Award-winning Staffordshire businessman Mo Chaudry is launching a unique £5 million fund to help support the next generation of local entrepreneurs.

Launched in partnership with Staffordshire Chambers of Commerce, MOmentum Capital venture has been set up to help entrepreneurs launch or grow their businesses in and around Stoke-on-Trent – the area in which he has lived for more than 40 years.

Applications for the scheme are now open and can be made here.

Shortlisted businesses will be invited to pitch to Mo and his team in a Dragons’ Den-style process. Each successful company will also be matched with experienced mentors provided by Staffordshire Chambers of Commerce.

Mo said: “I want this fund to help create jobs, and build aspirations, and prove you don’t have to leave Stoke-on-Trent to succeed in business.

“Few people realise the Waterworld site was part of Wedgwood’s original factory land, and building my career there has been hugely symbolic for me. The success of Waterworld has been the catalyst for this fund. I want it to help create the next Josiah Wedgwood of our time.”

The initiative expects to support around 20 companies in the first five years, with an average of 10 jobs per business. And with reinvestment of capital over a 25-year period, it could support 6,000 jobs.

Tom Nadin, Staffordshire Chamber’s Deputy Chief Executive, added: “MOmentum Capital is exactly the kind of bold, place-based initiative that Staffordshire needs. It’s a unique project that aligns strongly with the Chamber’s mission to support ambitious entrepreneurs with not just advice, but real opportunity.

“This fund removes a long-standing barrier to growth and shows what’s possible when local business leaders invest directly in their communities. We’re really looking forward to working closely with Mo and seeing the impact this project will have on local entrepreneurs and organisations.”