Boris Johnson-endorsed start-up competition launched by and three prominent venture capital firms is teaming up with three UK venture capital firms to create a competition for European start-ups creating enterprise cloud apps on the company's platform.

Notion Capital, Octopus Investments and MMC Ventures are the three venture capital firms spearheading Innovation Challenge, a competition for start-ups.

The three firms are being joined by enterprise cloud computing firm, with the end goal being a €5 million seed capital pot which start-ups will be able to pitch for.

Mayor of London Boris Johnson says that the Innovation Challenge is a ‘fantastic opportunity’ for London’s silicon entrepreneurs to take their ventures to the ‘next level of success’.

Research from the Centre of Economic Business Research shows that the demand for enterprise cloud applications is predicted to attract 159 per cent more cloud developers in Europe over the coming five years. Further statistics from the study find that the enterprise cloud application economy will generate £2.6 billion of revenue by 2018.

Eligible start-ups will be invited by and the three investors to present ideas at a series of Innovation Challenge pitch events throughout Europe between September and November 2013.

The winning start-ups will then have the chance to negotiate with the VC firms for seed funding or a Series A investment.

Business plans will be scrutinised on the basis of product development, demonstration of traction, market opportunity, track record of team, adoption of Platform, competitors and financial plan.

More on start-up pitching:

Chris Tottman, partner at Notion Capital, adds, ‘The European enterprise app market has reached a tipping point and we see the Salesforce Platform as a key enabler for start-ups with a great idea to build a revenue-generating business in record time.

‘We are excited to see the potential investment opportunities within the vibrant European start-up community.’

Venture partner Notion Capital is focused on businesses in the cloud computing and software-as-a-service (SaaS) markets and has portfolio firms including Shutl, NewVoiceMedia and The Currency Cloud. Fellow participating firms Octopus Investments and MMC Ventures have a wider investment scope and count Zoopla and Secret Escapes (Octopus), as well as LoveHomeSwap and Breathing Buildings (MMC) as investments.

‘This is a unique opportunity for innovative start-ups in the enterprise app market here in Europe to receive commercial support to allow them to compete on a global stage,’ says Luke Hakes, principal at Octopus Investments.

‘The Salesforce Platform provides an unrivalled launch pad for innovative companies looking to tackle the enterprise market.’

Hunter Ruthven

Hunter Ruthven

Hunter was the Editor for from 2012 to 2014, before moving on to Caspian Media Ltd to be Editor of Real Business.

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