There’s been plenty of hype around the British government’s efforts to promote London’s ‘Tech City’ quarter as a hub of startups and innovation, but there’s also a backlash brewing. Influential author Cory Doctorow recently claimed that startups were being priced out of Shoreditch by development activity in the area, and now it’s emerged that a much-touted ‘Million Pound Startup’ competition has been abandoned before a winner was picked. More than 1,000 startups had applied, with 20 selected for the final. It seems none of them met the contest’s ultimate requirements. “The requirements for the finalists and eventual winner included both ambitions – could you be a £100m company and are you at the right stage for £1m investment? In the end it proved difficult to find companies that had both the right level of ambition and could stand a valuation for £2m-£10m,” PR agency Ketchum’s Richard Botley told The Guardian.
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