Secret Millionaire to find next tycoon in this year’s Technium Challenge

Technium Challenge, a high profile business planning competition supported by the Welsh Assembly Government and European Union Convergence Funding, has this year entrusted the help and experience of social entrepreneur and property tycoon, Kevin Green, to identify the most innovative businesses across the UK with high growth potential.
 
Kevin Green, who recently appeared on Channel Four’s critically acclaimed reality television show, Secret Millionaire, will be the head judge of this year’s prize, and he along with a panel of experts will be on the lookout for technology or knowledge-based early stage businesses (maximum two years trading) across the UK that can demonstrate a patentable idea with a strong R&D element.

The winner of this year’s competition will be given a set of keys to a free office space within one of Wales’s 12 world-class incubation centres for a year, which is part of an impressive business support package worth £30,000.

“This year’s competition will add tremendous value to any company that wants to tap into their desired marketplace,” said Deputy First Minister for Wales, Ieuan Wyn Jones. “The winning company will not only get a free office space for a year but will be supported until they can stand on their own in this highly competitive business environment, which is crucial to any company that are just starting out.”

Kevin Green added: “I look forward to being part of this exciting and forward-thinking competition as it looks to find the most innovative companies from across the UK. From talking to the Technium team at great depth the last few weeks I can see how determined they are to see all great ideas that come their way turned into successful business propositions, which is great to hear.”

The first step for companies interested is to complete a brief application form that can be found at www.technium.co.uk/challengeuk. This year’s UK winners, Madison Animal Health, went through the same process and have recently set up their base at Technium Springboard, just outside of Newport, South Wales.

For Managing Director, Justin John, the appeal of the Technium Challenge competition lay in the opportunity for Madison Animal Health to enter the marketplace through an incubator process:

“When we found out about the competition we were just starting to put together our business plan, so it was a great opportunity to put our ideas in front of experts within a ‘protected’ environment.

“Having the chance to launch our company in Wales is fantastic news as the resources and support available for start up technology companies is unrivalled in the UK. Wales doesn’t just talk-up the need for innovation to drive a new knowledge-rich economy it has found a model to deliver it and this is something we can’t wait to be a part of.

“The biggest draw for us, are the links with local academia, as Swansea University has one of the best aquaculture research centre in Europe. By developing a close relationship with them, we can continue our investment in R&D and look to recruit locally, which will help retain the skills base within Wales and the rest of the UK.”

The winners of the next annual competition will also have the opportunity to establish relationships with Technium’s professional service providers and public sector/government networks to further accelerate their growth.

Deputy First Minister for Wales, Ieuan Wyn Jones, added:
“Technium is an idea that was born in Wales but is now recognised across the world as a model for incubating companies, which is something to be very proud of. Bringing together like-minded talents from similar markets across the world under one roof is reaping rewards and is proving to be a true catalyst for progress and prosperity.

Submissions for the competition will be open from 2nd October 2009 to 26th March 2010. Applicants who qualify will receive help in developing a business plan, which will need to be submitted by Thursday 29th April. The winner and runners-up will be announced at the Technium Awards Ceremony to be held in Wales on Thursday 24th June 2010.
For information on this year’s competition (09/10) and details of how to enter, please visit www.technium.co.uk/challengeuk.

Submitted: 12th October 2009