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Article Excerpt
M2 PRESSWIRE-31 July 2003-FCEDA: Record entries for transatlantic business competition(C)1994-2003 M2 COMMUNICATIONS LTD
RDATE:07312003
LONDON -- Seven biotechnology companies from across the UK have made clear that they want to expand into North America by entering a two-way competition to win business advice and a free place in a US biotechnology centre.
At the same time eight US companies from Fairfax County, Virginia have also shown faith in their growth potential in the UK by entering the US to UK side of the competition to win a place at one of 19 business incubators here.
This is the largest number of applicants yet in the three-year-old competition organized by the Fairfax County Economic Development Authority (FCEDA) in Virginia, this year joined by the UK's national inward investment agency, Invest.UK.
As a result of the contest, one UK and one US winner will each receive a prize package of special assistance to support their first year's expansion activities into the overseas market.
For the UK winner, this incentive, valued at GBP40,000 ($60,000) will consist of free housing and associated business development services at the Fairfax County BioAccelerator, a bioscience business incubator that has space for up to 12 companies. The business services include valuable on-the-ground assistance to develop essential legal, business, marketing and government contacts and guidance.
The US winner will also receive business support, including the option to choose the incubator from its preferred location and advice from Invest.UK on how to maximise the benefits of expanding into the UK. For some entrants, the support package from Invest.UK will also include access to the Global Entrepreneurs Programme, a new service that provides...
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