RUNNING THE GAUNTLET 2006 LAUNCHES
-£1 million pounds and a wealth of invaluable
learning opportunities for all
Today sees the launch of running the gauntlet 2006 – the
East of England Development Agency’s (EEDA) exciting competition
exclusively for entrepreneurs in the region, offering a £1 million
investment fund from CREATE, a leading investor in East of England
businesses.
EEDA is once again partnering with CREATE and Library
House to build on the success of last year’s competition which
led to 3 companies receiving a total of £1 million and many of
the entrants learning valuable lessons about the approach to growing
a business and securing investment funding.
The competition is based around The Gauntlet, an innovative
web-based investment readiness tool developed by Library House and
the London School of Economics. It works like a virtual investor, putting
companies through their paces by testing them against questions that
investors would typically ask. It also contains a wealth of useful
content and gives users practical feedback on the potential of their
ideas and the strengths and weaknesses of their business proposition,
making it an integral part of the business development process prior
to that critical first meeting with an investor.
New for this year’s running the gauntlet is a
much more comprehensive learning curve programme for all with thousands
of pounds worth of free advice and services. Benefits start with The
Gauntlet (access would normally cost £299) and include access
to a dedicated running the gauntlet helpdesk, staffed by experienced
Business Link advisors. There is also £250,000 worth of in-kind
services available from our sponsors: Bailey Fisher ~ Executive Search,
Grant Thornton, HSBC, Mudhut, Scientific Generics, Taylor Vinters and
The Commercialisation Company. These services will be delivered via
a combination of one-to-one clinics and first come first served master
classes for all entrants with additional in-kind services for short
listed and winning companies.
Early bird entrants who register before 4 June
could win one of 5 places worth £1000 each on the prestigious
Centre for Entrepreneurial Learning (CfEL) summer school - an
intensive, one week training programme that gives aspiring entrepreneurs
and corporate innovators a chance to trial and prepare business ideas
for the commercial environment.
The competition deadline is 10 September 2006. A shortlist
of 50 companies will be chosen to pitch to the panel of investors,
chaired jointly by Doug Richard of Library House and BBC2’s Dragons’ Den
and Boyd Mulvey, chief executive of CREATE. This is an invaluable opportunity
to get feedback straight from the horse’s mouth whilst also pitching ‘for
real’ to a range of investors. Last year, a number of investors
chose to co-invest alongside CREATE. 10 of the 50 companies will be
identified to pursue discussions with CREATE and other investors subject
to interest and the winners will be announced at EEDA’s business
event on 14 November 2006.
Doug Richard said:
“Generally speaking, it is not until entrepreneurs
have presented to investors and been knocked back that they understand
where they went wrong – and then it’s often too late. The
Gauntlet aims to change that by offering entrepreneurs the chance to
wise up before they even make approaches. It provides a confidential,
critical and credible insight into what the company needs to do to
position itself as a viable investment opportunity. Many users have
described it as an invaluable reality check.” < Back
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