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Battle of the startups at web summit

Who needs the Dragon’s Den? Some of the hottest, or even the coolest, startups in Britain are heading for the London Web Summit chasing a prize fund of £85,000 in finance and professional services to get their projects off the ground.

With the economic climate making financing a little more problematic than in the past, it’s no surprise that startups are keen to get a slice of the action. The bulk of the funding comes from a £50,000 convertible loan from venture capital specialists DFJ Esprit, a no-strings sum that will convert into equity at the company’s next round of funding.

The winner will also pick up £15,000 of legal services from Orrick, the same amount in advisory services from KPMG, and £4,000 of hardware from HP, all vital assets for any startup looking to bring an idea to fruition and to market.

The starting line-up will feature 20 startups looking to impress a judging panel presided over by Mike Butcher, Editor of TechCrunch Europe. The final 3 slug it out in front of around 800 entrepreneurs, developers, designers and investors including the summit’s keynote speakers Niklas Zennstrom the founder of Skype and Atomico and Nikesh Arora, Google’s Chief Business Officer.

Summit co-organiser Paddy Cosgrave said: "The £85k prize will be a huge help to struggling startups, giving them both cash and the professional advice they need to grow their companies."

In the spirit of crowdsourcing, there is also a people’s choice award, allowing everybody to vote for their favourite startup at websummit.net.

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