Wood’s investment, set to be ‘of up to £1.5 million’ is set to form a key part of the online business community’s ambitions to turn around the reversal of fortunes it has seen over the past few years.
Ecademy established itself as a ‘dynamic membership organisation’ aimed at small and medium business owners, providing entrepreneurs with networks and contacts to help them grow their businesses, but with many turning to the likes of Facebook, LinkedIn and Twitter as engagement tools the network has been struggling over the past few years.
This new deal, which will see original co-founder Penny Power own 25 per cent of the new company with her husband Thomas Power becoming the company’s CEO, comes less than a year after the Triumphant Events’ founder Daniel Priestley and serial entrepreneur Jeremy Harbour tried to save the network last year in a deal reportedly valuing the site at just £1.
However as founder and chairman of www.Constructaquote.com and Moorhouse Group, one of the UK’s top 100 insurance brokers, Lyndon Wood brings a wide range of commercial experience to Ecademy and will work with the founders to invest in the development of the community.
In February this year, he published Diary of a Fortune Hunter, a manual of his entrepreneurial experience and advice. In his new role, he will provide investment to help business owners share their knowledge and assist each other in growing their businesses. He will also oversee the building of a new online platform for Ecademy, due early next year.
Thomas Power, co-founder and new CEO of Ecademy, commented: “We are delighted to announce the arrival of Lyndon Wood as the new chairman of Ecademy as we further invest in the development of the community. He has an outstanding track record as a successful entrepreneur and he brings a wealth of creativity, connections and business acumen that will fuel the future growth prospects for Ecademy.”
Lyndon Wood commented:“Thomas and Penny have built Ecademy into a powerful and highly interactive community for thousands of entrepreneurs. We now have a significant development budget and a great vision which we will use to make Ecademy the best and most useful business social community in the world.”