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Move over, X-Factor: Tech City launches Million Pound Startup competition at Digital Shoreditch 2013

London's Tech City has unveiled its answer to The X-Factor: the Million Pound Startup competition.

Aimed at discovering the best aspiring tech ventures, the Million Pound Startup launched at Digital Shoreditch 2013 this week.

The competition is now open and interested parties should check out the Million Pound Startup website for more details - applications will close on 29 August, 2013.

There are no real barriers to entry for the Million Pound Startup: participants must represent a young company (no more than 10 years old) with a modest turnover (less than £1 million), and a willingness to relocate to the Silicon Roundabout area.

The competition is being backed by a range of leading figures and organisations, including the Mayor of London, City University London, and the Tech City Investment Organisation (TCIO).

According to Benjamin Southworth, deputy CEO of the TCIO, the Million Pound Startup is another tool to raise the profile of East London as a hub for innovative technology and a centre for high-growth companies.

"The Million Pound Startup competition perfectly demonstrates how London and the UK are open for business. Entrepreneurs based here can benefit from the world's most ambitious package of policies, businesses incentives, tax and visa support as well as the diverse and vibrant start-up ecosystem in Tech City. I'm sure we'll see some incredible success stories as a result," Southworth commented.

Kam Star, the founder of the Digital Shoreditch festival, agreed: "The East London digital and tech cluster around Shoreditch is an amazing place for start-ups with high growth potential due to first class support networks and like-minded entrepreneurs. We're running one of the world's largest competitions in history to attract high growth potential companies from the digital and tech space around the globe to London."

When the bookies start taking bets, two startups to watch are Newcastle's iPhone 5 and Galaxy S3 camera add-on specialist BubblePix, and London's last-minute going out platform YPlan.

Only recently, BubblePix and YPlan squared off in the final of the Thinking Digital 2013 startup competition. Held up on Tyneside at the Sage Gateshead, the local heroes prevailed in this instance - for more on Thinking Digital 2013, follow the link.