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Competition hots up as running the gauntlet short list is announced
Tuesday, September 13, 2005
Fifty entrepreneurs are in line for a share of ?1 million of investment funding after being short listed in the UK?s biggest business competition.
The successful entrants are on the 50-strong short list in the East of England Development Agency?s (EEDA) running the gauntlet competition, which offered businesses in the region exclusive free access to The Gauntlet ? the new web based tool which tests investment readiness. Over 400 businesses entered and 240 successfully completed The Gauntlet during the competition entry period.
The short listed entrants, announced at a celebration event in Cambridge on Tuesday 13 September now go on to compete for a share of ?1 million from leading East of England investor CREATE, plus ?200,000 of in-kind business services from sponsors BSG Team Ventures, Enterprise Accelerator, Grant Thornton and Taylor Vinters.
Entrepreneurs from all six East of England counties appear on the short list which spans sectors from IT and telecomms to energy and consumer products, with companies looking for between ?40,000 and ?1million plus. See attached list of successful companies.
The 50 short listed entrants for running the gauntlet, which has been run by EEDA in partnership with CREATE, Library House and the London School of Economics, were announced by representatives of the three main partners: Richard Ellis, Chairman of EEDA, Boyd Mulvey, Chief Executive Officer of CREATE, and Doug Richard, CEO of Library House and judge from BBC TV?s Dragon?s Den.
Boyd Mulvey, Chief Executive Officer of CREATE said: ?We have been really impressed with the standard of entries into running the gauntlet. Our aim has been to identify several companies whose innovative business concepts have the potential to become commercial successes and therefore sound investments. Over 240 businesses successfully completed The Gauntlet, so selecting fifty for the shortlist was tough ? it will be even harder whittling these down to the final winners.?
Those on the shortlist are now invited to submit a business plan and executive summary for consideration by the judging panel ? chaired by Boyd Mulvey and Doug Richard.
Doug Richard comments: ?Running the Gauntlet has proved an excellent launch pad for The Gauntlet. Feedback from entrants shows that The Gauntlet can help a wide range of businesses at various stages to structure and fine-tune their business models; many of those short listed were able to run the gauntlet twice in order to use the initial feedback to perfect their models, which is what this service is all about.?
Richard Ellis, Chairman of EEDA, concludes: ?The very high standard of entries from all six counties is testament to the strength of entrepreneurial spirit for which the region is known. Running the Gauntlet has enabled hundreds of businesses to benefit from free access to The Gauntlet and we look forward to developing our relationship with all entrants over the coming months and years.?
Ten finalists will be announced on 1 November 2005, and will go ?head to head? at EEDA?s Destination Growth conference on 17 November, pitching for the ?1 million investment funding and ?200,000 worth of in-kind business services from sponsors BSG Team Ventures, Enterprise Accelerator, Grant Thornton and Taylor Vinters.
-ends-
For further information contact:
Emily Swinburn/Jessica Stewart (Camargue) on 020 7636 7366
The short list:
| Company Name | County |
|---|---|
| 3GA Ltd | Suffolk |
| Amrivox Ltd | Cambs |
| Adiabatic Logic | Cambs |
| Adviweb Limited | Essex |
| b-enterprise ltd | Beds |
| BGB Management Ltd | Beds |
| Black UK Online Ltd | Suffolk |
| Bioinnovel ltd | Cambs |
| B.S.C.R ltd | Cambs |
| camfridge ltd. | Cambs |
| Captimax Sports Media Ltd | Essex |
| CGPG limited | Norfolk |
| ChemAdd | Herts |
| Cyres | Cambs |
| dealmaker.com | Herts |
| DiagnovIS | Cambs |
| Duodrive Limited | Suffolk |
| earworms (mbt) Ltd. | Norfolk |
| EEC Europe Ltd | Herts |
| Environmental Ethanol Co. | Essex |
| Exxcom | Beds |
| Global Teleports ( UK ) Ltd | Herts |
| Historical Engineering | Cambs |
| InnoMatica Ltd | Cambs |
| KnowledgeBench | Cambs |
| learning point limited | Herts |
| Light Blue Optics Ltd | Cambs |
| Mechanised Building Construction Systems Ltd | Suffolk |
| Mtvan | Cambs |
| MyIP Ltd | Cambs |
| NonVerba Ltd | Herts |
| OASLM Woodall/Sachs | Cambs |
| Oddy Mobstar | Essex |
| OrthoMimetics | Cambs |
| POSITION SYSTEMS LTD | Cambs |
| Ramania Ltd | Cambs |
| reflective enterprises | Herts |
| Sea Beams Ltd | Essex |
| Short Fuze Ltd | Cambs |
| Silicon Infusion Limited | Herts |
| SimuGen Ltd. | Cambs |
| TherapyAudit Limited | Suffolk |
| Trichocare Diagnostics Ltd | Beds |
| Ubiquitis Ltd | Herts |
| Vidanti | Cambs |
| Waste4Recycling | Essex |
| YESpay International Limited | Herts |
Notes to Editors
The Gauntlet has been developed by Library House and the London School of Economics in consultation with a broad panel of investors and venture capitalists. It gives users practical feedback on the potential of their ideas, and highlights elements of their business proposition that they need to work on, making it an integral part of the business development process prior to that critical first meeting with an investor.
