5th February 2012
Bedfordshire Businesses In Running For £1 Million
3rd Oct 2005
Five Bedfordshire entrepreneurs are in line for a share of £1 million of investment funding after being short listed in the UK’s biggest business competition.
The successful entrants are on the 50-strong short list in the East of England Development Agency’s (EEDA) running the gauntlet competition, which offered businesses in the region exclusive free access to The Gauntlet – the new web based tool which tests investment readiness.
Over 400 businesses entered and 240 successfully completed The Gauntlet during the competition entry period. The short listed entrants, announced at a celebration event in Cambridge today (Tuesday 13 September) now go on to compete for a share of £1 million from leading East of England investor CREATE, plus £200,000 of in-kind business services from sponsors BSG Team Ventures, Enterprise Accelerator, Grant Thornton and Taylor Vinters.
Entrepreneurs from all six East of England counties appear on the short list which spans sectors from IT and telecomms to energy and consumer products, with companies looking for between £40,000 and £1million plus. Bedfordshire boasts five successful entrants including; B-enterprise, Trichocare Diagnostics, Exxcom and BGB Management.
The 50 short listed entrants for running the gauntlet, which has been run by EEDA in partnership with CREATE, Library House and the London School of Economics, were announced by representatives of the three main partners: Richard Ellis, Chairman of EEDA, Boyd Mulvey, Chief Executive Officer of CREATE, and Doug Richard, CEO of Library House and judge from BBC TV’s Dragon’s Den.
Boyd Mulvey, Chief Executive Officer of CREATE said: “We have been really impressed with the standard of entries into running the gauntlet. Our aim has been to identify several companies whose innovative business concepts have the potential to become commercial successes and therefore sound investments. Over 240 businesses successfully completed The Gauntlet, so selecting fifty for the shortlist was tough – it will be even harder whittling these down to the final winners.” Those on the shortlist are now invited to submit a business plan and executive summary for consideration by the judging panel – chaired by Boyd Mulvey and Doug Richard.
Doug Richard comments: “Running the Gauntlet has proved an excellent launch pad for The Gauntlet. Feedback from entrants shows that The Gauntlet can help a wide range of businesses at various stages to structure and fine-tune their business models; many of those short-listed were able to run the gauntlet twice in order to use the initial feedback to perfect their models, which is what this service is all about.”
Richard Ellis, Chairman of EEDA, concludes: “The very high standard of entries from all six counties is testament to the strength of entrepreneurial spirit for which the region is known. Running the Gauntlet has enabled hundreds of businesses to benefit from free access to The Gauntlet and we look forward to developing our relationship with all entrants over the coming months and years.”
Ten finalists will be announced on 1 November 2005, and will go ‘head to head’ at EEDA’s Destination Growth conference on 17 November, pitching for the £1 million investment funding and £200,000 worth of in-kind business services from sponsors BSG Team Ventures, Enterprise Accelerator, Grant Thornton and Taylor Vinters.
