Running The Gauntlet Update
8th Sep 2005
Go to the website to see who has been shortlisted. There was a great response!THE HEAT IS ON – HUNDREDS OF BUSINESSES COMPETE FOR FUNDING IN UK’S BIGGEST BUSINESS COMPETITION Running the Gauntlet, the UK’s biggest ever business competition exclusively for businesses in the East of England, has had a fantastic response from first time and seasoned entrepreneurs across the region, with entrants looking for between £25,000 and £8,000,000 of investment. Over 400 businesses entered and 240 businesses successfully completed The Gauntlet to test their investment readiness and compete for a share of £1million of investment funding. The next important stage of the competition falls next week with the announcement of the 50 short listed entrants at a reception in Cambridge on Tuesday 13 September. The competition, which offers a share of £1 million investment fund from CREATE, a leading investor in East of England businesses, and in-kind business services from sponsors BSG Team Ventures, Enterprise Accelerator, Grant Thornton and Taylor Vinters totalling £200,000, is being run by the East of England Development Agency (EEDA), in partnership with CREATE, Library House and the London School of Economics. Those on the shortlist will be invited to submit a business plan and executive summary for consideration by the judging panel. They will also benefit from a feedback day when they will present their ideas to a panel of leading business people including investors. Ten finalists will then be announced on 1 November 2005, and will go ‘head to head’ and pitch for funding and in-kind business services at EEDA’s Destination Growth conference on 17 November.
Supporting quotes:
Richard Ellis, Chairman of EEDA said: “Running the Gauntlet has successfully attracted a wide range of entrants from all over the region in a wide range of sectors – testament to the strength of entrepreneurial spirit for which the region is known. It has enabled hundreds of businesses to benefit from free access to The Gauntlet and we look forward to developing our relationship with entrants over the coming months and years.”
Boyd Mulvey, CEO of CREATE Partners, commented: “CREATE is looking for inspirational and innovative businesses who need early stage equity funding.
Running the gauntlet has highlighted a host of opportunities and we look forward to selecting the finalists at the next stage.” Doug Richard, CEO of Library House, added: “Running the Gauntlet has proved an excellent launch pad for The Gauntlet.
Feedback from entrants has shown that The Gauntlet has helped a wide range of businesses at various stages to structure and fine-tune their business model and we are excited about the range of investment opportunities that have come forward.”
For further information:
http://www.runningthegauntlet.com
Contact Katie Blood
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