Technology incubator Brainspark plc and Royal & SunAlliance’s Global Ventures division have formed a strategic alliance to work together. The companies say that the relationship will help both parties to cooperate in new business sourcing and the delivery of incubation services.
The two companies believe they possess complementary skills and networks and harnessing these would create new business opportunities, specifically in the areas of technology and financial services.
The relationship has developed out of a series of discussions between Stewart Dodd, CEO of Brainspark and Stuart Degg, CEO of Global Ventures.
Two B2B businesses currently in incubation with Global Ventures have already been identified as early opportunities to assess the benefits of leveraging both parties’ capabilities and RSA’s financial services domain knowledge.
Brainspark is an AIM listed incubator which provides seed capital, a physical infrastructure and management support to growing companies. The company was formed in September 1999 and floated on London’s Stock Exchange in April 2000. It has invested in 17 companies, four of which have gone onto secure follow-on funding. Royal & SunAlliance Global Ventures is a wholly division of Royal & SunAlliance and was established in March 2000.
Strategic alliances are becoming more common as funds and incubators look for ways to best steer investee companies to success. Only last month, British Telecommunication’s technology incubator Brightstar announced a new strategic partnership with incuVest, a technology operating company.