
A blow to future businesses
Prior to the full unveiling of the Epstein case, Prince Andrew’s ‘day job’ was acting as an ambassador for British business, and for young startups in particular. The Pitch at the Palace, (Pitch@Palace), was one of his crowning achievements. The startup funding competition has been running for five years, where accounting firm KPMG was one of its major sponsors from the start. The event, that takes place in Buckingham Palace and is hosted by the prince, gives selected startups the chance to pitch their ideas to a room of high profile business leaders (ex-McLaren CEO, Ron Dennis has attended in the past), and a whole host of mentors and potential investors.Major sponsors pull out
A vital resource for startups lost?
Call it the effect of having a number of high profile investors and business influencers all in one room, but whatever the cause, businesses who took part in the competition boasted a 97% survival rate, according to sources from ITV news. A number of startups that have taken to its stage in the past have been social impact businesses.The stain(s) of poor reputation
The scandal surrounding the prince and its impact on Pitch@Palace could well put interested startups off applying in the future due to fears of negative association. This makes the discreditation of Prince Andrew, and thus the event as a whole, a mighty blow for the startup community, and for budding social impact businesses in particular. For startups, seeking funding has always been a minefield, with traditional lenders less likely to fund what they might see as a ‘risky’ enterprise, hence why startup competitions are such a vital component to getting innovative business ideas heard and funded. Let’s hope this impactful competition is rescued before it’s too late.Share this story