Brewdog co-founder James Watt is parting ways with £5 million of his own cash in search of the next billion-dollar company.
Making use of a new investment model that allows the public to back chosen companies, ‘The Next Unicorn’ campaign hopes to create the ‘next generation of Unicorns’, after creating ‘one business Unicorn already’.
Watt has collaborated with crowdfunding platform Crowdcube to receive pitches from a range of European entrepreneurs who will then be whittled down with the help of a panel including the likes of Crowdcube CEO Matt Cooper and Scottish Edge CEO Evelyn McDonald.
The Brewdog boss was reportedly inspired by his double rejection on Dragon’s Den, once as a contestant and once as a potential judge. As a result, Watt has created his own competition which will see him invest £1 million in three firms, with a further £4 million to be unlocked as the winning companies reach ‘certain milestones’.
The submission window for pitches opens 30 March and runs to 14 April. Three final companies will be invited to Las Vegas to receive their funding at Brewdog’s rooftop bar on 26 May.
As well as a cash injection, the competition winners will also each enjoy an unusual day with Watt to test their ‘personal relationship and adaptability in unexpected circumstances’. The scenarios include fishing on Watt’s grandfather’s boat, planting trees in the Brewdog Lost Forest and working a day pulling pints at the beer firm’s Camden bar.
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“Building and growing businesses is a real passion point for me, and I have learnt so much on my journey getting Brewdog to Unicorn status,” Watt said. “Given the current economic climate, it’s never been more important to support companies, and I can’t wait to share my experience with some of the brightest business minds across Europe.
“What’s truly unique about this competition, is that it’s not just about watching me invest my own money in someone else’s business. Thanks to Crowdcube, anyone can invest in these companies too, and on the exact same terms as my investment.
“The window for entries is a short one, so if you’ve got a business that has potential to reach a billion-dollar valuation, I want to hear from you. All you need to do is head to Crowdcube and submit a 10-slide deck – I can’t wait to see the pitches!”
