News

June 22, 2010

Innovative entrepreneurs pitch for £50k prize

Entrepreneurs with innovative business ideas are being urged to enter this year’s The Pitch competition for a chance to win a prize package worth £50,000.

The competition is organised by Sift Media and judged by a panel that includes Channel 4’s The Secret Millionaire, Carl Hopkins, and former Dragons’ Den panellist, Doug Richard.

Both start-up entrepreneurs with start-up ideas and small-business owners who have been trading for less than three years can apply. Applicants can enter from northern England, south-east England, the Midlands and Scotland. The south west region has already closed for entries.

Short-listed candidates will be invited to pitch their business ideas to the judges at regional heats.

“I’ll be looking for entrants who have a belief in themselves and their ideas,” said Hopkins. “They must also have an understanding of how to bring that idea to life, an understanding of the market they are entering, the needs of their prospective customers and the possible pitfalls that lie ahead, as well as the possible upsides.”

Richard added: “Don’t focus on just what the judges think. Look around, network, and see the opportunity in the likeminded, hard-working innovators and business professionals around you.

“This competition gives people the opportunity to get their company’s name out there and pitch it to the right people,” he said. “The skills they’ll need to develop to sell themselves are the same as the skills they’ll need when pitching for contracts, partners or investment. I’ll be looking for those who have created good products and services that meet the needs and fulfil the desires of real people.”

Last year’s overall winner, Cyclehoop inventor Anthony Lau, said: “Winning last year’s competition gave my business a massive boost. The experience I gained and the people I met along the way have been invaluable.”

The deadlines for entries to the heats are:

South West – closed
North England – 25 June
Scotland – 25 June
South East – 1 July
Midlands – 23 July

An overall winner will be announced at an awards ceremony in November. The details of this year’s prize package are still being finalised.

• For more information about the competition and to apply online, visit the Business Factory website