Flexible workspace and coworking operator, Department, has announced a successful first four years since launching its tech accelerator programme, Exchange.
The programme provides support for ambitious tech start-ups as a foundation that aims to provide scale and growth. Exchange taps into the talent, infrastructure, and amenities that currently exist in Manchester’s tech ecosystem.
With access to a hot-desk membership at Department Bonded Warehouse, each cohort benefits from the support of industry experts, workshops, as well as bespoke funding opportunities.
Since launching, the Exchange team has guided 860 entrepreneurs across 202 businesses through the programme, which runs twice a year, creating over 1,000 jobs in Manchester. Whilst on the programme, businesses have collectively raised over £16m in funding, with further circa £60m generated post-programme.
Rich Jones, Head of Exchange, for Department said:“Since launching in 2020, we’ve nurtured eight cohorts of start-up businesses through the programme ensuring they each maximise the support and tools that they need to scale-up and succeed.
“We have a strong network of businesses at Department Bonded Warehouse, and it has been refreshing to see new innovative ideas grow rapidly through collaboration with
likeminded companies and communities.
“As we enter our fifth year, we encourage more innovative start-ups from all sectors to get involved with Exchange and join our strong tech community here in Manchester.”
One business that has benefited from being a part of Exchange is HACE, a not-for-profit dedicated to eradicating child labour across all industries globally. HACE joined the programme in May 2023 and since then, the business has taken off, pinpointing exposure to other start-ups through Department’s shared working space as a key factor in their growth.
Eleanor Harry, Founder and CEO of HACE, and Brand Ambassador for Department, said:“Exchange and the community it fosters at Department has been transformational for our business. It is more than just a space to work, but a hub of the tech eco-system, allowing entrepreneurs to connect and work together, which we have experienced first-hand.
“Whilst on the programme, HACE raised its entire funding during one of the toughest fundraising environments of recent years, oversubscribing by 30%. A large part of this success was thanks to the programme giving us a platform to profile our business to local investors, as well as having the support of other tech businesses who have guided us through challenges along the way.”
Eleanor also plays an active role on the cohort as ‘Founder in Residence’, dedicating time to provide 1:1 peer support to other members, and showcasing her journey as a female founder.
Applications are now open for the ninth cohort of the Exchange programme, beginning in March next year. For more information on Exchange, including criteria for applying, see here.
