LONDON, May 2, 2013 /PRNewswire/ -- Salesforce.com [NYSE: CRM], the enterprise cloud computing company ( http://www.salesforce.com/cloudcomputing/), and leading European venture capital firms including Notion Capital, Octopus Investments and MMC Ventures, today announced the €5 million Innovation Challenge—a new competition for European start-ups building enterprise cloud apps on the Salesforce Platform.
Innovation Challenge Launches TodayThe €5 million Innovation Challenge is designed to inspire the next generation of start-ups in Europe to develop and deliver innovative new enterprise apps on the Salesforce Platform. Eligible start-ups will be invited to present their ideas to professional investors at a series of Innovation Challenge pitch events throughout Europe hosted by salesforce.com from September to November 2013. The winning start-ups will have the opportunity to negotiate with the participating venture capital firms for seed funding to jump-start a new business or for a Series A investment to accelerate growth of an existing business. Winners will also be able to build, package and sell their apps on the Salesforce AppExchange, the world's leading business apps marketplace. Comments on the News " London is brimming with tech talent which is breeding a wave of innovative start-ups with the potential to grow fast. Salesforce.com's Innovation Challenge presents a fantastic opportunity for London's silicon entrepreneurs to take their business to the next level of success," The Mayor of London, Boris Johnson, said. "The explosion of growth in Europe's enterprise app market is fueling innovation across the region. Salesforce.com is excited to join forces with leading European venture capital firms to launch the Innovation Challenge and reward Europe's top entrepreneurs and enable them to accelerate their innovation and time to market," salesforce.com EMEA Chairman, Dr. Steve Garnett, said. "The European enterprise app market has reached a tipping point and we see the Salesforce Platform as a key enabler for start-ups with a great idea to build a revenue-generating business in record time," said Chris Tottman, Partner, Notion Capital. "We are excited to see the potential investment opportunities within the vibrant European start-up community." "This is a unique opportunity for innovative start-ups in the enterprise app market here in Europe to receive commercial support to allow them to compete on a global stage," said Luke Hakes, Principal, Octopus Investments. "The Salesforce Platform provides an unrivalled launch pad for innovative companies looking to tackle the enterprise market." "MMC is pleased to be supporting the Innovation Challenge. The Salesforce AppExchange is an increasingly important channel to market for enterprise app companies. As an investor, having direct access to the best of these new software companies is a very exciting opportunity," MMC Ventures Investment Director, Jon Coker, said. The Enterprise App Revolution in Europe The demand for enterprise apps presents a lucrative opportunity for developers and entrepreneurs. According to a new study conducted by the Centre of Economic Business Research (Cebr), the demand for enterprise cloud apps is expected to attract 159% more cloud developers in Europe over the next five years, with the enterprise cloud app economy projected to generate £2.6 billion in revenue, an increase of 206% by 2018. Additional Information on the Innovation Challenge Entrants' business plans will be reviewed by a panel consisting of representatives from the venture capital firms and salesforce.com, along seven main criteria:
- An existing product developed to beta or later stage
- Demonstration of traction, customer success and user adoption
- Market opportunity & go-to-market strategy
- Track record and passion of the entrepreneurial team
- Planned or existing adoption and innovative utilisation of the Salesforce Platform
- Financial plan