Bank of Scotland launches 2008 35 Million Entrepreneur Challenge

UK entrepreneurs are set for a 35 million interest free investment following the launch of the 2008 Bank of Scotland Corporate 35 Million Entrepreneur Challenge, in partnership with The Sunday Times. Following an overwhelming number of applications and the unprecedented success of last yearís inaugural Entrepreneur Challenge, it has been expanded for 2008 and will include an additional 10million, swelling the prize fund to 35 million, and an increase in the number of winners.

The 2008 Entrepreneur Challenge is designed to stimulate and support entrepreneurial spirit and will take place across seven regions throughout the UK. The winning entrepreneur from each region will receive a funding package of up to 5 million, free of interest and arrangement fees for a period of three years, allowing each company to transform their entrepreneurial spirit into concrete business plans.

The 2007 Entrepreneur Challenge firmly established Bank of Scotland Corporate as the bank of choice for entrepreneurs and entries were received from a diverse spectrum of businesses, from IT and communications companies to fruit and vegetable wholesalers and computer and video game manufacturers. Over 90% of entrepreneurs who entered last year stated that their business benefited from the necessity to crystallise its plans as part of the entry criteria, regardless of how far they progressed through the Entrepreneur Challenge.

Peter Cummings, Chief Executive of Bank of Scotland Corporate, comments:
ìEntrepreneurs are the lifeblood of our economy and are responsible for some of the most spectacular business successes this country has seen. Iím a passionate believer that they are given all the support they need in order to flourish and the Bank of Scotland Corporate Entrepreneur Challenge was created specifically to encourage entrepreneurs to follow their dreams and transform their visions into reality.

Commenting on the success of the initiative, Peter added: ìThe overwhelming success of last yearís Entrepreneur Challenge clearly demonstrated that entrepreneurial spirit is thriving in the UK. As a result, the 2008 Entrepreneur Challenge has been launched to re-enforce the commitment Bank of Scotland Corporate has to encouraging entrepreneurship and demonstrate our willingness to back that up with financial support. To further demonstrate our passion, we have added an additional 10million to the prize fund and this is now available to seven companies who display the outstanding flair for business that marks entrepreneurs out from the crowd.î

UKís leading entrepreneurs
Each of the seven regions will have its own individual judging panel, made up of a number of the countryís most successful entrepreneurs. This star selection includes Audrey Baxter, Chairman and Chief Executive of Baxters Food Group, John Madejski, owner of Reading Football Club, Ardeshir Naghshineh from the Targetfollow Group, Bill Muirhead, Executive Director of M&C Saatchi and Matt Riley, owner of Daisy Communications, who scooped last yearís Entrepreneur Challenge and is currently the Bank of Scotland Corporate ëEntrepreneur of the Year.í

They will be joined on the judging panels by distinguished business people and senior representatives from Bank of Scotland Corporate, The Sunday Times and Deloitte.

The winner of the 2007 Entrepreneur Challenge, Matt Riley from Daisy Communications, benefited from the 5million funding package and a ëmoney canít buyí prize of four days mentoring from Sir Phillip Green, one of the countryís most successful and high profile entrepreneurs. Matt comments: ìWe were delighted to win and have benefited enormously from the funding package, but the entry process itself also had a huge impact on the business. It meant we had to analyse and clarify our plans to ensure we had a sound strategy for future development. Entering the Entrepreneur Challenge was one of the best business decisions I have ever taken and Iíd encourage every entrepreneur to do the same this year.î

- For more information ñ and to download an entry form ñ visit www.theboschallenge.co.uk
- Applications are invited from today, Sunday 3rd February
- The closing date for entries is Monday 19th May 2008