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| Version 5 | Version 6 |
|---|---|
| Million Pound Startup prize aims to be X Factor for new businesses | Million Pound Startup prize aims to be X Factor for new businesses |
| (35 minutes later) | |
| A competition launched in London aims to create a cross between X Factor and Dragon's Den by offering £1m to a startup business. | A competition launched in London aims to create a cross between X Factor and Dragon's Den by offering £1m to a startup business. |
| The Million Pound Startup competition went live on Wednesday night in what Kam Star, one of its architects and prime movers, says is intended to spark competition and ideas from would-be and existing entrepreneurs. | The Million Pound Startup competition went live on Wednesday night in what Kam Star, one of its architects and prime movers, says is intended to spark competition and ideas from would-be and existing entrepreneurs. |
| Entry is open to any business around the world as long as they have not yet had an annual turnover of more than £1m – and if they promise to relocate to London if they win. | Entry is open to any business around the world as long as they have not yet had an annual turnover of more than £1m – and if they promise to relocate to London if they win. |
| The competition is open to entries until 1 May 2013, and will be judged at the Digital Shoreditch event later that month. | The competition is open to entries until 1 May 2013, and will be judged at the Digital Shoreditch event later that month. |
| Star, the "chief play officer" at London-based games company Playgen and a founder of Digital Shoreditch, hopes that the lure of the X Factor-sized prize, which is being provided by private equity rather than government, will inspire people who otherwise might not have been willing to risk following an idea to push into the entrepreneurial space. | Star, the "chief play officer" at London-based games company Playgen and a founder of Digital Shoreditch, hopes that the lure of the X Factor-sized prize, which is being provided by private equity rather than government, will inspire people who otherwise might not have been willing to risk following an idea to push into the entrepreneurial space. |
| "This is the X Factor approach – just as they see that £1m record contract being dangled by Simon Cowell and get inspired by that, we want people to get something on paper and move forward." | "This is the X Factor approach – just as they see that £1m record contract being dangled by Simon Cowell and get inspired by that, we want people to get something on paper and move forward." |
| Smaller prizes, such as five-figure offers of venture capital or angel funding, might not be enough to motivate people who have good ideas, he suggested. | Smaller prizes, such as five-figure offers of venture capital or angel funding, might not be enough to motivate people who have good ideas, he suggested. |
| "A reason why it's global is to shine a light and to say that in Britain we're brave enough to compete on a world stage, and very serious about startups." | "A reason why it's global is to shine a light and to say that in Britain we're brave enough to compete on a world stage, and very serious about startups." |
| In a statement, Digital Shoreditch said: "The Million Pound Startup came about with the belief that great ideas deserve the chance to be realised. It's no secret that today's startups will be tomorrow's leaders – just look at Google, Apple, or Facebook. | In a statement, Digital Shoreditch said: "The Million Pound Startup came about with the belief that great ideas deserve the chance to be realised. It's no secret that today's startups will be tomorrow's leaders – just look at Google, Apple, or Facebook. |
| "Digital Shoreditch are providing a very special opportunity to encourage, enable, and strengthen those visionaries that have big ideas and even bigger potential." | "Digital Shoreditch are providing a very special opportunity to encourage, enable, and strengthen those visionaries that have big ideas and even bigger potential." |
| It comes more than 10 years after Channel 4 ran a series called The E-Millionaire Show, which aimed to find two candidates for £1m of funding each supplied by private equity – which was eventually awarded to Joe Rajko, the entrepreneur behind Youreable.com, an online community of and for disabled people. The site is still active. The other winner, Colin Robinson, apparently failed to get his Schoolsforschools.com business off the ground. | It comes more than 10 years after Channel 4 ran a series called The E-Millionaire Show, which aimed to find two candidates for £1m of funding each supplied by private equity – which was eventually awarded to Joe Rajko, the entrepreneur behind Youreable.com, an online community of and for disabled people. The site is still active. The other winner, Colin Robinson, apparently failed to get his Schoolsforschools.com business off the ground. |
