Billed as the world\u2019s largest startup competition, a\u00a0UK-based operation is offering one startup the chance to win\u00a0\u00a31 million (R15.05 million) in prize money, along with a support package “to\u00a0help grow it into a \u00a3100 million (R1.5 billion) net worth enterprise” within five years.<\/p>\n
Digital Shoreditch, together with partners including\u00a0The winner of the competition will gain support from Seedrs, KPMG, Ketchum,\u00a0Taylor Wessing, Playgen,\u00a0City of London,\u00a0London\u00a0& Partners, City University London, School for Startups and London First, have launched a competition called Million Pound Startup.<\/p>\n
The competition launched May 23\u00a02013, and has already attracted 303 entries from 123 cities, in 43 countries, including three entrants from South Africa:<\/p>\n
The deadline for all entries is 31 August 2013, when entries will then be whittled down to 200.<\/p>\n
In round two, the assessment stage will ask those 200 applicants to provide further info, to decide the finalists.<\/p>\n
After due diligence and further consultation the winner is planned to be announced in December,\u00a0Digital Shoreditch said.<\/p>\n
“The team involved in selecting the criteria and deciding are the investors and respected industry figures,” it said<\/p>\n
“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.”<\/p>\n
Entrants would need to show that their current turnover is less than \u00a31 million per year, while the\u00a0company\u00a0would have been trading for less than 10 years.<\/p>\n
They would also need to be prepared to move business headquarters to London.<\/p>\n
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.”<\/p>\n
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