The word from AXA as they put some money behind British business entrepreneurs, good to see;
Colourful compression socks for sufferers of chronic leg conditions and a smart headband that monitors cranial impacts during sports, took the two top prizes in the annual AXA Startup Angel awards on Thursday.
Main Squeeze founder Princess Ebi and Dyamotech boss Simon Panella have each received £25,000 funding for their startup businesses.
They’ll also benefit from a year’s business insurance thanks to AXA UK and mentoring from the AXA Startup Angels, along with entrepreneur Sharmadean Reid MBE, Henry Firth and Ian Theasby from vegan food brand BOSH! and Raphael Sofoluke, founder of the UK Black Business Show and UK Black Business Week.
The competition, now in its fifth year, attracted a record number of entries. A panel of judges including AXA UK Small Business Champion Julie White and the AXA Startup Angels decided Main Squeeze and Dyamotech were stand-out winners.
“Once again we were blown away by the ideas that were submitted – the innovation and creativity demonstrated by the entrants was truly inspiring. Every year the competition goes from strength to strength.
Small businesses are the backbone of the UK economy, and we’re delighted to be able to play a small part in helping the entrepreneurs of tomorrow to get a foot on the ladder.” said Julie White, AXA UK Small Business Champion.
Princess (30), from North London, was inspired to quit investment banking and launch Main Squeeze in 2023 after a friend was diagnosed with a health condition that meant she had to wear compression socks all the time.
Princess noticed how her extroverted pal stopped socialising because she felt self-conscious about the uninspiring colours and designs available.
Princess spent six months researching the science behind the product and a further six months sourcing a manufacturer before launching her business at the end of last year. She hopes to develop partnerships with the NHS and airlines to provide the socks for their patients and customers.
“We’ve entered the market with two sizes and one compression strength, but we intend to move into higher compression strengths and other products, such as tights and longer socks. Some of the prize money will help with the product development stage and I’m really excited about that.
“Right now we’re focusing on compression socks for people with chronic conditions, but I’d love for everyone to be wearing them as an essential accessory. In a fitness context they’re great for workout recovery and if you’re someone who walks around a lot or sits at a desk, they are helpful for that too. There’s a use case for everyone.” She added.
New Career Path After Injury
Simone Panella came to the UK from Italy at the age of 16 with a plan to play professional rugby, but a concussion cut short his career.
While at Brunel University in London studying business, he came up with the idea for a monitor that could record the two crucial metrics that contribute to concussion – directional force and rotational velocity – and keep a record of their frequency.
While the technology to measure these metrics already exists, it is currently only integrated in specialised professional mouthguards which are too expensive to be used in grassroots sport. The headband Simone has developed not only identifies when a player suffers a significant impact but also records the number of collisions over a period of time that could have a cumulative effect leading to a concussion.
This data is particularly significant in young players while their brains are developing. Simone’s headband is still undergoing development and testing but crucially, it is designed to be affordable and easy to use so coaches can interpret the data it produces.
He hopes it might one day become an essential piece of equipment in schools and sports clubs, influencing training and games to reduce the number of head impacts incurred.
Want to know more? Budding entrepreneurs can find out more and sign up for next year’s competition here.
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