The Bank of Scotland 2008 Entrepreneur Challenge was launched yesterday, this time with £35m of interest-free investment available for UK businesses.
The competition, which is being run in partnership with The Sunday Times, has increased the amount of funding on offer by £10m following the success of the inaugural event last year.
Bank of Scotland Corporate has split the UK into seven geographical sectors and each regional winner will walk away with £5m worth of investment, free of interest and arrangement fees for three years.
Entrants must have a minimum turnover of £2m, be wholly or partly privately owned and able to demonstrate their vision and potential to a panel of judges including business experts and successful entrepreneurs, Bank of Scotland said.
Peter Cummings, chief executive of Bank of Scotland Corporate, added:
“Entrepreneurs are the lifeblood of our economy and are responsible for some of the most spectacular business successes this country has seen.
“The overwhelming success of last year’s Entrepreneur Challenge clearly demonstrated that entrepreneurial spirit is thriving in the UK.”
Last year’s regional winners included international marketing agency Iris Nation Worldwide, crisp producer Tyrrells Group Ltd and communications provider Daisy, whose founder Matt Riley was also crowned the overall winner, winning four days’ mentoring from Sir Phillip Green.
Riley commented: “We were delighted to win and have benefited enormously from the funding package, but the entry process itself also had a huge impact on the business. It meant we had to analyse and clarify our plans to ensure we had a sound strategy for future development.”
For full details and to enter, visit: www.theboschallenge.co.uk. All entries by May 19 2008.
© Crimson Business Ltd. 2008
