Million-pound tech start-up competition launched

Businesses group in London looks to find the next upcoming tech giant in the UK

A competition designed to showcase London as a top location for building global digital and technology firms has been launched, with a £1m prize.

The Million Pound Startup competition is backed by Digital Shoreditch and supported by a number of businesses and organisations including the mayor of London, the Tech City Investment Organisation (TCIO), City University London, KPMG and Ketchum.

The eventual winner will not only receive £1m, but will get dedicated support and assistance from the partners as it sets up in London and uses the prize to build a £100m company.

Entrant turnover must be less than £1m per year and the company needs to have been trading for less than 10 years. Entries close on 29 August, with the final taking place in December.

Boris Johnson, the mayor of London, said: “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.'

Michael Fallon, minister of state for business and enterprise, said: “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.”

Benjamin Southworth, deputy chief executive of Tech City Investment Organisation, added: “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, business 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 am sure we will see some incredible success stories as a result.”

Kam Star, founder of Digital Shoreditch, commented: “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 are 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.”