation hub for scaleups', has launched in London to support businesses with challenges in the transition from the Seed to Series A funding stage.
The scaleup hub, which was founded in Toronto in 2013, offers a community for scaleup businesses to minimise the challenges many face with investment, partnerships, services and strategic support after initial investment.
"It [OneEleven] is highly tailored to the unique companies in this stage of growth, so we call it a 'post-accelerator innovation hub' and we call it that because it's very different than an accelerator and it's very different than an incubator, which generally follow a common pattern," Dean Hopkins, CEO at OneEleven tells Techworld.
"What tends to happen is when you reach the next stage you don't need any of those things anymore but a totally different set of capabilities. So it's no longer an accelerator or incubator but it's an innovation hub because it gives the ability to bring all these companies together to a common space where they can support each other," he adds.
According to Hopkins, there is often a generous amount of support for early stage businesses, but after the Series A funding stage, there tends to be a struggle to keep up that level of support, investment and success.
"The issues at this stage are very different than the initial phase of growth. Going from zero to $1 million in revenue is one set of challenges, and going from $1 to $10 million is an entirely different set of challenges and yet no one was stepping into the breach and providing the support, help and assistance that the companies needed at that stage - that's where OneEleven came in," Hopkins says.
OneEleven has already supported over 70 companies in Toronto and hopes to export this model to London, one of Europe's top cities for startups.
"The notion of a hub comes from the point of view where we convene the community or ecosystem so that companies can get the kind of support that they need," Hopkins says.
"OneEleven is based in London to help London-based entrepreneurs succeed and help them with the same challenges that we know they face in organisations. So it's about helping more of them succeed and fewer of them struggle to survive that stage."
To achieve this, the company has begun working with accelerators and incubators in London to get access to the right companies. "In fact, they are a filter system for us because they work with the companies when they're at an earlier stage," he says.
"So, when the companies are then graduating from those programmes, they are filtered to us so we work with 100 percent of those to make sure that their alumni are aware of OneEleven and they can move from incubator and accelerator into OneEleven without a gap."
Although OneEleven focuses on technology companies, it is less focused on specific sectors but tends to generate interest from B2B software-as-a-service product companies.
"The reason for that is because part of our value proposition is that the community that we build are all facing the same challenges at the same time," Hopkins adds.
"So the more consistency there is around the membership, the more likely it is to have relevant things to say to other members so part of the secret is that the more consistency of upstage challenge, the more impact the community has."
Having already started working with some companies in London, OneEleven's CEO plans to continually offer the support to other companies in the UK and Europe.
"We're currently working to build London up and several other markets globally that we'd like to go into such as New York and other big tech markets, but right now it's about building our relationship with the ecosystem here," Hopkins says.