LONDON — Sir John Hegarty and the investment specialist Tom Teichman are launching an incubator business called The Garage and have bought a townhouse in Soho, London, to hothouse start-ups at seed stage.
The venture will offer cut-price desk space in The Garage’s office, business advice and up to £50,000 to chosen start-ups, in return for a minority share of their business.
Hegarty said The Garage would invest in companies that fit three criteria: "They have to have an idea that’s disruptive to a current business model. The idea needs to be scalable and we need to like the people involved."
Hegarty is a co-founder of Bartle Bogle Hegarty, where he has spent 30 years helping clients grow their brands. Teichman is the founder of Spark Ventures, which has backed Notonthehighstreet.com, Lastminute.com and Moshi Monsters, among others.
The Garage’s start-ups will also receive consultancy from other experienced business names, including the Moshi Monsters founder, Michael Acton Smith, and Holly Tucker, who launched Notonthehighstreet.com.
Nick Kendall and Kevin Brown, who worked with Hegarty at BBH, will provide media and marketing advice.
Crowdcube will also be based in The Garage’s office and will offer the entrepreneurs lectures and events.