The East of England Development Agency's (EEDA) 'running the gauntlet' competition reached its climax last night (14 Nov 2006) when CREATE, a leading investor in the East of England announced its plans to invest over £1m in six companies across a variety of sectors from biotechnology to baby products.

The funding packages will now be the subject of discussions between CREATE, the individual companies concerned and other investors. Further investment is likely as the winners will require follow on funding. Details will be announced in due course.
'Running the gauntlet' is an innovative public / private sector competition for entrepreneurs led by EEDA in partnership with CREATE and Library House. Nearly 400 companies registered and over 200 completed their entry. Fifty were short-listed and benefited from a comprehensive learning programme delivered by sponsors: Bailey Fisher ~ Executive Search, Grant Thornton, HSBC, Microsoft UK, Mudhut Communication, Sagentia (formerly Scientific Generics) Taylor Vinters and The Commercialisation Company. The combination of workshops, clinics and master classes prepared them for pitching to the panel of investors which was chaired jointly by Boyd Mulvey of CREATE and Doug Richard of Library House.

The successful companies are:

Airetrak Ltd
A Huntingdon based company that has developed an asset tracking solution for use over wireless networks, a market that is growing at a rate of 40% p.a.

Chameleon BioSurfaces Ltd
A Norwich based company that has developed a polymer coating for metallic medical devices used in major heart surgery among other applications.

Granny Products Ltd
A Cambridge based company that has produced an innovative single-use nappy changing pack designed for people, and babies, on the move.

MARGO Technologies
A Cambridge based company that has developed a product that prevents signal break-up typically experienced in wireless digital devices such as mobile phones.

Novacta Biosystems Ltd
Based in Hatfield, Hertfordshire this biotechnology company develop novel pharmaceuticals focused on infectious diseases including MRSA, VRE and C difficile which accounts for a mortality rate of around 5,000 in the USA alone.

Vidanti
A Cambridge based company that has developed software and hardware designs for High Definition TV over IP home media devices.


In addition, the ten finalists will benefit from a substantial package of in-kind services from sponsors allocated at the sponsors' discretion and in some cases irrespective of investment as follows:

• Executive search: Bailey Fisher ~ Executive Search will execute one free hire for a company of their choice

• Business advisors and accountants: Grant Thornton are offering £40,000 of free advice and assistance to be allocated between the six successful companies

• Banking: HSBC is offering 12 months free banking to all six winners

• Technology product development: Sagentia (formerly Scientific Generics) is offering three free months office rental to one company plus advice to all the finalists designed to help them create value from technology

• Legal services: Taylor Vinters is offering £50,000 of legal advice to be shared among the finalists

• Microsoft are offering in-depth technical and marketing advice and guidance to four of the finalists of their choice
  
  Richard Ellis, chairman of EEDA said:

'From what our 'running the gauntlet' entrants tell us they have all learned a great deal from the programme regardless of whether they secured investment. It will be fascinating to see how this year's winners develop and grow in the months and years ahead. The three companies that secured investment last year have gone on to secure a total of over £3m in 12 months; if this year's winners develop in a similar way, we will really start to see the long term benefits.'


Boyd Mulvey, chief executive of CREATE said:

'This year we found it difficult to select the finalists as there were so many businesses with potential in the semi finals. I am encouraged by the quality of the entrepreneurs and the diversity of the businesses that have made this year's final list. We at CREATE look forward to working with these entrepreneurs to conclude an investment and to help them build successful companies.'

Doug Richard, chairman of Library House said:

'Over the last weeks and months we have seen many good and promising companies take advantage of the educational opportunities and advice offered through 'running the gauntlet'. Tonight's winners grasped this chance and turned it to their advantage. It is this ability that defines the successful entrepreneur.'


For more information please go to: http://www.runningthegauntlet.com

ENDS

For further information please contact:

Nicholas Boole

'running the gauntlet'

EEDA

Tel: 01223 484564

Email: nicholasboole@eeda.org.uk