Recognising and rewarding the best in UK entrepreneurial spirit ...
The Sunday Times and Bank of Scotland Corporate have launched the Entrepreneur Challenge which aims to reward five organisations with funds and support worth collectively £25 Million.
Each winning firm will receive £5m each. The judges selected will be from several regions throughout the UK, and based on their opinion will select the winners who they believe are the most ambitious and have the potential to achieve a dominant placement in their sectors.
The packages are entirely free of interest, charges and fees for three years; which, at today's interest rate of 5.5%, represent five cash prizes equivalent to £825,000 each.
Schools and Universities are increasingly becoming aware that the entrepreneurial spirit needs to be cultivated and developed in the earlier years if Britain is to be a world class competitor in the global economy.
Government documents like the Leitch report highlights that the UK is lagging behind in skills and needs to move up a gear if we are to compete well in the global economy. Digital Globe Ltd fully supports any competition or initiative aimed at improving the profile of UK companies and putting them on the map internationally.
The judges are looking for five successful entrepreneurs with firms that have a turnover of at least £2m and can prove that they have the spirit and invention to take their organisation to the next level. Just think of the doors that could be opened by having interest-free funding of up to £5m for the next three years.
Peter Cummings, chief executive of Bank of Scotland Corporate, reportedly said: "What we are seeing now is an underlying entrepreneurial mindset in this country." Encouraging that entrepreneurial spirit to thrive and grow, he said, is paramount: "It is vital if we are going to survive as a nation against serious competition from the emerging economies of India, China, the eastern bloc and Latin America."
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