| The timing of the series was unfortunate, coming just as the dot-com boom was turning to bust. | The timing of the series was unfortunate, coming just as the dot-com boom was turning to bust. |
| The rules of the new competition are simple, the site says: | The rules of the new competition are simple, the site says: |
| The Million Pound Startup is a global competition for one startup to win £1,000,000 in investment. | The Million Pound Startup is a global competition for one startup to win £1,000,000 in investment. |
| With the aim to propel the wining start-up to a £100,000,000 company (that's right, a 100 million pound company). | With the aim to propel the wining start-up to a £100,000,000 company (that's right, a 100 million pound company). |
| The competition is open to anyone over the age of 18 from anywhere in the world and has a few rules : | The competition is open to anyone over the age of 18 from anywhere in the world and has a few rules : |
| 1. The idea / product / startup has to be less than 10 years old. | 1. The idea / product / startup has to be less than 10 years old. |
| 2. It should not have turned over the equivalant of £1,000,000 (i.e. it has never made £1m in revenue) | 2. It should not have turned over the equivalant of £1,000,000 (i.e. it has never made £1m in revenue) |
| 3. The winner is willing to relocate the startup's HQ to London. | 3. The winner is willing to relocate the startup's HQ to London. |
| London's Shoreditch area – known colloquially as Silicon Roundabout – has become the centre of a thriving group of technology startups. A recent report by an independent think tank pointed to the strengths of its organic growth, and warned the government against trying to push its own agenda of effectively shifting new businesses over towards the Olympic park in Stratford once the Games have finished. | London's Shoreditch area – known colloquially as Silicon Roundabout – has become the centre of a thriving group of technology startups. A recent report by an independent think tank pointed to the strengths of its organic growth, and warned the government against trying to push its own agenda of effectively shifting new businesses over towards the Olympic park in Stratford once the Games have finished. |
| Entry is open to all sorts of startups, not just in technology. The precise criteria and method for the judging will be announced nearer to the judging point, but the web page for the competition is already taking entries. | Entry is open to all sorts of startups, not just in technology. The precise criteria and method for the judging will be announced nearer to the judging point, but the web page for the competition is already taking entries. |
| Star also thinks that as with the X Factor, some of those who don't succeed may be swept up by private investors looking to make further investments – rather as occurs with Dragon's Den competitors. | Star also thinks that as with the X Factor, some of those who don't succeed may be swept up by private investors looking to make further investments – rather as occurs with Dragon's Den competitors. |
| Comments | Comments |
| 8 comments, displaying first | 8 comments, displaying first |
| 11 July 2012 4:57PM | 11 July 2012 4:57PM |
| tthe worst promo video ever? | tthe worst promo video ever? |
| Link to this comment: | Link to this comment: |
| 11 July 2012 9:43PM | 11 July 2012 9:43PM |
| Good idea, London had such an abundance of cheap housing and friendly people who wouldn't want to move their business there. | Good idea, London had such an abundance of cheap housing and friendly people who wouldn't want to move their business there. |
| Link to this comment: | Link to this comment: |
| 11 July 2012 10:44PM | 11 July 2012 10:44PM |
| One of them is clearly a high-tech Chinee spy. | One of them is clearly a high-tech Chinee spy. |
| Link to this comment: | Link to this comment: |
| 11 July 2012 11:57PM | 11 July 2012 11:57PM |
| Why does this tech-hub have to be in London, where rents are exhorbitant? One of the founding advantages of Silicon Valley was that land was cheap. | Why does this tech-hub have to be in London, where rents are exhorbitant? One of the founding advantages of Silicon Valley was that land was cheap. |
| Link to this comment: | Link to this comment: |
| 12 July 2012 6:53AM | 12 July 2012 6:53AM |
| 100,000,000 is easily achievable in a world when companies such a instragram are being sold for 1,000,000,000,000. Hopefully the ideas that get funding are more mainstream then the Channel 4 programme produce. | 100,000,000 is easily achievable in a world when companies such a instragram are being sold for 1,000,000,000,000. Hopefully the ideas that get funding are more mainstream then the Channel 4 programme produce. |
| I may have start working on some my only ideas once the entry criteria is up, it not worth even starting until they produce one of those. | I may have start working on some my only ideas once the entry criteria is up, it not worth even starting until they produce one of those. |
| Link to this comment: | Link to this comment: |
| 12 July 2012 7:14AM | 12 July 2012 7:14AM |
