Robin Pilley, Director of CXG Property Services explains the Haverhill Dragons Den initiative.

"As we know during these difficult economic times there is a need to encourage the creation of new businesses whose growth can generate employment opportunities in the local community. The Dragons Den Haverhill panel wish to provide the benefit of their experience and demonstrate that even in times such as these a business can still prosper if the key fundamentals are in place from the start. This was the reasoning which led to the Haverhill Dragon's Den initiative.

We have secured the backing of our local MP Matthew Hancock and the panel will also include Howard Lay, the Principal of Samuel Ward Upper School, Paul Sullivan, the local Lloyds Senior Commercial Business Manager, Steve Catchpole, Director of Coach Me, Darren Waddup of Waddup Windows, and finally, the three Directors of CXG: Elaine Grubb, Robin Pilley and Daniel Pilley.

The competition will be divided into two but the key areas the judges will be considering include:

 Is the idea put forward commercially viable?

 The approach of the applicant - have they shown determination and commitment when facing challenges?

•  Is their business scalable?
•  Is the idea they present investable?
•  What entrepreneurial initiative have they shown in the past?
•  What market research have they done to demonstrate their product or idea can be turned into a profit making business?
•  How much passion do they demonstrate for starting their own business?
•  How well have they presented their idea?
•  What are the financial requirements of their business and how will the prize money be utilised?
•  What vision do they have for their business over the first 3 years of its development?
•  How focused and driven are they as individuals?
•  How robust is their business plan?

The process will be the same for both competitions and the criteria for each is as follows:

Competition One:

Entrants must be aged 18 and above.

It must be a start up business.

Competition Two:

Entrants must be up to the age of 21.

It must be a start up business.

We have raised a £10,000 prize pot and the winner of each category will receive £5,000 to assist in the establishment of their business. The entrants have until the Thursday 31st May to submit their ideas. We will be paring these entries down to a short list of 6 for each competition. The 6 chosen by the judging panel will be presented in the Haverhill Weekly News and the readers will vote for their 3 finalists in each category. The final judging will take place in early June at CXG’s head office at 12a High Street, Haverhill.

If you know anyone who would be interested in entering then send off your submission to Robin Pilley, Private and Confidential, Dragon’s Den Competition, c/o CXG Property Services, 12a High Street, Haverhill, CB9 8AR."