The Digital Shoreditch project Million Pound Startup closed for entries recently and the final tally lists entries from 72 countries representing participation from 304 cities for a total of 1047 startup companies. Each of these companies is in the running to move to London to open up shop with the hope of becoming the next mega-success business venture.
The grand prize is substantial – a £1 Million investment plus support from top tier partners – but expectations are rather high. Organizers are hoping to foster a company which will become a £100 Million operation in just a few years. Entries were all expected to be generating revenue less than £1 Million prior to submitting to the contest.
Not only do organizers hope to find the next super star business but they view this as an opportunity to showcase London as the best city in the world to form a company. Specifically innovative technology companies which today are concentrated in specific regions such as California’s Silicon Valley. The world is becoming more competitive and London, traditionally a financial center, views itself growing in importance in the digital entrepreneur realm. The Million Pound Startup contest, the largest of its’ kind, has captured the imagination and support of many leaders in the UK.
Kam Star founder of Digital Sh0reditch stated;
“The East London digital and tech cluster around Shoreditch is an amazing place for startups 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 funds for the investment are being crowdfunded of course. Equity crowdfunding site Seedrs has partnered with Digital Shoreditch to accept investor participation. Funds committed to date stand at around £400,000. Equity offered is a variable amount posted at 10% to 40% depending on company metrics.
The final is expected to occur later this year in December when the winner will be revealed.
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