As the entry deadline of August 31 approached, applications from over 51 countries and 169 cities poured in. The most popular innovations and disruptive technologies come from the field of mobile applications, computer networking and Internet software. Unsurprisingly the high-technology sector is the most widely represented but applications are exceptionally wide ranging covering everything from geomapping and streaming, to enterprise software and telecommunications.
“The Million Pound Startup competition has brought in a wave of innovative technology companies not just because of the financial investment, but because of the support package from London’s greatest organizations,” said Kam Star, who is leading the Million Pound Start-up competition. “Start-ups need more than capital, they need serious connections to help them succeed, and that is what the contest offers,” continued the founder of Digital Shoreditch.
The Million Pound Start-up is the first global contest offering £1 million equity investment and the support from Seedrs, KPMG, City of London, London & Partners, City University London, Taylor Wessing, Digital Shoreditch, Ketchum, Playgen, School for Startups, and London First. Headquartered in London the goal is to propel the winner into a £100 million company within five years.
The partners and investors, whom represent years’ worth of expertise, experience and industry know-how, are pooling resources of creativity and innovation, industry expertise and contacts to accelerate the success of the winning business. The winner will receive business support encompassing finance, tax, legal, office and marketing support.
Tim Kay, who heads up KPMG’s team in Tech City added “The rising demand for mobile technology is spawning new opportunities for a number of young ventures and start-ups in a nascent industry, and it’s great to see that they are applying to the competition. We want London to be at the forefront of technology and mobile is undoubtedly one of the fastest [growing] segments in technology.”