Blick Rothenberg accountants has partnered with Tech City News, Channel 4 News and The Investors Chronicle to launch a £100,000 startup competition.
“Young tech companies often fall at the first hurdle, not because the technology they have developed is poor but simply because they have not put in place the right financial infrastructure nor have the right mentor as the business is growing,” said Nilesh Shah, senior tax partner at Blick Rothenberg.
“Our role in this project is to provide advice and guidance around finance and tax but also use our considerable experience of dealing with tech companies to mentor founders on the disciplines of running and growing a business.”
As well as looking for startups with a strong management team, participants must have been incorporated for two years or less, be owner-managed and have secured £500,000 external funding.
They must also have made £100,000 revenues in the previous 12 months, or be in a beta or pre-launch phase.
Ten finalists will be judged by a panel of experts, including Nilesh Shah, Ryan Fowler, editor of Tech City News, Geoff White, technology producer from Channel 4 News and John Hughman, editor of the Investors Chronicle.
The winners will get a year of free and subsidised financial and business advice from Blick Rothenberg.
Ryan Fowler said: “We are delighted to be able to support Blick Rothenberg with their Tech Business Awards. The decision to leave a job or spend your life savings to start up a new business is extremely difficult.”
“After that decision is made, one of the first things an entrepreneur encounters is the frustrating and time-consuming financial processes that need to be put in place. This can be discouraging so the value that firms such as Blick Rothenberg can add to process cannot be understated.”
Interested companies can enter their details here.