Digital Shoreditch, one of the premier drum-banging bodies for London’s Tech City, has launched a competition to give one startup £1m in equity investment. The winning company will be given help moving to London and setting up a new HQ – no doubt replete with Astroturf and a slide.
The competition is pretty well-timed. The UK has just been revealed as the best place in Europe for entrepreneurs, second only globally to the US. The survey, by EY, said the UK's tax reliefs, business-friendly regulation, skilled workforce and the presence of the large financial sector helped the UK to beat other European cities.
Joining Digital Shoreditch in offering the prize are KPMG, Seedrs, London & Partners and Taylor Wessing. The winning business will receive support from these bodies as well as the cash.
‘The Million Pound Startup competition has brought in a wave of innovative technology companies not just because of the financial investment, but because of the support package from London’s greatest organisations,’ sais Kam Star, Founder of Digital Shoreditch.
‘Start-ups need more than capital, they need serious connections to help them succeed, and that is what the contest offers.’
According to Digital Shoreditch, the majority of entrants so far have been from the mobile technology sector and from 66 different countries. With mobile tech a speedily expanding area, the groups behind the competition are presumably eager to encourage more of these startups to set up shop in London.
‘The rising demand for mobile technology is spawning new opportunities for a number of young ventures and startups in a nascent industry, and it’s great to see that they are applying to the competition,’ said Tim Kay, who heads up KPMG’s team in Tech City.
‘We want London to be at the forefront of technology and mobile is undoubtedly one of the fastest segments in technology.’ Big up the Tech City massif.