UK entrepreneurs will have the opportunity to take part in a live pitch to secure investment from outsourcing company MITIE.
Outsourcing and energy services company MITIE has launched a new £5 million programme aimed at helping entrepreneurs access start-up capital.
Having already used half of its £10 million Entrepreneurial Fund in 2011, the FTSE 250 business is now investing the second half of the fund through a ‘MITIE Millions’ pitching afternoon in May.
Taking the form of a four hour pitch session, the process will see six entrepreneurs looking to secure a share of the £5 million on offer.
A panel of business leaders, led by MITIE CEO Ruby McGregor-Smith, will then choose the allocations.
McGregor-Smith comments, ‘At MITIE, entrepreneurialism has always been at the heart of our organisation. Since we started 25 years ago, we’ve been partnership with entrepreneurs to grow business and we’re as passionate about this 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 in outsourcing.’
As part of the application process, which is aimed at businesses which are deemed by MITIE to complement its strategy and add to its services, the final six will also receive free advice in advance from business services firms PricewaterhouseCoopers and Ernst & Young to create a business plan and presentation.
According to a statement, MITIE has already backed 100 start-up businesses to grow using what it calls the ‘MITIE model’, which sees management teams take an equity stake of up to 49 per cent in a business on the premise that the company is eventually acquired by MITIE in full.
Applications to participate are open with the closing date set at 30 April.