RUNNING THE GAUNTLET

The ten finalists in the East of England Development Agency's (EEDA) 'running the gauntlet' investment and education programme learnt what the future holds for them on 6 November.

Two companies look set to secure investment funding, subject to due diligence:

Norfolk based House Revolution, the online estate agent, has secured investment interest from 12 angel investors following an introduction to London Business Angels by London Seed Capital.  The company is looking to secure £500,000.  Detailed investment discussions are now ongoing with the interested parties.

In addition Bedfordshire-based Pets' Kitchen, the natural pet food company has attracted the interest of Cambridge Capital Group, the private syndicate of angel investors. The company is looking for investment funding of £200,000.

A third, Layered Sound Technologies of Cambridge has intrigued Phil O'Donovan, one of the region's most successful entrepreneurs and co-founder of Cambridge Silicon Radio, who has offered to mentor Dr Katz (chief executive) through some essential next steps.

All the finalists will benefit variously from an extensive range of in-kind services delivered by 'running the gauntlet's' partners, including consultancy on team structuring from Bailey Fisher:

• £2,000 of legal services from Taylor Vinters for all finalists
• free tailored consultancy from Sagentia for technology focused finalists
• one year free business banking from HSBC
• counselling on financial planning from Grant Thornton
• consultancy on team structuring from Bailey Fisher ~ Executive Search for all finalists initially, then for another three months free counselling
• one to one consultations with Microsoft UK (selected companies) 

EEDA has additionally pledged to fund up to £50,000 worth of investment readiness advice to help selected companies focus on how to become investment ready, as identified in investors' feedback.  EEDA will also work with those companies for whom 'proof of concept' finance or 'grant for research and development' funding would be beneficial.

Doug Richard chairman of Library House and the competition's investor panel said:
"The access to investors and the wealth of support that EEDA and the partner organisations are offering here is outstanding.  Money can't buy this kind of help when you need it and it's all being made freely available through 'running the gauntlet'.  These companies can't lose.  If they act on the advice and stay focused I feel confident there will be more successes to come out of this year's competition over the next 6 - 12 months."

Richard Ellis, EEDA's chairman said:
"The 'running the gauntlet' programme is all about enhancing the investment prospects of our region's entrepreneurs.  This year's finalists demonstrated just how much they have gained from this competition with partnerships forged, networks developed and funding routes identified.  We are proud to have been able to help them and look forward to helping them further in the future."

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