The search is on to find ‘Britain’s Bill Gates’

It's hard to read this with a straight face!

Today marks the launch of a spectacular competition for British entrepreneurs, giving businesses around the country the chance to secure the biggest prizes ever offered to growing firms.

Bank of Scotland Corporate, in partnership with The Sunday Times, is pledging to provide up to £25m in funding for entrepreneurs who can show a sound track record and a convincing plan to expand. The funding will be completely interest-free.

Our £25m Entrepreneur Challenge marks a new milestone in The Sunday Times’s long-standing commitment to support businesses hungry for success.

The competition is offering five regional prizes, each giving an entrepreneur access to £5m for investment. The winners will pay no fees, no charges and no interest for three years, giving them the backing to develop their businesses. At current interest rates, this is worth more than £800,000 in cash.

The overall national winner will also be offered four days of mentoring by Sir Philip Green, head of the BHS and Arcadia retailing empires.

Entrepreneur Challenge was launched last week at a sparkling dinner at Quaglino’s restaurant in London attended by luminaries of the British business community.

Figures at the dinner included John Madejski, chairman of Reading Football Club; Tim Richards, who heads the cinema chain Vue Entertainment; Des Gune-wardena, who runs the restaurant group D&D London; and the Dragons’ Den judge Duncan Bannatyne.

Launching the competition, Peter Cum-mings, chief executive of Bank of Scotland Corporate, said: “Bank of Scotland Corporate is the bank for entrepreneurs – we’ve built our reputation on it. Now, with the Entrepreneur Challenge, we’re demonstrating our commitment by backing a new generation of entrepreneurs.

“By encouraging enterprising companies, we hope to see new jobs and new wealth created in our economy. I am sure Britain has a new Bill Gates – we just haven’t found him yet.”

Green, who will be one of the three national judges for the competition, said: “Bank of Scotland Corporate has been an important part of my career and I am very excited about being part of this and making it happen.”

Entrepreneur Challenge is open to virtually all British companies that have been trading for three years or more and have an annual turnover of at least £2m.

A team of regional judges, including John Duffield, founder of New Star Asset Management, will be assessing entries.

http://business.timesonline.co.uk/tol/business/related_reports/entrepreneurs/
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