A new competition has launched to bring a high-growth technology company to London, where the winner will receive £1 million of investment.
The competition was revealed today at London’s Digital Shoreditch 2013 festival, which is situated in the heart of Tech City – the centre of the government’s efforts to encourage a start-up community in the east end of London.
A number of companies and individuals have facilitated the competition, including the Mayor of London, the Tech City Investment Organisation, Taylor Wessing, Seedrs, City University London, London & Partners, London First, Schools for Startups, KPMG and Ketchum.
In addition to the £1 million reward, the winning company will also receive support and assistance from the partners.
Finalists will need to show that they have the capability of using the £1 million equity to build a £100 million company based in London. To ensure that the winner is a true start-up, entrants must have turnover of less than £1 million per year and have been trading for fewer than 10 years.
The competition is open to entries until August 29th 2013, with the final taking place in December 2013.
“London is a terrific home for technology start-ups and a world leader in this booming sector,” said Boris Johnson, the Mayor of London.
“This competition is an aptly innovative approach which I hope will unleash even more of the entrepreneurial talent for which this city is renowned.”
The £1 million is being sourced through a combination of angel funding, institutional capital and equity crowdfunding, with the FCA-regulated investment platform Seedrs running the investment process.
Investors can invest via Seedrs at any time until the £1 million target is reached and those seeking to invest £50,000 or more will be offered additional forms of involvement in the contest.
At time of publication 21 percent of the £1 million had been secured.
“The Million Pound Startup competition perfectly demonstrates how London and the UK are open for business,” said Benjamin Southworth, Deputy CEO of Tech City Investment Organisation.
“Entrepreneurs based here can benefit from the world’s most ambitious package of policies, businesses incentives, tax and visa support as well as the diverse and vibrant start up ecosystem in Tech City.”
He added: “It is exactly the sort of initiative that will continue to drive the creativity, collaboration and community that makes Tech City Europe’s digital capital and I’m sure we’ll see some incredible success stories as a result.”