Boris Johnson, Seedrs and TCIO rally round to form £1 million prize pot for next big London tech start-up

A competition supported by the Mayor of London, Boris Johnson, has been launched with the aim of encouraging the growth of the next £100m technology company.

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.

The competition is part of London’s Digital Shoreditch 2013 festival, which celebrates the ingenious, technical and entrepreneurial talent of East London and Tech City.

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