RICHARD Branson’s Virgin is launching a new service in Brighton and Hove to support young businesses.

Virgin StartUp will provide funding support and mentoring for companies less than two years old.

The scheme has already funded a number of local businesses and adviser Alex Chisnall believes demand for its services will be very high.

He said: “There are strong indications that Brighton and Hove will become a key area for us.

“We have been working hard in Bournemouth to launch Virgin StartUp and now we are here, keen and eager to make a big impact.

“We want to help as many firms as we are able to.”

Funding ranges from £500 to £25,000 and the hands-on support and mentoring lasts for 12 months.

Mr Chisnall said: “The mentor role is key. Basically, we will hold the company owner’s hands for one year in a supportive role. We do need more mentors as we expand and they are profile-matched to the relevant entrepreneur.

“At Virgin we’ve built business after business off the back of our brand and we want to share our expertise.

“Having a great business idea alone is no longer enough. Customers now want to know the story behind the business, what it stands for and why they should care.

“It’s why so many of the best new businesses are putting brand front and centre.”

There will be monthly networking events and a series of masterclasses. The first takes place on Wednesday, November 30, at the Brighthelm Centre in North Road, Brighton, from 6.30pm until 9pm.

Speakers are Jo Cruickshanks, founder of Bare Collective, a leading digital agency based in Poole, Jeremy Jacobs, an entrepreneur with extensive business and digital marketing expertise, and Alice Reeves, associate director of social and outreach at international marketing agency Jellyfish.

Mr Chisnall said: “We believe there are some amazing people out there. We want to make it happen for people in Brighton and Hove. Nationally, in three years we have lent £15 million to 1,500 companies.”

Digital technology and the food and drink industry are key targets.

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