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Technology / Software

Tech startups have chance to win £1m investment prize

The rate of startups entering a competition to win a £1m investment deal has shown no signs of slowing.

And there is still time for new businesses to apply to have their chance of winning the Million Pound Startup, a competition which aims to invest in a firm to help it become a £100m company within five years.

A total of 335 startups have so far entered the competition, now in its third year and run by Digital Shoreditch, a collective which aims to celebrate the technical and entrepreneurial talent of east London.

But the firms bidding to become the next extra-successful venture include companies from 44 countries around the world.

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One is CityHeroes from Chile. The company has created an app of the same name for people to report and help to solve issues in a short amount of time, by linking people with NGOs, local authorities and organizations to identify problems in their town and get them solved.

Another, from Russia, projects any multimedia content into the air, which acts as a screen.

Displair complements its air screen with speakers, an interactive touchscreen to control it, and even a smell module in an attempt to make the experience more realistic.

The competition derives its cash prize from partners looking to invest in the next big thing.

Kam Star, Founder of Digital Shoreditch and leading the Million Pound Startup competition, commented: "No matter where they are in the world, the competition will help the winning company to establish their headquarters in London and give them the support they need to grow exponentially."

Tudor Aw, KPMG’s head of technology for Europe, added: "This competition will help promote London’s start-up reputation."

There are just six weeks left for companies to register their entry by visiting
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