The Gauntlet asks 16 questions across four themes: Innovation, Team, Market and Investment. Every entrant completing The Gauntlet receives a personal, confidential report assessing his or her investment-readiness, with further feedback to support the assessment. Entrants are also offered business support from Gateway2Innovate, who will review their report and advise on where to find the help they need. Gateway2Innovate is a free service designed to help businesses in the East of England make the most of their new ideas by giving them access to expert advice from the region?s top business and academic brains.
The CREATE East of England Fund is a private fund managed by Create Partners Ltd (CREATE). The CREATE East of England Fund specialises in making investments in new or existing small and medium-sized businesses (SME?s) that can demonstrate significant growth potential and are either based, or conduct a significant part of their business, in the East of England. CREATE is actively seeking smaller sized businesses with high growth potential across the whole range of investment stages including start-up, early stage, development/ expansion and MBO/ MBI. The Fund will provide venture capital investments, of up to an initial ?250,000 with follow-on investment of up to a further ?250,000 available. Once invested in a business, the Fund is capable of investing further to avoid dilution up to a maximum of ?2million in any one company. CREATE is regulated by the Financial Services Authority.
For further information: CREATE: Tel 01223 202 876 www.createpartners.com
The East of England Development Agency (EEDA) is the driving force behind economic development in the six counties of the East of England: Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk. The vision for the East of England is to create a leading economy, founded on a world class knowledge base, creativity and enterprise to improve the quality of life for all who live and work here. For further information visit www.eeda.org.uk
Library House is a supplier of data and research on innovation based companies. Library House discovers, measures, and monitors innovation companies as they progress through their lifecycle from initial investment to preparation for purchase, partnering or public offering. Since its founding in 2002, Library House has provided investors, corporations, universities and government the most complete view and direct access to the innovation companies in the U.K. and Europe through its database, reports, events and analysis. www.libraryhouse.net
Library House: Tel 01223 500550
Sponsors
BSG Team Ventures is an international search firm with offices in Cambridge UK and Boston MA operating primarily in Cambridge, London, Boston and New York. The company builds senior teams for tech and biotech companies that seek to grow, and for venture capitalists and financial advisors who seek to help them. Key hires include Chief Executive Officers, COO, CFO or Business Development Directors and the company has a particular specialisation in development of Non-Executive Chairmen and Non-Exec Directors.
International headhunter BSG Team Ventures will advise winning entrants on enhancing value through recruitment of a top team, and will support the most deserving winner with free recruitment services worth ?30-50,000.
Enterprise Accelerator has developed a proprietary system (The EA Process) for assisting and training entrepreneurs to plan for and build successful businesses. The EA Process works with entrepreneurs individually to add skills and improve business models, the communications skills and required knowledge necessary for achievement of those goals. The EA Process is transferable to other organisations involved in assisting entrepreneurs allowing never before possible efficiencies, quality of services and detailed metrics within existing staff resources. For further information visit www.enterpriseaccelerator.co.uk
Enterprise Accelerator will offer shortlisted entrants a master-class on presentation and communication skills, and will also give finalists one-to-one consultancy prior to their pitch to the ?running the gauntlet? judging panel of investors.
Grant Thornton UK LLP is a leading financial and business adviser to mid-corporate businesses and their advisers with 33 local offices. We are the UK member firm of Grant Thornton International, one of the world's leading organisations of accounting and consulting firms providing a comprehensive range of business advisory services in over 100 countries bringing together 22,000 personnel in around 600 offices worldwide. Each member and correspondent firm in Grant Thornton International is a separate independent national firm. Although these firms are not members of one international partnership or otherwise legal partners with each other, they share a commitment to common standards and methodologies and provide the same high quality service to their clients wherever they choose to do business.
Taylor Vinters is a leading law firm providing a wide range of legal services and solutions to businesses and individuals locally, nationally and internationally. Based in Cambridge, it has extensive experience in taking entrepreneurs through all the phases of development, financing and expansion and is rated as number one in the UK for the quality of its lawyers.
Grant Thornton will offer a business and financial master-class, and solicitors Taylor Vinters a legal master class, to all shortlisted entrants, looking at the issues commonly faced by early stage start-ups. Both sponsors will also each provide ?50,000-worth of in-kind advice to be shared between up to five finalists.