Business News 2012 Business News
Millions 'Start-Up' Pitching Event
MITIE Millions 'Start-Up'
28th May 2012
plc, the FTSE 250 listed strategic outsourcing services
company, made its first investment in a start-up
company at the MITIE Millions "Dragons Den"
style pitching event on 28th May 2012 held at the
National Theatre in London. Profinda, an internal
talent and knowledge matching platform to help companies
find key professionals for projects, was voted the
winner and scooped £300,000 worth of investment
capital from the panel of three judges including
Ruby McGregor Smith CBE, CEO of MITIE; Suzanne Baxter,
Group Finance Director of MITIE and Chairman of
Small Business Banking at RBS, Peter Ibbetson. Pitches
were compered by Oli Barrett, connector, speed-networker,
creator of 'Tenner' and director at StartUp Britain.
Investment sought varied from £100,000 to
nearly £1 million.
The 5 short-listed pitches,
selected from 60 business plans received included:
Profinda - an enterprise match-making service;
a legionnaire's disease risk assessment app pitched
by MITIE employee Paul Abbott; Clear Returns -
retail intelligence software to help predict apparel
returns; a retro-fit conversion kit for office
lighting, pitched my MITIE employee Mike Bond
and Frame Medical Services offering a diabetes
patient education service.
Earlier this year, MITIE
had announced its intention to back entrepreneurial
start-ups in facilities management, energy and
property sectors with a £10 million fund
and Executive Board Director support; Head Office
help in the form of management expertise, equity,
working capital, back office and administrative
infrastructure; business plan development and
51% investment in the start-up. £5 million
has already been invested with Profinda securing
the funding to help lead the outsourcing company
into new markets.
"We're looking to start
businesses that expand the range of services we
offer to our existing clients, or that will lead
us into new markets. Our range of services is
incredibly broad and we're open to any idea that
fits with MITIE's strategy. At the moment we are
particularly excited about the market opportunities
in energy services, healthcare and technology.
They are rapidly growing markets that have huge
potential for outsourcers to provide new and innovative
solutions" said Ruby McGregor-Smith, CEO
ProFinda was founded by Roger
Gorman, a 37 year old digital innovation expert,
after he left his job at Draftcb in 2011 to pursue
his dream of launching ProFinda to solve a problem
he faced every day in his job and running his
own business. It is an internal talent matching
system that helps mid-large companies to mobilise
their workforces to help them win more and larger
business, retain top talent, motivate staff, and
access powerful data.
MITIE which stands for 'Management
Incentive Through Investment Equity' has been
partnering with entrepreneurs to grow businesses
since it started 25 years ago. The 'MITIE Model'
is for entrepreneurial management teams who have
an idea for growing a business as a part of MITIE.
It's structured so that the management team takes
an equity stake of up to 49% in a business which
they grow over a five to ten-year period, and
is eventually acquired by MITIE in full. MITIE
has supported over 100 start-up businesses to
grow using the MITIE model, with a 95% success