FAQs

• What is the Challenge?
  The Connect Midlands £5m Investment Challenge is an exciting opportunity for entrepreneurs and businesses in the Midlands to test their investment potential using the online Gauntlet tool, gain valuable free feedback, learn how to improve and grow their business, and stand to gain real investment.
   
• Who is behind the Challenge?
  The Challenge is run by Connect Midlands and sponsored by BT Business.
  
  In the East Midlands it is backed by Catapult Venture Managers Ltd, the East Midlands Early Growth Fund, and Advantage Business Angels.
  
  In the West Midlands it is backed by Catapult Venture Managers Ltd, Midven Ltd, the Mercia Seed Technology fund, and Advantage Business Angel.
  
  The Challenge is supported by East Midlands Development Agency, Advantage West Midlands, and Ginem.
   
• Is it free to enter?
  Entering the Investment Challenge is free to all Midlands based companies and entrepreneurs and includes free use of the Gauntlet tool (which would normally cost £299).
  
  If you are short listed and subsequently decide to accept our further invitations to progress in the Challenge, you will only need to pay for any personal expenses you incur such as the cost of travelling to meetings/presentations.
  
  The only charges that could apply would be at your own discretion. For example, if you choose to join as a Member of Connect Midlands or to present at one of the additional Connect Midlands showcase events such as the Investment Conference. These fees are heavily subsidised.
  
  If you were to win the Challenge and accept any subsequent offer of investment from the funding providers there may be standard charges and fees which apply.
   
• How long will it take to complete The Gauntlet Tool?
  Generally, depending on the amount of information you supply, it can take between 30 minutes and 1 hour to complete the Gauntlet tool. However you can log in as often as you like and save your answers each time. Other members of your business can complete different sections of The Gauntlet for you, using your log in details.
   
• Can more than one person use the log-in details?
  Only one log-in and one entry should be submitted per company, but different people within the company can contribute using the same log-in details for the Challenge.
   
• Can I enter more than once?
  Yes. You can go through The Gauntlet more than once provided 30 days elapse between each 'run' and as long as you complete all entries before midnight on Wednesday 18th July 2007.
   
• What is the entry deadline?
  All entries must be completed by midnight on Wednesday 18th July 2007. Any entries received after this will not be eligible for judging.
   
• What areas are covered in the questions and do I have to complete every section?
  The questions cover 4 key themes: innovation, team, market and investment. These themes divide into 16 key areas. You must complete every section to gain a correct assessment and accurate report card.
   
• I do not have a business, only an idea, is it still worthwhile entering the competition?
  Yes - there are no rules for what makes a good business idea although investors would generally need to see evidence of your commitment to it.
  
  You may also be invited to join other events such as investment readiness workshops which could help to develop and progress your idea.
   
• Will the total investment funding be awarded to just one winner?
  No. The judging panel may choose more than one company for investment funding and there could also be opportunities to syndicate larger investment deals above these funding levels.
  
  We welcome entrants seeking all levels of investment and a range of investment sums are available.
   
• Will I need to present to a panel at any stage?
  Selected entrants with promising investment proposals will be invited to present to the panel of industry experts. If selected, you will receive written guidelines to assist with the preparation. Afterwards you may also have the opportunity for 1:1 coaching to hone presentations, before presenting to the panel for a second time.
   
• Who will have access to my submitted information?
  Connect Midlands will have access to your submitted information and this may be shared with assessment panellists, all of whom sign a Confidentiality Agreement with Connect Midlands.
  
  Information is held on Library House Limited computers and Library House Limited will have access to your Registration details, but will only use Report Card information to aggregate anonymous data with existing data.
   
• Will my personal details be shared with other companies?
  No. Your details will be on the Connect Midlands database and we may advise you of opportunities as they arise, but we do not share our data with any other organisation. But please also see the question above.