A £1m international competition to bring a high-growth technology company to London was launched this morning.
The Million Pound Startup competition was launched today at London's Digital Shoreditch 2013 festival and aims to showcase London as a prime location for building global digital and technology businesses.
Entrants must have been trading for fewer than 10 years and have a turnover of less than £1m per year and they must convince judges they are capable of using the £1m equity investment to build a £100m company based in London.
Mayor of London Boris Johnson says: "London is a terrific home for technology start-ups and a world leader in this booming sector. 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 £1m is being sourced through a combination of angel funding, institutional capital and equity crowdfunding and the competition is open to entries until August 29, with the final taking place December 2013.
Minister of State for Business and Enterprise Michael Fallon says: "The UK is a great place to do business, with constantly improving infrastructure and a skilled labour force. This initiative can provide a real boost for entrepreneurship and start-ups with high growth potential and help to keep London ahead in the global competition for talent, innovation and success."
The competition is facilitated by Digital Shoreditch and supported by The Mayor of London, The Tech City Investment Organisation (TCIO), Taylor Wessing, Seedrs, City University London, London & Partners, London First, Schools for Startups, KPMG and Ketchum.
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.
Benjamin Southworth, Deputy CEO of TCIO, says: "The Million Pound Startup competition perfectly demonstrates how London and the UK are open for business. 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.
“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."
Kam Star, founder of Digital Shoreditch, says: "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 competition also offers 1 per cent of the equity stake in the winner to the company or individual who has promoted the winner, but to win this prize promoters are required to pre-register on the website and fill out the form on the promoter page.
When the winner is announced, if there is a specific promoter registered to the winner of the competition they will receive a 1 per cent of the equity stake.
Visit the competition website for details on how to enter or promote a company.