Bank of Scotland launches 2008 £35 Million Entrepreneur Challenge
UK entrepreneurs are set for a £35 million interest
free investment following the launch of the 2008 Bank of Scotland
Corporate £35 Million Entrepreneur Challenge, in partnership with The
Sunday Times. Following an overwhelming number of applications and the
unprecedented success of last year’s inaugural Entrepreneur Challenge,
it has been expanded for 2008 and will include an additional
£10million, swelling the prize fund to £35 million, and an increase in
the number of winners.
The 2008 Entrepreneur Challenge is designed to
stimulate and support entrepreneurial spirit and will take place across
seven regions throughout the UK. The winning entrepreneur from each
region will receive a funding package of up to £5 million, free of
interest and arrangement fees for a period of three years, allowing
each company to transform their entrepreneurial spirit into concrete
business plans.
The 2007 Entrepreneur Challenge firmly established
Bank of Scotland Corporate as the bank of choice for entrepreneurs and
entries were received from a diverse spectrum of businesses, from IT
and communications companies to fruit and vegetable wholesalers and
computer and video game manufacturers. Over 90% of entrepreneurs who
entered last year stated that their business benefited from the
necessity to crystallise its plans as part of the entry criteria,
regardless of how far they progressed through the Entrepreneur
Challenge.
Peter Cummings, Chief Executive of Bank of Scotland Corporate, comments:
“Entrepreneurs are the lifeblood of our economy and
are responsible for some of the most spectacular business successes
this country has seen. I’m a passionate believer that they are given
all the support they need in order to flourish and the Bank of Scotland
Corporate Entrepreneur Challenge was created specifically to encourage
entrepreneurs to follow their dreams and transform their visions into
reality.
Commenting on the success of the initiative, Peter
added: “The overwhelming success of last year’s Entrepreneur Challenge
clearly demonstrated that entrepreneurial spirit is thriving in the UK.
As a result, the 2008 Entrepreneur Challenge has been launched to
re-enforce the commitment Bank of Scotland Corporate has to encouraging
entrepreneurship and demonstrate our willingness to back that up with
financial support. To further demonstrate our passion, we have added an
additional £10million to the prize fund and this is now available to
seven companies who display the outstanding flair for business that
marks entrepreneurs out from the crowd.”
UK’s leading entrepreneurs
Each of the seven regions will have its own
individual judging panel, made up of a number of the country’s most
successful entrepreneurs. This star selection includes Audrey
Baxter, Chairman and Chief Executive of Baxters Food Group, John
Madejski, owner of Reading Football Club, Ardeshir Naghshineh from the
Targetfollow Group, Bill Muirhead, Executive Director of M&C Saatchi and Matt Riley, owner of Daisy Communications, who scooped last year’s Entrepreneur Challenge and is currently the Bank of Scotland Corporate ‘Entrepreneur of the Year.’
They will be joined on the judging panels by
distinguished business people and senior representatives from Bank of
Scotland Corporate, The Sunday Times and Deloitte.
The winner of the 2007 Entrepreneur Challenge, Matt Riley from Daisy Communications,
benefited from the £5million funding package and a ‘money can’t buy’
prize of four days mentoring from Sir Phillip Green, one of the
country’s most successful and high profile entrepreneurs. Matt
comments: “We were delighted to win and have benefited enormously from
the funding package, but the entry process itself also had a huge
impact on the business. It meant we had to analyse and clarify our
plans to ensure we had a sound strategy for future development.
Entering the Entrepreneur Challenge was one of the best business
decisions I have ever taken and I’d encourage every entrepreneur to do
the same this year.”
§ For more information – and to download an entry form – visit www.theboschallenge.co.uk
§ Applications are invited from today, Sunday 3rd February
§ The closing date for entries is Monday 19th May 2008
Applications are invited from established businesses
with a turnover of at least £2 million per annum and at least two
years’ sustained growth in sales, revenue or profit. Applicants must be
based in the UK, operate in a substantial UK or global market and be
driven by a highly motivated and able management team
How The Challenge works
Applicants will enter the Entrepreneur Challenge in
seven regions across the UK and each regional finalist will be given
the opportunity to present their plans to the judging panel. A funding
pot of up to £5m is available for each region and the judges will be
looking for real entrepreneurial spirit and a sound business idea. Five
finalists from each region will then be invited to a prestigious event
in their own region where the successful entrepreneur will be announced.
The seven regional winners will go forward to a national final to be held on 3rd December.
Key Dates
Sunday 3rd February National launch
3rd February – 19th May Application period
11th September South East England regional final
18th September London regional final
2nd October Scotland regional final
16th October South West England and South Wales regional final
30th October Midlands, Mid-Wales and East Anglia regional final
6th November North East England regional final
20th November North West England and North Wales regional final
December National final
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