Brewdog co-founder James Watt is parting ways with £5 million of his own cash in search of the next billion-dollar company.
To help Watt in his search, entrepreneur and founder of Contrarian Thinking, Codie Sanchez, and comedian Dom Joly will join the advisory panel for The Next Unicorn competition.
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.
Due to over 400 applications having already been received, the competition window has now been extended to 19 April.
“I have been incredibly impressed by some of the entries received already and it’s encouraged me to extend the application window to discover what other amazing enterprises are out there,” Watt said.
“I’m also so excited to be announcing new members of the advisory panel. Codie Sanchez has achieved so much – from building billion-dollar companies to running firms with an annual turnover of $50million, she really is perfectly placed to support me in identifying the Next Unicorn.
“And, as for Dom Joly, he’s a trusted friend and will provide a totally different outlook to the judging process. Business pitches can sometimes get a bit heavy – I am sure Dom can provide some great insights, as well as helping ensure everyone has a smile on their face.”
Subscribe to Marketing Beat for free
Sign up here to get the latest marketing campaigns sent straight to your inbox each morning
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’.
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.
