The project follows Worth Capital’s 2014 Big App Fund, which had Facebook attached as a partner to support Europe’s finest app developers with mentoring and funding.
The Future Gadget campaign will have a similar design, with Worth Capital and The Gadget Show on the search for the UK’s best gadget ideas as entrepreneurs seeking guidance and financial backing are able to submit gizmo concepts at any stage of development, whether it’s a piece of wearable tech, something for the home or otherwise.
A crowdfunded investment is underway on Seedrs now, and the winning gadget inventor will receive up to £120,000 for their business and £100,000 worth of TV advertising from Channel 5, while two runners up will receive £100,000 of seed investment each. Additionally, all three will win a two-year mentoring programme from Worth Capital.
Read more on crowdfunding:
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- Camden Town Brewery: The London beer brand building an empire
- Oppo: The overfunded ice cream startup with world record-breaking founders
Experts from the industry will be tasked with whittling down all entries down to 12 semi-finalists, who will have the opportunity to exhibit their goods at Gadget Show Live from 7 to 12 April 2015. Meanwhile, the 80,000 attendees expected will be able to vote for their favourite concept to give one semi-finalist a “free pass” to the grand final.
Paul Ephremsen, co-founder, Worth Capital, said: “The gadget industry has never been more exciting. We’re delighted North One and Channel 5 have joined the hunt and contributed towards a truly exceptional prize package and we’re certain that we’ll be able to find some brilliant businesses to invest in within this space.”
After Gadget Show Live, entrants will be condensed to just six finalists who will be required to attend a day of pitching to a panel of judges in London at the end of April and the three winners will be revealed on The Gadget Show at the end of May.
- Jason Bradbury and Jon Bentley, Gadget Show TV presenters
- Nick Bampton, commercial director, Channel 5
- Mark Champkins, entrepreneur & inventor in residence at the London Science Museum and successful Dragon’s Den contestant
- Jon Fisher, director of marketing, Intelligent Energy
- Nick Schneider, design engineer, Dyson
- Morten Warren, founder and CEO of physical and digital design firm Native Design
- Alex Johns and Matthew Cushen, co-founders, Worth Capital
Bampton, said: “Channel 5 is an entrepreneurial company with an innovative business approach, so providing an opportunity for the inventor of the winning gadget to advertise on terrestrial TV is a natural fit for us and one that we believe will be of enormous value.”
The contest is open to UK residents aged 18 and over and entries can be sent until midnight on Monday 23 March.