Richard Branson launches Pitch to Rich for entrepreneurs

Sir Richard Branson has launched Virgin's #VOOM: Pitch to Rich 2015, which hopes to uncover the most exciting new business ideas in the UK.

Start-ups and at-home innovators have been invited to enter the competition that will see Branson give away a 1million business accelerator prize fund to the most impressive idea.

The competition will comprise three categories: Start-up, for brand new businesses with great potential, New Things, for developing ideas that have potential to disrupt and Grow, for established companies that are gearing up to take the next giant step.

Prizes will vary from 50,000 up to 250,000 in cash and will also include marketing support, mentoring from Virgin StartUp's professional business advisers and funds for development of the product or service.

Branson said: "Launching a business can be challenging and, at times, overwhelming. But entrepreneurs shouldn't let this hold them back from achieving their full potential. Pitch to Rich is a brilliant opportunity for UK businesses to make their mark on a global stage. If you think your business has great potential, then enter Pitch to Rich today, as you never know where it may lead you."

Virgin Media will also provide winners with a number of other perks, including a full internet and fixed and mobile voice package from Virgin Media Business for 12 months.

Peter Kelly, Managing Director of Virgin Media Business, added: "Digital connectivity is playing a huge part in helping entrepreneurs build successful businesses, propelling the economy forward. Right now, great British businesses, like the thousands we work with, are seizing the opportunity that digital can have and shaking up their respective markets. Every strong economy needs game-changers and through Pitch to Rich we hope to inspire even more."