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From The Sunday Times
February 3, 2008

Business stars vie for £35m in entrepreneur challenge competition

Rachel Bridge

THE Sunday Times is today offering entrepreneurs the chance to win the most valuable prizes ever seen in a competition for British businesses.

With Bank of Scotland Corporate, we are giving dynamic companies the opportunity to secure £35m in loans to fulfil their business ambitions without having to pay a single penny in interest.

The Sunday Times Bank of Scotland Corporate Entrepreneur Challenge, now in its second year, is a nationwide event giving the winners of seven regional competitions an interest-free loan of up to £5m over three years. At today’s rates, that’s equivalent to a cash prize of £825,000.

Launching the 2008 challenge this weekend, Peter Cummings, chief executive of Bank of Scotland Corporate, said: “We are seeking to back those who demonstrate entrepreneurial endeavour, resilience and risk management and who have thought about where they want to take the business.

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“The economic climate and tax regimes over the past 10 years or so have given people confidence in business. What is important is that this confidence level is maintained and developed.”

Winners of the Entrepreneur Challenge will be selected by a panel of distinguished judges who are themselves successful entrepreneurs.

The lineup includes Audrey Baxter, chairman and chief executive of foods group WA Baxter & Sons; John Madejski, chairman of Reading football club; Bill Muirhead, founding director of the M&C Saatchi advertising agency; Nick Wheeler, founder of Charles Tyrwhitt Shirts; and Matthew Riley, chief executive of Daisy Communications, which provides internet and telephone services to small and medium-sized businesses. Daisy Communications was the overall winner of last year's Entrepreneur Challenge.

I agree with the other comments here. This entrepreneur challenge should also allocate some money to support ventures which are just starting out. a £2m turnover suggests a large degree of success already. Small businesses need opportunities like this to get their concepts to mass market.

Kieran McMillan, London, UK

I agree Laura, I am currently working a full time Senior mangement role, going home, working another 5 hours on my own venture in an attempt to create something new. Any assistance or "competion" of this nature would surely benefit individuals with good ideas but financial obstacles,over firms who are already performing at a decent enough level?

Kevin, Nottingham, Nottinghamshire

"must be a UK business operating in a British or global market with a turnover of at least £2m" to enter.

So, it's a loan to existing businesses that are already doing quite well thank you?

What a disappointment. Not a real entrepreneur challenge then. The directors of these businesses may not be the entrepreneur who started them in the first place. And it's not a business competition, it's an *entrepreneur* competition.

What a pity this money isn't being given to entrepreneurs starting out right now, trying desperately to get something off the ground, in this climate where the government offers no real assistance at all, unless you're Northern Rock of course.

Laura Roberts, London, UK

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      Bank of Scotland
      Corporate £35million
      Entrepreneur Challenge

      Bank of Scotland

      Bank of Scotland
      Bank of Scotland

      On October 2 the Scotland winner was announced following a prestigious event at Stirling Castle, with the other regional winners to be declared at subsequent events across the country and culminating with the announcement of the 2008 Entrepreneur Challenge national winner on December 3.

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      Latest from the
      Entrepreneur
      Challenge

      Bank of Scotland

      Every application will be assigned to one of our seven regions. Our panels will choose a regional winner to go through to the national final.

      Explore the regions below:

      Bank of Scotland
      register for news and updates

      Bank of Scotland
      Corporate Entrepreneur
      Challenge 2008

      Bank of Scotland

      Scotland Regional Judges

      John Anderson
      John Anderson
      Chief Executive
      The Entrepreneurial Exchange
      Willie Haughey
      Willie Haughey
      Founder
      City Refrigeration Holdings
      For more information on the Bank of Scotland Corporate £35m Challenge judges, click here