Billed as the world’s largest startup competition, a UK-based operation is offering one startup the chance to win £1 million (R15.05 million) in prize money, along with a support package “to help grow it into a £100 million (R1.5 billion) net worth enterprise” within five years.
Digital Shoreditch, together with partners including The winner of the competition will gain support from Seedrs, KPMG, Ketchum, Taylor Wessing, Playgen, City of London, London & Partners, City University London, School for Startups and London First, have launched a competition called Million Pound Startup.
The competition launched May 23 2013, and has already attracted 303 entries from 123 cities, in 43 countries, including three entrants from South Africa:
- HowZit – a social beeper “that shifts business and consumer to interact”;
- Blue Republic Artesian Water – An artesian water designed for the earth conscious opulence seeker;
- Cloud Canteen – an online service that provides a collaborative platform for people in organized clusters like schools, organizations, companies etc to buy, rent, sell, swap and donate stuff by leveraging on a system that empowers and rewards the customers.
The deadline for all entries is 31 August 2013, when entries will then be whittled down to 200.
In round two, the assessment stage will ask those 200 applicants to provide further info, to decide the finalists.
After due diligence and further consultation the winner is planned to be announced in December, Digital Shoreditch said.
“The team involved in selecting the criteria and deciding are the investors and respected industry figures,” it said
“The partners and investors, whom represent years’ worth of expertise, experience and industry know-how, are looking for more than just financial return. They are pooling resources of creativity and innovation, industry expertise and contacts to accelerate the success of the winning business.”
Entrants would need to show that their current turnover is less than £1 million per year, while the company would have been trading for less than 10 years.
They would also need to be prepared to move business headquarters to London.
Kam Star, Founder of Digital Shoreditch and leading the Million Pound Start-up competition said: “No matter where they are in the world, the competition will help the winning company to establish their headquarters in London and give them the support they need to grow exponentially.”