Founded by Digital Shoreditch, the Million Pound Startup contest they announced earlier this year, now stands at 225 submitted companies to date from 37 different countries. The concept is the winner will receive a £1 Million investment with the hope the company will become a £100 Million company within a few years. Organizers also expect the company to relocate to London which they market as the best city in the world for a start-business.
Entries will be accepted up to August 28th of this year with the winner being selected in December. The global contest expects up to 20,000 entries. 
Colorful London Mayor Boris Johnson stated, 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 crowdfunding element of this competition is powered by UK equity crowdfunding platform Seedrs. The amount raised to date is presently over £367,00 or 37% of the way to their £1 Million goal. Investors are limited to UK adults and institutions who have registered on the Seedr platform. An individual investor may invest as little at £10 and up to £200,000.
Organizers Digital Shoreditch are in their 3rd year of celebrating creative and entrepreneurial talent in London. This is the first year for their start-up competition but they intend on making this the largest start-up event in the world.
