Liverpool-based Nova has partnered with the non-profit IOTA Foundation, which aims to increase the number of start-ups using Internet of Things technology.

The start-up support firm will deliver a programme to help aspiring tech entrepreneurs to develop innovative new business models with financial support and mentorship.

The IOTA Foundation, based in Berlin, is committed to developing a 'permissionless ecosystem' with its distributed ledger technology.

“There are many hurdles to successfully launching a startup, and many of the most common mistakes occur very early on in the process," said Andrew Dean, head of partnerships at Nova.

The fact that 90 per cent of start-ups fail means that there are loads of brilliant business ideas out there that simply never materialise into anything meaningful, and a lot of talent and ambition is wasted.

“We want to make sure that IOTA entrepreneurs have the best possible chance of success.

"Some of the most exciting technological developments of our time are fuelled by IOTA technology, and we’re looking forward to playing a part in bringing some of those ideas to market.”

Existing industry partnerships include global organisations such as the Volkswagen Group and Bosch.

David Sønstebø, co-founder and co-chair at IOTA, explained its distributed technology.

"The Tangle network overcomes many of the limitations and inefficiencies of blockchain technology, and as such, has huge potential to transform machine to machine transactions that are at the core of IoT," he said.

“Our partnership with Nova is about enabling that innovation, by helping initial ideas come to fruition in the form of viable, scalable and sustainable business models.”

To date, Nova has co-founded over 80 tech start-ups from its headquarters in Sandhills, Liverpool.