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News Release from: East Of England Development Agency | Subject: Running the Gauntlet
Edited by the Processingtalk Editorial
Team on 24 May 2007
'Running the Gauntlet' competition
offers GBP2M
'Running the Gauntlet', the EEDA investment competition and business education programme has now launched with up to GBP2m on offer for entrepreneurs with investable businesses in the East of England
In the last two years nearly eight hundred businesses have used the 'Running the Gauntlet' programme as the springboard for business development and investment Many have gone on to attract private equity running into millions of pounds - among them Camrivox, Compound Photonics and Short Fuze (Case studies on these are available)
This article was originally published on Processingtalk on 14 Jun 2007 at 8.00am (UK)
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Nearly two hundred of the most ambitious entrepreneurs from the East of England have now risen to the challenge of the EEDA 'Running the Gauntlet' investment competition and education programme
This year EEDA is partnering with four investors: CREATE, Low Carbon Accelerator, NW Brown Group and SEP.
The investment panel will be chaired by Doug Richard of Library House.
An enhanced business education programme is a further feature of this year's 'Running the Gauntlet'.
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Aimed at getting entrants' business plans in the best possible shape to attract investment, East of England entrepreneurs can again gain free access to The Gauntlet (normally GBP299), the virtual investor devised by Library House and the London School of Economics.
Thereafter, over GBP250,000 of in-kind advice and guidance is available from some of the UK's leading commercial organisations: Bailey Fisher, Cambridge Marketing College, Grant Thornton, HSBC, Microsoft UK, Mudhut Communication, Sagentia, Taylor Vinters and The Commercialisation Company.
A series of boot camps are scheduled for Cambridge (14 June), Norwich (20 June) and Chelmsford (4 July).
The programme, which will involve 'Running the Gauntlet' investors and partners, will be structured around The Gauntlet to help strengthen the submissions and improve their chances of success whilst offering an excellent networking opportunity.
Entrepreneurs can enter online until midnight on 2 September 2007.
Those who register early will have the chance to win a place (worth GBP1000 each) on 'Ignite', an intensive week-long summer school for entrepreneurs run by the Cambridge Centre for Entrepreneurial Learning or to gain a place on Microsoft UK's small business management course.
A shortlist of fifty will be announced at an event on 12 September 2007.
They will be invited to pitch to the panel of investors who will then select ten finalists to go forward for more detailed discussions.
Investment plans (which will be subject to due diligence) will be announced at the EEDA 'Destination Growth' event on 6 November 2007.
Richard Ellis, EEDA chairman, said: "The East of England is fortunate in having one of the country's highest concentrations of entrepreneurs.
The diverse interests of our four investors who span a wide range of sectors from green energy and IT to healthcare and biotechnology should inspire wide-spread interest from innovators across the region.
I look forward to seeing who comes forward and who will make the most of the opportunities 'Running the Gauntlet' offers".
Chairman of the panel of investors, Doug Richard said: "Being entrepreneurial involves being agile, acting quickly and being prepared to work harder than the competition.
There is a 'readiness gap' among entrepreneurs at the moment, in other words there are not enough businesses ready for investment or for the scrutiny this entails.
'Running the Gauntlet' is designed to address this gap through its high quality education programme and the involvement of investors eager to work with high-impact entrepreneurial talent.
I commend it to all entrepreneurs who harbour a burning ambition to succeed".
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