The East of England Development Agency’s (EEDA) ‘running the gauntlet’ contest, launched in partnership with CREATE, a leading investor in East of England businesses, and Library House, an authority on privately held high-growth companies in the UK, has received entries from 221 companies within its region, and those that have advanced to the next round will be notified on 27 September.
Entries came from businesses in sectors ranging from IT and health and fitness to the creative industries and engineering.
Winners of the competition will receive a share of a pot of £1m of investment funds and of £250,000 worth of business services.
The competition was launched in a bid to help entrepreneurs refine their business proposals before pitching to potential investors and gives entrants free access to The Gauntlet, a web-based virtual investor tool created by serial entrepreneur Doug Richard’s organisation Library House.
“The enthusiasm with which entrants have embraced this year’s competition is great to see,” said Richard, who is also co-chair of the judges.
“Following last year’s success I am delighted that ‘The Gauntlet’ has inspired yet more ambitious businesses from so many different sectors to enter. I hope they are now in the right mindset to take their businesses forward.”
EEDA’s co-sponsors for the scheme include Bailey Fisher Executive Search, Grant Thornton, HSBC, Mudhut Communications, Scientific Generics, Taylor Vinters and The Commercialisation Company.
Once shortlisted firms are notified, the field will narrow to 10 following an intensive pitch process to investors on 18 October, with up to four winners being announced at EEDA’s Ideas Exchange event on 14 November.
© Crimson Business Ltd. 2006
