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08/07/2005
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The East of England Development Agency has launched 'Running the Gauntlet', a competition to win a share of £1 million of investment funding. Dean Palmer reports
After attacking some of the regional development agencies (RDAs) last month for their seeming lack of organisation with regard to early stage R&D grants, Eureka thought it would address the balance by talking about one of the agencies, the East of England Development Agency (EEDA), and the launch of its Running the Gauntlet competition for funds.
The scheme, launched in May this year, invites individual entrepreneurs and innovative companies from across the East of England (Bedfordshire, Cambridgeshire, Essex, Hertfordshire, Norfolk and Suffolk), whatever sector of industry they are in, to try to win a share of £1 million of funds. The four winners will each receive £250,000 towards developing their innovative idea, product or new technology.
The competition is based on The Gauntlet, a new web-based service developed by Cambridge-based company Library House and the London School of Economics, which enables entrepreneurs to test their business proposition before exposing it to the 'make or break' judgement of real investors. The EEDA is playing its part by offering entrants access the new software free of charge (it normally costs £199 per complete run-through).
Library House is a supplier of data and research on innovation-based companies. It discovers, measures and monitors innovation firms as they progress through their lifecycle, from initial investment to preparation for purchase, partnering or public offering.
The Gauntlet software also had input from 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.
Business guru Doug Richard, a panellist on BBC2's Dragon's Den series, is part of the team behind The Gauntlet and will co-chair the competition panel. He commented: "Through my work with early-stage innovation companies looking to attract venture capital, it became obvious that many had not done enough to make their ideas sufficiently attractive to potential investors. It was only after going through the gruelling process of presenting to investors, being torn to shreds and finally realising their shortcomings, that businesses were able to understand what being 'investment ready' actually meant.
Entrants will be asked 16 questions across four themes: Innovation, Team, Market and Investment. Each entrant receives a personal, confidential report card assessing his or her investment-readiness, with further feedback to support the assessment. Entrants are also offered business support from Gateway2Innovate, a company which connects East of England businesses requiring innovation support to organisations and networks that can offer help.
The competition doesn't just end with the 16 questions and feedback. The longer you stay in the competition, the greater the benefits. 50 business ideas will be shortlisted by a panel of "seasoned entrepreneurs and investors".
These 50 will then be offered "master classes" to help them develop their business model and will be invited to submit a business plan. 10 entrants from this shortlist will be asked to present to a panel of top UK venture capitalists and entrepreneurs chaired jointly by Doug Richard and Boyd Mulvey CEO of CREATE, a company that invests in East of England SMEs. The 10 entrants will be eligible for a share of the £1m investment and £100k worth of business services. The winners will be announced at EEDA's business conference on 17 November 2005.
Doug Richard commented: "In developing the Gauntlet, we wanted to create something to help entrepreneurs get smart before the event and not wise after, when it is too late. Businesses in the East of England will get relevant feedback on their ideas early on in the process, providing them with the sort of insight they need to deliver a viable investment proposition," he explained.
Chief executive at EEDA David Marlow commented: "This is a fantastic, no-risk opportunity for East of England entrepreneurs to use this groundbreaking software free of charge. There is nothing to lose and so much to gain with the potential for securing significant investment funding. The East of England is one of the fastest growing UK economies and the only region to rank in the European Union's Top Ten Research & Development spend. It is therefore a perfect fit for this exciting competition and we look forward to seeing the business propositions that evolve from running the gauntlet."
For more information on the competition go to www.runningthegauntlet.com. Companies have until 2nd September to enter the competition.
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Author
Tom Shelley
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