| £1m for Web2.0'rreah hype merchants to steal other peoples' ideas? | £1m for Web2.0'rreah hype merchants to steal other peoples' ideas? |
| No thanks! | No thanks! |
| Link to this comment: | Link to this comment: |
| 12 July 2012 11:03AM | 12 July 2012 11:03AM |
| This is the X Factor approach | This is the X Factor approach |
| Well that shows the level of quality they are after then. X Factor promotes those with no talent or skill the one hit wonder. Much as I'd like a £1million to back my e-ideas I don't want to be associated with the "X Factor approach" neither do I want to relocate to London --- in this interconnected world (O2 customers excepted at the moment) location is irrelevant. My e-ideas haven't required me to move from my SoHo base neither have they required me to get dressed for work. So no, not interested. Plus I worked in London for many years now I work out of it I'm cleaner. So no thank you to the £1million; if my e-ideas prove to be money spinners go that's a £1million for me and my co-workers not for someone else. | Well that shows the level of quality they are after then. X Factor promotes those with no talent or skill the one hit wonder. Much as I'd like a £1million to back my e-ideas I don't want to be associated with the "X Factor approach" neither do I want to relocate to London --- in this interconnected world (O2 customers excepted at the moment) location is irrelevant. My e-ideas haven't required me to move from my SoHo base neither have they required me to get dressed for work. So no, not interested. Plus I worked in London for many years now I work out of it I'm cleaner. So no thank you to the £1million; if my e-ideas prove to be money spinners go that's a £1million for me and my co-workers not for someone else. |
| Link to this comment: | Link to this comment: |
| 12 July 2012 5:54PM | 12 July 2012 5:54PM |
| Yes - my god that is shit | Yes - my god that is shit |
| Link to this comment: | Link to this comment: |
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| More than a decade after the E-Millionaire Show, there's another big chance to get funding for a startup idea – as long as you're prepared to relocate to London | More than a decade after the E-Millionaire Show, there's another big chance to get funding for a startup idea – as long as you're prepared to relocate to London |
| A competition launched in London aims to create a cross between X Factor and Dragon's Den by offering £1m to a startup business. | A competition launched in London aims to create a cross between X Factor and Dragon's Den by offering £1m to a startup business. |
| The Million Pound Startup competition went live on Wednesday night in what Kam Star, one of its architects and prime movers, says is intended to spark competition and ideas from would-be and existing entrepreneurs. | The Million Pound Startup competition went live on Wednesday night in what Kam Star, one of its architects and prime movers, says is intended to spark competition and ideas from would-be and existing entrepreneurs. |
| Entry is open to any business around the world as long as they have not yet had an annual turnover of more than £1m – and if they promise to relocate to London if they win. | Entry is open to any business around the world as long as they have not yet had an annual turnover of more than £1m – and if they promise to relocate to London if they win. |
| The competition is open to entries until 1 May 2013, and will be judged at the Digital Shoreditch event later that month. | The competition is open to entries until 1 May 2013, and will be judged at the Digital Shoreditch event later that month. |
| Star, the "chief play officer" at London-based games company Playgen and a founder of Digital Shoreditch, hopes that the lure of the X Factor-sized prize, which is being provided by private equity rather than government, will inspire people who otherwise might not have been willing to risk following an idea to push into the entrepreneurial space. | Star, the "chief play officer" at London-based games company Playgen and a founder of Digital Shoreditch, hopes that the lure of the X Factor-sized prize, which is being provided by private equity rather than government, will inspire people who otherwise might not have been willing to risk following an idea to push into the entrepreneurial space. |
| "This is the X Factor approach – just as they see that £1m record contract being dangled by Simon Cowell and get inspired by that, we want people to get something on paper and move forward." | "This is the X Factor approach – just as they see that £1m record contract being dangled by Simon Cowell and get inspired by that, we want people to get something on paper and move forward." |
| Smaller prizes, such as five-figure offers of venture capital or angel funding, might not be enough to motivate people who have good ideas, he suggested. | Smaller prizes, such as five-figure offers of venture capital or angel funding, might not be enough to motivate people who have good ideas, he suggested. |
