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Jeremy Roberts

Million Pound Startup competition launched

A global competition to find a start-up which is capable of building a £100 million technology company in five years time with the help of a £1million investment, has started.

The winner of the Million Pound Startup will receive £1 million.

The money will be raised through online platform for investing in startups -Seedrs - from private investors interested in owning a share of the winning business, which is the one assessed as most likely to be worth £100 million in five years' time.

The competition is supported by businesses and organisations including the London mayor and the Government.

Michael Fallon, enterprise and business minister, 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."

Seedrs has been chosen as the investment platform because it is both fully regulated by the FCA, and because of its ‘crowdfunding done properly' model that uses a Nominee structure so that shares are held by a single entity.

This provides essential post-investment protection for investors, and for entrepreneurs makes subsequent rounds of investment simple and straightforward relative to other crowdfunding models that create the often show- stopping logistical nightmare of having to deal with as many shareholders as investors.

Jeff Lynn, co-founder and chief executive of Seedrs, said, "This is a very exciting competition which will highlight something I have long said - that London and the UK is an ideal place to build and run new and very fast growing global businesses.

“Importantly, this competition will also help raise awareness amongst UK investors of startups as an exciting new asset class now easily accessible to people other than just the very rich."

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