18th May 2012
New Sponsors Bring Up To £200,000 Worth Of Business Benefits
1st Aug 2005
Entrants to the East of England Development Agency (EEDA) ‘running the gauntlet’ competition now stand to benefit from a package of business services worth up to £200,000, in addition to the share of £1 million of investment funding from local venture capitalists CREATE. The comprehensive package of in-kind business support comes from four sponsors who have signed up to support the competition. ‘Running the gauntlet’ is working to encourage entrepreneurship and early-stage business success across the East of England. Advice on business building, financial, legal and recruitment issues has been made available to entrants, providing the crucial expertise required by – and often lacking within – early-stage businesses: · Financial advisors Grant Thornton will offer a business and financial master-class, and solicitors Taylor Vinters a legal master class, to all shortlisted entrants, looking at the issues commonly faced by early stage start-ups. Both sponsors will also each provide £50,000-worth of in-kind advice to be shared between up to five finalists. · Business building consultants Enterprise Accelerator will offer shortlisted entrants a master-class on presentation and communication skills, and will also give finalists one-to-one consultancy prior to their pitch to the ‘running the gauntlet’ judging panel of investors. International headhunter BSG Team Ventures will advise winning entrants on enhancing value through recruitment of a top team, and will support the most deserving winner with free recruitment services worth £30-50,000. The ‘running the gauntlet’ competition offers East of England-based businesses free access to a new web-based service, ‘The Gauntlet’. This service enables entrepreneurs – for the first time – to test their business proposition before exposing it to the make-or-break judgement of real investors. By registering and answering ‘the Gauntlet’s’ questions before the entry deadline of 2 September 2005, entrants can benefit from advice from experienced entrepreneurs and investors as well as potential funding, business support services and profile generated through the competition. David Marlow, chief executive, EEDA said: “We are delighted to have such a comprehensive range of in-kind services to offer to entrants. Business planning, accountancy, legal and executive recruitment disciplines are all key to successful start-ups. The quality support available through our sponsors will undoubtedly help to prepare more businesses for approaching investors. We look forward to seeing how these benefits bear fruit over the coming months.” Entrepreneurs from various sectors across the East of England have already been attracted to the competition - using the Gauntlet to help them structure new business plans or fine-tune existing ones, in readiness for approaching investors. Boyd Mulvey, chief executive, CREATE added: “Every entrant gains something from running the gauntlet – starting with the report card, feedback and business support that every entrant will receive. However, the benefits increase the longer you stay in the competition. We are delighted that CREATE’s investment funding for the successful finalists will now be complemented by timely, free advice for shortlisted entrants, which will be crucial in preparing them to pitch their idea to best effect.” The business ideas will be shortlisted by a panel of seasoned entrepreneurs and investors, and ten will then be asked to present to a panel of top UK venture capitalists and entrepreneurs chaired jointly by Boyd Mulvey and Doug Richard from BBC2’s ‘Dragons’ Den’. They will be eligible for a share of the £1,000,000 investment and business services. The winner(s) will be announced at EEDA’s business conference – Destination Growth – on 17 November 2005. Competition details can be accessed online at www.runningthegauntlet.com and businesses have until 2 September 2005 to enter.
For further information:
www.eeda.org.uk
KateJames@eeda.org.uk
Contact Running the Gauntlet Project Team
