Entrepreneurs invited to pitch for £5m fund
FTSE firm MITIE to host ‘Dragons’ Den’ event
FTSE 250 firm MITIE has invited entrepreneurs to pitch for a share of a £5m investment fund, to start or grow a business.
The strategic outsourcing and energy services company is looking to invest the remainder of its £10m Entrepreneurial Fund, which launched last year, at a Dragons’ Den style pitching event in London on May 28.
Six entrepreneurs will be shortlisted from the applicants to receive business plan and presentation support from PriceWaterhouseCoopers and Ernst & Young ahead of the event. They will then pitch to a panel of top business leaders, led by MITIE CEO Ruby McGregor-Smith, in a four hour session in May.
The MITIE investment model is to take a 49% equity share in your business, for which its management team will help to develop your idea. If pre-agreed profit targets are met by year five or 10, MITIE Group PLC may offer to buy out your shareholding – and you will receive shares in the Group.
The panel will be particularly looking for business ideas which complement MITIE’s existing strategy – currently encompassing security, cleaning and catering, property maintenance, building and infrastructure services, and energy.
MITIE has partnered with more than 100 start-up businesses in the last 25 years, with a 95% success rate.
McGregor-Smith said: “We’re as passionate about [partnering with entrepreneurs] today as we were when we started. It has shaped our entrepreneurial culture, helped drive our excellent track record of growth, and provided the basis for hundreds of people to develop successful careers.
“We are looking for inspirational business people of all ages, to continue this rich heritage going forward. The MITIE Millions event will change the lives of those who are successful. It promises to be a brilliant event.”
MITIE will be accepting applications for the event until April 30. For more information or to apply, visit the MITIE Millions webpage