| "A reason why it's global is to shine a light and to say that in Britain we're brave enough to compete on a world stage, and very serious about startups." | "A reason why it's global is to shine a light and to say that in Britain we're brave enough to compete on a world stage, and very serious about startups." |
| In a statement, Digital Shoreditch said: "The Million Pound Startup came about with the belief that great ideas deserve the chance to be realised. It's no secret that today's startups will be tomorrow's leaders – just look at Google, Apple, or Facebook. | In a statement, Digital Shoreditch said: "The Million Pound Startup came about with the belief that great ideas deserve the chance to be realised. It's no secret that today's startups will be tomorrow's leaders – just look at Google, Apple, or Facebook. |
| "Digital Shoreditch are providing a very special opportunity to encourage, enable, and strengthen those visionaries that have big ideas and even bigger potential." | "Digital Shoreditch are providing a very special opportunity to encourage, enable, and strengthen those visionaries that have big ideas and even bigger potential." |
| It comes more than 10 years after Channel 4 ran a series called The E-Millionaire Show, which aimed to find two candidates for £1m of funding each supplied by private equity – which was eventually awarded to Joe Rajko, the entrepreneur behind Youreable.com, an online community of and for disabled people. The site is still active. The other winner, Colin Robinson, apparently failed to get his Schoolsforschools.com business off the ground. | It comes more than 10 years after Channel 4 ran a series called The E-Millionaire Show, which aimed to find two candidates for £1m of funding each supplied by private equity – which was eventually awarded to Joe Rajko, the entrepreneur behind Youreable.com, an online community of and for disabled people. The site is still active. The other winner, Colin Robinson, apparently failed to get his Schoolsforschools.com business off the ground. |
| The timing of the series was unfortunate, coming just as the dot-com boom was turning to bust. | The timing of the series was unfortunate, coming just as the dot-com boom was turning to bust. |
| The rules of the new competition are simple, the site says: | The rules of the new competition are simple, the site says: |
| The Million Pound Startup is a global competition for one startup to win £1,000,000 in investment. | The Million Pound Startup is a global competition for one startup to win £1,000,000 in investment. |
| With the aim to propel the wining start-up to a £100,000,000 company (that's right, a 100 million pound company). | With the aim to propel the wining start-up to a £100,000,000 company (that's right, a 100 million pound company). |
| The competition is open to anyone over the age of 18 from anywhere in the world and has a few rules : | The competition is open to anyone over the age of 18 from anywhere in the world and has a few rules : |
| 1. The idea / product / startup has to be less than 10 years old. | 1. The idea / product / startup has to be less than 10 years old. |
| 2. It should not have turned over the equivalant of £1,000,000 (i.e. it has never made £1m in revenue) | 2. It should not have turned over the equivalant of £1,000,000 (i.e. it has never made £1m in revenue) |
| 3. The winner is willing to relocate the startup's HQ to London. | 3. The winner is willing to relocate the startup's HQ to London. |
| London's Shoreditch area – known colloquially as Silicon Roundabout – has become the centre of a thriving group of technology startups. A recent report by an independent think tank pointed to the strengths of its organic growth, and warned the government against trying to push its own agenda of effectively shifting new businesses over towards the Olympic park in Stratford once the Games have finished. | London's Shoreditch area – known colloquially as Silicon Roundabout – has become the centre of a thriving group of technology startups. A recent report by an independent think tank pointed to the strengths of its organic growth, and warned the government against trying to push its own agenda of effectively shifting new businesses over towards the Olympic park in Stratford once the Games have finished. |
| Entry is open to all sorts of startups, not just in technology. The precise criteria and method for the judging will be announced nearer to the judging point, but the web page for the competition is already taking entries. | Entry is open to all sorts of startups, not just in technology. The precise criteria and method for the judging will be announced nearer to the judging point, but the web page for the competition is already taking entries. |
| Star also thinks that as with the X Factor, some of those who don't succeed may be swept up by private investors looking to make further investments – rather as occurs with Dragon's Den competitors. | Star also thinks that as with the X Factor, some of those who don't succeed may be swept up by private investors looking to make further investments – rather as occurs with Dragon's Den competitors. |