New competition offers West Midlands tech firm £1m prize

A new Dragons' Den-style pitching competition is being launched which will net the winner a cool £1 million. The One to Win event will choose a single tech start-up firm from the West Midlands region to claim the mega prize.

The capital will be awarded to a business which judges believe demonstrates "game-changing innovation" and is on track for further growth.

It is thought to be the largest single prize on offer at any pitch competition in the UK.

It has been launched at London Tech Week today by regional trade body TechWM, with applications opening on July 1 and the pitch competition taking place and the winner announced as part of Birmingham Tech Week in October.

The initiative will also support those from the region who do not meet the entry criteria for the competition by offering alternative support.

This will include opportunities for trade missions, connections with investors, access to mentors and workshops and links to corporate innovation programmes.

The initiative has been funded by Stratford-based tech and real estate company The Rigby Group, investor Haatch and the West Midlands Co-Invest Fund.

TechWM's chief executive Yiannis Maos said: "The One to Win is the culmination of everything we're doing to nurture, platform and develop the fantastic tech scene here in the West Midlands.

"All parties involved share the belief that the region is the sleeping giant of the tech landscape and we've been working incredibly hard to let the world know what it has to offer.

"Groundbreaking initiatives and competitions like One to Win are brilliant opportunities to further showcase the wonderful work going on in the region.

"Thanks to the generous backing of our fantastic stakeholders, partners and sponsors, we're able to give one talented start-up a once-in-a-lifetime opportunity to receive the biggest pitch competition prize in the UK."

Steve Rigby is co-chief executive of The Rigby Group and son of its founder Sir Peter.

He added: "We are innovators and entrepreneurs by our very nature and nowhere is that more prevalent than here in our region. The technology sector in the West Midlands is one of the fastest growing in the UK.

"It employs 76,000 people and is expected to boost the national economy by almost £3 billion in the coming years. Rigby Group is the largest private sector investor in technology in Europe.

"As an organisation, we have never forgotten our roots here in the Midlands and are proud to support the One to Win competition to find game-changing innovation and ambition.

"While the winning business will clearly benefit, the knock-on effect will create more jobs for the local community, increase our region's economic activity and, importantly, shine a light on our home-grown tech talent."