A ground breaking global competition to bring a high-growth technology company to London with £1 million of investment has been launched at London’s Digital Shoreditch 2013 festival.
Dubbed “The Million Pound Startup”, the competition aims to showcase London as a prime location for building global digital and technology businesses.
Kam Star, founder of Digital Shoreditch, commented: “The east London digital and tech cluster around Shoreditch is an amazing place for start-ups with high growth potential due to first class support networks and like-minded entrepreneurs. We’re running one of the world’s largest competitions in history to attract high growth potential companies from the digital and tech space around the globe to London.”
The dynamic young company will need to show that they have the capability of using the £1 million equity investment to build a £100 million company based in London. Entrant turnover must be less than £1 million per year and the company must have been trading for fewer than 10 years. The competition is open to entries until August 29th, 2013, with the final taking place December 2013.
The process of the completion is very simple.
- Initial round will Closes August 29th, 2013. During this stage entrants will be required to
create their profiles on the site and answer a series of basic questions about their company.
- The next stage will be the assessment round during which successful applicants will be required to fill out one or more detailed questionnaires about their company. This stage will include various pitch stages (online or physical) and will take place between September and November.
In the final round of the competition which will take place in December, each of the finalists (a
- Approximately 20) will pitch to a panel of high profile entrepreneurs and investors. With the guidance of the panel the people who invested in the £1 million will vote to determine the winner.
The winning company will not only receive £1 million but will also receive dedicated support and assistance from the partners, as it sets up its operation in London.
Partners include: Digital Shoreditch the facilitator of the project, The Mayor of London, Tech City Investment Organisation (TCIO), Taylor Wessing, Seedrs, City University London, London & Partners, London First, Schools for Startups, KPMG, Pitching for Management, and Ketchum acting as supporters of the project.
The £1 million will be sourced through a combination of angel funding, institutional capital and equity crowdfunding. The FCA-regulated investment platform Seedrs will run the investment process. Potential investors have been asked to visit MPS website and invest directly through the Seedrs platform.
There is some good news for promoters too. The competition will offer 1% of the equity stake in the winner to the company or individual who has promoted the winner. To win this prize promoters are required to pre-register on the website, fill out the form in the Million Pound Startup promoter page and enlist their details on the “Where did you hear about the competition?” When the winner is announced, if there is a specific promoter registered to the winner of the competition they will receive a 1% of the equity stake.
Interested participants can learn more about the competition on Million Pound Startup’s website while investors can invest through the Seedrs platform at any time until the £1 million target is reached. Investors seeking to invest £50,000 or more will be offered additional forms of involvement in the contest.