Free European Headquarters on offer for International Entrepreneurs
International entrepreneurs can gain a major foothold into the lucrative European market by entering the third annual Technium Challenge, a unique tech incubator competition supported by the Welsh Assembly Government and European Convergence Funding.
The winner of this year’s global competition will be given a passport to open a free European headquarters 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.
Technium Challenge, established in 2003, has become a worldwide high profile business planning competition, which identifies and supports innovative businesses with high growth potential. This year, Technium Challenge is on the lookout for international technology or knowledge-based early stage businesses (maximum two years trading) that can demonstrate a patentable idea with a strong R&D element and ambitious team to drive forward its venture in Europe.
“This year’s competition will add tremendous value to any company that wants to expand into the European market,” said Deputy First Minister for Wales, Ieuan Wyn Jones. “The winning company will not only get a free European headquarters for a year but will be supported until they can stand on their own in this highly competitive business environment. However, it’s not just the winners who benefit, the Technium Challenge offers free professional support to all applicants throughout the competition, as we want to see all great ideas turned into successful business propositions.”
The first step for companies interested is to complete a brief application form that can be found at www.technium.co.uk/challenge. This year’s winners from the U.S, Roomlinx, went through the same process and are currently on course to setting up its European base at Technium Springboard, just outside of Newport, South Wales.
Vice President for Sales and Marketing of Roomlinx, Bob Wagener, said on collecting the top prize:
“We were absolutely delighted to win the Technium Challenge competition back in June of this year. Although our Roomlinx Interactive TV product has received a great response back at home, we are still a relatively small company facing the standard challenges of introducing a new product. The combination of Technium guidance and free office space for a year will make our introduction into the European market that much easier and give us a greater understanding of the cultural and academic nuances of the industry over here.”
The winners of the third annual competition will also have the opportunity to establish relationships with the Welsh universities in the region, Technium’s service providers and public sector/government networks to further accelerate their growth.
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.
“We look forward to following the progress of this exciting and forward-thinking competition as it looks to find the most innovative companies from across the world.”
Submissions for the competition will be open from 2nd October 2009 to 26th March 2010. Applicants who qualify will receive help in developing an international business plan, which will need to be submitted by Thursday 29th April. The international winners will then make their way to Cardiff in mid June for their ‘Learning Journey to Wales’ and to compete against the other country finalists in the final leg of the competition.
The Learning Journey includes:
* Complimentary return business class flights for one representative from each winning company to Wales.
* Introductions to Welsh businesses within your industry sector and other industry networks of interest.
* Meetings with Technium resident companies and a tour of some of the Technium centres.
* Introductions to local University representatives to review specialist research & development expertise available and opportunities for staff recruitment.
* Introductions to ‘Team Wales’ contacts i.e. for advice on funding, technical and general business support available.
* One-to-one advice clinics with a range of business professional firms.
* Cultural/sight-seeing tour of Wales.
* Short presentation of your business concept to the Technium Challenge International judging panel.
* Attendance at the prestigious Technium Challenge black tie awards dinner where
the overall winner will be announced.
* PR coverage within Wales/UK media.
For information on this year’s competition (09/10) and details of how to enter, please visit www.technium.co.uk/challenge.
Submitted: 12th October 2009