The winning company will receive £1 million as well as support and assistance from a series of high-profile partners, as it sets up its operation in London.
Professional advisory firm KPMG is one of the supporters behind a new, ground breaking global competition to bring a high-growth technology company to London.
The ‘ Million Pound Start-up’ aims to showcase London as a prime location for building global digital and technology businesses. The winning company will receive £1 million as well as support and assistance from a series of high-profile partners, as it sets up its operation in London.
The competition will be facilitated by Digital Shoreditch and supported by a number of other leading businesses and organisations, including The Mayor of London, The Tech City Investment Organisation (TCIO), Taylor Wessing, Seedrs, City University London, London & Partners, London First, Schools for Start-ups, and Ketchum. Today the official start of the global competition went live at www.millionpoundstartup.com.
Tim Kay, Head of KPMG’s High Growth Technology Group based in Tech City, comments: “The UK tech start-up sector is privileged to have some extraordinary entrepreneurs who believe in taking risks to build the future and increasingly influence our lives. The ‘million pound start-up’ is just the kind of support that we need to be offering to start-ups to help to build a leading innovative technology sector in the UK. “We believe that by 2020 the technology sector will look substantially different to today. There will be a new group of world beating companies, many more of which will have started and grown in the UK. The UK will have cemented its place as one of the key centres of technology, innovation, attracting funding talent and interest from around the world. “Access to funding, global expertise and help in moving start-up businesses to the next stage of growth are the key issues that the community in Tech City need to be supported with. “If we are to build a global Tech Centre of Excellence in the UK, it is absolutely vital that we work with start-up business now and that they have support at all levels, from Government policy, through to skilled training and access to funding. There is a huge opportunity for the UK here which is why we were more than happy to get involved with the Million Pound Start-up programme.”
The £1 million is being sourced through a combination of angel funding, venture capitalists and equity crowdfunding. Competitors will need to show that they have the capability of using the £1 million equity investment to build a £100 million company based in London. Entrant turnover must be less than £1 million per year and the company must have been trading for fewer than 10 years. The FSA regulated investment platform Seedrs is running the investment process.
The contest partners and judges will work together to ensure the winning company is of high-calibre and successfully completes due diligence.
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Note to editors:
KPMG is a global network of professional firms providing Audit, Tax and Advisory services. We operate in 152 countries and have 145,000 people working in member firms around the world. In January 2013 the UK firm opened an office in Shoreditch, East London to house the High Growth Technology Group. This dedicated team is aimed at early stage and high growth companies – helping from day 1 to grow them to be world class companies. For more information visit www.kpmgtechgrowth.co.uk
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KPMG LLP, a UK limited liability partnership, is a subsidiary of KPMG Europe LLP and operates from 22 offices across the UK with over 12,000 partners and staff. The UK firm recorded a turnover of £1.8 billion in the year ended September 2012. KPMG is a global network of professional firms providing Audit, Tax, and Advisory services. We operate in 156 countries and have 152,000 professionals working in member firms around the world. The independent member firms of the KPMG network are affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. KPMG International provides no client services.
This article represents the views of the author only, and does not necessarily represent the views or professional advice of KPMG in the UK.