The Million Pound Startup initiative will provide one enterprise with the chance to secure £1m investment. The competition is open to anyone over the age of 18, regardless of location. Applicants must turnover less than £1m a year, be fewer than ten years old and be willing to relocate to London. The £1m investment will be supplied via a combination of angel funding, institutional capital and equity crowdfunding. Seedrs is handling the process, with backing from Digital Shoreditch, KPMG and the Tech City Investment Organisation.